JSW Dulux logo

JSW Dulux

JSWDULUX NSE

Key Fundamentals

MicrocapPaintsConsumer Goods
Market Cap
₹13,797 Cr
Volatility
Moderate
P/E Ratio
7.04
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

Tapetide Score

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

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% lower than 3Y
Net Income Growth
360% higher than 3Y
Cash Flow Change
-70.14% higher than 3Y
ROE
149% higher than 3Y
ROCE
125% lower than 3Y
EBITDA Margin (Avg.)
0.55% higher than 3Y

AI Analysis — Bull vs Bear

4d ago
AI opinion · based on fundamentals
Risk medium

JSW Dulux Ltd (formerly Akzo Nobel India) has a market capitalisation of about Rs 14,645 Cr. JSW Paints took a 60.76% controlling stake from Akzo Nobel N.V. in a deal based on an enterprise value of about EUR 1.4 billion, or roughly 25x EV/EBITDA. The company has a long record of high returns, with a 3-year ROE of 30% and 32% last year, and it is almost debt free. TTM sales are down 7% and TTM profit is down 12%. The reported P/E of 7.4 and dividend yield of 6.44% (another source gives 3.35%) are distorted by Rs 1,880 Cr of other income.

Bull Case 7
  • Return on equity has been high and steady: 24% over 10 years, 26% over 5 years, 30% over 3 years and 32% last year. This suggests the business uses capital efficiently.
  • The company is almost debt free, which gives it balance-sheet room as it goes through the ownership change and integration into the JSW Group.
  • Profit has grown faster than sales. Profit compounded at 14% over 3 years, 13% over 5 years and 11% over 10 years, against sales growth of 9%, 9% and 5%. This points to better margins over time.
  • The company has paid out 91.5% of profits as dividends and shows a dividend yield of 6.44% on current data. Shareholders have received most of the earnings in cash.
  • JSW Paints paid about Rs 8,986 Cr for up to a 74.76% stake at an enterprise value of about EUR 1.4 billion (25x EV/EBITDA). That price reflects what a strategic buyer was willing to pay for the Dulux, International and Sikkens brands in India.
  • Combining with JSW Paints makes the group about the 4th-largest paint maker in India. This could bring more distribution reach and scale, and JSW Steel's presence in construction materials may add synergies.
  • The stock has compounded at 9% over 3 years and 9% over 10 years, so long-term shareholders have seen positive returns despite a weak recent period.
Bear Case 8
  • TTM sales fell 7% and TTM profit fell 12%, so the business is shrinking in the near term, not just growing slowly.
  • Earnings include Rs 1,880 Cr of other income, likely tied to the powder coatings business that Akzo Nobel kept. Against a Rs 14,645 Cr market cap, this makes the 7.4 P/E look much cheaper than the core business would justify.
  • The 6.44% dividend yield (3.35% in another source) is likely inflated by one-time payouts. With a 91.5% payout ratio, dividends at this level may not continue from core earnings alone.
  • Promoter holding fell 8.56% last quarter as control moved from Akzo Nobel to JSW Paints. The change in ownership brings uncertainty over strategy, brand licensing, R&D access and management continuity.
  • Sales growth has been modest: 8.98% compounded over 5 years and only 5% over 10 years. That is slow for a company in India's decorative paints market.
  • The stock is down 15% over 1 year, and its 5-year return is only 6% a year, below its 9% 10-year return.
  • Competition in Indian paints has intensified with new capacity from large new entrants. That could put pressure on the margin gains behind the 13% 5-year profit growth.
  • A P/B of 5.95 is high next to the 7.4 P/E. This suggests the market is pricing in future returns on equity, not the one-time earnings boost.

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

AI News Digest

10h ago
Headwinds 5
  • Intensifying paint price war Sep 22

    Birla Opus is now stocked by 40% of urban dealers, up from 33% the prior quarter, per a Morgan Stanley survey of 27 dealers. Berger is pushing back with ₹2,000 crore of capex, 250 exclusive outlets a year and painter incentives, while dealer rebates and trade discounts stay elevated.

