---
title: "JSW Dulux (JSWDULUX) Share Price, Financials & Research"
symbol: "JSWDULUX"
company: "JSW Dulux Ltd"
canonical: "https://tapetide.com/stocks/JSWDULUX"
isin: "INE133A01029"
nse_symbol: "JSWDULUX"
bse_code: "500710"
sector: "Consumer Discretionary"
industry: "Consumer Durables"
generated_at: "2026-11-05T02:20:38.351Z"
---

# JSW Dulux (JSWDULUX)

Canonical page: https://tapetide.com/stocks/JSWDULUX

## Key Facts

- **Price:** ₹263.70 as of 4 Nov 2026, 15:56 IST
- **P/E (TTM):** n/m (Not meaningful: last twelve months’ earnings are mostly a one-off item)
- **1-year price change:** -18.60% from 4 Nov 2025 to 4 Nov 2026, adjusted for splits and bonuses, dividends excluded
- **Revenue, Jun 2026 quarter:** ₹965.0 Cr, against ₹995.1 Cr in Jun 2025 (-3.02% year on year)
- **Net profit, Jun 2026 quarter:** ₹135.5 Cr, against ₹91.0 Cr in Jun 2025 (+48.90% year on year)
- **Promoter holding:** 61.20% in Sep 2026, unchanged from Jun 2026
- **Tapetide Score:** 49/100, Average band as of 4 Nov 2026

## Company

- **NSE symbol:** JSWDULUX
- **BSE code:** 500710
- **ISIN:** INE133A01029
- **Macro sector:** Consumer Discretionary
- **Sector:** Consumer Discretionary
- **Industry:** Consumer Durables
- **Basic industry:** Paints
- **In the F&O segment:** No

## Latest Price

- **Price:** ₹263.70
- **Change:** +3.45 (+1.33%)
- **Open:** ₹259.00
- **Day High:** ₹267.00
- **Day Low:** ₹257.15
- **Previous Close:** ₹260.25
- **Volume:** 3,51,175
- **As of:** 4 Nov 2026, 15:56 IST

## Key Fundamentals

Price-based figures as of 4 Nov 2026, 15:56 IST · EPS basis: Consolidated · TTM.

- **ROCE:** 23.00%
- **Debt to Equity:** 0.03
- **EPS (TTM):** ₹43.09
- **Book Value:** ₹53.81
- **P/E (TTM):** n/m (Not meaningful: last twelve months’ earnings are mostly a one-off item)
- **P/B:** 4.90
- **ROE:** 19.30%
- **Dividend Yield:** 79.15%
- **52W High:** ₹374.50
- **52W Low:** ₹257.15

## Peer Comparison

Classification: Consumer Discretionary › Consumer Durables › Paints

| Company | Price | P/E | Market Cap | P/B | Div Yield | ROE | ROCE | Sales TTM | Net Profit TTM |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| [Asian Paints Ltd (ASIANPAINT)](https://tapetide.com/stocks/ASIANPAINT) | ₹2,418.30 | 47.93 | ₹2,32,001 Cr | 10.67 | 0.24% | 21.80% | 26.30% | ₹38,632 Cr | ₹4,903 Cr |
| [Berger Paints India Ltd (BERGEPAINT)](https://tapetide.com/stocks/BERGEPAINT) | ₹485.10 | 46.47 | ₹55,927 Cr | 8.18 | 0.83% | 17.30% | 21.60% | ₹12,263 Cr | ₹1,217 Cr |
| [Kansai Nerolac Paints Ltd (KANSAINER)](https://tapetide.com/stocks/KANSAINER) | ₹195.32 | 26.32 | ₹15,207 Cr | 2.35 | 1.34% | 8.82% | 12.00% | ₹8,263 Cr | ₹588 Cr |
| [JSW Dulux Ltd (JSWDULUX)](https://tapetide.com/stocks/JSWDULUX) (this company) | ₹263.70 | — | ₹11,895 Cr | 4.90 | 79.15% | 19.30% | 23.00% | ₹3,578 Cr | ₹1,963 Cr |
| [Indigo Paints Ltd (INDIGOPNTS)](https://tapetide.com/stocks/INDIGOPNTS) | ₹859.85 | 25.40 | ₹4,116 Cr | 3.47 | 0.58% | 13.40% | 17.90% | ₹1,385 Cr | ₹161 Cr |
| [Sirca Paints India Ltd (SIRCA)](https://tapetide.com/stocks/SIRCA) | ₹408.65 | 34.60 | ₹2,345 Cr | 4.88 | 0.49% | 15.80% | 20.30% | ₹508 Cr | ₹67 Cr |
| [Shalimar Paints Ltd (SHALPAINTS)](https://tapetide.com/stocks/SHALPAINTS) | ₹78.28 | — | ₹665 Cr | 7.20 | 0.00% | -21.40% | -7.93% | ₹559 Cr | -₹69 Cr |
| [Kamdhenu Ventures Ltd (KAMOPAINTS)](https://tapetide.com/stocks/KAMOPAINTS) | ₹3.90 | — | ₹126 Cr | 0.73 | 0.00% | 0.12% | 2.23% | ₹241 Cr | -₹5 Cr |
| Median of 8 companies | ₹336.17 | 34.60 | ₹8,006 Cr | 4.89 | 0.53% | 14.60% | 19.10% | ₹2,482 Cr | ₹375 Cr |

