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JSW Dulux Overview

Akzo Nobel India Ltd is an totally India-based coatings company engaged in manufacturing, presenting paints/synthetic enamels, colorants and thinner. The Company commercial enterprise unit includes Decorative Paints, Automotive & Speciality Coatings (ASC), Powder Coatings, Industrial Coatings, Marine & Protective Coatings. Decorative Paints business offers various merchandise, including paints, lacquers and varnishes. It additionally supplies a range of blending machines, shade ideas and training initiatives to the constructing and upkeep indus...Read More

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JSW Dulux Key Financials

Market Cap ₹13322 Cr.

Stock P/E 31

P/B 5.7

Current Price ₹2925.3

Book Value ₹ 511.3

Face Value 10

52W High ₹3909.3

Dividend Yield 3.42%

52W Low ₹ 2649.1

JSW Dulux Share Price

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Volume
Price

JSW Dulux Quarterly Price

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JSW Dulux Peer Comparison

JSW Dulux Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 956 1033 973 1036 982 1051 1022 995 835 908
Other Income 9 8 10 10 9 6 3 9 8 15
Total Income 965 1041 984 1046 991 1057 1025 1004 843 922
Total Expenditure 815 866 812 867 836 884 863 861 724 771
Operating Profit 151 175 172 179 156 173 162 144 118 151
Interest 3 3 3 3 2 3 3 3 2 3
Depreciation 21 20 22 22 22 23 22 18 18 19
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 1874 -28
Profit Before Tax 127 152 147 154 132 146 138 123 1972 101
Provision for Tax 33 38 38 40 34 38 29 32 289 27
Profit After Tax 94 114 109 115 98 109 108 91 1683 74
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 94 114 109 115 98 109 108 91 1683 74
Adjusted Earnings Per Share 20.7 25 23.9 25.2 21.5 23.9 23.8 20 369.8 16.3

JSW Dulux Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 2640 2573 2719 2918 2662 2421 3149 3802 3962 4091 3760
Other Income 57 65 47 43 38 24 25 27 36 28 35
Total Income 2697 2638 2766 2961 2699 2445 3173 3830 3997 4119 3794
Total Expenditure 2337 2260 2424 2576 2283 2081 2718 3277 3330 3450 3219
Operating Profit 360 377 342 385 417 364 455 553 668 669 575
Interest 2 3 4 5 9 10 15 14 13 10 11
Depreciation 54 54 58 65 79 76 76 83 82 89 77
Exceptional Income / Expenses 10 4 2 1 -5 0 2 0 0 0 1846
Profit Before Tax 314 324 283 316 323 278 367 456 573 570 2334
Provision for Tax 100 90 78 105 86 71 77 121 146 140 377
Profit After Tax 214 234 205 211 237 208 290 335 427 430 1956
Adjustments 0 13 195 0 0 0 0 0 0 0 0
Profit After Adjustments 214 247 400 211 237 208 290 335 427 430 1956
Adjusted Earnings Per Share 45.9 52.9 85.7 46.3 52.2 45.6 63.8 73.6 93.8 94.4 429.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 3% 9% 9% 0%
Operating Profit CAGR 0% 14% 10% 0%
PAT CAGR 1% 14% 13% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -17% 8% 6% 8%
ROE Average 32% 30% 26% 23%
ROCE Average 44% 41% 35% 32%

JSW Dulux Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1163 1010 1291 1136 1238 1288 1260 1316 1330 1330
Minority's Interest 0 0 0 0 0 0 0 0 0 0
Borrowings 3 3 3 3 0 0 0 0 0 0
Other Non-Current Liabilities 85 79 70 71 1535 1602 1690 1822 1958 1566
Total Current Liabilities 793 793 2100 2198 948 1105 1184 1264 1424 1369
Total Liabilities 2044 1885 3464 3408 3721 3995 4133 4402 4711 4346
Fixed Assets 523 519 539 530 574 543 520 511 526 481
Other Non-Current Assets 139 163 163 154 1596 1703 1852 2023 2264 1863
Total Current Assets 1382 1202 2761 2724 1550 1748 1760 1868 1922 1672
Total Assets 2044 1885 3464 3408 3721 3995 4133 4402 4711 4346

