JSW Dulux Limited

JSW Dulux Limited

302.70
INR
+3.48
(+1.16%)
81.41EPS
3.95P/E
146.50BMarket Cap
Nov 04Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
514.27
536.54
560.69
551.33
578.71
630.76
579.38
526.37
682.63
829.33
864.44
887.76
786.2
823.38
Basic EPS, GAAP
32.19
39.93
45.91
52.94
85.75
45.96
52.13
45.59
63.7
73.58
93.68
94.31
433.42
81.41
Free Cash Flow per Basic Share
10.82
22.33
48.01
13.8
17.06
21.21
71.65
56.02
12.74
83.86
80.59
45.15
-242.82
- -
Dividend per Share
80
74.99
19.89
69.4
22.01
21.82
24.11
33.99
70
59.99
90.01
94.99
185.99
- -
Book Value per Share
181.7
227.88
249.29
216.37
276.66
249.52
271.83
282.89
276.57
289.04
292.03
292.09
538.34
- -
Tangible Book Value per Share
181.7
227.88
249.29
213.91
274.49
247.6
270.2
281.51
275.43
288.14
291.37
291.68
285.2
- -
Basic Weighted Avg Shares
47
47
47
47
47
46
46
46
46
46
46
46
46
46
Sales/Revenue/Turnover
23,996
25,035
26,162
25,725
27,003
28,959
26,385
23,971
31,087
37,768
39,367
40,429
35,804
37,491
Operating Margin (%)
6.18
8.2
9.38
10.76
8.57
9.06
10.68
10.89
11.2
11.54
13.75
13.34
11.96
11.62
Depreciation Expense
437
526
537
565
607
652
790
755
759
825
823
894
753
774
Net Income, GAAP
1,502
1,863
2,142
2,470
4,001
2,110
2,374
2,076
2,901
3,351
4,266
4,295
19,738
3,707
Effective Tax Rate (%)
26.16
32.25
31.83
27.68
27.41
33.14
26.55
25.38
20.91
26.5
25.55
24.64
16.56
27.48
Profit Margin (%)
6.26
7.44
8.19
9.6
14.82
7.29
9
8.66
9.33
8.87
10.84
10.62
55.13
9.89
Working Capital
2,535
5,019
5,945
4,149
6,671
5,327
6,116
6,525
5,864
6,090
5,092
5,631
6,562
- -
LT Debt
- -
26
26
29
29
29
532
511
551
530
451
448
631
- -
Total Equity
8,478
10,633
11,632
10,096
12,909
11,363
12,379
12,883
12,595
13,163
13,299
13,302
24,516
- -
Return on Invested Capital (%)
11.35
14.79
15.34
18.64
14.84
14.74
17.04
14.94
20.93
23.88
29.3
29.47
97.47
- -
Return on Capital (%)
15.49
19.57
19.33
22.86
34.9
17.59
20
16.2
22.32
25.26
31.28
31.36
101.07
- -
Return on Common Equity (%)
15.38
19.5
19.24
22.74
34.78
17.39
20
16.44
22.77
26.02
32.24
32.29
104.38
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
160
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
631
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
455
46
455
Market Capitalization
144,495
12,937
146,496

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
17,994
- -
Cash, Cash Equivalents & STI
- -
3,362
- -
Accounts Receivable, Net
- -
6,029
- -
Inventories
- -
5,711
- -
Total Current Liabilities
- -
11,432
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
160
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.33%
17.52%
84.3%
Free Cash Flow
-1.66%
-40.91%
-637.84%
Net Income, GAAP
47.28%
88.56%
359.56%
Sales/Revenue/Turnover
3.92%
9.33%
-11.44%
Total Cash Common Dividend
47.18%
48.6%
95.79%

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
10,363
9,823
10,505
10,144
40,429
2026
9,931
- -
9,077
8,833
35,804
2027
9,650
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
25.17
21.49
23.85
23.8
94.31
2026
19.98
- -
16.32
27.6
433.42
2027
17.51
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
94.99
2026
- -
- -
- -
- -
185.99
2027
- -
- -
- -
- -
- -

Company Description

CEO
Rajiv Rajgopal
Full Time Employees
1,632
Sector
Process industries
Industry
Industrial specialties
Address
Gurgaon WB India
IPO Date
Apr 6, 2026
Business
JSW Dulux Limited, a paints and coatings company, operates as the holding entity for the Dulux and related coating brands under the JSW Paints umbrella, delivering decorative paints, industrial coatings, and related color and coating solutions across India and selected global markets. The company focuses on decorative paints for residential and commercial applications, performance coatings for industrial and consumer industries, and allied services including color concepts, training, and application equipment. Founding year and headquarters - Founded in 1954 as Akzo Nobel India Limited and headquartered in Kolkata, India, JSW Dulux Limited operates within the broader AkzoNobel heritage while realigning under JSW Paints following the 2026 corporate transformation. Geographic and market presence - Geographic footprint spans India with strategic commercial and service presence in key regions, supporting both organized and unorganized segments of the paint and coatings market. The company also engages in select international markets through distribution networks and partnerships aligned with its branding. Core products and services - Decorative paints: interior and exterior emulsions, enamels, specialty decorative finishes, warranties on durable performance; Dulux-branded color palettes and coordinated paint systems for homes and commercial spaces. - Industrial coatings: coil and extrusion coatings, automotive refinishes, packaging coatings, wood finishes; high-performance substrates for manufacturing, construction, and infrastructure applications. - Other coating solutions: powder coatings, protective finishes, and surface treatments for industrial and consumer use; color concepts, tinting and mixing services, and technical support. - Value-added services: color consultancy, project specification, training programs, and access to mixing machines and application equipment; digital color tools and design assistance for contractors and homeowners. Recent major changes - Acquisition and corporate transformation: JSW Paints acquires a controlling stake and completes a strategic consolidation, rebranding Akzo Nobel India Limited to JSW Dulux Limited, and restructures the board and corporate governance to align with the JSW platform. - Brand and product strategy shift: under JSW Dulux, the decorative paints division introduces new products and premium finishes leveraging Dulux and related brands; emphasis on integrating with JSW’s distribution and manufacturing ecosystem to accelerate growth. - Strategic integrations: enhanced operational integration with JSW Paints, focusing on manufacturing efficiency, supply chain optimization, and broader geographic expansion. - Market positioning: re-positioning within the JSW group to leverage cross-sell opportunities across building materials and consumer goods channels, while preserving brand equity and established quality standards associated with the Dulux name. Industry and segments - Industry: paints and coatings with exposure to decorative, architectural, and industrial coatings markets. - Business segments: decorative paints, industrial coatings, color and technical services, and related equipment and training offerings; serving residential, commercial, and industrial customers. Subsidiaries and parent relationships - Parent: JSW Paints (group company acquiring and consolidating JSW Dulux Limited’s operations and governance). - Relationship to previous branding: formerly Akzo Nobel India Limited, now operating as JSW Dulux Limited with continuity of Dulux portfolio under a new ownership and strategic framework. Foundational and corporate context - Founding year: 1954 (as Akzo Nobel India Limited). - Headquarters: Kolkata, India, with distribution and operations across major Indian states and selected international markets, under the strategic guidance of the JSW conglomerate since 2026. The company maintains ongoing collaboration with its legacy Dulux brands while integrating JSW’s industrial and consumer product distribution capabilities.