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Jsw Dulux Limited (JSWDULUX) · mywealthgrid

About

Jsw Dulux manufactures paints for the Indian consumer discretionary sector, operating at ₹3.3–3.9 Cr annual revenue scale. The company maintains zero debt and consistent 14% operating margins in a competitive industry. However, flat revenue trends, recent margin compression, and one-year stock underperformance (-12.62%) raise questions about growth drivers and competitive positioning.

Face value: ₹10

Market cap

₹13,744 Cr

P/E

7.0×

P/B

5.6×

Dividend yield

7.8%

ROE

104.4%

ROCE

25.4%

Debt / equity

OPM

14.1%

EPS (TTM)

₹430.9

Book value

₹538.3

52-week high

₹3,633.9

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 7.34 is very low while ROE of 104.38%; Sep 2025 net profit of ₹1,682.7 Cr is anomalous compared to other quarters' ₹70–135 Cr. Verify whether this reflects one-time items or sustainable earnings, since valuation depends on it.
Revenue flat at ₹834–965 Cr quarterly with no growth trend visible over nine months. Verify if this reflects market maturity, competitive share loss, or cyclical weakness.
Operating margin dropped to 11.93% OPM in Jun 2026 from 14.35% in Mar 2026. Verify if this signals structural cost or pricing pressure, or is temporary.
Frequent dividend payouts (every 1–2 months) combined with flat revenue growth raise sustainability concerns. Verify if distributions are backed by recurring free cash flow.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E = 0) and consistent profitability enabling regular dividends; verify whether management will deploy capital toward capacity expansion or acquisitions.
Operating margin of 14.13% OPM is sustainable but not expanding; verify if cost control or product mix shift to premiums could improve margins.
Paints demand tied to construction cycles; verify if Indian housing recovery could unlock volume growth at current margins.

Generated analysis · source review pending

₹3,020.6-10%1Y

Beta

0.51

Damps index moves

Volatility (1y)

29.4%

Annualised, daily returns

RSI (14)

37.9

Neither overbought nor oversold

Rel. strength (1y)

-19.9%

Behind the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Strong return on equity of 56.3% (3-yr avg)
+High return on capital employed of 34.5%
+Profit CAGR of 56.9% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 43.9×
+Dividend yield of 7.8%
+Dividend payout of 54.7% of profit
+High promoter holding of 61.2% with no pledge

Cons

−Modest revenue growth of 8.3% a year over the last 5 years
−Promoter holding fell 13.6 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

50/100

Business quality

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Kansai Nerolac Paints LimitedKANSAINERKANSAINER	₹14,174 Cr	₹14,257 Cr	₹8,263 Cr	₹1,000 Cr	12.1%	₹600 Cr	7.2%	12.9%	9%	92
Jsw Dulux LimitedJSWDULUXJSWDULUX	₹13,744 Cr	₹13,744 Cr	₹3,591 Cr	₹489 Cr	14.1%	₹1,963 Cr	54.8%	25.4%	104.4%	29
Indigo Paints LimitedINDIGOPNTSINDIGOPNTS	₹5,025 Cr	₹5,027 Cr	₹1,466 Cr	₹273 Cr	18.1%	₹163 Cr	10.5%	17.6%	13.5%	55
Sirca Paints India LimitedSIRCASIRCA	₹2,281 Cr	₹2,313 Cr	₹508 Cr	₹100 Cr	20.1%	₹67 Cr	13.2%	20.3%	15.8%	193
Shalimar Paints LimitedSHALPAINTSSHALPAINTS	₹656 Cr	₹813 Cr	₹559 Cr	₹-27 Cr	-3.9%	₹-69 Cr	-11.3%	-11.6%	-22.9%	18
Kamdhenu Ventures LimitedKAMOPAINTSKAMOPAINTS	₹135 Cr	₹162 Cr	₹241 Cr	₹4 Cr	3.9%	₹-4 Cr	0.1%	2.4%	0.1%	226
Retina Paints LtdRETINARETINA	₹49 Cr	—	₹24 Cr	₹3 Cr	11.8%	₹1 Cr	2.7%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,719	2,719	2,421	3,149	3,802	3,962	4,091	3,599
COGS	1,526	1,526	1,323	1,878	2,290	2,223	2,318	2,109
Gross profit	1,193	1,193	1,099	1,270	1,512	1,739	1,773	1,490
	895	895	758	838	987	1,107	1,132	982
	299	299	341	432	525	632	642	508
OPM %	11%	11%	14.1%	13.7%	13.8%	16%	15.7%	14.1%
Depreciation	58	58	76	76	82	82	89	75
Interest	4	4	10	14	14	13	10	12
	241	241	23	25	27	36	28	1,944
Profit before tax	478	478	278	367	456	573	570	2,365
Tax	78	78	71	77	121	146	140	392
Tax %	16.2%	16.2%	25.4%	20.9%	26.5%	25.6%	24.6%	16.6%
	400	400	208	290	335	427	429	1,974
PAT margin %	14.7%	14.7%	8.6%	9.2%	8.8%	10.8%	10.5%	54.8%
EPS (₹)	85.8	85.8	45.6	63.7	73.6	93.7	94.3	433.4
EPS adjusted (₹)	85.7	85.7	45.6	63.7	73.6	93.7	94.3	433.4
	25.7%	25.7%	109.6%	117.7%	88.3%	80.1%	271.4%	11.5%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	47	47	46	46	46	46	46	46	46	46
Reserves	963	1,244	1,091	1,193	1,243	1,214	1,271	1,284	1,285	2,406
	3	3	3	—	0	0	0	0	0	0
	872	939	959	1,088	1,242	1,332	1,424	1,574	1,573	1,344
Total equity & liabilities	1,885	2,233	2,098	2,326	2,530	2,592	2,740	2,904	2,903	3,795
	519	539	530	473	448	421	511	526	481	1,613
CWIP	23	27	17	16	17	42	73	119	67	49
Investments	336	573	377	84	1	0	0	0	0	0
	1,007	1,094	1,174	1,753	2,066	2,130	2,157	2,259	2,355	2,133
Total assets	1,885	2,233	2,098	2,326	2,530	2,592	2,740	2,904	2,903	3,795

