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AKZOINDIA - Akzo Nobel

📊 NSE: AKZOINDIA 🏢 Paints / Varnishes 📅 Last Updated: 12/13/2025 18:07

📢 Recent Corporate Announcements

Akzo Nobel India Receives Revised GST Demand of ₹1.50 Crore Following Appeal

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 13 Mar 2026, 05:27 PM

Akzo Nobel India Limited (now JSW Dulux Limited) has received an appeal order from the Telangana GST Department regarding a tax dispute for the periods 2020-21 and 2021-22. The revised demand is set at ₹1.50 crore, representing a marginal decrease from the previous demand of ₹1.51 crore. The demand consists of ₹1.36 crore in tax and ₹14.01 lakh in penalties related to input tax credit disallowance. The company is currently preparing to contest this order further with the relevant authorities.

Revised aggregate GST demand of ₹1,50,31,077 received on March 13, 2026.
Demand includes tax of ₹1,36,29,593 and a penalty of ₹14,01,484.
The dispute involves disallowance of input tax credit under Section 73 of the CGST/SGST Act.
The company intends to file further submissions to contest the appeal order.

💡 The financial impact is negligible given the company's size, so investors need not worry. Monitor for final resolution, but no immediate portfolio changes are recommended based on this update.

Akzo Nobel India Limited Officially Renamed to JSW Dulux Limited Effective March 11, 2026

🟡 NEUTRAL ⭐ 7/10

REGULATORY 📅 11 Mar 2026, 11:24 PM

Akzo Nobel India Limited has received approval from the Ministry of Corporate Affairs to change its name to JSW Dulux Limited, effective March 11, 2026. This corporate rebranding follows initial disclosures made on January 28, 2026, and March 3, 2026. The company is currently updating its records with the BSE and NSE to reflect the new name and amended Memorandum of Association. This change signifies a major shift in corporate identity, likely aligning with JSW Group's strategic interests in the paints sector.

Ministry of Corporate Affairs issued a fresh Certificate of Incorporation on March 11, 2026.
Company name changed from Akzo Nobel India Limited to JSW Dulux Limited.
Memorandum and Articles of Association stand amended to reflect the new corporate name.
The process to update the name on BSE (500710) and NSE (AKZOINDIA) records is underway.

💡 Investors should watch for the update in the stock ticker symbol and evaluate how the JSW association might impact the company's competitive edge in the decorative paints market.

Akzo Nobel India Receives Draft Income Tax Order Proposing ₹111.63 Crore Additions

🔵 WATCH ⭐ 6/10

LEGAL 📅 09 Mar 2026, 07:39 PM

Akzo Nobel India Limited has received a Draft Assessment Order for the Assessment Year 2023-24 from the Income Tax Department. The order proposes additions of ₹111.63 Crores to the company's income, specifically under corporate tax and transfer pricing provisions. Since this is a draft order, the final financial impact is not yet determined as the company has the right to contest the findings. The management is currently consulting with tax experts to respond to the order within the allowed timeframe.

Draft Assessment Order received for AY 2023-24 under Section 143(3)
Proposed additions to taxable income amount to ₹111.63 Crores
Dispute involves corporate tax and transfer pricing adjustments
Company is evaluating the order and preparing a response

💡 Investors should monitor the transition from a draft order to a final assessment. While the amount is significant, it is not yet a confirmed liability and the company may successfully appeal.

Akzo Nobel India to Rebrand as JSW Dulux; Parth Jindal Appointed Chairman with 98.6% Votes

🟢 POSITIVE ⭐ 9/10

MANAGEMENT 📅 03 Mar 2026, 02:11 PM

Shareholders of Akzo Nobel India have overwhelmingly approved a significant corporate rebranding and leadership overhaul via postal ballot. The company will change its name to JSW Dulux Limited, a move that received 99.99% shareholder approval. Mr. Parth Sajjan Jindal has been appointed as the Non-Executive Chairman, while Mr. Rajiv Rajgopal has been redesignated as Joint Managing Director & CEO. These changes signal a major strategic shift and closer alignment with the JSW Group's ecosystem.

Shareholders approved the name change to JSW Dulux Limited with 99.99% of votes cast in favor.
Mr. Parth Sajjan Jindal appointed as Non-Executive Chairman of the Board with 98.64% majority.
Mr. Rajiv Rajgopal's role redesignated from Chairman and MD to Joint MD & CEO.
The total voting turnout represented 84.56% of the company's total outstanding shares.
Appointment of Mr. Shantanu Maharaj Khosla as an Independent Director approved with 99.99% votes.