Comparable companies in the same industry. Market cap, P/E and P/B use the latest 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, as of 4 Nov 2026.

- **Score:** 49/100 (Average)
- **Data confidence:** 100/100

### Category scores

| Category | Score | Band | Weight | Measures |
| --- | ---: | --- | ---: | --- |
| Quality | 63 | Good | 22% | Returns, margins, earnings quality |
| Valuation | 57 | Good | 24% | Cheap vs sector & own history |
| Growth | 28 | Poor | 9% | Sales & profit trajectory |
| Financial Health | 50 | Average | 9% | Solvency, leverage, coverage |
| Momentum | 24 | Poor | 12% | Trend strength, vol-adjusted |
| Ownership | 41 | Weak | 24% | FII/DII/promoter flows |

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

## Key Insights

### Strengths

- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.9%
- Company has been maintaining a healthy dividend payout of 78.3%

### Weaknesses

- The company has delivered a poor sales growth of 8.25% over past five years.
- Earnings include an other income of Rs.1,952 Cr.
- Promoter holding has decreased over last 3 years: -13.6%

## Technical Indicators

As of 4 Nov 2026.

| Group | Signal | Bearish | Neutral | Bullish |
| --- | --- | ---: | ---: | ---: |
| Overall | Strong Bearish | 12 | 3 | 4 |
| Oscillators | Bullish | 2 | 3 | 4 |
| Moving Averages | Strong Bearish | 10 | 0 | 0 |

### Oscillators: Bullish

| Name | Value | Signal |
| --- | ---: | --- |
| RSI (14) | 27.19 | Bullish |
| MACD (12,26,9) | -11.91 | Bearish |
| Stochastic (14,3,3) | 5.80 | Bullish |
| ADX (14) | 22.53 | Neutral |
| Williams %R (14) | -88.24 | Bullish |
| ATR (14) | 11.07 | Neutral |
| ROC (12) | -13.40 | Bearish |
| Stoch RSI (14) | 17.49 | Bullish |
| UO (7,14,28) | 39.07 | Neutral |

### Moving Averages: Strong Bearish

| Name | Value | Signal |
| --- | ---: | --- |
| SMA (10) | 275.04 | Bearish |
| EMA (10) | 273.85 | Bearish |
| SMA (20) | 289.38 | Bearish |
| EMA (20) | 284.39 | Bearish |
| SMA (50) | 303.34 | Bearish |
| EMA (50) | 296.67 | Bearish |
| SMA (100) | 306.20 | Bearish |
| EMA (100) | 301.79 | Bearish |
| SMA (200) | 301.08 | Bearish |
| EMA (200) | 307.42 | Bearish |

### Pivot Points

| Level | Classic | Fibonacci | Camarilla |
| --- | ---: | ---: | ---: |
| R3 | 277.94 | 272.47 | 266.41 |
| R2 | 272.47 | 268.71 | 265.51 |
| R1 | 268.09 | 266.38 | 264.60 |
| PP | 262.62 | 262.62 | 262.62 |
| S1 | 258.24 | 258.86 | 262.80 |
| S2 | 252.77 | 256.53 | 261.89 |
| S3 | 248.39 | 252.77 | 260.99 |

## Analyst Rating

Based on 2 analysts. 1 of 2 analysts rate Buy, 1 Hold, 0 Sell. As of 4 Nov 2026.