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Paints	3,599.2	2,377.59	3,795.32	3,795.32

SegmentFigure

Coatings · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	43.9%	43.9%	45.4%	40.3%	39.8%	43.9%	43.3%	41.4%
EBITDA margin %	11%	11%	14.1%	13.7%	13.8%	16%	15.7%	14.1%
EBIT margin %	8.8%	8.8%	11%	11.3%	11.6%	13.9%	13.5%	12%
PAT margin %	14.7%	14.7%	8.6%	9.2%	8.8%	10.8%	10.5%	54.8%
Working capital
Receivable days	55	53	62	57	53	53	52	61
Inventory days	97	84	135	129	95	100	95	99
Payable days	2	2	220	164	142	164	151	131
NWC days	150	135	-23	22	6	-10	-3	29
Leverage
Current ratio	1.52	1.76	1.58	1.49	1.48	1.35	1.22	1.56
Debt to EBITDA	0.01	0.01	0	0	0	0	0	0
Debt to equity	0	0	0	0	0	0	0	0
Interest coverage	81.2	81.2	28.1	26.2	33.4	46.8	59.4	43.9
Asset turnover	1.44	1.22	0.96	1.21	1.39	1.36	1.41	0.95
Return ratios
Return on assets %	21.2%	17.9%	8.2%	11.2%	12.2%	14.7%	14.8%	52%
Return on capital employed %	26%	23.2%	20.7%	26.8%	32.6%	39.6%	38.5%	25.4%
Return on equity %	39.6%	31%	16.1%	23%	25.5%	32.1%	32.3%	80.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	69.76%	61.2%	61.2%	61.2%
	3.14%	3.2%	3.42%	3.62%	3.74%	3.85%	3.67%	3.7%	7.97%	8.66%	8.44%	8.5%
	8.61%	8.55%	8.37%	8.28%	8.11%	8.05%	8.5%	8.57%	13.77%	20.58%	21.78%	21.97%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	13.49%	13.49%	13.45%	13.34%	13.39%	13.34%	13.07%	12.97%	8.5%	9.56%	8.58%	8.33%
No. of shareholders	—	—	—	—	—	—	—	—	48,226	50,314	48,493	48,114

Promoter holding down 13.56 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Imperial Chemical Industries LimitedPromoters	SellMarket Sale	22,77,015	₹764.8 cr	50.46% → 45.46%	26 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

2 deals · 17 Dec 2025 – 17 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Dec 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Sell	8,01,345	₹3,169.05	₹253.95 Cr
17 Dec 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Buy	88,388	₹3,139.62	₹27.75 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Parth Sajjan JindalNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Rajiv RajgopalExecutive Director-CEO
Mr. Krishna RallapalliExecutive Director
Mr. Hemant SahaiNon-Executive - Independent Director-Shareholder Director
Mr. Rohit Ghanshyamdas TotlaExecutive Director
Ms. Namrata KaulNon-Executive - Independent Director-Shareholder Director
Mr. Anil ChaudhryNon-Executive - Independent Director-Shareholder Director
Mr. Shantanu Maharaj KhoslaNon-Executive - Independent Director-Shareholder Director
Mr. Kaustubh Sudhakar KulkarniNon-Executive - Non Independent Director
Ms. Sutapa BanerjeeNon-Executive - Independent Director-Shareholder Director
Mr. Rajiv L Jha

