MarketFriction

JSW Dulux Ltd

NSE JSWDULUX · BSE 500710 · Paints
₹3,020.60 -1.90%
NSE close2026-10-01
52 week range2,658.70 - 3,745.00
Market cap₹13,819 Cr.
P/E36.0
Price band 20% Delivery 51.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9561,0339731,0369821,0501,014995835894883965
Expenses814866812867836884855861724758756850
Operating Profit142166162169146167159134111136127115
OPM %15%16%17%16%15%16%16%14%13%15%14%12%
Other Income98101096391,882-146726
Interest333223232343
Depreciation212022222223221818192020
Profit before tax1271521471541321461381221,972101170118
Tax %26%25%26%26%26%26%21%26%15%27%26%32%
Net Profit9411410911598109108911,6837412680
EPS in Rs20.6824.9923.8725.1621.5023.8523.8019.98369.5216.3227.6017.50
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,6402,5722,7192,9182,6622,4213,1493,8023,9624,0693,5993,578
Expenses2,3802,2442,4202,5762,2912,0782,7143,2763,3283,4273,0903,088
Operating Profit260329299342370343434526633642509489
OPM %10%13%11%12%14%14%14%14%16%16%14%14%
Other Income11065240434121232635271,9441,961
Interest2344910141412101212
Depreciation545458657976768282897577
Profit before tax3143374783163232783674565735702,3662,361
Tax %32%27%16%33%27%25%21%26%26%25%17%
Net Profit2142474002112372082903354274301,9741,962
EPS in Rs45.9152.9485.7546.3352.1345.5963.7073.5893.6894.31433.42430.94
Dividend Payout %153%42%26%52%27%110%118%88%80%106%47%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth3%8%-2%-12%
Compounded Profit Growth7%12%2%-5%
Stock Price CAGR6%6%7%-8%
Return on Equity24%26%27%19%
Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital384747474646464646464646
Reserves9331,1169631,2441,0911,1921,2431,2141,2711,2841,2852,406
Borrowings0333364647070606279
Other Liabilities3618788729399591,0241,1781,2621,3541,5141,5111,265
Total Liabilities1,3322,0441,8842,2332,0982,3262,5302,5922,7402,9042,9033,795
Fixed Assets1335235195395305745435205115264811,613
CWIP29232717161642731196749
Investments91560033657337784000000
Other Assets2839121,0071,0941,1741,6521,9702,0302,1572,2592,3552,133
Total Assets1,3322,0441,8842,2332,0982,3262,5302,5922,7402,9042,9033,795
Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity226314318313937428312148648631293
Cash from Investing Activity283-156225-61854-225230-15-87122804
Cash from Financing Activity-54-113-392-126-360-157-174-346-302-439-460-875
Net Cash Flow231-6-2451-36221-1156170-41-2622
Free Cash Flow20823468809732625558382367206-1,034
CFO/OP-52%145%78%120%77%131%106%54%119%104%74%33%
Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days324958535654625753535261
Inventory Days81891078485107135129951009599
Days Payable150145164159131171220164138164151131
Cash Conversion Cycle-37-71-229-10-232211-10-329
Working Capital Days-37-1151020-5-14144-22232
ROCE %13%27%40%24%27%22%28%35%42%42%23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.76%74.76%74.76%74.76%74.76%74.76%74.76%74.76%69.76%61.20%61.20%61.20%
FIIs3.14%3.20%3.42%3.63%3.75%3.84%3.68%3.70%7.97%8.66%8.43%8.49%
DIIs8.61%8.56%8.36%8.28%8.11%8.05%8.49%8.56%13.77%20.58%21.79%21.96%
Public13.49%13.49%13.47%13.33%13.39%13.35%13.08%12.98%8.50%9.56%8.58%8.33%
No. of Shareholders46,65747,32246,71246,66245,90648,26648,14048,92248,22650,31448,49348,114

