NSE: JSWDULUX · BSE: 500710
JSW DULUX LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,18,410 | 45.8 | 9.92 | 30.3 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 54,097 | 44.4 | 7.81 | 28.9 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,815 | 24.7 | 2.21 | 13.9 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED | 4,906 | 30.5 | 4.25 | 18.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,323 | 34.3 | 4.89 | 22.4 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED ◆ | 1,285 | 0.7 | 0.52 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD | 691 | — | 2.75 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 125 | — | 0.70 | 12.9 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.7 | 34.3 | 1 of 7 | 100% |
| P/B | 0.5 | 3.5 | 1 of 8 | 100% |
| 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 | 1285 | 2323 | 6 of 9 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · New Email ID for Investor Grievances and Shareholder Correspondence | compliance | minimal | — | — |
| 19 Oct 2026 · Karnataka GST dept demand order; reduced from Rs.118 cr to Rs.42 cr | regulatory legal | high | — | — |
| 16 Oct 2026 · JSW Dulux board to consider Q2 and H1 FY2027 results on 4 Nov 2026 | results | low | — | — |
| 14 Oct 2026 · GST appeal won; demand of about Rs 77 lakh annulled | regulatory legal | high | — | — |
| 13 Oct 2026 · JSW Dulux publishes notice on SEBI special window for physical share demat | compliance | minimal | — | — |
| 12 Oct 2026 · RTA submits quarterly demat compliance certificate for Sep 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Punjab GST show cause notice to JSW Dulux over Rs 11.8 lakh ITC claim | regulatory legal | high | — | — |
| 1 Oct 2026 · General Counsel and Company Secretary Rajiv Lochan Jha resigns | management changes | high | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 until Q2 results are declared | compliance | minimal | — | — |
| 24 Sept 2026 · JSW Dulux gets GST show cause notice of about Rs 56.7 lakh | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.