JAT Holdings PLC has successfully acquired Mirotone, a well-established brand with a 90-year history in Australia and New Zealand, which enhances its global presence in the coatings market. Additionally, the company has completed the second phase of its acrylic binder plant expansion, resulting in a significant 76% increase in production capacity.
For the fiscal year ending March 31, 2026, JAT Holdings reported a remarkable 21% rise in gross profit, reflecting a strong performance amidst a challenging external landscape. The company achieved its highest-ever annual revenue of Rs. 12.6 billion, a 9% increase from Rs. 11.6 billion in the previous year. Local sales contributed significantly, rising by 12% to Rs. 9.7 billion, bolstered by the expanding electric vehicle (EV) charger sector and decorative paint sales, while international revenue reached Rs. 2.9 billion.
Gross profit climbed to Rs. 4.8 billion, with an improvement in gross profit margin from 34% to 38%. This upward trend is indicative of the Group’s robust growth, supported by a favorable product mix, enhanced manufacturing efficiency, and effective vertical integration strategies in both Sri Lanka and Bangladesh. Pre-tax profit saw a 5% increase, totaling Rs. 1.68 billion, while finance costs decreased by 17% to Rs. 292 million, attributed to better debt management and declining interest rates. The profit after tax was reported at Rs. 1.52 billion, although it was adversely affected by a reduction in the previous year’s deferred tax asset, impacting year-over-year comparisons.
Operating expenses, including selling and distribution as well as administrative costs, rose due to the consolidation of Mirotone following its acquisition in October 2025, reflecting JAT’s enhanced operational capacity. Despite facing challenges from Cyclone Ditwah in the third quarter, the company achieved record sales in the wood coatings segment, which grew by 9% alongside a 5% improvement in gross profit margins. Notably, 83% of wood coatings sales came from existing customers, marking a 16% increase from the previous year, with the loyalty base itself expanding by 10%.
In terms of product performance, the emulsion category saw a 15% increase in sales, while ongoing development efforts led to the enhancement of Hydro+ waterproofing paint and the creation of three new water-based binders for various applications. The sales of brushes also grew steadily, increasing by 12% with a 7% rise in gross profit margins.
The company’s EV division gained momentum, establishing itself as the largest EV charging network in Sri Lanka. Over 2,000 slow chargers were sold, more than 80 fast chargers were installed, and there are now over 15,000 registered users. An order for 2,000 chargers from BYD in March remains to be reflected in the financial results. Since December 2025, revenue from this business has been recorded under Volt Industrial Company (Pvt) Ltd, a wholly owned subsidiary of JAT Holdings, which is also working on its own charger network for recurring revenue.
On the international front, the acquisition of Mirotone New Zealand has been a strategic advancement for JAT. In the fourth quarter, Mirotone achieved NZD 1.6 million in sales, marking a 10% increase from the same period last year, along with a 15% rise in gross profit and an 18% increase in profit after tax. Expected synergies from centralized procurement, collaborative R&D, and operational integration will bolster JAT’s position in the industrial wood coatings market and extend its reach into the well-established Australasian market.
CEO Nishal Ferdinando reflected on the company’s performance, stating, “The fiscal year 2025/26 showcases the effectiveness of our strategic decisions over the past years. We have continuously fortified our core coatings business, enhanced manufacturing processes, optimized financial management, and invested in growth platforms for JAT’s future. The increase in gross margin is particularly significant as it illustrates not only revenue growth but also improved quality of growth. Moving forward, our priority will be to scale these platforms judiciously while ensuring JAT remains competitive and poised for sustainable value creation.”
Managing Director Aelian Gunawardene emphasized that JAT’s growth is rooted in the belief that capability must be developed in anticipation of future opportunities. The year 2025/26 proved pivotal as the company reinforced its manufacturing foundation, broadened its international footprint, and continued to invest in systems that enhance JAT’s agility and relevance in various markets. The aim is to build a stronger company for the present, as well as a Sri Lankan multinational noted for technical excellence, customer service, and innovation, capable of competing in global markets over the long term.
With a Fitch National Long-Term Rating of AA (lka), an expanding international presence, and ongoing recognition from institutions like CMA, ACCA, and CPM, JAT Holdings is well-positioned for sustained growth. The Group’s corporate reputation was further confirmed through visibility in leading LMD rankings and listings. As it approaches the fiscal year 2026/27, JAT enters with established market positions, enhanced international momentum, and a portfolio of core and emerging businesses aligned for its next phase of expansion regionally and globally.