JSW Dulux Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 47 42 18 69 33 255 139 145 315 274
Cash Flow from Operating Activities 263 143 183 139 374 283 121 486 486 311
Cash Flow from Investing Activities -156 225 -6 185 4 -225 230 -15 -86 123
Cash Flow from Financing Activities -113 -392 -126 -360 -157 -174 -346 -302 -439 -460
Net Cash Inflow / Outflow -6 -24 51 -36 221 -115 6 169 -40 -26
Closing Cash & Cash Equivalent 42 18 69 33 255 139 145 315 274 248

JSW Dulux Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 45.87 52.89 85.67 46.27 52.18 45.63 63.76 73.65 93.76 94.4
CEPS(Rs) 57.37 61.76 56.4 60.57 69.54 62.22 80.44 91.78 111.85 114.04
DPS(Rs) 70 22 22 24 14 50 75 65 75 100
Book NAV/Share(Rs) 248.74 215.85 276.12 248.79 271.74 282.73 276.35 289.03 292.02 292.09
Core EBITDA Margin(%) 10.34 10.88 10.58 11.72 14.24 14.05 13.67 13.81 15.95 15.68
EBIT Margin(%) 10.78 11.39 10.25 10.97 12.49 11.91 12.11 12.36 14.78 14.17
Pre Tax Margin(%) 10.71 11.28 10.12 10.81 12.14 11.49 11.65 11.99 14.46 13.93
PAT Margin (%) 7.3 8.16 7.35 7.23 8.92 8.57 9.21 8.81 10.77 10.5
Cash Profit Margin (%) 9.13 10.05 9.43 9.46 11.89 11.69 11.62 10.98 12.85 12.68
ROA(%) 12.69 11.92 7.67 6.14 6.66 5.38 7.14 7.85 9.36 9.48
ROE(%) 20.1 21.58 17.86 17.41 20.03 16.46 22.81 26.05 32.27 32.32
ROCE(%) 29.65 30.05 24.85 26.35 28.01 22.87 29.98 36.54 44.29 43.62
Receivable days 26.61 48.6 52.76 52.49 57.6 60.99 52.66 50.29 51.95 51.76
Inventory Days 28.71 48.72 49.42 46.44 55.92 68.73 66.81 60.59 55.71 54.25
Payable days 90.63 152.52 147.25 128.63 152.3 192.82 152.35 131.09 147.34 149.17
PER(x) 29.55 36.02 20.99 38.65 42.18 50.59 30.02 31.08 25.43 38.13
Price/Book(x) 5.45 8.83 6.51 7.19 8.1 8.16 6.93 7.92 8.16 12.32
Dividend Yield(%) 5.16 1.15 1.22 1.34 0.64 2.17 3.92 2.84 3.15 2.78
EV/Net Sales(x) 2.38 3.45 3.06 2.77 3.55 4.03 2.62 2.59 2.61 3.93
EV/Core EBITDA(x) 17.43 23.49 24.28 21.05 22.7 26.84 18.12 17.83 15.46 24.03
Net Sales Growth(%) 193.31 -2.56 5.71 7.32 -8.79 -9.03 30.03 20.76 4.2 3.27
EBIT Growth(%) -17.19 3.32 -12.45 11.84 3.87 -13.23 32.17 23.26 24.57 -0.99
PAT Growth(%) -27.39 9.29 -12.35 2.83 12.51 -12.55 39.74 15.51 27.31 0.68
EPS Growth(%) -40.81 15.31 61.98 -45.99 12.76 -12.55 39.74 15.51 27.31 0.68
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 1.74 1.52 1.31 1.24 1.64 1.58 1.49 1.48 1.35 1.22
Quick Ratio(x) 1.29 1.01 1.15 1.06 1.19 1.14 0.93 1.01 0.92 0.78
Interest Cover(x) 143.82 102.16 81.77 71.13 35.75 28.01 26.3 33.33 46.84 59.15
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0

JSW Dulux Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.76 74.76 74.76 74.76 74.76 74.76 74.76 69.76 61.2 61.2
FII 3.2 3.42 3.62 3.74 3.85 3.67 3.7 7.97 8.66 8.44
DII 8.56 8.37 8.28 8.11 8.05 8.5 8.57 13.77 20.58 21.78
Public 13.49 13.45 13.33 13.39 13.34 13.07 12.98 8.5 9.56 8.58
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

JSW Dulux News

JSW Dulux Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 30%
  • Company is almost debt free.

Cons

  • Debtor days have increased from 147.34 to 149.17days.
  • Stock is trading at 5.7 times its book value.
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