Fundamentals

Market Cap₹ 13,819 Cr.
Current Price₹ 3,034
Stock P/E36.0
Book Value₹ 538
ROCE22.7 %
ROE19.1 %
Dividend Yield1.65 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-12%
Compounded Profit Growth (TTM)-5%
Consolidated figures.
Valuation
Market capRs 13,756 Cr
Enterprise valueRs 13,511 Cr
P/E (TTM)7.01x
Price to book5.61x
Price to sales3.85x
EV / EBITDA5.51x
EV / EBIT5.69x
EV / sales3.78x
Price to cash flow147.60x
Earnings yield14.27%
Dividend yield6.81%
P/E, 3-year average23.39x
P/B, 3-year average8.59x
P/E, 5-year average26.28x
P/B, 5-year average8.13x
Profitability
Operating margin (excl. other income)14.15%
Operating margin (incl. other income)68.15%
EBITDA margin68.48%
Pre-tax margin65.99%
Net profit margin54.86%
Net margin, latest quarter8.26%
ROE104.38%
ROCE121.21%
ROA58.93%
ROE, 3-year average56.31%
ROCE, 3-year average68.35%
ROA, 3-year average29.61%
ROE, 5-year average43.54%
ROCE, 5-year average53.62%
ROA, 5-year average22.55%
ROIC (approx.)89.71%
Tax rate16.56%
Other income / net worth79.28%
Growth
Sales growth (latest year)-11.55%
Profit growth (latest year)359.56%
Sales CAGR, 3 years-1.81%
Sales CAGR, 5 years8.25%
Profit CAGR, 3 years80.60%
Profit CAGR, 5 years56.90%
Sales growth QoQ9.25%
Profit growth QoQ-36.60%
Sales growth YoY (latest quarter)-3.02%
Profit growth YoY (latest quarter)-12.42%
Per share
EPS (TTM)Rs 430.94
EPS (latest year)Rs 433.42
EPS (latest quarter)Rs 17.50
EPS, 3-year averageRs 207.14
EPS, 5-year averageRs 151.74
Book value per shareRs 538.34
Sales per shareRs 785.59
Cash flow per shareRs 20.47
Free cash flow per shareRs -227.05
Dividend per share (latest year)Rs 205.82
Dividend per share, 3-year averageRs 126.89
Dividend per share, 5-year averageRs 104.11
Dividends
Dividend payout47.49%
Dividend payout, 3-year average77.81%
Dividend payout, 5-year average87.86%
Efficiency
Asset turnover0.95x
Fixed asset turnover2.23x
Inventory turnover3.95x
Inventory days92 days
Debtor days61 days
Debtors turnover5.97x
Creditor days131 days
Cash conversion cycle29 days
Working capital days32 days
Leverage
Total debtRs 79 Cr
Cash and bankRs 324 Cr
Net debtRs -245 Cr
Debt to equity0.03x
Net debt / EBITDA-0.10x
Interest coverage197.72x
Current ratio (filing 2026-03-31)1.56x
Quick ratio (filing 2026-03-31)1.06x
Trade payables (filing 2026-03-31)Rs 756 Cr
Owners' fund to total sources64.60%
Debt to assets2.08%
Cash flow
Cash from Operating Activity (latest year)Rs 93 Cr
Cash from Investing Activity (latest year)Rs 804 Cr
Cash from Financing Activity (latest year)Rs -875 Cr
Net Cash Flow (latest year)Rs 22 Cr
Free cash flow (latest year)Rs -1,034 Cr