| Rating | Analysts | Share |
| --- | ---: | ---: |
| Buy | 1 | 50% |
| Hold | 1 | 50% |
| Sell | 0 | 0% |

## Growth Rate

Growth computed from the financial statements below. A window with no rate gives the reason instead of a figure.

| Metric | Window | Growth | What it compares |
| --- | --- | ---: | --- |
| Revenue | 10Y | 3.15% | compounded annual rate, Mar 2016 to Mar 2026 |
| Revenue | 5Y | 8.25% | compounded annual rate, Mar 2021 to Mar 2026 |
| Revenue | 3Y | -1.81% | compounded annual rate, Mar 2023 to Mar 2026 |
| Revenue | 1Y | -11.55% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Revenue | TTM | -11.48% | four quarters to Jun 2026 vs the four to Jun 2025 |
| Net profit | 10Y | 24.52% | compounded annual rate, Mar 2016 to Mar 2026 |
| Net profit | 5Y | 55.94% | compounded annual rate, Mar 2021 to Mar 2026 |
| Net profit | 3Y | 78.9% | compounded annual rate, Mar 2023 to Mar 2026 |
| Net profit | 1Y | 347% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Net profit | TTM | 384% | four quarters to Jun 2026 vs the four to Jun 2025 |
| Operating cash flow | 10Y | -10.79% | compounded annual rate, Mar 2016 to Mar 2026 |
| Operating cash flow | 5Y | -21.57% | compounded annual rate, Mar 2021 to Mar 2026 |
| Operating cash flow | 3Y | -44.3% | compounded annual rate, Mar 2023 to Mar 2026 |
| Operating cash flow | 1Y | -73.08% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Operating cash flow | TTM | — | four quarters to Jun 2026 vs the four to Jun 2025. Reported once a year, so there is no trailing-twelve-month figure. |
| Operating margin | 10Y | +4.27 pp | compounded annual rate, Mar 2016 to Mar 2026 |
| Operating margin | 5Y | -0.05 pp | compounded annual rate, Mar 2021 to Mar 2026 |
| Operating margin | 3Y | +0.29 pp | compounded annual rate, Mar 2023 to Mar 2026 |
| Operating margin | 1Y | -1.66 pp | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Operating margin | TTM | -1.33 pp | four quarters to Jun 2026 vs the four to Jun 2025 |

## Analyst Forecasts

Consensus of analyst estimates, as of 4 Nov 2026. Low and High are the range of the estimates, not a confidence interval.

### EBITDA (annual)

FY27 consensus: ₹565 Cr (-7.0% vs ₹607 Cr in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹565 Cr | ₹559 Cr | ₹570 Cr |
| FY28 | ₹671 Cr | ₹670 Cr | ₹672 Cr |

### EPS (annual)

FY27 consensus: ₹8.82.

Analyst consensus here uses a different definition from reported eps (they differ 10.0x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹8.82 | ₹8.47 | ₹9.17 |
| FY28 | ₹9.92 | ₹9.85 | ₹9.98 |

### Net Income (annual)

FY27 consensus: ₹404 Cr (-79.5% vs ₹1,974 Cr in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹404 Cr | ₹386 Cr | ₹422 Cr |
| FY28 | ₹454 Cr | ₹453 Cr | ₹454 Cr |

### Price (quarterly)

Mar 2027 consensus: ₹339.90 (+10.4% vs ₹307.90 in Sep 2026).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| Mar 2027 | ₹339.90 | ₹335.00 | ₹344.80 |

### Revenue (annual)

FY27 consensus: ₹4,033 Cr (+9.1% vs ₹3,698 Cr in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹4,033 Cr | ₹4,031 Cr | ₹4,034 Cr |
| FY28 | ₹4,513 Cr | ₹4,434 Cr | ₹4,592 Cr |

### ROE (annual)

FY27 consensus: 16.1%.

Analyst consensus here uses a different definition from reported roe (they differ 2.0x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | 16.1% | 15.6% | 16.6% |
| FY28 | 17.3% | 16.7% | 17.8% |

## AI Analysis — Bull vs Bear

AI-generated opinion, based on fundamentals. Figures as of 29 Oct 2026. Not investment advice, and not a recommendation to buy, sell or hold. Statements that rate the stock or set a price target are left out of this copy.