💡 Investors should view the rebranding to JSW Dulux and the appointment of Parth Jindal as a strategic pivot likely to leverage JSW's distribution and brand strength. Monitor for potential synergies and aggressive market share targets in the competitive decorative paints sector.

Akzo Nobel India to Rebrand as JSW Dulux Ltd; Shareholders Approve New Leadership

🟢 POSITIVE ⭐ 9/10

MANAGEMENT 📅 03 Mar 2026, 02:07 PM

Akzo Nobel India shareholders have overwhelmingly approved a significant corporate rebranding, changing the company's name to JSW Dulux Limited. The postal ballot results also confirmed the appointment of Parth Sajjan Jindal as the new Chairman of the Board. Additionally, Rajiv Rajgopal has been redesignated as Joint Managing Director & CEO. These resolutions passed with high majorities, ranging from 98.6% to 99.99%, signaling strong investor support for the new strategic direction.

Shareholders approved the name change to JSW Dulux Limited with a 99.9953% majority.
Parth Sajjan Jindal appointed as Non-Executive Chairman with 98.6453% of votes in favour.
Rajiv Rajgopal redesignated as Joint Managing Director & CEO with 99.9936% approval.
Total voter turnout for the postal ballot was high at 84.56% of the total outstanding shares.
Shantanu Maharaj Khosla appointed as an Independent Director with 99.9935% support.

💡 Investors should view the rebranding and the appointment of Parth Jindal as a major strategic shift, likely indicating closer alignment with the JSW Group. Monitor for future announcements regarding operational synergies or changes in business strategy under the new leadership.

Akzo Nobel India Proposes Name Change to JSW Dulux Ltd and Appoints Parth Jindal as Chairman

🔵 WATCH ⭐ 9/10

MANAGEMENT 📅 02 Mar 2026, 06:27 PM

Akzo Nobel India has concluded a postal ballot for several transformative resolutions, most notably a proposal to change the company's name to JSW Dulux Limited. This shift is accompanied by the appointment of Parth Sajjan Jindal as Chairman, signaling a major strategic alignment or potential change in control involving the JSW Group. Additionally, the current MD Rajiv Rajgopal is being redesignated as Joint MD & CEO. The results of these critical votes, which concluded on March 2, 2026, are expected to be announced within 48 hours.

Proposed change of company name from Akzo Nobel India Limited to JSW Dulux Limited.
Appointment of Parth Sajjan Jindal as Non-Executive Non-Independent Director and Chairman.
Redesignation of Rajiv Rajgopal from Chairman and MD to Joint MD & CEO.
Appointment of Shantanu Maharaj Khosla as an Independent Director.
E-voting concluded on March 2, 2026, with the Scrutinizer's report due within 48 hours.

💡 Investors should closely monitor the final voting results and subsequent disclosures regarding the JSW Group's role in the company. The rebranding to JSW Dulux suggests a significant strategic pivot that could impact the company's market positioning and long-term valuation.

Akzo Nobel India HR Director Neelima Kataria Resigns; Last Working Day May 6, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Feb 2026, 10:31 PM

Ms. Neelima Kataria, the HR Director and a member of the Senior Management Personnel at Akzo Nobel India, has tendered her resignation to pursue new professional opportunities. She has served in this capacity for the last four years and will continue her duties until May 6, 2026, to facilitate a smooth transition. The company accepted her resignation on February 17, 2026, and is now in the process of managing the leadership change. This transition is considered a routine management update and is not expected to impact the company's operational performance.

Ms. Neelima Kataria resigned as HR Director effective from the close of business hours on May 6, 2026.
She has been with Akzo Nobel India Limited in this leadership capacity for a period of 4 years.
The resignation was formally accepted by the management on February 17, 2026, at 2:36 p.m. IST.
The transition period of approximately 2.5 months is intended to ensure a responsible handover of responsibilities.

💡 No immediate action is required as this is a routine change in non-core senior management. Investors should continue to focus on the company's quarterly financial performance and market share in the paints industry.

