Makes and sells decorative and industrial paints in India under the Dulux brand, following JSW Paints' acquisition of a 61.2% stake from Akzo Nobel in December 2025 (the company was renamed from Akzo Nobel India to JSW Dulux in March 2026). The single reported Paints segment generated Rs 3,599.2 cr of retained business revenue in FY26 with 7% volume growth, split between decorative paints for retail/households and industrial coatings for steel, marine, protective and auto OEM customers. The industrial coatings business leverages JSW Group ownership — management notes roughly 70% of industrial coatings go on steel — with marquee wins cited including a Porsche OEM tie-up and the Navi Mumbai Airport project. The company operates 5 plants, employs about 1,156 people plus 476 workers, and reaches 6,640 dealers across more than 5,000 towns, with management targeting expansion to 6,000+ towns including tier 2/3/4 markets. The premium portfolio mix stands at 44% versus an industry average of 22%; in Q4 FY26 deliberate price corrections in premium categories (from 7-9% premiums down to near-market levels) drove 23% blended volume growth but only 6.2% revenue growth, after which a 9.7% price hike was implemented to offset raw material inflation running at 24-25%. Materials are the dominant cost at 51.9% of revenue, with employees at 8.7% and other operating expenses at 18.6%, and the company is debt-free. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paints (100%). Asset-light, single-segment Indian paints business now under JSW Group ownership; debt-free.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,149 | 3,802 | 3,962 | 4,091 | 3,599 |
| EBITDA (ex other income) | 434 | 525 | 632 | 642 | 2,354 |
| margin % | 13.8 | 13.8 | 16.0 | 15.7 | 65.4 |
| Owners' profit | 290 | 335 | 427 | 429 | 1,974 |
| EPS, as reported (₹) | 63.70 | 73.58 | 93.68 | 94.31 | 433.42 |
| ROE % · ROCE % | 23.0 · 27.1 | 25.5 · 31.8 | 32.1 · 39.6 | 32.3 · 37.8 | 80.5 · 89.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 121 | 486 | 485 | 311 | 93 |
| Capex | (63) | (104) | (119) | (107) | (47) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 982 | 1,050 | 1,022 | 995 | 835 | 908 | 883 | 965 |
| Profit before tax | 132 | 146 | 138 | 122 | 1,972 | 101 | 170 | 118 |
| Net profit | 98 | 109 | 108 | 91 | 1,683 | 74 | 126 | 80 |
| EPS (₹) | 21.49 | 23.85 | 23.80 | 19.98 | 369.51 | 16.32 | 27.60 | 17.51 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,37,162 | 49.7 | 10.77 | 32.9 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 53,461 | 43.9 | 7.71 | 28.6 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 15,267 | 25.4 | 2.28 | 14.3 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED ◆ | 14,366 | 7.3 | 5.86 | 5.8 | 80.5 | 89.2 | 8.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Karnataka GST show cause notice for Rs 48.59 crore ITC disallowance | regulatory legal | high | — | — |
| 7 Sept 2026 · JSW Dulux wins GST appeal; gets Rs 10.81 lakh refund, penalty waived | regulatory legal | high | — | — |
| 4 Sept 2026 · ICRA assigns AA- (Stable) rating to Rs 250 crore ICICI Bank facility | credit debt | medium | — | — |
| 1 Sept 2026 · JSW Dulux receives GST show cause notice for ITC disallowance | regulatory legal | high | — | — |
| 26 Aug 2026 · JSW Dulux gets MP GST show cause notice over Rs 1,965 tax shortfall | regulatory legal | high | — | — |
| 25 Aug 2026 · JSW Dulux gets GST order from Telangana dept over ITC disallowance | regulatory legal | high | — | — |
| 22 Aug 2026 · JSW Dulux files Postal Ballot notice newspaper publication | compliance | minimal | — | — |
| 21 Aug 2026 · JSW Dulux seeks shareholder nod for 10 for 1 stock split via postal ballot | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Wholetime Director Rohit Totla resigns, last day on or before 17 Nov 2026 | management changes | high | — | — |
| 19 Aug 2026 · GST show cause notice for around Rs 1.84 crore on input tax credit disallowance | regulatory legal | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 14.6 |
| INDIGO PAINTS LIMITED | 5,166 | 32.1 | 4.48 | 19.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,425 | 35.8 | 5.10 | 23.4 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 719 | — | 2.86 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 142 | — | 0.80 | 14.5 | 0.1 | 0.3 | — | (4.2) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 35.8 | 1 of 7 | 100% |
| P/B | 5.9 | 4.8 | 6 of 8 | 29% |
| ROCE | 89.2 | 16.5 | 1 of 8 | 100% |
| ROE | 80.5 | 13.2 | 1 of 8 | 100% |
| Debt / Equity | 0.0 | 0.1 | 1 of 8 | 100% |
| EBITDA margin | 14.6 | 17.1 | 6 of 8 | 29% |
| Revenue growth | (3.0) | 10.9 | 6 of 8 | 29% |
| Profit growth | (12.4) | 10.0 | 6 of 8 | 29% |
| Market cap | 14366 | 5166 | 4 of 9 | 63% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
