JSW Dulux logo

JSW Dulux

JSWDULUX NSE
₹3,066.30 15.30 (0.50%)
Market Cap
₹13,964 Cr
P/E
7.14

Key Fundamentals

MicrocapPaintsConsumer Goods
Market Cap
₹13,964 Cr
P/E (TTM)
7.14
EBITDA
₹607 Cr
Return on Equity
80.51%
Debt to Equity
0.05
Book Value
₹538.08
EPS (TTM)
₹429.36
52W High
₹3,745.00
52W Low
₹2,658.70

Price-based figures as of 13 Oct 2026, 15:29 IST · EPS basis: Consolidated · TTM

Peer Comparison

Consumer Discretionary › Consumer Goods › Paints

Asian Paints
₹2,376.0047.832,27,905 Cr10.661.18%19.96%24.41%38,053 Cr4,836 Cr
Berger Paints
₹476.0545.6055,508 Cr8.030.85%16.28%20.63%12,469 Cr1,217 Cr
Kansai Nerolac Paints
₹179.5224.1914,519 Cr2.161.38%8.61%11.76%8,412 Cr588 Cr
JSW Dulux (this company)
₹3,066.307.1413,964 Cr5.706.86%80.51%89.65%5,567 Cr1,956 Cr
Indigo Paints
₹1,023.9030.254,887 Cr4.240.49%12.79%15.96%1,483 Cr161 Cr
Sirca Paints
₹411.3034.832,336 Cr4.920.50%13.68%17.87%514 Cr67 Cr
Shalimar Paints
₹81.63—683 Cr4.800.00%-25.86%-15.14%565 Cr-69 Cr
Kamdhenu Ventures
₹4.03—133 Cr0.750.00%0.11%2.27%242 Cr-5 Cr
Siddhika Coatings
₹199.00—123 Cr2.621.96%22.11%28.72%——
Retina Paints
——51 Cr1.450.00%1.84%5.53%——
Median 10 companies₹411.3032.543,612 Cr4.520.68%13.24%16.92%3,525 Cr375 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100. How it works →

As of 2026-10-12
v2.0.0
62 Good
Overall score
Data confidence 100/100

Category scores

Quality Strong 79
Returns, margins, earnings quality 22%
Valuation Strong 68
Cheap vs sector & own history 24%
Growth Poor 28
Sales & profit trajectory 9%
Financial Health Average 49
Solvency, leverage, coverage 9%
Momentum Weak 40
Trend strength, vol-adjusted 12%
Ownership Good 66
FII/DII/promoter flows 24%

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Oscillators

BearishNeutralBullish

Bearish

Bearish
2
Neutral
7
Bullish
0

Overall

BearishNeutralBullish

Bearish

Bearish
9
Neutral
7
Bullish
3

Moving Averages

BearishNeutralBullish

Bearish

Bearish
7
Neutral
0
Bullish
3
Analyst Rating
Based on 2 analysts
TIED50%

1 of 2 analysts rate Buy, 1 Hold, 0 Sell.

Updated 13 Oct 2026

BUY
1
50%
HOLD
1
50%
SELL
0
0%

Growth Rate

Revenue Growth
-9.74% lower than 3Y

change over 1 year

Net Income Growth
360% higher than 3Y

change over 1 year

Cash Flow Change
-70.14%

change over 1 year

EBITDA Margin Change
0.55%

change over 1 year Operating margin 15% · Dec 2025

AI Analysis — Bull vs Bear

Figures as of 7 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of the 2026-10-07 close, JSW Dulux Ltd traded at Rs 3,028.1, giving a market cap of Rs 13,790.06 Cr. The stock sat 19.1% below its 52-week high of Rs 3,745 and 13.9% above its 52-week low of Rs 2,658.7. Headline valuation looks low, with a TTM P/E of 7.05 on TTM EPS of Rs 429.36, ROE of 80.51% and a dividend yield of 6.86%. Those figures are heavily shaped by Rs 1,880 Cr of other income. Underlying operations are softer: TTM sales fell 7% and TTM profit fell 12%, against 5-year sales and profit CAGRs of 9% and 13%.