Akzo Nobel India Wins GST Appeal; ₹3.33 Lakh Tax Demand Annulled

🟢 POSITIVE ⭐ 3/10

LEGAL 📅 16 Feb 2026, 01:25 PM

Akzo Nobel India Limited has successfully contested a GST demand issued by the Chhattisgarh GST Department. The Superintendent (Appeals) issued an order on January 29, 2026, which was received by the company on February 16, 2026, setting the total demand to Nil. This order annuls a previous demand of ₹3,33,409 that was originally raised in April 2024. The resolution of this litigation removes a minor tax contingency from the company's financial records.

Chhattisgarh GST Department annulled the previous demand order of ₹3,33,409.
The original demand consisted of ₹3,03,099 in tax and ₹30,310 in penalties for FY 2018-19 and 2020-21.
The dispute was related to the disallowance of input tax credit under Section 73 of the CGST/SGST Act.
Final demand amount stands at Nil following the successful appeal by the company.
The Appeal Order was received on February 16, 2026, effectively closing the matter.

💡 No action is required as the amount involved is immaterial to the company's overall financial performance. This update serves as a routine confirmation of successful legal and tax compliance management.

Akzo Nobel India Submits Monthly Update on Physical Share Transfer Requests

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Feb 2026, 04:33 PM

Akzo Nobel India Limited has filed its monthly update regarding the re-lodgement of transfer requests for physical shares for the period ending January 6, 2026. This filing is a requirement under the SEBI circular dated July 2, 2025, which provides a special window for such transfers. The report is based on data provided by the company's Registrar and Share Transfer Agent (RTA). This is a standard administrative disclosure and does not impact the company's financial health or business operations.

Monthly update for January 2026 regarding physical share transfer re-lodgement requests.
Compliance with SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025.
Report covers data received from the RTA for the period up to January 6, 2026.
Standard regulatory filing submitted to both BSE and NSE.

💡 No action is required from investors as this is a routine regulatory compliance filing. Investors should continue to monitor the company's quarterly earnings and sector-specific trends.

Akzo Nobel India Q3 FY26: 8% Decorative Volume Growth and 14.9% EBITDA Margin

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 12:17 PM

Akzo Nobel India reported a reported revenue of ₹907.7 crore, representing a 1% decline, though domestic business grew 2% on a like-for-like basis after adjusting for divestitures. The company saw a strong recovery in volumes with an 8% growth in the decorative segment and 6% blended volume growth. Management is shifting strategy toward volume and revenue growth under new leadership, reinvesting royalty savings to address a 5-9% pricing premium versus competitors. Despite competitive intensity from new entrants like Birla Opus, the company maintained a healthy EBITDA margin of 14.9% before exceptional items.

Decorative segment volume grew by 8% YoY, driven by premium segment recovery.
Reported EBITDA margin stood at 14.9% before exceptional items, supported by royalty savings.
Adjusted PAT grew by 5.9% YoY after excluding one-time impacts like labor code provisions.
Divestiture of powder coatings and IRC business impacted quarterly revenue by approximately ₹25 crore.
Management addressed pricing gaps of 5-9% compared to lead players to improve volume elasticity.

💡 Investors should view the shift toward a growth-first strategy and the 8% decorative volume growth as positive indicators of market share retention. Monitor the sustainability of margins as the company continues to compete with aggressive pricing from new market entrants.

Akzo Nobel India Completes Investor Call for Q3 and 9M FY26 Financial Results

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 03 Feb 2026, 08:04 PM

Akzo Nobel India Limited conducted a group investor conference call on February 3, 2026, to discuss its financial performance for the quarter and nine months ending December 31, 2025. The session was led by senior management and aimed at addressing investor queries regarding the company's recent earnings. A link to the audio recording has been provided, and a formal transcript is expected to be released shortly. This filing is a standard regulatory requirement following the announcement of quarterly results.

Group conference call conducted on February 3, 2026, at 3:00 PM IST
Focus on financial results for the quarter and nine-month period ended December 31, 2025
Audio recording link made available on the company's official investor relations portal
Management presentation was previously shared with exchanges prior to the call

💡 Investors should review the audio recording or upcoming transcript for management commentary on raw material costs and volume growth. The underlying Q3 FY26 financial results should be analyzed separately to assess the company's fundamental performance.

