JSW Dulux Ltd logo

JSW Dulux Ltd

JSWDULUX NSE

Key Fundamentals

MicrocapPaintsConsumer Goods
Market Cap
₹14,120 Cr
Volatility
Moderate
P/E Ratio
7.25
EBITDA
₹607 Cr
Return on Equity
80.51%
Debt to Equity
0.05
Book Value
₹538.08
EPS
₹94.71
52W High
₹3,745
52W Low
₹2,658.7

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Technical Indicators

Key Insights

Strengths

4
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.35%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.3%
  • Company has been maintaining a healthy dividend payout of 91.5%

Weaknesses

3
  • Promoter holding has decreased over last quarter: -8.56%
  • The company has delivered a poor sales growth of 8.98% over past five years.
  • Earnings include an other income of Rs.1,880 Cr.

Growth Rate

Revenue Growth
-9.74% ↘
Net Income Growth
359.56% ↗
Cash Flow Change
-70.14% ↘
ROE
149.33% ↗
ROCE
124.74% ↗
EBITDA Margin (Avg.)
0.55% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk medium

JSW Dulux Ltd is a nearly debt-free consumer goods company with a market cap of Rs.14,226 Cr, trading at a PE of 7.2x with a strong 3-year ROE of 30%. However, recent performance shows a TTM sales decline of -7% and profit decline of -12%, while promoter holding has dropped by 8.56% in the last quarter.

Bull Case 7
  • Company is almost debt-free, providing financial flexibility and low interest burden
  • Excellent return on equity track record with 3-year ROE of 30% and last year ROE of 32%, indicating efficient capital deployment
  • Attractive dividend yield of 6.68% (screener data) with a consistent payout ratio of 91.5%, rewarding shareholders generously
  • Low PE ratio of 7.2x suggests the stock is valued conservatively relative to its earnings power
  • Compounded profit growth of 14% over 3 years and 13% over 5 years demonstrates sustained earnings expansion over medium term
  • Long-term stock CAGR of 9% over 10 years shows consistent wealth creation over extended periods
  • 10-year compounded profit growth of 11% indicates a durable business model with long-term earnings resilience
Bear Case 8
  • Promoter holding decreased by 8.56% in the last quarter, raising concerns about insider confidence
  • TTM sales growth is negative at -7%, indicating a meaningful revenue contraction in the most recent period
  • TTM profit decline of -12% shows deteriorating earnings momentum
  • Earnings quality is questionable as other income of Rs.1,880 Cr forms a significant portion of total profits
  • 5-year compounded sales growth of only 9% (or 8.98% per screener) reflects modest top-line expansion for a consumer goods company
  • Stock has delivered -15% returns over the past 1 year, significantly underperforming broader markets
  • Price-to-book ratio of 5.74x is elevated for a company with slowing growth, suggesting limited margin of safety on asset basis
  • 52-week high and low data showing zero values suggests limited price discovery transparency or recent listing/restructuring uncertainty

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 3
  • ₹118 Cr GST demand from Karnataka Aug 5

    Show Cause Notice from Karnataka GST Department demanding ₹118.33 crore for alleged ITC disallowance for April 2020 to March 2021. Company is preparing its response.

  • ₹52.68 Lakh Delhi GST notice Aug 5

    Show Cause Notice from Delhi GST for ₹52.68 Lakhs regarding ITC disallowance from April 2020 to March 2024.

  • ₹1.76L Tamil Nadu GST penalty Aug 7

    GST order from Tamil Nadu authorities for excess ITC claimed in FY18, imposing a penalty of ₹1,75,699.

Positives 2
  • CESTAT annuls ₹32.4L excise demand Aug 18

    CESTAT set aside a Central Excise duty demand of ₹32.4 lakh, allowing JSW Dulux's appeal and annulling tax, interest, and penalty.

  • Board approves 1:10 share split Aug 21

    Shareholder approval sought for 1:10 equity share split via postal ballot to enhance liquidity and retail accessibility.

Neutral 6
  • CFO Krishna Rallapalli resigns Aug 14

    CFO Krishna Rallapalli resigned citing personal reasons, with last working day set for October 14, 2026.

  • Director Rohit Totla resigns Aug 21

    Wholetime Director Rohit Totla resigned due to personal and professional reasons, last working day on or before November 17, 2026.