FCFE (approx.: FCF + change in debt)Rs -1,017 Cr
Cash from ops / profit, 5 years0.43x
Sales to cash flow38.62x
Statement figures
Net sales (TTM)Rs 3,578 Cr
Net sales (latest year)Rs 3,599 Cr
Sales (latest quarter)Rs 965 Cr
Operating profit excl. other income (latest year)Rs 509 Cr
Operating profit (latest quarter)Rs 115 Cr
Other income (TTM)Rs 1,961 Cr
EBITDA (TTM)Rs 2,450 Cr
PBDT (TTM)Rs 2,438 Cr
Profit before tax (TTM)Rs 2,361 Cr
Tax (latest year)Rs 392 Cr
Net profit (TTM)Rs 1,962 Cr
Net profit (latest year)Rs 1,974 Cr
Net profit (latest quarter)Rs 80 Cr
Depreciation (TTM)Rs 77 Cr
Depreciation (latest quarter)Rs 20 Cr
Interest (TTM)Rs 12 Cr
Cost of goods sold (latest year)Rs 2,256 Cr
Total expenditure (latest year)Rs 3,090 Cr
Total income (latest year)Rs 5,543 Cr
Share capitalRs 46 Cr
ReservesRs 2,406 Cr
Shareholders' fundsRs 2,452 Cr
Total assetsRs 3,795 Cr
Net blockRs 1,613 Cr
Capital work in progressRs 49 Cr
ReceivablesRs 603 Cr
InventoryRs 571 Cr
Other liabilitiesRs 1,265 Cr
Shares outstanding (crore)4.55
Ownership
Promoter holding61.20% (-13.56 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 7.0 is at the 4th percentile of its own 9.4-year range (median 35.5, low 6.4, high 51.6).
P/B 5.61 is at the 3th percentile (median 8.20).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodJSWDULUXNifty 50Difference
1 week-3.6%-2.8% -0.8 pts
1 month-3.9%-6.8% +2.9 pts
3 months-7.8%-7.6% -0.2 pts
6 months+6.2%+0.4% +5.8 pts
1 year-11.1%-9.9% -1.2 pts
2 years-17.9%-13.6% -4.4 pts
3 years+20.4%+14.2% +6.2 pts
5 years+34.3%+27.9% +6.4 pts
77 mutual fund schemes hold about ₹2,722 Cr. Over three months 24 bought more and 5 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Small Cap Fund1.32%552 +5%
ICICI Pru Value Fund0.67%404 +7%
Nippon India Multi Cap Fund0.51%289 +3%
Aditya Birla SL Large Cap Fund0.79%235 +4%
HDFC Multi Cap Fund0.88%182 +26%
HDFC Children's Fund(Lock in)1.38%147 +5%
HDFC Aggressive Hybrid Fund0.43%95 +7%
Tata Small Cap Fund0.69%91 +2%
Tata Large & Mid Cap Fund0.75%58 +9%
Aditya Birla SL Consumption Fund0.92%56 +5%
UTI Dividend Yield Fund1.26%48 +6%
HDFC Retirement Fund-Equity Plan0.68%47 +4%
PGIM India Flexi Cap Fund0.70%42 +4%
ICICI Pru Multi Cap Fund0.20%39 -1%
ICICI Pru Multi Cap Fund0.20%38 -1%
UTI Small Cap Fund0.70%37 +2%
Franklin India Dividend Yield Fund1.60%36 +7%
ICICI Pru Aggressive Hybrid Fund(A0.07%36 -17%
UTI MNC Fund1.20%33 -5%
HDFC Housing Opp Fund2.44%28 +9%
Tata Flexi Cap Fund0.73%27 +6%
Aditya Birla SL Conglomerate Fund1.49%24 +8%
NJ ELSS Tax Saver Fund5.08%18 +2%
Baroda BNP Paribas India Consumption Fund1.15%17 +3%
Templeton India Value Fund0.82%17 +14%

