JSWDULUX

JSW Dulux Limited

Decorative and industrial paints and coatings under Dulux brand

Consumer Discretionary›Consumer Durables›Consumer Durables›Paints

jswdulux.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹3045.00
Market cap
13,863 Cr
Stock P/E
7.1
P/B
5.66
Dividend yield
6.1%
ROE (FY26)
80.5%
ROCE (FY26)
97.0%
Operating margin (FY26)
12.0%
OCF / EBITDA (FY26)
18.4%
OCF / EBITDA (3Y)
49.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

JSW Dulux (formerly Akzo Nobel India) makes and sells decorative paints under the Dulux brand and industrial coatings in India.

Company snapshot

4thBy market cap

Ranked among 8 companies in Paints.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Paints
100.0%
3,069 Cr440 Cr—

What we see

Positives
  • ✓Net margin of 54.8% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 50% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales956 Cr1,033 Cr973 Cr1,036 Cr982 Cr1,050 Cr1,022 Cr995 Cr835 Cr908 Cr883 Cr965 Cr
Operating expenses (approx.)814 Cr866 Cr812 Cr867 Cr836 Cr884 Cr863 Cr861 Cr724 Cr771 Cr756 Cr850 Cr
EBITDA142 Cr166 Cr162 Cr169 Cr146 Cr167 Cr159 Cr134 Cr111 Cr136 Cr127 Cr115 Cr
OPM %14.8%16.1%16.6%16.3%14.9%15.9%15.6%13.5%13.3%15.0%14.4%11.9%
Other income9 Cr8 Cr10 Cr10 Cr9 Cr6 Cr3 Cr9 Cr8 Cr15 Cr67 Cr26 Cr
Interest3 Cr3 Cr3 Cr2 Cr1 Cr3 Cr2 Cr3 Cr2 Cr3 Cr4 Cr3 Cr
Depreciation21 Cr20 Cr22 Cr22 Cr22 Cr23 Cr22 Cr18 Cr18 Cr19 Cr20 Cr20 Cr
Profit before tax127 Cr152 Cr147 Cr154 Cr132 Cr146 Cr138 Cr122 Cr1,972 Cr101 Cr170 Cr118 Cr
Tax %25.8%24.9%26.1%25.7%25.7%25.7%21.2%25.7%14.7%26.6%25.9%32.2%
Net profit94 Cr114 Cr109 Cr115 Cr98 Cr109 Cr108 Cr91 Cr1,683 Cr74 Cr126 Cr80 Cr
EPS (₹)₹20.70₹24.99₹23.87₹25.17₹21.49₹23.85₹23.80₹19.98₹369.51₹16.32₹27.60₹17.51