  • Targets 13-15% EBITDA, No. 2 rank Aug 13

    Company sets EBITDA margin guidance of 13-15% linked to crude prices, pursuing No. 2 market position via Project Akshaya integration and adding 160 sales staff.

  • Independent Director Hemant Sahai exits Aug 3

    Hemant Sahai ceased to be Independent Director on August 2, 2026, after completing his second consecutive term.

  • Website domain updated Aug 12

    New website domain www.jswdulux.com launched with automatic redirect from old Akzo Nobel India domain.

  • Q1FY27 earnings call on Aug 12 Aug 6

    Conference call held on August 12, 2026, to discuss Q1FY27 financial results with analysts and investors.

TL;DR: JSW Dulux faces significant tax headwinds, particularly a ₹118.33 crore GST demand from Karnataka that dwarfs other notices. On the positive side, the CESTAT win and proposed 1:10 share split signal confidence, while management targets 13-15% EBITDA and No. 2 market position. However, multiple senior exits (CFO and Wholetime Director) and a cluster of GST notices suggest operational and compliance risks that investors should monitor going forward.

Quarterly Results

  Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales
987
951
999
956
1,033
973
1,036
982
1,050
1,022
995
835
908
Expenses
844
797
837
814
866
812
867
836
884
863
861
724
772
Operating Profit
143
155
162
142
166
162
169
146
167
159
134
111
136
OPM %
14%
16%
16%
15%
16%
17%
16%
15%
16%
16%
14%
13%
15%
Other Income
12
6
8
9
8
10
10
9
6
3
9
1,882
-13
Interest
3
6
3
3
3
3
2
2
3
2
3
2
3
Depreciation
21
22
19
21
20
22
22
22
23
22
18
18
19
PBT
132
133
148
127
152
147
154
132
146
137
122
1,972
101
Tax %
26%
28%
26%
26%
25%
26%
26%
26%
26%
22%
26%
15%
27%
Net Profit
97
95
110
94
114
109
115
98
109
108
91
1,683
74
EPS in Rs
21.39
20.95
24.13
20.68
24.99
23.89
25.16
21.5
23.85
23.61
19.98
370
16.27
Figures in ₹ Crores

Profit & Loss

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2,332
2,442
2,640
2,572
2,719
2,918
2,662
2,421
3,149
3,802
3,962
4,091
3,760
Expenses
2,141
2,181
2,380
2,244
2,420
2,576
2,291
2,078
2,714
3,276
3,328
3,449
3,220
Operating Profit
192
261
260
329
300
342
370
343
434
526
633
642
540
OPM %
8%
11%
10%
13%
11%
12%
14%
14%
14%
14%
16%
16%
14%
Other Income
57
68
110
65
240
43
41
21
23
26
35
27
1,880
Interest
2
2
2
3
4
4
9
10
14
14
12
10
10
Depreciation
44
53
54
54
58
65
79
76
76
82
82
89
77
PBT
203
275
314
337
478
316
323
278
367
456
573
570
2,333
Tax %
26%
32%
32%
27%
16%
33%
27%
25%
21%
26%
26%
25%
—
Net Profit
150
186
214
247
401
211
237
208
290
335
427
429
1,955
EPS in Rs
32.19
39.93
45.91
52.94
85.85
46.33
52.13
45.59
63.68
73.58
93.7
94.11
429
Div. Payout %
233%
50%
153%
42%
26%
52%
27%
110%
118%
88%
80%
106%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
47
47
47
47
47
46
46
46
46
46
46
46
46
Reserves
801
873
1,116
962
1,244
1,090
1,192
1,242
1,213
1,270
1,284
1,283
2,208
Borrowings
0
0
3
3
3
3
64
64
70
70
60
62
71
Other Liabilities
1,191
879
878
872
938
959
1,024
1,178
1,261
1,354
1,513
1,511
1,315
Total Liabilities
2,039
1,799
2,043
1,884
2,231
2,097
2,325
2,529
2,590
2,739
2,903
2,902
3,640
Fixed Assets
502
516
523
519
539
530
574
543
520
511
526
481
1,580
CWIP
31
12
9
23
27
17
16
16
42
73
119
67
74
Investments
629
394
600
336
573
377
84
0
0
0
0
0
0
Other Assets
877
876
911
1,006
1,092
1,173
1,652
1,969
2,029
2,156
2,258
2,354
1,987
Total Assets
2,039
1,799
2,043
1,884
2,231
2,097
2,325
2,529
2,590
2,739
2,903
2,902
3,640
Figures in ₹ Crores

