AKZOINDIA
Akzo Nobel share price & financials
- Price
- ₹3,325
- Market cap
- ₹15.2k Cr
- Sector
- Consumer Durables
- Calls analysed
- 5
Akzo Nobel Q3 FY26
What went well
- Like-to-like revenue growth of close to 2% for the domestic business.
- Blended volume growth of 6% across decorative and industrial segments, with decorative volumes growing at 8%.
- Gross margins largely protected, showing a sequential improvement of 80 basis points.
What to watch
- Reported standalone revenue declined by approximately 1% to ₹907.7 crore, impacted by divestitures and carved-out businesses (approx. ₹200 crores total, ₹25 crores/quarter).
- Previously overpriced by 5-9% in premium brands, which led to volume erosion.
What Akzo Nobel does
Akzo Nobel India manufactures and markets paints and coatings through two segments: Decorative Paints (interior/exterior paints, lacquers, varnishes and tinting systems sold under the Dulux and Sadolin brands via a dealer/retailer network) and Coatings, comprising Marine & Protective Coatings for oil & gas, power, infrastructure and wind-energy assets (International brand), Automotive & Specialty Coatings for auto OEM and vehicle-refinish work (Sikkens, Wanda), and Industrial Coatings for coil, extrusion, packaging and wood-finish applications. Products are made at manufacturing sites and R&D centres in India and reach customers through a nationwide dealer, distributor and project-customer network. In late 2025, JSW Paints acquired a controlling ~61% stake from AkzoNobel N.V. and has proposed renaming the company JSW Dulux Limited.
Segments
- Decorative Paints
- Coatings
- Market position
- 4th-largest paint company in India
- Manufacturing sites (FY2024-25)
- 5
- R&D / innovation centres (FY2024-25)
- 2
- Distribution reach
- 6,000+ towns
- Core brand portfolio
- 5 brands (Dulux, Sadolin, International, Sikkens, Wanda)
- Years of operations in India (as of FY2024-25)
- 70 years
Guidance record · Q3 FY26
what the last two calls moved 8 tracked 1 delivered 4 missed 3 open- EBITDA Margin delivered said Q1 FY26 Promised: same range as last 2-3 quarters Q3 FY26: 14.9% pre-exceptional, hitting the 14.5-15% focused band.
- Full Year Revenue Growth missed said Q4 FY25 Promised: single-digit Q3 FY26: 2% LFL growth in Q3 makes high single-digit for the full year mathematically highly unlikely.
- Market Position in Decorative Paints revised up said Q4 FY25 Promised: Become the number 3 player Q3 FY26: get to number two in 3 to 4 years
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 3.0%, net profit down 12.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 982 | 1,050 | 1,014 | 995 | 835 −15% | 894 −15% | 883 −13% | 965 −3% |
| EBITDA | 146 | 167 | 159 | 134 | 111 −24% | 136 −19% | 127 −20% | 115 −14% |
| Net profit | 98 | 109 | 108 | 91 | 1,683 +1617% | 74 −32% | 126 +17% | 80 −12% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −6.8% 1Y
1Y: ₹3,391.2 on 10 Sept 2025 → ₹3,160. High ₹3,633.9 (15 Dec 2025), low ₹2,714.5 (9 Mar 2026).