Bull Case 7
  • The balance sheet is nearly debt-free, with debt-to-equity of 0.05. That leaves room for capex, brand investment or price competition without leverage pressure.
  • The 3-year ROE averages 30%, and the 5-year and 10-year averages are 26% and 24%. That points to consistent capital efficiency beyond the one-off-driven TTM ROE of 80.51%.
  • Profit compounded faster than sales over long periods: 3-year profit CAGR was 14% vs 9% for sales, and 10-year profit CAGR was 11% vs 5%. This suggests margin expansion over time.
  • The dividend payout ratio is 91.5% and the dividend yield is 6.86% as of 2026-10-07. Cash is being returned to shareholders rather than retained.
  • ROCE stands at 89.65% and last year's ROE was 32%. This shows a capital-light business model, even after allowing for the boost from other income.
  • At Rs 3,028.1, the stock is 19.1% below its 52-week high of Rs 3,745 and has fallen 15% over 1 year. Some of the TTM sales and profit weakness may already be reflected in the price.
  • Sales compounded at 9% over both 3 and 5 years. The franchise has grown steadily through cycles despite the -7% TTM decline.
Bear Case 8
  • Earnings include Rs 1,880 Cr of other income. TTM net profit implied by EPS of Rs 429.36 and market cap of Rs 13,790.06 Cr is about Rs 1,955 Cr, so most reported profit appears non-operating. On core earnings, the effective P/E would be far above the headline 7.05.
  • Core business momentum has turned negative: TTM sales fell 7% and TTM profit fell 12%, against 5-year CAGRs of 9% and 13%.
  • Promoter holding dropped 8.56% over the last quarter. That raises questions about ownership transition, shareholding overhang or changes in strategic commitment.
  • The P/B of 5.63 is high relative to the headline P/E of 7.05. This suggests the market prices the company on normalised, not reported, earnings, so the low P/E may not mean cheapness.
  • The TTM ROE of 80.51% is far above the 3-year average of 30% and the 10-year average of 24%. That points to a temporary spike that is unlikely to repeat as other income normalises.
  • The 6.86% dividend yield is roughly double the 3.35% yield cited in the company's historical profile. With a 91.5% payout, this likely reflects special or one-off distributions rather than a sustainable run-rate.
  • Shareholder returns have been modest: stock CAGR was 6% over 5 years and 9% over 10 years, with a 15% decline over the last year.
  • Long-term sales growth is slow, with a 10-year sales CAGR of 5% and a 5-year CAGR of 8.98%. That limits operating leverage in a competitive consumer category.

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

AI News Digest

17h ago
Headwinds 5
  • Paint price war intensifies Sep 22

    Birla Opus and JSW Dulux are fighting Asian Paints (over 50% share) and Berger (about 20% share) on price, and dealer rebates, cash incentives and trade discounts remain high. Birla Opus is now stocked by 40% of urban dealers, up from 33% the prior quarter, and Berger is defending its turf with ₹2,000 crore of capex and 250 new outlets a year.

  • Revenue falls despite volume surge Sep 22

    Q1 FY27 revenue from operations fell 2.82% YoY to ₹965 crore from ₹993.1 crore, even though paint volumes grew 25%. This points to sharp realisation erosion from the shift toward high-volume market capture.

  • CFO and CS exits Oct 1

    CFO Krishna Rallapalli resigns effective October 14, 2026. General Counsel and Company Secretary Rajiv Lochan Jha is also leaving, with cessation by December 3, 2026, so two senior finance and legal roles are changing during post-acquisition integration.

  • Multiple FY23 GST notices Sep 15

    The company received show cause notices on FY23 input tax credit disallowance from Karnataka (₹10.61 crore, Sep 15), West Bengal (₹56.72 lakh, Sep 24) and Punjab (₹11.83 lakh, Oct 1). The total is about ₹11.29 crore, and the company is responding.

  • Crude-linked input cost inflation Sep 22

    Titanium dioxide and volatile crude oil derivatives are pushing up raw material costs amid geopolitical tensions. Paint makers are taking fresh price hikes to offset this, which could pressure margins if volumes falter.