Cash Flow

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating
171
155
263
143
181
141
375
283
121
486
486
311
Investing
250
239
-156
225
-6
185
4
-225
230
-15
-87
123
Financing
-438
-410
-113
-392
-126
-360
-157
-174
-346
-302
-439
-460
Net Cash Flow
-17
-16
-6
-24
50
-34
222
-116
6
170
-41
-26
Free Cash Flow
51
107
234
68
78
99
327
255
58
382
367
204
CFO/OP
86
87
145
78
119
77
131
106
54
119
104
74
Figures in ₹ Crores

Ratios

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
48
42
49
58
53
56
54
62
57
53
53
52
Inventory Days
86
95
89
107
84
85
107
135
129
95
100
95
Days Payable
130
119
145
164
159
131
171
220
164
138
164
151
Cash Conversion Cycle
4
17
-7
1
-22
9
-10
-23
22
11
-10
-3
Working Capital Days
-62
-12
-59
15
10
20
-3
-14
14
4
-2
22
ROCE %
16%
25%
26%
27%
40%
24%
27%
22%
28%
35%
42%
42%

Shareholding Pattern

As of Jun 2026
Promoters 61.20%
DIIs 21.97%
FIIs 8.50%
Public 6.13%
Others 2.21%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
74.76%
69.76%
61.20%
61.20%
61.20%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.14%
0.00%
3.42%
3.62%
3.74%
3.85%
3.67%
3.70%
7.97%
8.66%
8.44%
8.50%
DIIs
10.96%
10.85%
10.74%
10.62%
10.48%
10.35%
9.55%
9.21%
8.99%
8.68%
8.61%
8.44%
8.37%
8.28%
8.11%
8.05%
8.50%
8.57%
13.77%
20.58%
21.78%
21.97%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.82%
6.86%
6.95%
6.76%
6.86%
6.91%
7.37%
7.10%
7.02%
7.06%
6.98%
6.91%
6.80%
6.86%
6.86%
6.80%
6.61%
6.50%
6.34%
6.72%
6.29%
6.13%
Others
7.46%
7.53%
7.55%
7.87%
7.90%
7.98%
8.32%
8.94%
9.23%
9.50%
6.51%
9.89%
6.65%
6.47%
6.53%
6.54%
6.47%
6.48%
2.16%
2.84%
2.29%
2.21%
No. of Shareholders
0
39,934
41,318
42,585
43,411
45,780
45,746
45,480
43,735
45,231
46,657
47,322
46,712
46,662
45,906
48,266
48,140
48,922
48,226
50,314
48,493
48,114

Documents

Frequently Asked Questions about JSW Dulux Ltd

What does JSW Dulux Ltd do?
Incorporated in 1954, Akzo Noble India Ltd is in the business of manufacturing, trading, and selling paints and related products. It also provides research and development services to its Holding Company and other group companies[1]
Where is JSW Dulux Ltd (AKZOINDIA) listed?
JSW Dulux Ltd is listed on the Indian stock exchanges. It is listed on NSE: JSWDULUX and BSE: 500710. You can view its live share price, financials, and ratios on Tapetide.
Which sector does JSW Dulux Ltd belong to?
JSW Dulux Ltd operates in the Consumer Goods sector within the Paints industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of JSW Dulux Ltd?
JSW Dulux Ltd has a market capitalisation of approximately ₹14119.77 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of JSW Dulux Ltd?
The Price-to-Earnings (PE) ratio of JSW Dulux Ltd is 7.25. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of JSW Dulux Ltd?
Over the past 52 weeks, JSW Dulux Ltd has traded between a low of ₹2,658.7 and a high of ₹3,745. This range helps investors understand the stock's price volatility and recent trading levels.
Does JSW Dulux Ltd pay dividends?
Yes, JSW Dulux Ltd has a dividend yield of 6.60%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of JSW Dulux Ltd?
JSW Dulux Ltd has a Return on Equity (ROE) of 80.51%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research JSW Dulux Ltd on Tapetide?
On Tapetide, you can view JSW Dulux Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1954, Akzo Noble India Ltd is in the business of manufacturing, trading, and selling paints and related products. It also provides research and development services to its Holding Company and other group companies[1]

Website akzonobel.co.in
CEO Mr. Rajiv Rajgopal MBA
Employees 1,300
Listed 2001-06-28
Face Value ₹ 10
Issued Size 4,55,40,314

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