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was 31% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 50% of total assets in 2026
lookProfit leans on other income Other income was 82% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-07-11: JSW Dulux Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹965 Cr -3.0% vs Jun 2025. Net profit ₹80 Cr -12.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-03Dividend - Rs 50 Per Share
2025-08-11Special Dividend - Rs 156 Per Share
2025-07-25Dividend - Rs 30 Per Share
2024-11-19Interim Dividend - Rs 70 Per Share
2024-07-25Annual General Meeting/Dividend - Rs 25 Per Share
2024-02-16Interim Dividend - Rs 50 Per Share
2023-07-27Annual General Meeting/Dividend - Rs 40 Per Share
2023-02-21Interim Dividend - Rs 25 Per Share
2022-07-28Annual General Meeting/Dividend - Rs 35 Per Share
2022-02-22Interim Dividend - Rs 40 Per Share
2021-08-05 Annual General Meeting/Dividend - Rs 30 Per Share
2021-02-17 Interim Dividend - Rs 20 Per Share
2020-08-20 Annual General Meeting/Dividend - Rs 14 Per Share
2019-07-31 Dividend - Rs 24 Per Share
2018-07-25 Annual General Meeting/Dividend- Rs 22 Per Share
2018-06-06 Buyback
2017-08-04 Annual General Meeting/Dividend - Rs 22/- Per Share
2016-07-19 Annual General Meeting/Final Dividend Rs.20/- Per Share And Special Dividend Rs.50/- Per Share
2015-08-06 Annual General Meeting/Dividend - Rs 20/- Per Share
2014-07-30Annual General Meeting/Final Dividend Rs.15 Per Share + Special Dividend Rs.60 Per Share
2013-07-30Annual General Meeting/Final Dividend Rs.20 Per Share And Special Dividend Rs.60 Per Share
2012-07-30Annul General Meeting/Dividend Rs 20 Per Share
2012-06-07Buy Back-Tender Offer
2011-07-08Dividend-Rs.18/- Per Share
2010-07-05Dividend-Rs.16/- Per Share
2009-06-29Dividend-Rs.16/ Per Share
2008-06-27Dividend - 80%
2007-06-29Agm/Div-Rs.27/- Per Sh
2006-07-07Agm/Dividend-60%
DateTypeWhat it says
2026-10-01Regulatory actionAction(s) initiated or orders passed
2026-10-01ResignationResignation of Director/KMP/SMP
2026-10-01ResignationResignation of Mr Rajiv Lochan Jha as Company Secretary & Compliance Officer of the company
2026-09-24Regulatory actionAction(s) initiated or orders passed
2026-09-22Record DateRecord date for the purpose of Split/Subdivision is 22-Oct-2026.
2026-09-21LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-21Shareholder meetingVoting results.
2026-09-21Shareholder meetingProceedings of Postal Ballot
2026-09-15Concall / analyst meetSchedule of meet
2026-09-15Regulatory actionAction(s) initiated or orders passed
2026-09-07Regulatory actionAction(s) initiated or orders passed
2026-09-07LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-04Credit Rating- NewCredit Rating- New
2026-09-01Regulatory actionAction(s) initiated or orders passed
2026-08-26Regulatory actionAction(s) initiated or orders passed
2026-08-25Regulatory actionAction(s) initiated or orders passed
2026-08-21ResignationResignation of Director/KMP/SMP
2026-08-21Shareholder meetingNotice of Postal Ballot
2026-08-21ResignationResignation of Mr Rohit Ghanshyamdas Totla as Executive Director of the company w.e.f. November 17, 2026.
2026-08-19Regulatory actionAction(s) initiated or orders passed
2026-08-18Concall / analyst meetTranscript
2026-08-18LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-14ResignationResignation of Director/KMP/SMP
2026-08-14ResignationResignation of Director/KMP/SMP
2026-08-14ResignationResignation of Director/KMP/SMP
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-15NCLTOren Hydrocarbons Pvt Ltd Vs Akzo Nobel Industrial Chemicals BV & Another
2017-09-25CESTATAKZO NOBEL INDIA LIMITED ---VS.--- NEW DELHI
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of JSW Dulux Ltd?

JSW Dulux Ltd (JSWDULUX) has a market capitalisation of Rs 13,819 Cr. at the 2026-10-01 close.

What is the P/E ratio of JSW Dulux Ltd?

JSW Dulux Ltd trades at a P/E of 36.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were JSW Dulux Ltd's latest quarterly results?

In the Jun 2026 quarter, JSW Dulux Ltd sales was Rs 965 Cr (-3.0% vs Jun 2025) and net profit was Rs 80 Cr.

What is the 52-week high and low of JSW Dulux Ltd?

The 52-week high is Rs 3,745.00 and the 52-week low is Rs 2,658.70.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03