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

7.4%

of the company's equity

All mutual funds

18.66%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

43 schemes · 12 fund houses

		Shares
Value Fund	ICICI Prudential Mutual Fund	12.75 L	403.58	0.67%	2.803%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	9.14 L	289.19	0.51%	2.008%	—
SMALL CAP FUND	Tata Mutual Fund	2.87 L	90.97	0.69%	0.632%	-0
LARGE & MID CAP FUND	Tata Mutual Fund	1.82 L	57.53	0.75%	0.4%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	1.24 L	39.32	0.2%	0.273%	—
Franklin India Dividend Yield Fund (Formerly known as Templeton India Equity Income Fund) ^	Franklin Templeton Mutual Fund	1.15 L	36.39	1.6%	0.253%	-0
FLEXI CAP FUND	Tata Mutual Fund	85,080	26.92	0.74%	0.187%	-0
India Consumption Fund	Baroda BNP Paribas Mutual Fund	52,692	16.67	1.15%	0.116%	-0

1–8 of 43

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Attached please find credit rating received from ICRA Limited.4 Sept 2026 from ICRA

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

29

Final dividend3 Jul 2026 · ex-date₹50
Special dividend11 Aug 2025 · ex-date₹156
Final dividend25 Jul 2025 · ex-date₹30
Interim dividend19 Nov 2024 · ex-date₹70
Final dividend25 Jul 2024 · ex-date₹25
Interim dividend16 Feb 2024 · ex-date₹50
Final dividend27 Jul 2023 · ex-date₹40
Interim dividend21 Feb 2023 · ex-date₹25
Final dividend28 Jul 2022 · ex-date₹35
Interim dividend22 Feb 2022 · ex-date₹40
Final dividend5 Aug 2021 · ex-date₹30
Interim dividend17 Feb 2021 · ex-date₹20
Dividend dividend20 Aug 2020 · ex-date₹14
Dividend dividend31 Jul 2019 · ex-date₹24
Dividend dividend25 Jul 2018 · ex-date₹22
Dividend dividend4 Aug 2017 · ex-date₹22
Special dividend19 Jul 2016 · ex-date₹50
Dividend dividend19 Jul 2016 · ex-date₹20
Dividend dividend6 Aug 2015 · ex-date₹20
Special dividend30 Jul 2014 · ex-date₹60
Dividend dividend30 Jul 2014 · ex-date₹15
Special dividend30 Jul 2013 · ex-date₹60
Dividend dividend30 Jul 2013 · ex-date₹20
Dividend dividend30 Jul 2012 · ex-date₹20
Dividend dividend8 Jul 2011 · ex-date₹18
Dividend dividend5 Jul 2010 · ex-date₹16
Dividend dividend29 Jun 2009 · ex-date₹16
Dividend dividend27 Jun 2008 · ex-date₹8
Dividend dividend29 Jun 2007 · ex-date₹27

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

82 announcementsExport CSV

1 Oct 2026, 10:00 pmCompany Update

Receipt Of Show Cause Notice From Punjab GST Dept

General PDF

1 Oct 2026, 3:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer

Resignation of Company Secretary / Compliance Officer PDF

22 Sept 2026, 5:01 pmCorp. Action

Record Date For Stock Split

Record Date PDF

21 Sept 2026, 4:58 pmCompany Update

Receipt Of Appeal Order From Karnataka GST Dept

General PDF

21 Sept 2026, 4:34 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

Postal Ballot PDF

21 Sept 2026, 4:31 pmAGM/EGM

JSW Dulux Ltd - 500710 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

21 Sept 2026, 11:35 amAGM/EGM

Proceedings Of The Postal Ballot

Postal Ballot PDF

15 Sept 2026, 3:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
1 Oct 2026, 10:00 pm	Company Update General	Receipt Of Show Cause Notice From Punjab GST Dept	PDF
1 Oct 2026, 3:36 pm	Company Update Resignation of Company Secretary / Compliance Officer	Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer

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₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	263	146	181	141	374	283	121	486	485	311	93
	-156	222	-6	185	4	-225	230	-15	-86	123	804
	-113	-392	-126	-360	-157	-174	-346	-302	-439	-460	-875
Net cash flow	-6	-24	50	-34	221	-115	6	169	-40	-26	22
Free cash flow	224	67	78	99	326	255	58	382	367	205	46
CFO / Operating profit %	—	49%	60.5%	—	—	83.1%	28.1%	92.6%	76.8%	48.5%	18.4%

Jsw Dulux Limited

Jsw Dulux Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Coatings · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends29

Board meetings1

Announcements

Not in the F&O segment

Dividends29

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Coatings · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Stock price CAGR

Return on equity

29

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