Skip to main content
Swing Capital

JSW Dulux Ltd

NSE: JSWDULUX BSE: 500710

Incorporated in 1954, Akzo Noble India Ltd is in the business of manufacturing, trading, and selling paints and related products. It also provides research and development services to its Holding Company and other group companies[1]

₹2,910
52W: ₹2649 — ₹3916
PE 6.91 · Book ₹495 · +488% vs book
Market Cap₹13,254 Cr
Stock P/E6.91Price to Earnings
ROCE166%Return on Capital
ROE144%Return on Equity
Div. Yield3.44%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 55.7% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 69.7%

Weaknesses

  • −The company has delivered a poor sales growth of 8.25% over past five years.
  • −Earnings include an other income of Rs.1,880 Cr.
  • −Promoter holding has decreased over last 3 years: -13.6%

Shareholding Pattern

Promoters61.2%
FIIs8.43%
DIIs21.79%
Public8.58%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.76%74.76%74.76%74.76%74.76%69.76%▼5.061.2%▼8.661.2%
FIIs3.63%3.75%▲0.13.84%▲0.13.68%▼0.23.7%▲0.07.97%▲4.38.66%▲0.78.43%▼0.2
DIIs8.28%8.11%▼0.28.05%▼0.18.49%▲0.48.56%▲0.113.77%▲5.220.58%▲6.821.79%▲1.2
Public13.33%13.39%▲0.113.35%▼0.013.08%▼0.312.98%▼0.18.5%▼4.59.56%▲1.18.58%▼1.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0339731,0369821,0501,014995835894883
Expenses866812867836884855861724759756
Operating Profit166162169146167159134111136127
OPM %16%17%16%15%16%16%14%13%15%14%
Net Profit11410911598109108911,6837470
EPS ₹24.9923.8925.1621.523.8523.6119.98369.516.2715.35

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,599Cr, down 12% YoY. OPM at 14%.

Debt Position

Borrowings at ₹71Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹74Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.79% (+13.04pp change). FIIs: 8.43% (+5.28pp change). Promoters hold 61.2%.

Margin & Efficiency

ROCE declining from 25% (Mar 2015) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 6.91x with 166% ROCE. Price is 488% above book value of ₹495. Dividend yield: 3.44%.

Recent Announcements