How the price took the results
close before → close after
- Q3 FY26
- +1.2%
- 3 Feb
- Q2 FY26
- +1.4%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.7% a year over 3 years, FY23 to FY26. Operating margin held at 14.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.8k Cr | ₹4.0k Cr | ₹4.1k Cr | ₹3.6k Cr |
| Operating profit | ₹525 Cr | ₹632 Cr | ₹641 Cr | ₹508 Cr |
| Operating margin | 13.8% | 16.0% | 15.7% | 14.1% |
| Interest | ₹14 Cr | ₹12 Cr | ₹9 Cr | ₹12 Cr |
| Depreciation | ₹82 Cr | ₹82 Cr | ₹89 Cr | ₹75 Cr |
| Net profit | ₹334 Cr | ₹427 Cr | ₹430 Cr | ₹2.0k Cr |
| Net margin | 8.8% | 10.8% | 10.5% | 54.7% |
| Cash from operations | ₹486 Cr | ₹486 Cr | ₹312 Cr | ₹93 Cr |
| Free cash flow | ₹382 Cr | ₹367 Cr | ₹206 Cr | ₹-1.0k Cr |
| ROCE | 35.0% | 42.0% | 42.0% | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr | ₹46 Cr |
| Reserves | ₹1.2k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹2.2k Cr | ₹2.4k Cr |
| Borrowings | ₹64 Cr | ₹70 Cr | ₹70 Cr | ₹60 Cr | ₹71 Cr | ₹79 Cr |
| Other liabilities | ₹1.2k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Total liabilities | ₹2.5k Cr | ₹2.6k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹3.7k Cr | ₹3.8k Cr |
| Fixed assets | ₹543 Cr | ₹520 Cr | ₹511 Cr | ₹526 Cr | ₹1.6k Cr | ₹1.6k Cr |
| Capital work in progress | ₹16 Cr | ₹42 Cr | ₹73 Cr | ₹119 Cr | ₹74 Cr | ₹49 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹2.0k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹2.3k Cr | ₹2.0k Cr | ₹2.1k Cr |
| Total assets | ₹2.5k Cr | ₹2.6k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹3.7k Cr | ₹3.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −13.56 pp while DIIs added +13.40 pp. The shareholder count shrank 2% to 48,114.
- Promoters
- 61.2%
- FIIs
- 8.5%
- DIIs
- 22.0%
- Public
- 8.3%
Since Jun 2025
- Promoters −13.56 pp
- DIIs +13.40 pp
- FIIs +4.79 pp
How it drifted, 12 quarters
Over this window promoters fell from 74.8% to 61.2% — −13.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.8%, FIIs 3.1%, DIIs 8.6%, Public 13.5%.Dec '23: Promoters 74.8%, FIIs 3.2%, DIIs 8.6%, Public 13.5%.Mar '24: Promoters 74.8%, FIIs 3.4%, DIIs 8.4%, Public 13.5%.Jun '24: Promoters 74.8%, FIIs 3.6%, DIIs 8.3%, Public 13.3%.Sep '24: Promoters 74.8%, FIIs 3.8%, DIIs 8.1%, Public 13.4%.Dec '24: Promoters 74.8%, FIIs 3.8%, DIIs 8.1%, Public 13.3%.Mar '25: Promoters 74.8%, FIIs 3.7%, DIIs 8.5%, Public 13.1%.Jun '25: Promoters 74.8%, FIIs 3.7%, DIIs 8.6%, Public 13.0%.Sep '25: Promoters 69.8%, FIIs 8.0%, DIIs 13.8%, Public 8.5%.Dec '25: Promoters 61.2%, FIIs 8.7%, DIIs 20.6%, Public 9.6%.Mar '26: Promoters 61.2%, FIIs 8.4%, DIIs 21.8%, Public 8.6%.Jun '26: Promoters 61.2%, FIIs 8.5%, DIIs 22.0%, Public 8.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Childrens Fund Mutual fund +0.76 pp 7.16% held
- Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund +0.05 pp 2.18% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Akzo Nobel above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| JSW Paints Private Limited | 61.20% | unchanged |
| HDFC Mutual Fund - HDFC Childrens Fund Mutual fund | 7.16% | +0.76 pp |
| ICICI Prudential Value Fund Mutual fund | 3.60% | −0.30 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund | 2.18% | +0.05 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund | 2.07% | unchanged |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house | 1.89% | unchanged |
| The New India Assurance Company Limited Insurer | 1.72% | unchanged |
| Tata Mutual Fund - Tata Small Cap Fund Mutual fund | 1.29% | −0.11 pp |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.01% | unchanged |
| Imperial Chemical Industries Ltd | 0.00% | unchanged |
| Panter B.V. | 0.00% | unchanged |
| Akzo Nobel ( C ) Holdings B.V. | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹3160, this stock must grow earnings at 99% every year for 7 years. Our analysis caps realistic growth at ~-49%. At that growth it is worth ₹3 — downside of 100%.
- Growth the price implies
- 99.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -49.5% a year
- net profit, FY23–FY26 · EPS -49.5%
- The gap
- 1.5 pp
- -100% downside if it only repeats history
All earnings calls (5)
Read the Q3 FY26 call →Learn to analyse Akzo Nobel
Guides on how to read this kind of business and the numbers that matter.