• Group PAT increased by 27% YoY
• Foreign operations revenue increased by 115%
• Decorative paints sector grew by 107%
• Introduction of JAT HeatBlock20 to the industrial market
• Volt Charge commenced pilot project for electric two- and three-wheeler charging

JAT Holdings PLC recorded Group revenue of LKR 7.01 billion for the six months ended 30 September 2026, representing a 36% year-on-year increase, supported by growth across its local businesses and a higher contribution from international operations.

Local revenue increased by 14% to LKR 4.56 billion, primarily supported by the emulsion category, while foreign operations revenue increased by 115% to LKR 2.45 billion, reflecting improving business conditions in Bangladesh and JAT's expanding international presence. Gross profit margin across foreign markets also improved from 24% to 26% during the period, reflecting the growing contribution of international operations to both the scale and profitability of the Group.

Gross profit increased by 36% to LKR 2.46 billion, maintaining a 35% gross profit margin despite higher raw material import costs and rising fuel prices. Operating profit increased by 15% to LKR 653 million, while operating margin moderated from 11% to 9% amid higher administrative, selling and distribution expenses associated with consolidation of Mirotone operation, Volt software amortisation, transportation and expanded storage capacity. Favourable exchange rate movements helped reduce finance costs, with profit before tax increasing by 27% to LKR 602 million and profit after tax rising by 27% to LKR 504 million.

Commenting on the results, CEO Nishal Ferdinando said, “Our first-half performance reflects the increasing breadth of the Group’s growth, with stronger contributions from both our local businesses and international operations, including continued growth across our industrial and retail businesses in Bangladesh. Maintaining our gross profit margin amid higher input costs also reinforces the value of the investments we have made in manufacturing efficiency and backward vertical integration. As we move into the second half, our focus remains on translating this broader operating base into sustained profitability and long-term growth.”

JAT's wood coatings business expanded its market share to 57.1%, recording 2% revenue growth and a 1.6% improvement in net gross profit margin, supported by efficiencies gained through the second phase of its Acrylic Binder Plant upgrade. Its loyalty customer base grew by 7% to exceed 191,000, contributing approximately 78% to 80% of sales.

The decorative paints segment recorded 107% revenue growth, supported by strong performance across key brands including White by JAT, Hydro Plus and Wallz, while gross profit margin across the segment improved by 1.4%. The segment also expanded its innovation portfolio with the introduction of JAT HeatBlock20 to the industrial market. Brushes and Rollers retained market leadership with a 31% market share and 11% revenue growth. 

The furnishing business also recorded 16% growth, supported by a confirmed project pipeline of LKR 561 million. Together, these results reflect continued growth beyond JAT’s traditional wood coatings base, strengthening the Group’s increasingly diversified revenue portfolio.

JAT continued to deepen its manufacturing integration across Sri Lanka and Bangladesh during the period. The upgraded Acrylic Binder Plant in Sri Lanka, together with the commencement of alkyd resin exports from Bangladesh to Sri Lanka, further strengthened the Group’s backward vertical integration, supporting greater manufacturing control and a more resilient regional supply platform.

Volt Charge continued to expand its technology capabilities during the period, invoicing 2,000 L2 chargers to John Keells CG Auto for BYD vehicles, completing engineering of a 200 kW commercial vehicle charger and increasing its Volt app user base to 25,000 active users. While revenue declined by 5% due to the timing of revenue recognition, these developments reflected continued progress in scaling both its hardware and digital charging ecosystem.  The business also commenced a pilot project for electric two- and three-wheeler charging, with the first charger installed in Kottawa.

Internationally, Bangladesh recorded 26% industrial sales growth, 42% retail sales growth and a 151% increase in CoatEX revenue, demonstrating broader-based growth across JAT’s established industrial business and its expanding retail presence.  

Mirotone New Zealand recorded month-on-month sales growth of 12% in August and 9% in September, indicating improving momentum following slower sales movement in Q1. The business reported a first-half loss of NZD 99,000 amid challenging market conditions. Initial sales to Fiji were also recorded during the period, marking an early step in expanding Mirotone’s export reach from New Zealand.

Mirotone Australia continued to advance its market re-entry, with its local facility and colour-matching infrastructure now fully established. Product R&D and market testing progressed during the period, while initial shipments supported product familiarisation and commercial discussions.

Managing Director Aelian Gunawardene added, "The progress we are seeing across Bangladesh, New Zealand and Australia reflects the increasing scale and reach of JAT’s international platform. Alongside the continued development of newer business verticals, this is creating a more diversified Group with multiple avenues for growth. 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."

With a Fitch National Long-Term Rating of AA (lka) and a presence across 11 markets, JAT Holdings continues to strengthen its position through disciplined investment, innovation and regional expansion.