- **Risk (AI assessment):** High

JSW Dulux Ltd trades at ₹276.2 as of 2026-10-29 with a market cap of ₹13,793 Cr, sitting just above its 52-week low of ₹270.2 and far below its 52-week high of ₹3,745. The company carries near-zero debt (D/E of 0.05) and reports an ROE of 80.51% and ROCE of 89.65%, but recent TTM sales growth of -7% and profit decline of -12% indicate a sharp near-term slowdown.

### Bull Case

- Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.05, providing significant financial flexibility and resilience against interest rate cycles.
- Exceptional return on equity of 80.51% and ROCE of 89.65% as of 2026-10-29, indicating highly efficient capital deployment relative to peers in the consumer goods sector.
- Consistent ROE track record — 3-year ROE of 30%, 5-year ROE of 26%, and 10-year ROE of 24% — showing sustained profitability across market cycles.
- Attractive dividend yield of 6.74% at the current price of ₹276.2, with a healthy historical dividend payout ratio of 91.5%, offering meaningful income to shareholders.
- Compounded profit growth of 14% over 3 years and 13% over 5 years demonstrates a solid medium-term earnings trajectory despite the recent TTM dip.
- Compounded sales growth of 9% over both 3-year and 5-year periods reflects a reasonably steady topline expansion prior to the current slowdown.
- Stock CAGR of 9% over 10 years and 9% over 3 years indicates long-term wealth creation for patient investors historically, even as the 1-year return stands at -15%.

### Bear Case

- The stock has collapsed approximately 92.6% from its 52-week high of ₹3,745 to the current price of ₹276.2, signaling severe erosion in market confidence.
- TTM sales growth is -7% and TTM profit growth is -12%, reflecting a meaningful deterioration in both topline and bottomline momentum.
- Earnings quality is a concern as other income of ₹1,880 Cr forms a significant portion of total profits, meaning core operating earnings may be substantially lower than reported.
- Promoter holding decreased by 8.56% over the last quarter, a notable reduction that may signal weakening insider conviction or strategic restructuring risk.
- PE (TTM) and EPS (TTM) are unavailable (null), making it difficult to assess current valuation on an earnings basis and raising questions about earnings visibility.
- 5-year compounded sales growth of approximately 9% (and past 5-year sales growth noted at 8.98%) is relatively modest for a consumer goods company operating in a high-growth Indian market.
- 1-year stock CAGR of -15% underperforms broader market indices, suggesting the market is pricing in sustained headwinds for the business.
- Price-to-book ratio is unavailable (null), limiting the ability to assess whether the current price reflects fair asset value or a distressed valuation.

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

## AI News Digest

AI-generated summary of recent news, generated 30 Oct 2026. Not investment advice, and not a recommendation to buy, sell or hold. Statements that rate the stock or set a price target are left out of this copy.

**TL;DR:** JSW Dulux is navigating multiple GST disputes across states, with the Karnataka ₹42 Cr demand being the most material headwind despite a 64% reduction from the original claim. On the positive side, the company successfully got the MP demand fully annulled, showing its ability to contest tax claims. The CS resignation adds mild governance uncertainty. The stock closed at ₹3,058.60 on Oct 19, down 9.77% over the past year — the ongoing tax litigation overhang and leadership change bear watching in the near term.

### Headwinds

- **₹42 Cr GST demand from Karnataka** (Oct 19): Karnataka GST Dept issued a ₹42.04 crore demand order for FY21 ITC disallowance (₹14.07 Cr tax + ₹13.90 Cr interest + ₹14.07 Cr penalty), reduced 64% from the original ₹118.33 Cr show-cause notice. Dispute remains unresolved and the company is preparing further submissions.
- **Company Secretary resigns** (Oct 1): Rajiv Lochan Jha resigned as General Counsel and Company Secretary to pursue outside opportunities, with cessation effective by December 3, 2026.

### Positives

- **MP annuls ₹77 lakh GST demand** (Oct 14): Madhya Pradesh GST Dept annulled a ₹77.13 lakh demand against JSW Dulux, setting the liability to nil via an appeal order received on October 13, 2026.

### Neutral

- **Punjab GST notice for ₹11.83 lakh** (Oct 1): JSW Dulux received a show-cause notice from Punjab GST authorities for ₹11.83 lakh regarding ITC disallowance for FY23. The company is responding within the stipulated timeframe.

