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JSW Dulux

JSWDULUX NSE
₹263.70 +3.45 (+1.33%)
P/E
Not meaningful: last twelve months’ earnings are mostly a one-off item
View as Markdown
MCP
Close 4 Nov 2026 ₹263.70 −58.04 −18.0% 1Y
Start ₹321.74

Key Fundamentals

Microcap

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
23.00%
Debt to Equity
0.03
EPS (TTM)
₹43.09
Book Value
₹53.81
Market Cap
—
P/E (TTM)
Not meaningful: last twelve months’ earnings are mostly a one-off item
P/B
4.90
ROE
19.30%
Dividend Yield
79.15%
EBITDA
—
52W High
₹374.50
52W Low
₹257.15
Day Range
₹257.15 – ₹267.00
Volume
3,51,175

Peer Comparison

Consumer Discretionary › Consumer Durables › Paints

JSW Dulux peer comparison
Asian Paints
₹2,418.3047.93₹2,32,001 Cr10.670.24%21.80%26.30%₹38,632 Cr₹4,903 Cr
Berger Paints
₹485.1046.47₹55,927 Cr8.180.83%17.30%21.60%₹12,263 Cr₹1,217 Cr
Kansai Nerolac Paints
₹195.3226.32₹15,207 Cr2.351.34%8.82%12.00%₹8,263 Cr₹588 Cr
JSW Dulux (this company)
₹263.70—₹11,895 Cr4.9079.15%19.30%23.00%₹3,578 Cr₹1,963 Cr
Indigo Paints
₹859.8525.40₹4,116 Cr3.470.58%13.40%17.90%₹1,385 Cr₹161 Cr
Sirca Paints
₹408.6534.60₹2,345 Cr4.880.49%15.80%20.30%₹508 Cr₹67 Cr
Shalimar Paints
₹78.28—₹665 Cr7.200.00%−21.40%−7.93%₹559 Cr−₹69 Cr
Kamdhenu Ventures
₹3.90—₹126 Cr0.730.00%0.12%2.23%₹241 Cr−₹5 Cr
Median 8 companies₹336.1734.60₹8,006 Cr4.890.53%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 . How it works →

Overall score

49 Average

Data confidence 100/100

Category scores

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

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

Key Insights

Strengths

3
  • 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

3
  • 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

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1234
OscillatorsBullish234
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
27.19
Bullish
MACD (12,26,9)
−11.91
Bearish
SMA (50)
303.34
Bearish
SMA (200)
301.08
Bearish

As of

Analyst Rating

Based on 2 analysts
TIED50%

1 of 2 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
1
50%
HOLD
1
50%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+3.15%
5Y+8.25%
3Y−1.81%
1Y−11.55%
TTM−11.48%

Net profit

Net profit growth by window
10Y+24.52%
5Y+55.94%
3Y+78.90%
1Y+347.09%
TTM+383.50%

Operating cash flow

Operating cash flow growth by window
10Y−10.79%
5Y−21.57%
3Y−44.30%
1Y−73.08%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+4.27 pp
5Y−0.05 pp
3Y+0.29 pp
1Y−1.66 pp
TTM−1.33 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,572 Cr
Mar 2018₹2,719 Cr
Mar 2019₹2,918 Cr
Mar 2020₹2,662 Cr
Mar 2021₹2,421 Cr
Mar 2022₹3,149 Cr
Mar 2023₹3,802 Cr
Mar 2024₹3,962 Cr
Mar 2025₹4,069 Cr
Mar 2026₹3,599 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹247 Cr
Mar 2018₹401 Cr
Mar 2019₹211 Cr
Mar 2020₹237 Cr
Mar 2021₹208 Cr
Mar 2022₹290 Cr
Mar 2023₹335 Cr
Mar 2024₹427 Cr
Mar 2025₹429 Cr
Mar 2026₹1,918 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹565 Cr −7.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk 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 7
  • 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 8
  • 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

5d ago

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 2
  • ₹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 1
  • 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 1
  • 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.

Quarterly Results

₹ Cr
JSWDULUX quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
PBT
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 (₹)
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

₹ Cr
JSWDULUX profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
PBT
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 (₹)
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
Div. Payout %
50%
153%
42%
26%
52%
27%
110%
118%
88%
80%
106%
49%
—

Balance Sheet

₹ Cr
JSWDULUX balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
JSWDULUX cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
155
263
143
181
141
375
283
121
486
486
312
84
Investing
239
−156
225
−6
185
4
−225
230
−15
−87
122
748
Financing
−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

JSWDULUX financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view JSW Dulux insights

40 extracted metrics across FY14–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 61.20%
  • DIIs 22.05%
  • FIIs 8.01%
  • Public 6.26%
  • Others 2.48%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. 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

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 akzonobel.co.in
CEO Mr. Rajiv Rajgopal MBA
Employees 1,300
Listed 28 Jun 2001
Face Value ₹1

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