Paints · Founded 1954 · www.akzonobel.co.in · BSE 500710 · NSE JSWDULUX · ISIN INE133A01011
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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.
Price goes above X
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| #(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 |
| #(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 |
| # | 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 | -7% | 9% | 6% | 7% |
| ROE Average | 32% | 30% | 26% | 23% |
| ROCE Average | 44% | 41% | 35% | 32% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.4 | 3.4 | 3.4 | 3.4 | 3.4 | 3.4 | 3.4 | 3.18 | 2.79 | 2.79 |
| FII | 0.15 | 0.16 | 0.17 | 0.17 | 0.18 | 0.17 | 0.17 | 0.36 | 0.39 | 0.38 |
| DII | 0.39 | 0.38 | 0.38 | 0.37 | 0.37 | 0.39 | 0.39 | 0.63 | 0.94 | 0.99 |
| Public | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.6 | 0.59 | 0.39 | 0.44 | 0.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 |
| # | 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% |
| # | 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 | 25.24 | 25.24 | 25.24 | 25.24 | 25.24 | 25.24 | 25.24 | 30.24 | 38.8 | 38.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.4 | 3.4 | 3.4 | 3.4 | 3.4 | 3.4 | 3.4 | 3.18 | 2.79 | 2.79 |
| FII | 0.15 | 0.16 | 0.17 | 0.17 | 0.18 | 0.17 | 0.17 | 0.36 | 0.39 | 0.38 |
| DII | 0.39 | 0.38 | 0.38 | 0.37 | 0.37 | 0.39 | 0.39 | 0.63 | 0.94 | 0.99 |
| Public | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.38 | 1.77 | 1.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 | 4.55 |
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