JSW Dulux
JSW Dulux
Consumer GoodsKey Fundamentals
MicrocapPaintsConsumer GoodsTapetide 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1h agoJSW Dulux Ltd trades at a market cap of ₹14,365 Cr with a PE of 7.4x and a dividend yield of 6.48%. The company has maintained a strong 3-year ROE of 30% and is nearly debt-free, but recent performance shows a TTM sales decline of -7% and a TTM profit decline of -12%, with promoter holding falling by 8.56% in the last quarter.
- Company is almost debt-free, providing significant financial flexibility and low interest burden in a rising rate environment
- Exceptional return on equity track record with 3-year ROE of 30% and last year ROE of 32%, well above industry averages
- Attractive dividend yield of 6.48% with a healthy payout ratio of 91.5%, offering strong cash return to shareholders
- PE ratio of 7.4x is significantly below typical consumer goods sector multiples, suggesting the stock is not priced for high expectations
- Compounded profit growth of 14% over 3 years and 13% over 5 years demonstrates consistent earnings expansion over medium-term horizons
- Long-term compounded sales growth of 9% over both 3-year and 5-year periods shows a reasonable base of revenue expansion
- 10-year stock CAGR of 9% and 10-year profit CAGR of 11% indicate sustained long-term value creation
- Price-to-book ratio of 5.91x is supported by the high ROE of 30-32%, indicating the company generates strong returns on its equity base
- TTM sales have declined by -7%, signalling a meaningful deterioration in top-line momentum
- TTM profit has declined by -12%, indicating margin pressure or volume weakness in the most recent period
- Promoter holding decreased by 8.56% in the last quarter, a significant reduction that may signal insider concerns about near-term outlook
- Earnings quality is a concern as other income of ₹1,880 Cr forms a substantial portion of total income, inflating reported profitability
- 1-year stock CAGR of -15% reflects significant recent underperformance and negative market sentiment
- 5-year sales growth of only ~9% is relatively modest for the consumer goods sector, suggesting limited volume or pricing power
- 10-year compounded sales growth of just 5% points to structurally slow organic revenue expansion over the long term
- A 91.5% dividend payout ratio, while shareholder-friendly, leaves minimal retained earnings for reinvestment and future growth capex
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1h ago- ₹48.59 Cr GST demand notice Sep 7
Karnataka GST Department issued show cause notice demanding ₹48.59 crore for input tax credit disallowance for April 2022 to March 2023. This is the largest pending tax liability among recent notices.
- ₹84.75 lakh GST audit order Aug 25
Telangana GST authorities issued an audit order disallowing input tax credit for FY23, with liability of ₹84.75 lakh. The company plans to respond within the stipulated time.
- Competitive and raw material risks Sep 5
ICRA flagged intense competition from organized and unorganized players constraining pricing flexibility, and operating profitability remains susceptible to raw material price volatility in the paint manufacturing business.
- ICRA AA- rating with stable outlook Sep 5
ICRA assigned 'AA-' rating with stable outlook to JSW Dulux's credit facilities, citing strong brand equity, 22,000+ dealer network, 305 MLPA capacity, zero external debt as of March 31, 2026, and projected operating margins of 14-16% in FY2027e vs 13.8% in FY2026.
- GST refund and demand annulled Sep 7
Karnataka GST authorities granted ₹10.81 lakh refund to JSW Dulux, with the original penalty waived and demand order fully annulled.
- CESTAT excise appeal won Aug 18
CESTAT set aside a Central Excise duty demand of ₹32.4 lakh, allowing JSW Dulux's appeal and annulling the entire liability including tax, interest, and penalty.
- Proposed 1:10 share split Aug 21
JSW Dulux seeks shareholder approval via postal ballot for a 1:10 equity share split to enhance liquidity and retail accessibility, with no change to total share capital.
- Wholetime Director resignation Aug 21
Rohit Ghanshyamdas Totla resigned as Wholetime Director for personal and professional reasons, with last working day on or before November 17, 2026.
- Minor GST notices received Aug 26
Received small GST show cause notices from Gujarat (₹9,294) and Madhya Pradesh (₹1,965) for input tax credit and short payment issues for April 2020 to March 2022. Company is preparing responses.
TL;DR: JSW Dulux carries a strong financial profile with zero debt, an AA- credit rating, and projected margin expansion to 14-16% in FY2027, supported by its 22,000+ dealer network and Dulux brand strength post-JSW Group acquisition. The key risk is a ₹48.59 crore GST demand from Karnataka, though the company has a track record of successfully contesting tax disputes as seen in recent CESTAT and refund wins. Multiple smaller GST notices add regulatory noise but are immaterial in size. The trend is broadly positive with synergy benefits from the JSW-Akzo Nobel integration expected to drive revenue growth in FY2027, though competitive intensity and raw material volatility remain ongoing watch items.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 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 |
Cash Flow
| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 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 |
Ratios
| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY26.
Documents
Frequently Asked Questions about JSW Dulux
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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]
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