JSW Dulux Ltd logo

JSW Dulux Ltd

JSWDULUX NSE

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]

AI Verdict: HOLD Confidence: 5%

JSW Dulux Ltd offers an attractive dividend yield of 6.38% and strong ROE of 32% last year, but declining sales (TTM -7%) and profit (TTM -12%) along with a significant promoter holding reduction of -8.56% warrant caution. The stock trades at a low PE of 7.4x, which may reflect value but also market skepticism about near-term growth.

Key Fundamentals

SmallcapPaintsConsumer Goods
Market Cap
₹14,564 Cr
Volatility
Moderate
P/E Ratio
7.45
EBITDA
₹607 Cr
Return on Equity
32.08%
Debt to Equity
0.04
Book Value
₹538.08
EPS
₹94.71
52W High
₹3,915.5
52W Low
₹2,658.7

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 3d ago
HOLD
Risk medium

JSW Dulux Ltd offers an attractive dividend yield of 6.38% and strong ROE of 32% last year, but declining sales (TTM -7%) and profit (TTM -12%) along with a significant promoter holding reduction of -8.56% warrant caution. The stock trades at a low PE of 7.4x, which may reflect value but also market skepticism about near-term growth.

Bull Case 8
  • Exceptional dividend yield of 6.38% significantly above market average, supported by a 91.5% payout ratio
  • Company is almost debt free, providing strong balance sheet resilience in a rising interest rate environment
  • Robust 3-year ROE of 30% and last year ROE of 32%, indicating highly efficient capital deployment
  • Attractive valuation with PE of just 7.4x, well below consumer goods sector median of 40-50x
  • Compounded profit growth of 14% over 3 years and 13% over 5 years demonstrates consistent earnings expansion
  • Long-term stock CAGR of 9% over 10 years shows steady wealth creation for patient investors
  • 50% of analyst ratings are Buy, with zero Sell ratings from the 2 analysts covering the stock
  • 10-year compounded profit growth of 11% reflects durable long-term earnings power
Bear Case 8
  • Promoter holding declined by -8.56% in the last quarter, signaling potential lack of insider confidence
  • TTM sales growth is negative at -7%, indicating meaningful revenue deterioration
  • TTM profit declined -12%, suggesting margin pressure or volume headwinds in current period
  • Earnings quality concern as other income of Rs.1,880 Cr forms a significant portion of profits
  • 5-year sales growth of only 8.98% is poor for a consumer goods company in a growing Indian market
  • Stock has declined -15% over 1 year, underperforming broader market significantly
  • Only 2 analysts cover the stock, indicating limited institutional interest and research coverage
  • Price-to-book ratio of 6x is elevated relative to the low PE of 7.4x, suggesting asset-light earnings vulnerability

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 2
  • Strong FY26 financials reported Jun 16

    JSW Dulux reported ₹3,599.2 crores revenue, ₹507.5 crores EBITDA, and ₹1,917.6 crores PAT for FY26, with total dividend of ₹206 per share.

  • ₹50 final dividend announced Jun 10

    Final dividend of ₹50 per share declared for FY26, subject to shareholder approval at the 72nd AGM scheduled for July 10, 2026.

Neutral 2
  • FY27 expansion to 6,000+ towns Jun 17

    Co MD & CEO outlined FY27 strategy focusing on portfolio expansion, brand building, and extending reach to over 6,000 towns while maintaining cost discipline.

  • BRSR filed for FY 2025-26 Jun 16

    Business Responsibility and Sustainability Report filed detailing ESG performance including energy consumption and waste management metrics.

TL;DR: JSW Dulux delivered a strong FY26 with ₹1,917.6 crores PAT and generous shareholder returns totalling ₹206 per share in dividends. No visible headwinds emerged in recent news flow. Management's FY27 strategy targets aggressive geographic expansion to 6,000+ towns with cost discipline, suggesting confidence in sustaining growth momentum in an increasingly competitive Indian paints market.

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 Mar 2026
Promoters 61.20%
DIIs 21.78%
FIIs 8.44%
Public 6.29%
Others 2.29%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 ₹14563.79 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 7.45. 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 ₹3,915.5. 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 6.38%. 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 32.08%. 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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