  • Karnataka GST ITC notices pile up Sep 15

    Karnataka GST issued show cause notices for input tax credit disallowance in FY23: ₹48.59 crore on Sep 7 and ₹10.61 crore on Sep 15. That is about ₹59.2 crore of combined exposure, and the company is preparing its responses.

  • Q1 revenue dips despite volumes Sep 22

    Q1 FY27 revenue from operations fell 2.82% YoY to ₹965 crore from ₹993.1 crore, even with a reported 25% rise in paint volumes. This points to lower realisations as the company prioritises volume and market share.

  • CFO exit during integration Sep 22

    CFO Krishna Rallapalli has resigned, effective October 14, 2026. The exit comes during the Project Akshaya integration under JSW ownership.

  • TiO2 and crude cost inflation Sep 22

    Titanium dioxide and volatile crude-linked derivatives are pushing up input costs amid geopolitical tensions. The industry is relying on fresh price hikes to protect margins.

Positives 5
  • Record Q1 profit, doubles YoY Sep 22

    Q1 FY27 PAT reached 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.

  • ICRA AA- rating, stable outlook Sep 5

    ICRA rated the company's credit facilities 'AA-' with a stable outlook. It cited no external debt as of March 31, 2026, a net cash position and projected FY27 operating margins of 14-16% versus 13.8% in FY26.

  • 1:10 split approved at 99.99% Sep 22

    Shareholders approved the split of each ₹10 share into ten ₹1 shares with 99.99% of votes through a postal ballot concluded Sep 20-21. Share count rises from 4.55 crore to 45.54 crore, with a record date of October 22, 2026.

  • GST appeal wins and refund Sep 21

    On Sep 21 the Karnataka Joint Commissioner annulled a ₹14.76 crore GST demand in full, including tax, interest and penalty. On Sep 7 the company also won a ₹10.81 lakh refund with the penalty waived.

  • Gaining share in mid/economy tiers Sep 22

    PL Capital says JSW Dulux is gaining ground, expanding steadily in mid-tier and economy categories. The company is targeting the No. 2 spot in decorative paints, and the industry expects double-digit festive growth.

Neutral 3
  • ₹62.73 Cr block trade flagged Sep 22

    About 200,089 shares worth ₹62.73 crore were flagged at ₹3,135 per share on BSE. This is an unconfirmed real-time signal, and the price does not match the ₹1,325 BSE close reported on Sep 5.

  • Jefferies India Forum analyst meet Sep 15

    The company met analysts and institutional investors on September 18, 2026 at The Oberoi, Gurugram, as part of the Jefferies 5th India Forum.

  • Minor West Bengal GST notice Sep 24

    West Bengal GST issued a show cause notice for ₹56.72 lakh over FY23 input tax credit disallowance. The amount is immaterial relative to company size.

TL;DR: JSW Dulux is showing strong early results under JSW ownership: a record ₹135.5 crore Q1 PAT (+101.6% YoY), 25% volume growth, a debt-free balance sheet backed by an ICRA AA- rating, and a retail-friendly 1:10 split. The risks are a 2.8% revenue decline that signals price-led volume buying, a heated competitive fight with Birla Opus and Berger, recurring Karnataka GST ITC disputes (about ₹59 crore pending, partly offset by a ₹14.76 crore appeal win), CFO turnover and TiO2/crude cost inflation. The trend looks better on profit and share gains, but some reported figures conflict (volumes vs revenue, ₹3,135 block price vs ₹1,325 close), so check them against exchange filings. The festive quarter through a late Diwali will test whether the company can keep volume growth while holding margins.

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 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

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 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

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 ₹13,797 Cr, 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 7.04, on earnings per share of ₹94.71, 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.
Does JSW Dulux Ltd pay dividends?
JSW Dulux Ltd has a dividend yield of 6.69%.
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
Issued Size 4,55,40,314

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