Positives 5
  • Record Q1 profit, doubled YoY Sep 22

    Q1 FY27 PAT hit a record ₹135.5 crore, up 101.6% YoY, on 25% paint volume growth. The company now covers 5,000+ towns and 22,000 decorative paint retailers under JSW.

  • 1:10 stock split approved Sep 22

    Shareholders approved the split of ₹10 shares into ten Re 1 shares with 99.99% in favour via postal ballot on September 20, 2026, and the record date is October 22, 2026. The share count rises from 4.55 crore to 45.54 crore, which should move the stock from about ₹3,135 to the ₹300 range and improve retail liquidity.

  • ₹14.76 crore GST demand quashed Sep 21

    Karnataka's Joint Commissioner (Appeals) annulled the entire ₹14.76 crore GST demand, including tax, interest and penalty, on September 21, 2026. The amount is larger than all of the new GST notices combined.

  • Festive demand tailwind Sep 22

    Paint makers expect double-digit growth to continue into the festive season, and Diwali in November should push dealer primary inventory build-up into October. Morgan Stanley channel checks show dealer inventory has normalised.

  • JSW integration and share gains Sep 22

    JSW Paints' stake has risen from 60.76% (December 2025) to a controlling 61.2%, and Project Akshaya integration is underway with a target of becoming the No. 2 decorative paint player. PL Capital notes JSW Dulux is gaining ground in mid-tier and economy segments.

Neutral 2
  • ₹62.73 crore block trade Sep 22

    About 200,089 shares changed hands on BSE at ₹3,135.00 per share, worth ₹62.73 crore. This is an unconfirmed real-time large-trade signal.

  • Jefferies India Forum analyst meet Sep 15

    The company scheduled an analyst and institutional investor meeting on September 18, 2026, at The Oberoi, Gurugram, as part of the Jefferies 5th India Forum.

TL;DR: JSW Dulux is executing an aggressive volume-led strategy under JSW: Q1 FY27 PAT doubled to a record ₹135.5 crore on 25% volume growth, and a 1:10 split (record date Oct 22) should improve retail liquidity. Revenue fell 2.82% to ₹965 crore, though, so the share gains are coming at the cost of realisations in an industry-wide price war, while TiO2 and crude-linked costs rise. The CFO and Company Secretary exits add execution risk during integration, but the GST issues are manageable, and the ₹14.76 crore appeal win more than offsets about ₹11.3 crore in new notices. The overall trend is improving on volumes and profit, and the festive quarter will test whether price hikes can stick without slowing share gains.

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹565 Cr −7.0% vs FY26
Reported High Mean Low

Quarterly Results

Particulars 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 (₹)
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

Particulars 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 (₹)
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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others2.21%Promot.61.20%Public6.13%FIIs8.50%DIIs21.97%As ofJun 2026

Documents

Frequently Asked Questions about JSW Dulux

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 trades as JSWDULUX on the NSE and under code 500710 on the BSE.
Which sector does JSW Dulux Ltd belong to?
JSW Dulux Ltd is classified under the Consumer Goods sector, in the Paints industry.
What is the market capitalisation of JSW Dulux Ltd?
JSW Dulux Ltd has a market capitalisation of ₹13,964 Cr as of 13 Oct 2026, which places it in the Mid Cap band.
What is the PE ratio of JSW Dulux Ltd?
JSW Dulux Ltd trades at a PE ratio of 7.14 as of 13 Oct 2026, on earnings per share of ₹429.36, against a book value of ₹538.08 per share.
What is the 52-week high and low of JSW Dulux Ltd?
Over the last 52 weeks JSW Dulux Ltd has traded between ₹2,658.7 and ₹3,745 as of 13 Oct 2026.
Does JSW Dulux Ltd pay dividends?
JSW Dulux Ltd has a dividend yield of 6.75%.
What is the Return on Equity (ROE) of JSW Dulux Ltd?
JSW Dulux Ltd reported a return on equity of 80.51%. Its debt-to-equity ratio is 0.05.

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
Shares Outstanding 4,55,40,314

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