## Financial Statements

### Quarterly Results

Figures in ₹ crore unless the row name gives another unit.

| Item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Sales | 999 | 956 | 1,033 | 973 | 1,036 | 982 | 1,050 | 1,014 | 995 | 835 | 894 | 883 | 965 |
| Expenses | 837 | 814 | 866 | 812 | 867 | 836 | 884 | 855 | 861 | 724 | 759 | 756 | 850 |
| Operating Profit | 162 | 142 | 166 | 162 | 169 | 146 | 167 | 159 | 134 | 111 | 136 | 127 | 115 |
| OPM % | 16% | 15% | 16% | 17% | 16% | 15% | 16% | 16% | 14% | 13% | 15% | 14% | 12% |
| Other Income | 8 | 9 | 8 | 10 | 10 | 9 | 6 | 3 | 9 | 1,882 | -13 | 2 | 81 |
| Interest | 3 | 3 | 3 | 3 | 2 | 1.49 | 3 | 2 | 3 | 2 | 3 | 4 | 3 |
| Depreciation | 19 | 21 | 20 | 22 | 22 | 22 | 23 | 22 | 18 | 18 | 19 | 20 | 20 |
| Profit before tax | 148 | 127 | 152 | 147 | 154 | 132 | 146 | 137 | 122 | 1,972 | 101 | 104 | 173 |
| Tax % | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 22% | 26% | 15% | 27% | 33% | 22% |
| Net Profit | 110 | 94 | 114 | 109 | 115 | 98 | 109 | 108 | 91 | 1,683 | 74 | 70 | 136 |
| EPS in Rs | 2.41 | 2.07 | 2.5 | 2.39 | 2.52 | 2.15 | 2.38 | 2.36 | 2 | 36.95 | 1.63 | 1.53 | 2.98 |

### Profit & Loss

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Sales | 2,442 | 2,640 | 2,572 | 2,719 | 2,918 | 2,662 | 2,421 | 3,149 | 3,802 | 3,962 | 4,069 | 3,599 | 3,578 |
| Expenses | 2,181 | 2,380 | 2,244 | 2,420 | 2,576 | 2,291 | 2,078 | 2,714 | 3,276 | 3,328 | 3,427 | 3,091 | 3,090 |
| Operating Profit | 261 | 260 | 329 | 300 | 342 | 370 | 343 | 434 | 526 | 633 | 642 | 508 | 488 |
| OPM % | 11% | 10% | 13% | 11% | 12% | 14% | 14% | 14% | 14% | 16% | 16% | 14% | 14% |
| Other Income | 68 | 110 | 65 | 240 | 43 | 41 | 21 | 23 | 26 | 35 | 27.61 | 1,879 | 1,952 |
| Interest | 2 | 2 | 3 | 4 | 4 | 9 | 10 | 14 | 14 | 12 | 10 | 12 | 12 |
| Depreciation | 53 | 54 | 54 | 58 | 65 | 79 | 76 | 76 | 82 | 82 | 89 | 75 | 77 |
| Profit before tax | 275 | 314 | 337 | 478 | 316 | 323 | 278 | 367 | 456 | 573 | 570 | 2,300 | 2,351 |
| Tax % | 32% | 32% | 27% | 16% | 33% | 27% | 25% | 21% | 26% | 26% | 25% | 17% | — |
| Net Profit | 186 | 214 | 247 | 401 | 211 | 237 | 208 | 290 | 335 | 427 | 429 | 1,918 | 1,962 |
| EPS in Rs | 3.99 | 4.59 | 5.29 | 8.59 | 4.63 | 5.21 | 4.56 | 6.37 | 7.36 | 9.37 | 9.41 | 42.11 | 43.09 |
| Dividend Payout % | 50% | 153% | 42% | 26% | 52% | 27% | 110% | 118% | 88% | 80% | 106% | 49% | — |

