JSW Dulux Ltd.

•

akzonobel.co.inBSE: 500710NSE: JSWDULUX

Market Cap₹ 14,467 Cr.

Current Price

High / Low₹ 3,745 / 2,659

Stock P/E7.4

Book Value₹ 555

Price to Book5.40

Dividend Yield6.48 %

ROCE124.3 %

ROE103.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Coatings: 100.0%

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence

76%

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PROS

Company has delivered good profit growth of 56.0% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 70.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 55.9%
Latest quarter profit grew 48.9% YoY, showing strong momentum
Company has been maintaining a healthy dividend payout of 48.9%

CONS

Promoter holding has decreased over last 2 years: -13.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.32x)
Working capital days have increased from 27 to 59 days
Stock is trading at 5.4x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesChemicalsPaints

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ASIANPAINT	2482.10	49.97	238082.48	1.11	1559.45	39.60	10541.94	18.12	28.22	20.93
2.	BERGEPAINT	471.60	45.20	54988.69	0.85	405.01	28.56	3583.75	11.97	23.14	17.28
3.	KANSAINER	191.20	25.77	15463.85	1.31	228.41	5.95	2373.59	9.79	12.44	13.83
4.	JSWDULUX	3176.65	7.37	14466.56	6.48	79.70	-12.42	965.00	-3.02	125.82	11.93
5.	INDIGOPNTS	1108.20	32.88	5289.73	0.45	41.70	60.04	369.67	19.69	18.37	16.78
6.	SIRCA	430.20	36.46	2443.23	0.46	16.21	14.09	130.00	13.80	20.28	18.62

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	999	956	1,033	973	1,036	982	1,050	1,014	995	835	908	883	965
	837	814	866	812	867	836	884	855	861	724	772	756	873
Operating Profit	162	142	166	162	169	146	167	159	134	111	136	127	92
OPM %	16.22%	14.83%	16.11%	16.62%	16.30%	14.90%	15.89%	15.67%	13.52%	13.25%	14.94%	14.36%	9.54%
	8	9	8	10	10	9	6	3	9	1,882	-13	2	81
Interest	3	3	3	3	2	2	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 %	25.54%	25.77%	24.88%	26.04%	25.73%	25.72%	25.72%	21.76%	25.71%	14.67%	26.63%	32.98%	21.86%
Net Profit	110	94	114	109	115	98	109	108	91	1,683	74	70	136
	24.12	20.70	24.99	23.89	25.17	21.49	23.85	23.60	19.98	369.50	16.27	15.35	29.76

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,572	2,719	2,918	2,662	2,421	3,149	3,802	3,962	4,069	3,599	3,591
	2,260	2,423	2,576	2,283	2,081	2,718	3,277	3,330	3,428	3,092	3,126
Operating Profit	312	296	342	379	340	430	525	632	641	508	465
OPM %	12.14%	10.89%	11.72%	14.24%	14.05%	13.67%	13.81%	15.96%	15.76%	14.10%	12.95%
	69	49	43	32	24	27	27	36	28	1,880	1,952
Interest	3	4	4	9	10	14	14	12	10	12	12
Depreciation	54	58	65	79	76	76	82	82	89	75	77
Profit before Tax	324	283	316	323	278	367	456	573	570	2,300	2,351
Tax %	27.68%	27.37%	33.14%	26.55%	25.38%	20.92%	26.50%	25.55%	24.77%	16.61%	16.52%
Net Profit	234	206	211	237	208	290	335	427	429	1,918	1,962
EPS	52.93	85.85	45.96	52.13	45.60	63.68	73.58	93.78	94.20	421.47	—
Dividend Payout %	43.89%	49.95%	51.87%	26.83%	109.59%	117.67%	88.26%	79.97%	106.16%	48.88%	—

COMPOUNDED SALES GROWTH

10 Years:: 3%
5 Years:: 8%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: 56%
3 Years:: 79%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 31%
5 Years:: 43%
3 Years:: 56%
Last Year:: 103%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	47	47	46	46	46	46	46	46	46	46
	962	1,244	1,090	1,192	1,242	1,213	1,270	1,284	1,283	2,349
	19	22	19	77	76	80	75	56	54	69
Trade Payables	623	664	606	677	798	845	863	998	957	754
	233	1,486	1,646	1,730	1,832	1,948	2,147	2,327	2,005	2,307
Total Liabilities	1,884	3,462	3,407	3,720	3,994	4,132	4,401	4,710	4,345	5,524
	519	539	530	574	543	520	511	526	481	1,613
Capital Work in Progress	23	27	17	16	16	42	73	119	67	49
	336	573	377	84	0	0	0	0	0	0
	405	351	392	424	488	664	598	612	605	571
	0	0	0	0	0	0	0	575	585	603
Cash & Bank	34	84	62	553	732	458	563	523	300	257
	566	1,888	2,030	2,070	2,213	2,448	2,656	2,355	2,308	2,432
Total Assets	1,884	3,462	3,407	3,720	3,994	4,132	4,401	4,710	4,345	5,524

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	256	358	265	486	365	234	628	486	312	84
Cash from Investing	225	-6	185	4	-225	230	-15	-86	122	748
Cash from Financing	-392	-126	-360	-157	-174	-346	-302	-439	-460	-875
	-24	50	-34	222	-116	6	169	-40	-26	-44

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.76	74.76	74.76	74.76	74.76	69.76	61.20	61.20	61.20
	3.63	3.75	3.84	3.68	3.70	7.97	8.66	8.43	8.49
	8.28	8.11	8.05	8.49	8.56	13.77	20.58	21.79	21.96
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	13.33	13.39	13.34	13.07	12.98	8.50	9.55	8.58	8.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Action(s) initiated or orders passed

2026-09-07 - JSW Dulux Limited has informed the Exchange about Action(s) initiated or orders passed

2026-09-07

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-07 - JSW Dulux Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-04

Credit Rating- New

2026-09-04 - JSW Dulux Limited has informed the Exchange about Credit Rating- New

2026-09-01

Action(s) initiated or orders passed

2026-09-01 - JSW Dulux Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-26

Action(s) initiated or orders passed

2026-08-26 - JSW Dulux Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-25

Action(s) initiated or orders passed

2026-08-25 - JSW Dulux Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-22

Copy of Newspaper Publication

2026-08-22 - JSW Dulux Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-21

Resignation of Director/KMP/SMP

2026-08-21 - JSW Dulux Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-21

Shareholders meeting

2026-08-21 - JSW Dulux Limited has informed the Exchange regarding Notice of Postal Ballot

News

Recent coverage and analyst commentary for JSWDULUX

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