Aelian Gunawardene, Nishal Ferdinando |
JAT Holdings PLC grew Group revenue 36.0 percent to Rs. 7,007.1 million in the six months to 30 September 2026, as foreign revenue more than doubled.
Local revenue rose 13.5 percent to Rs. 4,557.2 million, led by emulsions, while foreign revenue climbed 115.5 percent to Rs. 2,450.0 million on improving conditions in Bangladesh and wider international reach. Foreign gross margin widened from 24 percent to 26 percent.
Gross profit increased 36.4 percent to Rs. 2,457.0 million, with the gross margin steady at 35.1 percent despite higher raw material and fuel costs. Operating profit grew 14.8 percent to Rs. 653.1 million, though costs from the Mirotone consolidation, Volt software amortisation, transport and storage narrowed operating margin to 9.3 percent from 11.0 percent. Finance costs fell 29.7 percent to Rs. 115.7 million, helped by a Rs. 51.4 million exchange gain, lifting profit before tax 27.0 percent to Rs. 601.7 million and profit after tax 26.7 percent to Rs. 504.0 million.
CEO Nishal Ferdinando said the results reflected “the increasing breadth of the Group’s growth”, and that holding the gross margin amid higher input costs “reinforces the value of the investments we have made in manufacturing efficiency and backward vertical integration.”
Wood coatings raised market share to 57.1 percent, with revenue up 2 percent and gross margin up 1.6 percent, aided by the second phase of the Acrylic Binder Plant upgrade. Loyalty customers rose 7 percent to over 191,000, contributing 78 percent to 80 percent of sales.
Decorative paints revenue rose 107 percent, driven by White by JAT, Hydro Plus and Wallz, and JAT HeatBlock20 was launched for the industrial market.
Brushes and Rollers retained market leadership with a 31 percent share and 11.6 percent growth, while furnishing grew 16.6 percent to Rs. 252.9 million with a confirmed Rs. 561 million pipeline.
Volt Charge’s sales dipped 4.6 percent to Rs. 360.3 million on revenue recognition timing, though it invoiced 2,000 L2 chargers to John Keells CG Auto for BYD vehicles, completed engineering of a 200 kW commercial vehicle charger, reached 25,000 active app users and installed its first electric two- and three-wheeler charger in Kottawa under a pilot.
In Bangladesh, industrial sales grew 26 percent, retail sales 42 percent and CoatEX revenue 151 percent, and alkyd resin exports to Sri Lanka began.
Mirotone New Zealand, which made its first sales to Fiji, grew sales 12 percent month-on-month in August and 9 percent in September after a slow first quarter, but posted a first-half loss of NZD 99,000. Mirotone Australia has completed its local facility and colour-matching set-up for its market re-entry.
Managing Director Aelian Gunawardene added, “Our long-term ambition remains to build a stronger Sri Lankan multinational with the capabilities and market presence to compete sustainably across regional and international markets.”
JAT Holdings has a Fitch National Long-Term Rating of AA(lka) and a presence in 11 markets.