JSW Paints Becomes Promoter of Akzo Nobel India; Q3 Domestic Volumes Grow 6.6%

🟢 POSITIVE ⭐ 9/10

M&A 📅 03 Feb 2026, 02:18 PM

JSW Paints has completed the acquisition of a 61.2% stake in Akzo Nobel India, becoming the new promoter and proposing a name change to JSW Dulux Limited. For Q3 FY26, the company reported a 5.9% overall volume growth, although revenue slightly declined by 1% to ₹907.7 crore due to pricing corrections. Adjusted PAT (excluding exceptional items) grew by 5.9% to ₹94.6 crore, with EBITDA margins remaining stable at 14.9%. The new management, led by Chairman Parth Jindal, has set a clear mandate to move the company into the top three paint players in India.

JSW Paints acquired 61.2% stake; Board approved name change to JSW Dulux Limited.
Domestic volume growth of 6.6% recorded in Q3 FY26, driven by festive demand and premium launches.
Adjusted PAT increased 5.9% YoY to ₹94.6 crore, while EBITDA margin stood at 14.9%.
Waterproofing segment achieved 17% growth, and premium exterior products grew by 4%.
Company recorded a massive one-time gain of ₹1,874 crore in 9M FY26 from the sale of its Powder and IRC business.

💡 Investors should monitor the strategic shift under JSW leadership as the company aims for aggressive market share gains. The synergy between JSW's distribution and the Dulux brand's premium positioning could be a significant long-term value driver.

Akzo Nobel India Q3 PAT Falls 32% to ₹741M; JSW Paints Takes Over as Promoter

🔵 WATCH ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 08:54 PM

Akzo Nobel India reported a 13.6% YoY decline in Q3 FY26 revenue to ₹9,077 million, with Net Profit falling 31.8% to ₹741 million. The quarter's performance was impacted by a ₹279 million exceptional charge, primarily due to a ₹316 million provision for new Labour Codes. A major structural shift occurred as JSW Paints acquired a 60.76% stake, becoming the new promoter and replacing Akzo Nobel N.V. While 9-month profits reached ₹18,478 million, this figure is heavily skewed by a ₹18.9 billion one-time gain from the slump sale of the Powder Coatings division earlier in the year.

Q3 Revenue from operations declined 13.6% YoY to ₹9,077 million compared to ₹10,505 million in the previous year.
Standalone Net Profit for the quarter dropped 31.8% YoY to ₹741 million from ₹1,086 million.
JSW Paints Limited became the promoter on December 10, 2025, following a 60.76% share acquisition.
Recognized an exceptional expense of ₹316 million related to the implementation of new Labour Codes.
9-month PAT of ₹18,478 million includes a massive ₹18,925 million gain from the sale of the Powder Coatings business.

💡 Investors should closely monitor the strategic changes and potential synergies following JSW Paints' takeover as the new promoter. The core operational decline this quarter suggests a transition phase, and the high 9-month profit is non-recurring in nature.

Akzo Nobel India Q3 Revenue at ₹9,077M; JSW Paints Becomes New Promoter

🔵 WATCH ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 08:46 PM

Akzo Nobel India reported a decline in Q3 FY26 revenue to ₹9,077 million from ₹10,505 million YoY, largely due to the previous slump sale of its Powder Coatings division. Net profit for the quarter stood at ₹741 million, impacted by a ₹279 million exceptional loss which included a ₹316 million provision for new Labour Codes. A landmark shift occurred during the quarter as JSW Paints Limited acquired a 60.76% stake, becoming the new promoter of the company effective December 10, 2025. While quarterly profits are lower, the nine-month net profit remains high at ₹18,478 million due to massive one-time gains from business divestments.

Revenue from operations for Q3 FY26 fell to ₹9,077 million compared to ₹10,505 million in Q3 FY25.
Net profit for the quarter decreased to ₹741 million from ₹1,086 million in the previous year's corresponding quarter.
JSW Paints Limited now holds 61.2% of the paid-up equity capital, replacing Akzo Nobel N.V. as the promoter.
Recognized an exceptional charge of ₹316 million due to the implementation of new Labour Codes.
Recorded a gain of ₹111 million from the sale of leasehold property in Nerul, Mumbai.

💡 Investors should closely watch for strategic shifts and potential synergies following the takeover by JSW Paints. The current financial results are not directly comparable to previous periods due to major business divestments, making core operational efficiency under new management the key metric to track.

