JSW Dulux Limited
NSE: JSWDULUX · Paints · sector
₹278.90NSE close 2026-10-26
Key numbers
Market cap₹12,700 cr
Price₹278.90
52w high / low₹3,376 / ₹279
P/E6.5xSector median 34.4x
P/B5.2xSector median 4.2x
Book value₹53.8
Dividend yield6.67%Sector median 0.96%
ROE103.8%Sector median 14.9%
ROCE96.8%Sector median 18.6%
OPM65.0%Sector median 15.5%
Debt / equity0.00xSector median 0.08x
EV/EBITDA5.3xSector median 19.8x
Interest cover196.4x
Current ratio1.56x
Sales growth 3y-1.8%Sector median +4.0%
Profit growth 3y+80.6%Sector median +9.4%
PEG0.08x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in Paints (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹324 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 196.4x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 8.56 percentage points in a year, to 61.20% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 5 years (FY26, FY25, FY22).
- Revenue was higher than a year earlier in 0 of the last 4 quarters.
- Other income was 6% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹278.90 on 2026-10-26: -91.7% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Price history not available.
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 982 | 1,050 | 1,022 | 995 | 835 | 908 | 883 | 965 |
| EBITDA | 146 | 167 | 159 | 134 | 1,985 | 108 | 127 | 115 |
| OPM % | 14.9% | 15.9% | 15.6% | 13.5% | 237.7% | 11.9% | 14.4% | 11.9% |
| Other income | 9 | 6 | 3 | 9 | 8 | 15 | 67 | 26 |
| Net profit | 98 | 109 | 108 | 91 | 1,683 | 74 | 126 | 80 |
| EPS (₹) | 2.15 | 2.39 | 2.38 | 2.00 | 36.95 | 1.63 | 2.76 | 1.75 |
| Revenue YoY | -15.0% | -13.6% | -13.6% | -3.0% | ||||
| Profit YoY | +1,619.6% | -31.6% | +15.9% | -12.4% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 3,149 | 3,802 | 3,962 | 4,091 | 3,599 | 3,591 |
| EBITDA | 434 | 525 | 632 | 642 | 2,354 | 2,335 |
| Net profit | 290 | 335 | 427 | 429 | 1,974 | 1,963 |
| EPS (₹) | 6.37 | 7.36 | 9.37 | 9.43 | 43.34 | 43.09 |
| Revenue growth | +20.8% | +4.2% | +3.3% | -12.0% | -11.3% | |
| Profit growth | +15.5% | +27.3% | +0.7% | +359.6% | +383.5% | |
| Dividend / share (₹) | 70.00 | 60.00 | 90.00 | 95.00 | 186.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -1.8% | +8.3% | -11.3% |
| Net profit | +80.6% | +56.9% | +383.5% |
| EPS | +80.6% | +56.9% | – |
| Share price | – | – (2y) | – |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,316 | 1,330 | 1,330 | 2,452 |
| Borrowings | – | 0 | 0 | 0 | 0 |
| Cash & equivalents | – | 564 | 524 | 300 | 324 |
| Total assets | – | 2,740 | 2,904 | 2,903 | 3,795 |
| Fixed assets | – | 507 | 523 | 479 | 461 |
| Capital work in progress | – | 73 | 119 | 67 | 49 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 552 | 575 | 585 | 603 |
| Inventory | – | 598 | 611 | 605 | 571 |
| Payables | – | 894 | 998 | 956 | 756 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 121 | 486 | 485 | 311 | 93 |
| Cash from investing | 230 | -15 | -86 | 123 | 804 |
| Cash from financing | -346 | -302 | -439 | -460 | -875 |
| Capex | 63 | 104 | 119 | 107 | 1,199 |
| Free cash flow | 58 | 382 | 367 | 204 | -1,106 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 25.5% | 32.1% | 32.3% | 80.5% |
| ROCE % | – | 35.7% | 44.0% | 43.6% | 97.0% |
| Debtor days | – | 53 | 53 | 52 | 61 |
| Inventory days | – | 95 | 100 | 95 | 99 |
| Payable days | – | 142 | 164 | 151 | 131 |
| Cash conversion cycle (days) | – | 6 | -11 | -4 | 29 |
| Working capital days | – | 58 | 46 | 27 | 65 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 61.20% |
| FIIs | 8.01% |
| DIIs | 22.05% |
| of which Mutual funds | 18.93% |
| of which Insurance | 3.01% |
| Government | 0.00% |
| Public (non-institutions) | 8.74% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.76% | 74.76% | 74.76% | 69.76% | 61.20% | 61.20% | 61.20% | 61.20% |
| Promoter group | % |
|---|---|
| JSW Paints Limited | 61.20% |
| Imperial Chemical Industries Ltd | 0.00% |
| Akzo Nobel Coatings International B.V | 0.00% |
| Akzo Nobel Chemicals International B.V. | 0.00% |
| Panter B.V. | 0.00% |
| Akzo Nobel ( C ) Holdings B.V. | 0.00% |
| Public holders above 1% | % |
|---|---|
| Hdfc Mutual Fund - Hdfc Childrens Fund | 7.42% |
| Icici Prudential Value Fund | 3.56% |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund | 2.43% |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund | 2.18% |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio | 1.89% |
| The New India Assurance Company Limited | 1.72% |
| Tata Mutual Fund - Tata Small Cap Fund | 1.26% |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.00% |
50,984 shareholders. Pledged: 0.00% of promoter shares.