### Balance Sheet

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Equity Capital | 47 | 47 | 47 | 47 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| Reserves | 873 | 1,116 | 962 | 1,244 | 1,090 | 1,192 | 1,242 | 1,213 | 1,270 | 1,284 | 1,283 | 2,349 |
| Borrowings | 0 | 3 | 3 | 3 | 3 | 64 | 64 | 70 | 70 | 60 | 62 | 79 |
| Other Liabilities | 879 | 878 | 872 | 938 | 959 | 1,024 | 1,178 | 1,261 | 1,354 | 1,513 | 1,511 | 1,255 |
| Total Liabilities | 1,799 | 2,043 | 1,884 | 2,231 | 2,097 | 2,325 | 2,529 | 2,590 | 2,739 | 2,903 | 2,902 | 3,728 |
| Fixed Assets | 516 | 523 | 519 | 539 | 530 | 574 | 543 | 520 | 511 | 526 | 481 | 1,613 |
| CWIP | 12 | 9 | 23 | 27 | 17 | 16 | 16 | 42 | 73 | 119 | 67 | 49 |
| Investments | 394 | 600 | 336 | 573 | 377 | 84 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 876 | 911 | 1,006 | 1,092 | 1,173 | 1,652 | 1,969 | 2,029 | 2,156 | 2,258 | 2,354 | 2,066 |
| Total Assets | 1,799 | 2,043 | 1,884 | 2,231 | 2,097 | 2,325 | 2,529 | 2,590 | 2,739 | 2,903 | 2,902 | 3,728 |

### Cash Flow

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash from Operating Activity | 155 | 263 | 143 | 181 | 141 | 375 | 283 | 121 | 486 | 486 | 312 | 84 |
| Cash from Investing Activity | 239 | -156 | 225 | -6 | 185 | 4 | -225 | 230 | -15 | -87 | 122 | 748 |
| Cash from Financing Activity | -410 | -113 | -392 | -126 | -360 | -157 | -174 | -346 | -302 | -439 | -460 | -875 |
| Net Cash Flow | -16 | -6 | -24 | 50 | -34 | 222 | -116 | 6 | 170 | -41 | -26 | -44 |
| Free Cash Flow | 107 | 234 | 68 | 78 | 99 | 327 | 255 | 58 | 382 | 367 | 205 | -1,100 |
| CFO/EBITDA | 87 | 145 | 78 | 119 | 77 | 131 | 106 | 54 | 119 | 104 | 74 | 31 |

### Ratios

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Debtor Days | 42 | 49 | 58 | 53 | 56 | 54 | 62 | 57 | 53 | 53 | 52 | 61 |
| Inventory Days | 95 | 89 | 107 | 84 | 85 | 107 | 135 | 129 | 95 | 100 | 95 | 99 |
| Days Payable | 119 | 145 | 164 | 159 | 131 | 171 | 220 | 164 | 138 | 164 | 151 | 130 |
| Cash Conversion Cycle | 17 | -7 | 1 | -22 | 9 | -10 | -23 | 22 | 11 | -10 | -3 | 30 |
| Working Capital Days | -12 | -59 | 15 | 10 | 20 | -3 | -14 | 14 | 4 | -2 | 22 | 33 |
| ROCE % | 25% | 26% | 27% | 40% | 24% | 27% | 22% | 28% | 35% | 42% | 42% | 23% |

## Shareholding Pattern

### Quarterly Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 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% | 61.20% |
| FIIs | 1.43% | 1.50% | 1.53% | 1.65% | 1.66% | 1.75% | 2.12% | 2.71% | 2.97% | 3.15% | 3.14% | 3.20% | 3.42% | 3.62% | 3.74% | 3.85% | 3.67% | 3.70% | 7.97% | 8.66% | 8.44% | 8.50% | 8.01% |
| DIIs | 10.97% | 10.85% | 10.75% | 10.62% | 10.50% | 10.37% | 9.61% | 9.21% | 8.99% | 8.75% | 8.61% | 8.55% | 8.37% | 8.28% | 8.11% | 8.05% | 8.50% | 8.57% | 13.77% | 20.58% | 21.78% | 21.97% | 22.05% |
| 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% | 0.00% |
| Public | 6.82% | 12.89% | 12.97% | 12.98% | 6.86% | 13.12% | 13.51% | 13.32% | 7.02% | 13.34% | 6.98% | 6.91% | 6.80% | 6.86% | 6.86% | 6.80% | 6.61% | 6.50% | 6.34% | 6.72% | 6.29% | 6.13% | 6.26% |
| Others | 6.03% | n/m | n/m | n/m | 6.24% | n/m | n/m | n/m | 6.26% | n/m | 6.51% | 6.69% | 6.65% | 6.47% | 6.53% | 6.54% | 6.47% | 6.48% | 2.16% | 2.84% | 2.29% | 2.21% | 2.48% |
| No. of Shareholders | 39,934 | 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 | 50,984 |

n/m: Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

## Documents

### Concalls

Latest 12 of 27.

