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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹14018 Cr.
Stock P/E
32.6
P/B
5.7
Current Price
₹3078.1
Book Value
₹ 538.1
Face Value
10
52W High
₹3909.3
52W Low
₹ 2649.1
Dividend Yield
6.69%

JSW Dulux Overview

Business

JSW Dulux Ltd. is engaged in the manufacturing, marketing, and distribution of paints and coatings. Leveraging the brand equity of Dulux (globally recognized for quality paints) and the industrial prowess of the JSW Group, the company likely offers a comprehensive range of paint products for decorative, protective, and potentially industrial applications. Its core business model involves developing innovative paint solutions, producing them at scale, and selling them through a robust distribution network to individual consumers, contractors, and institutional clients. The company generates revenue from the direct sales of these paint products.

Revenue Mix

The primary segments for JSW Dulux Ltd. would typically include:

Decorative Paints: This segment would cater to residential and commercial buildings, offering products like emulsions, enamels, distempers, primers, and putties. In the Indian market, decorative paints usually contribute the majority of revenue for paint companies.

Industrial Coatings: Depending on the strategic focus, this could include specialized coatings for sectors like automotive, marine, protective coatings for infrastructure, or powder coatings, potentially leveraging JSW Group's industrial connections.

Specific revenue contributions per segment are not available.

Industry

The Indian paint industry is characterized by its oligopolistic structure, with a few large, established players dominating the market. Key success factors include brand recognition, extensive distribution networks, product innovation, and manufacturing scale. JSW Dulux Ltd. positions itself as a significant contender by:

Brand Strength: Combining the global recognition and product quality associated with the Dulux brand with the trusted Indian conglomerate identity of JSW.

Market Reach: Potentially leveraging JSW Group's existing industrial and retail footprint (e.g., through cement, steel distribution channels) to build out a strong pan-India distribution network rapidly.

Innovation: Access to Dulux's global R&D and product development expertise.

MOAT

Strong Brand Recognition: The Dulux brand brings established credibility, quality perception, and consumer trust, while JSW's backing adds local market understanding and financial muscle.

Distribution & Scale: JSW Group's experience in building large-scale manufacturing and supply chain infrastructure can enable rapid expansion of production and an efficient distribution network, helping achieve cost efficiencies.

Technology & R&D: Access to global paint technologies and product innovation pipelines through the Dulux association.

Financial Backing: The JSW Group provides significant financial resources for market penetration, capacity expansion, and R&D.

Growth Drivers

Urbanization and Housing Growth: Rapid urbanization and sustained growth in the real estate and construction sectors will drive demand for paints for new constructions and renovation cycles.

Rising Disposable Incomes: Increased consumer spending on home aesthetics, upgrades, and premium finishes.

Premiumization Trend: Growing consumer preference for high-quality, specialized, and value-added paints (e.g., low VOC, anti-bacterial, weather-resistant, designer finishes).

Infrastructure Development: Government and private sector investments in infrastructure, commercial, and industrial projects.

Distribution Expansion: Deepening market penetration, especially in Tier 2/3 cities and rural areas, where paint consumption is growing.

Risks

Intense Competition: The Indian paint market is highly competitive, with well-entrenched domestic and international players having strong brand loyalty and extensive networks.

Raw Material Price Volatility: Paints are crude oil derivatives and chemical-intensive. Fluctuations in crude oil prices and other key raw materials can significantly impact manufacturing costs and profit margins.

Economic Slowdown: As paint purchases are often discretionary, a downturn in the economy, particularly in real estate or consumer spending, could adversely affect demand.

Distribution Network Challenges: Building and maintaining a loyal and efficient dealer network requires significant investment and continuous effort against established competitors.

Regulatory Changes: Stricter environmental regulations regarding Volatile Organic Compounds (VOCs) and waste disposal could increase compliance costs and product development expenses.

Management & Ownership

JSW Dulux Ltd. is likely a joint venture or a strategic partnership involving the JSW Group and AkzoNobel (owners of the Dulux brand), leveraging their respective strengths. JSW Group is known for its professional management, aggressive growth strategies, and execution capabilities across its diverse businesses. The management team would likely comprise experienced professionals from both parent entities, combining operational expertise with global best practices in paint technology and branding. The ownership structure would typically involve equity stakes held by both promoting entities.

Outlook

JSW Dulux Ltd. enters a dynamic and growing market with distinct advantages. The combination of Dulux's global brand recognition and product innovation capabilities with JSW Group's robust financial backing, industrial scale, and aggressive market strategies presents a strong proposition for gaining market share. The company is well-positioned to capitalize on India's long-term growth trends in construction, urbanization, and increasing consumer affluence, especially by focusing on premiumization and expanding its distribution network. However, the path to significant market share will be challenging due to fierce competition from deeply entrenched players with decades of market presence. Sustained investment in brand building, distribution, and R&D will be crucial to navigate the competitive landscape and achieve profitable growth.

JSW Dulux Share Price

Live · BSE / NSE · Inception: 1954
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

JSW Dulux Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 1033 973 1036 982 1051 1014 995 835 908 883
Other Income 8 10 10 9 6 3 9 8 15 67
Total Income 1041 984 1046 991 1057 1017 1004 843 922 950
Total Expenditure 866 812 867 836 884 855 861 724 771 756
Operating Profit 175 172 179 156 173 162 144 118 151 194
Interest 3 3 3 2 3 3 3 2 3 4
Depreciation 20 22 22 22 23 22 18 18 19 20
Exceptional Income / Expenses 0 0 0 0 0 0 0 1874 -28 0
Profit Before Tax 152 147 154 132 146 138 123 1972 101 170
Provision for Tax 38 38 40 34 38 29 32 289 27 44
Profit After Tax 114 109 115 98 109 108 91 1683 74 126
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 114 109 115 98 109 108 91 1683 74 126
Adjusted Earnings Per Share 25 23.9 25.2 21.5 23.9 23.8 20 369.8 16.3 27.6

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 3621
Other Income 57 65 47 43 38 24 25 27 36 28 99
Total Income 2697 2638 2766 2961 2699 2445 3173 3830 3997 4119 3719
Total Expenditure 2337 2260 2424 2576 2283 2081 2718 3277 3330 3450 3112
Operating Profit 360 377 342 385 417 364 455 553 668 669 607
Interest 2 3 4 5 9 10 15 14 13 10 12
Depreciation 54 54 58 65 79 76 76 83 82 89 75
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 2366
Provision for Tax 100 90 78 105 86 71 77 121 146 140 392
Profit After Tax 214 234 205 211 237 208 290 335 427 430 1974
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 1974
Adjusted Earnings Per Share 45.9 52.9 85.7 46.3 52.2 45.6 63.8 73.6 93.8 94.4 433.7

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

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +3% +9% +9%
Operating Profit CAGR 0% +14% +10%
PAT CAGR +1% +14% +13%
Share Price CAGR -7% +9% +6% +7%
ROE Average +32% +30% +26% +23%
ROCE Average +44% +41% +35% +32%

JSW Dulux Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 61.2 %
FII 8.44 %
DII (MF + Insurance) 21.78 %
Public (retail) 38.8 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 74.7674.7674.7674.7674.7674.7674.7669.7661.261.2
FII 3.23.423.623.743.853.673.77.978.668.44
DII 8.568.378.288.118.058.58.5713.7720.5821.78
Public 25.2425.2425.2425.2425.2425.2425.2430.2438.838.8
Others 0000000000
Total 100100100100100100100100100100

JSW Dulux Peer Comparison

JSW Dulux Quarterly Price

10-year quarterly close · BSE
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News & Updates

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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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