Peers in Paints
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| ASIANPAINT | ₹2,22,726 cr | 46.7x | 10.4x | 23.4% | 28.0% | 19.0% | +1.1% | 1.09% |
| BERGEPAINT | ₹54,312 cr | 44.6x | 7.8x | 18.6% | 21.3% | 15.5% | +4.0% | 0.82% |
| KANSAINER | ₹14,447 cr | 24.1x | 2.1x | 9.1% | 12.5% | 11.3% | +2.2% | 2.10% |
| JSWDULUX | ₹12,700 cr | 6.5x | 5.2x | 103.8% | 96.8% | 65.0% | -1.8% | 6.67% |
| INDIGOPNTS | ₹4,872 cr | 30.3x | 4.2x | 14.9% | 19.3% | 18.2% | +9.4% | 0.34% |
| SIRCA | ₹2,331 cr | 34.4x | 4.9x | 16.2% | 18.6% | 19.7% | +22.5% | 0.35% |
| SHALPAINTS | ₹673 cr | – | 2.7x | -24.5% | -11.2% | -5.6% | +5.8% | – |
| KAMOPAINTS | ₹123 cr | – | 0.7x | -2.4% | -0.6% | 1.7% | -1.9% | – |
| RETINA | ₹43 cr | 67.1x | 2.2x | 3.3% | 12.1% | 11.8% | +29.4% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-10-22 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share |
| 2026-07-03 | Dividend | Dividend - Rs 50 Per Share |
| 2025-08-11 | Dividend | Special Dividend - Rs 156 Per Share |
| 2025-07-25 | Dividend | Dividend - Rs 30 Per Share |
| 2024-11-19 | Dividend | Interim Dividend - Rs 70 Per Share |
| 2024-07-25 | Dividend | Annual General Meeting/Dividend - Rs 25 Per Share |
| 2024-02-16 | Dividend | Interim Dividend - Rs 50 Per Share |
| 2023-07-27 | Dividend | Annual General Meeting/Dividend - Rs 40 Per Share |
| 2023-02-21 | Dividend | Interim Dividend - Rs 25 Per Share |
| 2022-07-28 | Dividend | Annual General Meeting/Dividend - Rs 35 Per Share |
| 2022-02-22 | Dividend | Interim Dividend - Rs 40 Per Share |
| 2021-08-05 | Dividend | Annual General Meeting/Dividend - Rs 30 Per Share |
| 2021-02-17 | Dividend | Interim Dividend - Rs 20 Per Share |
| 2020-08-20 | Dividend | Annual General Meeting/Dividend - Rs 14 Per Share |
| 2019-07-31 | Dividend | Dividend - Rs 24 Per Share |
| 2018-07-25 | Dividend | Annual General Meeting/Dividend- Rs 22 Per Share |
| 2018-06-06 | Buyback | Buyback |
| 2017-08-04 | Dividend | Annual General Meeting/Dividend - Rs 22/- Per Share |
| 2016-07-19 | Dividend | Annual General Meeting/Final Dividend Rs.20/- Per Share And Special Dividend Rs.50/- Per Share |
| 2015-08-06 | Dividend | Annual General Meeting/Dividend - Rs 20/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacturing and supply of Paints, varnishes, enamels, or lacquers
| Sector | Consumer Discretionary |
| Industry | Paints |
| Sub-industry | Paints |
| Symbol | JSWDULUX |
| BSE code | 500710 |
| ISIN | INE133A01029 |
| Face value | ₹1.0 |
| Incorporated | 1954-03-12 |
| Website | www.akzonobel.co.in |
| Plants (India / abroad) | 5 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.