| Month | Call documents |
| --- | --- |
| Aug 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b9d70972-101b-4c0e-842a-1c68915e8df0.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bc26e210-8fad-49d6-9d97-dba966bf3f87.pdf), [Recording](https://www.jswdulux.com/pdf/10046180.mp3) |
| May 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f9fcf521-da90-44aa-8320-b4bcac70ca8e.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bde5e5e0-c91f-4980-ba87-53bc94e2b5a0.pdf) |
| Mar 2026 | [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=aa44c1f0-5314-4685-8a82-477e3689aa2b.pdf) |
| Feb 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=218e7bdd-fb29-4910-9c8b-c912cd312292.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4fd3bf52-fb5d-4976-9a93-ebb54c5f683f.pdf) |
| Feb 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3d9357fe-0014-4e55-8ef5-326e8955e1ca.pdf) |
| Nov 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6b74639b-f3ea-48b9-9112-e3db0cc5ea5f.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a1048bc5-500b-48c7-a10f-fc3f8075c41d.pdf) |
| Aug 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=17f7de02-b0ca-474f-a99b-c17cce6df44e.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f5b42e88-d1e7-457c-8a56-f3a1507cd711.pdf) |
| May 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=297d7508-498e-49dd-941f-6007027d8322.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0ae98696-e3a9-4b92-b9e9-16ba5f59549b.pdf) |
| Mar 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=57655c9f-81bb-43ad-831d-adb6cd4e18b2.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3f2dd09e-d153-4d21-8bf1-7dd32d5a876b.pdf) |
| Feb 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d04ecfa4-7a40-4b88-b42e-01e79f1c9b0b.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=29e55923-8e8f-4736-aca9-9c23b9dc8455.pdf) |
| Nov 2024 | [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=76c8ffe7-c39d-429c-8fbc-9507a853f016.pdf) |
| Nov 2024 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=048cc805-8c2d-4bd6-9df7-3ceba7fd011e.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=620d3e92-59a2-4be5-b237-5a7d591ef70e.pdf) |

### Results

Latest 12 of 32.

| Date | Document |
| --- | --- |
| 11 Aug 2026 | [Financial Results For The Quarter Ended 30 June 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=521c19e3-3a15-4a7c-a5fe-c2ffa8a1cc52.pdf) |
| 13 May 2026 | [Audited Financial Results For The Quarter And Year Ended 31 March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=eee2ce49-4c77-4b8b-84ff-a42095fbe4bc.pdf) |
| 2 Feb 2026 | [Unaudited Financial Results For The Quarter And Nine Months Ended 31St December 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1595972c-a74e-4390-97b4-43b44356bd40.pdf) |
| 6 Nov 2025 | [Unaudited Results For The Quarter And Half Year Ended 30 Sep 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a9005150-7456-4cc4-97ab-13fce7ce3383.pdf) |
| 4 Aug 2025 | [Akzo Nobel India Quarterly Results](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dace219f-cad3-4266-9e35-39eaf8275661.pdf) |
| 14 May 2025 | [Financial Results For The Quarter And Year Ended 31St March 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9a56d20a-ce98-4206-bb5a-62826a2f046e.pdf) |
| 7 Feb 2025 | [Akzo Nobel India Financial Results For The Quarter Ended 31St December 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0d1b84b2-8138-45cd-b066-98471929eda5.pdf) |
| 7 Nov 2024 | [Board Meeting Outcome for Akzo India Outcome Of Board Meeting Held On 7Th November 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fa32dd75-1341-4645-9d49-7794e433eab5.pdf) |
| 7 Nov 2024 | [Akzo India Announces Results For The Quarter And Six Months Ended 30Th September 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8d6226ee-5905-45e5-86f9-7c09744dc0d3.pdf) |
| 1 Aug 2024 | [Financial Results For The Quarter Ended 30 June 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=39902ca5-1588-43aa-8514-b31b875854d1.pdf) |
| 16 May 2024 | [Audited Results For The Year Ended 31 March 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3b5191ab-8217-41ca-9a31-a700430f34ed.pdf) |
| 6 Feb 2024 | [Akzo India Results For The Quarter Ended 31 December 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bc29ba47-b153-40b0-944b-4a1ac944491d.pdf) |

### Annual reports

Latest 12 of 16.