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,870 Cr2,719 Cr2,918 Cr2,662 Cr2,421 Cr3,149 Cr3,802 Cr3,962 Cr4,091 Cr3,599 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,542 Cr2,421 Cr2,576 Cr2,283 Cr2,081 Cr2,716 Cr3,277 Cr3,330 Cr3,450 Cr3,091 CrSign in free for the trailing twelve months
EBITDA329 Cr299 Cr342 Cr379 Cr341 Cr432 Cr525 Cr632 Cr642 Cr508 CrSign in free for the trailing twelve months
OPM %11.4%11.0%11.7%14.2%14.1%13.7%13.8%16.0%15.7%14.1%Sign in free for the trailing twelve months
Other income49 Cr44 Cr42 Cr38 Cr23 Cr23 Cr27 Cr36 Cr28 Cr98 CrSign in free for the trailing twelve months
Interest3 Cr4 Cr4 Cr9 Cr10 Cr14 Cr14 Cr12 Cr10 Cr12 CrSign in free for the trailing twelve months
Depreciation54 Cr58 Cr65 Cr79 Cr76 Cr76 Cr82 Cr82 Cr89 Cr75 CrSign in free for the trailing twelve months
Profit before tax324 Cr542 Cr316 Cr323 Cr278 Cr367 Cr456 Cr573 Cr570 Cr2,365 CrSign in free for the trailing twelve months
Tax %27.7%26.2%33.1%26.5%25.4%20.9%26.5%25.6%24.6%16.6%Sign in free for the trailing twelve months
Net profit247 Cr400 Cr211 Cr237 Cr208 Cr290 Cr335 Cr427 Cr429 Cr1,974 CrSign in free for the trailing twelve months
EPS (₹)₹52.93₹85.75₹45.96₹52.13₹45.60₹63.70₹73.58₹93.68₹94.31₹433.42Sign in free for the trailing twelve months
Dividend payout %————74.6%109.9%81.5%96.1%100.7%42.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital47 Cr47 Cr46 Cr46 Cr46 Cr46 Cr46 Cr46 Cr46 Cr46 Cr
Reserves963 Cr1,244 Cr1,091 Cr1,192 Cr1,243 Cr1,214 Cr1,271 Cr1,284 Cr1,285 Cr2,406 Cr
Borrowings3 Cr3 Cr3 Cr———————
Other liabilities872 Cr939 Cr959 Cr1,088 Cr1,242 Cr1,332 Cr1,424 Cr1,574 Cr1,573 Cr1,344 Cr
Total liabilities1,885 Cr2,233 Cr2,098 Cr2,326 Cr2,530 Cr2,592 Cr2,740 Cr2,904 Cr2,903 Cr3,795 Cr
Fixed assets (net)508 Cr529 Cr521 Cr566 Cr537 Cr515 Cr507 Cr523 Cr479 Cr461 Cr
CWIP23 Cr27 Cr17 Cr16 Cr17 Cr42 Cr73 Cr119 Cr67 Cr49 Cr
Investments336 Cr573 Cr377 Cr84 Cr0.54 Cr0 Cr0 Cr0 Cr0.10 Cr0 Cr
Loans & advances——10 Cr2 Cr2 Cr0 Cr0 Cr0 Cr0 Cr0.20 Cr
Inventories405 Cr351 Cr392 Cr424 Cr488 Cr664 Cr598 Cr611 Cr605 Cr571 Cr
Trade receivables412 Cr395 Cr444 Cr396 Cr413 Cr496 Cr552 Cr575 Cr585 Cr603 Cr
Cash & bank18 Cr69 Cr33 Cr255 Cr139 Cr145 Cr315 Cr274 Cr248 Cr270 Cr
Other assets183 Cr289 Cr303 Cr583 Cr934 Cr730 Cr696 Cr801 Cr919 Cr1,842 Cr
Total assets1,885 Cr2,233 Cr2,098 Cr2,326 Cr2,530 Cr2,592 Cr2,740 Cr2,904 Cr2,903 Cr3,795 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—183 Cr139 Cr374 Cr283 Cr121 Cr486 Cr485 Cr311 Cr93 Cr
Cash from investing—-6 Cr185 Cr4 Cr-225 Cr230 Cr-15 Cr-86 Cr123 Cr804 Cr
Cash from financing—-126 Cr-360 Cr-157 Cr-174 Cr-346 Cr-302 Cr-439 Cr-460 Cr-875 Cr
Net cash flow—51 Cr-36 Cr221 Cr-115 Cr6 Cr170 Cr-41 Cr-26 Cr22 Cr
Free cash flow (OCF − Capex)—80 Cr97 Cr326 Cr255 Cr58 Cr382 Cr367 Cr204 Cr-1,106 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %32.3%42.2%28.1%26.9%22.4%30.3%35.7%44.0%43.6%97.0%
ROE %24.5%31.0%18.6%19.2%16.1%23.0%25.5%32.1%32.3%80.5%
Debtor days52535554625753535261
Inventory days1229795129152136105111102111
Days payable188182170206249173156181161147
Cash conversion cycle-13-32-19-22-35201-17-725
OCF / EBITDA %—61.1%40.7%98.7%83.1%28.1%92.6%76.8%48.5%18.4%
OCF / EBITDA % (3 years)———68.2%75.0%67.6%68.6%68.8%71.3%49.9%
Debt / equity0.00290.00220.00260.00——————
Current ratio1.521.761.591.641.601.491.481.351.221.56
Net debt / EBITDA-0.04—-0.09-0.67-0.41-0.34-0.60-0.43-0.39-0.53