JSW Dulux Ltd logo

JSW Dulux Ltd

JSWDULUX NSE

Key Fundamentals

MicrocapPaintsConsumer Goods
Market Cap
₹14,209 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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Tapetide Score

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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 5d 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.14,182 Cr, trading at a PE of 7.2x with a dividend yield of 6.65%. The company has delivered strong historical ROE averaging 30% over 3 years but faces near-term headwinds with TTM sales declining 7% and profits down 12%.

Bull Case 7
  • Company is almost debt-free, providing significant financial flexibility and low interest cost burden
  • Exceptional return on equity track record with 3-year ROE of 30% and last year ROE of 32%, indicating efficient capital allocation
  • Attractive dividend yield of 6.65% at current levels, well above market average, supported by a 91.5% dividend payout ratio
  • PE ratio of 7.2x is significantly below typical consumer goods sector multiples, suggesting potential value
  • Compounded profit growth of 14% over 3 years and 13% over 5 years demonstrates consistent earnings expansion over medium term
  • Price-to-book of 5.75x combined with 32% ROE indicates the company generates substantial returns above its cost of equity
  • Long-term compounded profit growth of 11% over 10 years shows sustained earning power across business cycles
Bear Case 8
  • TTM sales declined 7% and TTM profits fell 12%, indicating a meaningful near-term deterioration in business performance
  • Promoter holding decreased by 8.56% in the last quarter, a significant reduction that may signal reduced promoter confidence
  • Earnings include other income of Rs.1,880 Cr, raising questions about the quality and sustainability of core operating profits
  • 5-year compounded sales growth of only 9% (approximately 8.98%) is modest for the consumer goods sector in India
  • Stock price has declined 15% over the past 1 year, underperforming broader market indices
  • 10-year compounded sales growth of just 5% suggests the company faces structural limitations in revenue expansion
  • 91.5% dividend payout leaves minimal retained earnings for reinvestment in growth or capacity expansion
  • Stock CAGR of only 6% over 5 years and 9% over 10 years has lagged broader market returns

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

AI News Digest

Anthropic anthropic claude-opus-4.6 16h ago
Headwinds 3
  • ₹118 Cr GST demand Karnataka Aug 5

    Karnataka GST Department issued Show Cause Notice 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

    Delhi GST Department issued SCN for ₹52.68 Lakhs regarding ITC disallowance from April 2020 to March 2024.

  • ₹1.76L GST penalty Tamil Nadu Aug 7

    Tamil Nadu authorities imposed ₹1,75,699 penalty for excess ITC claimed in FY18. Company is preparing its response.

Positives 3
  • Board considers share split Aug 5

    Board to review equity share split proposal on Aug 11, 2026, aimed at enhancing liquidity and retail participation.

  • GST demand of ₹1.58 Cr annulled Jul 20

    Appeal order annulled GST demand of INR 1.58 Cr for 2020-21 period, reducing the revised demand to zero.

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

    Company set EBITDA margin guidance of 13-15% and aims for No. 2 market position via Project Akshaya integration with JSW Paints, adding 160 sales staff.

Neutral 4
  • CFO Krishna Rallapalli resigns Aug 14

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

  • Director Hemant Sahai steps down Aug 3

    Independent Director Hemant Sahai ceased directorship on August 2, 2026 after completing his second consecutive term, exiting four board committees.

  • Website domain updated Aug 12

    Company changed website domain to jswdulux.com with automatic redirect from old Akzo Nobel India domain.

  • Q1FY27 earnings call scheduled Aug 6

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

TL;DR: JSW Dulux faces significant GST-related headwinds, most notably a ₹118.33 Cr demand from Karnataka, though it successfully annulled a ₹1.58 Cr demand on appeal. The company is pursuing aggressive growth targets with 13-15% EBITDA guidance and No. 2 market rank ambitions, while a potential share split could boost retail interest. CFO resignation adds near-term leadership uncertainty. The trend is mixed — operational ambitions are strong but regulatory and tax risks need monitoring over the next few quarters.

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 (JSWDULUX) 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 ₹14209.03 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 6.56%. 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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