Akzo Nobel India to Rebrand as JSW Dulux Ltd; Parth Jindal Appointed Chairman

🟢 POSITIVE ⭐ 9/10

MANAGEMENT 📅 30 Jan 2026, 05:04 PM

Akzo Nobel India has issued a postal ballot notice to shareholders for a major corporate restructuring and rebranding. The company proposes changing its name to JSW Dulux Limited, signaling a significant strategic alignment with the JSW Group. Additionally, Mr. Parth Sajjan Jindal is proposed as the new Chairman, while the current CMD, Mr. Rajiv Rajgopal, will transition to the role of Joint Managing Director & CEO. These changes, effective from January 9, 2026, represent a pivotal shift in the company's identity and governance structure.

Proposed change of company name from Akzo Nobel India Limited to JSW Dulux Limited.
Appointment of Mr. Parth Sajjan Jindal as Non-Executive Chairman effective January 9, 2026.
Redesignation of Mr. Rajiv Rajgopal from CMD to Joint Managing Director & CEO.
Appointment of Mr. Shantanu Maharaj Khosla as an Independent Director for a 3-year term.
Shareholder e-voting period scheduled from February 1, 2026, to March 2, 2026.

💡 The rebranding and leadership change suggest a deeper integration with the JSW ecosystem, which could enhance distribution and growth. Investors should support the resolutions as they likely signal a new phase of aggressive market expansion under a powerful domestic brand umbrella.

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💰 Financial Performance

Revenue Growth by Segment

Reported revenue for Q2 FY26 was INR 834.9 Cr, which is 1.5% lower than the previous year on a comparable basis. B2C segments were impacted by inclement weather and a shortened festive season, while mid-businesses in B2B segments reported the fastest growth.

Profitability Margins

Gross margin for Q2 FY26 stood at 41.3%, experiencing a dilution of 1.6% due to vertical product mix and raw material inflation. EBIT margin remained stable at 11.1% due to disciplined cost management.

EBITDA Margin

The company has provided guidance to maintain an EBITDA margin of 14% to 16% on a sustained basis. Double-digit profitability has been sustained despite volume growth being offset by pricing corrections.

Credit Rating & Borrowing

CRISIL withdrew its A1+ rating for the company's INR 500 million short-term debt (including commercial paper) in 2016 as there was no outstanding amount, indicating a zero-debt or highly liquid position.

⚙️ Operational Drivers

Raw Materials

Specific raw material names are not listed, but the company reported raw material inflation in its Coatings businesses, impacting gross margins by approximately 1.6%.

Raw Material Costs

Raw material costs led to a 1.6% dilution in gross margins in Q2 FY26. The company is managing these through product mix improvements in the retail business and disciplined cost management.

Manufacturing Efficiency

The company maintains stability in EBIT (11.1%) through disciplined cost management and controlling operating expenses (opex) while supporting marketing pushes.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be achieved through an 'aggressive' strategy following the acquisition by JSW Group, focusing on Liquid Coatings after divesting the Powder Coatings business for INR 1,870 Cr. The strategy includes marketing campaigns like 'Lage Shaandaar, Chale Shaandaar' and leveraging synergies with JSW Paints.

Products & Services

Liquid Coatings, Decorative Paints, and related services.

Brand Portfolio

Dulux, Dulux Assurance.

New Products/Services

The company celebrated 5 years of Dulux Assurance with the 'Lage Shaandaar, Chale Shaandaar' campaign to drive retail growth.

Market Expansion

Focusing on Liquid Coatings following the divestment of the Powder Coatings business and the International Research Center to streamline the portfolio.

Strategic Alliances

JSW Paints Limited has become a promoter after acquiring 2,78,71,723 equity shares. The company also partners with AkzoNobel NV for portfolio reviews.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward Liquid Coatings and increased competition. AkzoNobel is positioning itself through portfolio rationalization and aggressive marketing under new promoter leadership.

Competitive Landscape

Key competitors include other major paint manufacturers, with JSW Paints now acting as a strategic promoter and partner.

Competitive Moat

The moat is built on the Dulux brand and the 'Dulux Assurance' program, which provides a competitive edge in the retail segment. This is sustained through high-decibel marketing campaigns.

Macro Economic Sensitivity

The business is sensitive to GDP growth, inflation, and seasonal weather patterns which impact construction and painting cycles.

Consumer Behavior

Demand is highly seasonal and weather-dependent, with a preference for established brands offering quality assurance.

Geopolitical Risks

Geopolitical risks and market disruptions are noted as factors that could cause actual results to differ from forecasts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental risks, legal issues, and legislative/fiscal measures. Cost records are maintained under Section 148(1) of the Companies Act.