| Year | Report |
| --- | --- |
| FY2026 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=05f5c198-325c-47c7-b842-d55c93f1f0ed.pdf) |
| FY2025 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0b114be4-b1fb-4b11-b7a3-26bd84fde34e.pdf) |
| FY2024 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=54a3f6f7-5256-4e01-b69c-9432a2ef28af.pdf) |
| FY2023 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e7bd11fb-1944-4666-9719-403b823f2593.pdf) |
| FY2022 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/73557500710.pdf) |
| FY2021 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/68947500710.pdf) |
| FY2020 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/5007100320.pdf) |
| FY2019 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/5007100319.pdf) |
| FY2018 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/5007100318.pdf) |
| FY2017 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/5007100317.pdf) |
| FY2016 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/5007100316.pdf) |
| FY2015 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/500710/5007100315.pdf) |

### Credit ratings

| Date | Document |
| --- | --- |
| 4 Sep 2026 | [Credit rating update — ICRA](https://www.icra.in/Rationale/ShowRationaleReport/?Id=145448) |
| 8 Sep 2016 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/Akzo_Nobel_India_Limited_September_08_2016_RR.html) |

### Exchange filings

Latest 12 of 130.

| Date | Document | Category |
| --- | --- | --- |
| 3 Nov 2026 | [Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=93DC91FB_A44F_4CBA_AA2A_7D93F5FD856B_175901.pdf) | General |
| 29 Oct 2026 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4baa2d36-6aad-4369-8a29-f4c53a4ebb3f.pdf) | General announcements |
| 22 Oct 2026 | [Update Of Email ID For Investor Grievances And Shareholder Correspondence](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5e3d4025-026d-4ac7-a369-284554998114.pdf) | General announcements |
| 19 Oct 2026 | [Receipt Of Order From Karnataka GST Dept](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=92a50cc0-fb4b-4b96-98a0-5d7d337700c4.pdf) | General announcements |
| 16 Oct 2026 | [Board Meeting Intimation for Unaudited Financial Results For The Quarter Ended Sep 26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=13199641-20eb-455a-83dc-e1fa538fcf07.pdf) | Intimation |
| 14 Oct 2026 | [Receipt Of Appeal Order From MP GST Dept](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6a1cc79b-6ec8-4940-8f99-9874b0e5a452.pdf) | General announcements |
| 13 Oct 2026 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5c281397-34a1-4410-b8cb-532b6a922c85.pdf) | General announcements |
| 12 Oct 2026 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3edb9b0d-948a-41ae-96f3-84fbe6a5c92b.pdf) | General announcements |
| 1 Oct 2026 | [Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d0ec5ec9-8a7b-464a-89e0-9022f2f84100.pdf) | General announcements |
| 1 Oct 2026 | [Receipt Of Show Cause Notice From Punjab GST Dept](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8b2cd1cf-68be-40f0-99c8-24ea01a1ef60.pdf) | General announcements |
| 25 Sep 2026 | [Closure of Trading Window](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9f245223-7282-4790-bfc6-a33aca690e3e.pdf) | Intimation |
| 24 Sep 2026 | [Receipt Of SCN From West Bengal GST Dept](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c8cd7149-144d-4401-808c-087a6d8550c2.pdf) | General announcements |

## 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

### Where is JSW Dulux Ltd (JSWDULUX) 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 Discretionary sector, in the Consumer Durables industry.

### What is the 52-week high and low of JSW Dulux Ltd?

Over the last 52 weeks JSW Dulux Ltd has traded between ₹257.15 and ₹374.5 as of 4 Nov 2026.

### Does JSW Dulux Ltd pay dividends?

JSW Dulux Ltd has a dividend yield of 79.15%.

### What is the Return on Equity (ROE) of JSW Dulux Ltd?

JSW Dulux Ltd reported a return on equity of 19.30%. Its debt-to-equity ratio is 0.03.

## 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

- **Website:** https://akzonobel.co.in/
- **CEO:** Mr. Rajiv Rajgopal MBA
- **Employees:** 1,300
- **Listed:** 28 Jun 2001
- **Face Value:** ₹1

---

Negative figures use an ASCII hyphen-minus (-) so they parse as numbers. Amounts are in Indian rupees; "Cr" is crore (10 million). Dates are Indian Standard Time.

Financial statements, shareholding and filings are as reported by the company. Price, volume and 52-week levels are market data. Technical indicators are computed by Tapetide from daily prices. The Tapetide Score is Tapetide’s own analysis. Analyst ratings and forecasts are the published estimates of third-party analysts, not company statements. The AI sections are generated text.

For research and information only, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Generated 5 Nov 2026, 07:50 IST.