JSW Dulux Limited

BSE: JSWDULUX500710ISIN INE133A01029

Consumer Discretionary
Paints
BSE 500

Share price

₹264.00+3.60 (+1.38%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

Splits and bonuses

22 Oct 2026 · Split 10:1 (₹10 → ₹1)

52W high: ₹374.67
52W low: ₹258.00
Off 52W high: -29.54%
1M return: -10.88%
3M return: -12.47%
6M return: -11.72%
1Y return: -18.54%
20D avg volume: 1,62,442
50 DMA: ₹303.39
200 DMA: ₹301.24

Key ratios Consolidated

Market cap: ₹12,023 Cr
Current price: ₹264.00
52W high / low: ₹374.67 / ₹258.00
Face value: ₹1.00
P/E: 0.61
P/B: —
EPS (TTM): ₹430.94
Book value / share: —
ROE: —
ROCE: 89.60%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-269.80 Cr
Interest cover: 196.17
Dividend yield: 18.94%
Dividend / share (TTM): ₹50.00
Payout: 11.60%
Cash conversion cycle: 42.3 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	965.02	883.27	907.72	834.91	995.11	1,022	1,050	982.29	1,036	973.39	1,033	956.28
	25.59	67.15	14.66	7.72	8.95	2.79	6.01	9.07	9.70	10.27	8.38	8.94
	990.61	950.42	922.38	842.63	1,004	1,025	1,056	991.36	1,046	983.66	1,041	965.22
	872.95	780.72	792.83	744.82	881.60	887.31	910.29	859.58	891.69	836.65	889.61	838.29
	635.80	471.17	437.75	440.70	518.61	549.24	509.19	575.13	529.00	522.08	460.67	510.55
	44.15	39.72	47.76	54.35	41.63	47.88	52.28	57.64	54.05	51.77	54.74	54.46
	82.62	75.01	67.41	72.90	97.71	84.41	77.58	86.81	88.62	79.94	82.17	82.76
	2.63	4.30	2.85	2.30	2.66	2.49	3.33	1.49	2.47	3.15	3.21	2.72
	20.41	20.07	18.58	18.32	18.26	22.03	23.41	22.20	21.81	21.83	20.07	21.11
	163.13	156.55	178.98	161.10	194.13	197.60	195.68	195.85	205.14	185.16	206.51	202.44
	117.66	169.70	129.56	97.81	122.46	137.61	146.19	131.77	154.28	147.01	151.52	126.93
	0.00	0.00	-28.26	1,874	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	117.66	169.70	101.29	1,972	122.46	137.61	146.19	131.77	154.28	147.01	151.52	126.93
	37.94	43.99	26.99	289.19	31.45	29.18	37.61	33.91	39.67	38.34	37.69	32.70
	79.72	125.71	74.31	1,683	91.01	108.43	108.58	97.86	114.61	108.67	113.82	94.23
	17.51	27.60	16.32	369.51	19.98	23.80	23.85	21.49	25.17	23.87	24.99	20.70
Key metrics
	140.70	194.07	122.72	1,993	143.38	162.13	172.93	155.46	178.56	171.99	174.80	150.76
	14.60%	22.00%	13.50%	238.70%	14.40%	15.90%	16.50%	15.80%	17.20%	17.70%	16.90%	15.80%
	8.30%	14.20%	8.20%	201.60%	9.10%	10.60%	10.30%	10.00%	11.10%	11.20%	11.00%	9.90%
	—	6.60%	—	83.00%	—	9.10%	—	—	—	—	—	—
	-3.00%	-13.60%	-13.60%	-15.00%	-4.00%	5.00%	1.70%	2.70%	—	—	—	—
	-12.40%	15.90%	-31.60%	1,619.60%	-20.60%	-0.20%	-4.60%	3.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Income statement
	3,591	3,599	4,091	3,962	3,802	3,149	2,421	2,662	2,918	2,793	3,134
	115.12	98.49	27.61	35.78	27.35	22.71	23.25	37.62	42.22	43.79	49.31
	3,706	3,698	4,119	3,997	3,829	3,171	2,445	2,699	2,961	2,837	3,184
	3,191	3,178	3,549	3,424	3,374	2,807	2,166	2,371	2,646	2,556	2,845
	1,985	1,868	2,163	2,009	2,081	1,775	1,166	1,201	1,499	1,321	1,274
	185.98	183.43	211.86	208.27	201.59	193.90	173.73	267.50	206.50	180.80	—
	297.94	313.01	337.39	328.10	301.07	264.05	251.76	255.75	265.61	280.21	262.45
	12.08	12.12	9.76	12.49	14.06	14.46	10.25	9.34	4.45	3.50	3.19
	77.38	75.26	89.45	82.31	82.46	75.94	75.55	79.01	65.16	—	56.51
	659.76	668.90	794.29	778.65	685.76	573.63	506.07	584.37	619.34	—	630.98
	514.73	519.58	569.94	573.00	455.90	364.77	278.21	328.44	314.93	280.76	338.49
	1,846	1,846	0.00	0.00	0.00	2.00	0.00	-5.23	0.65	2.00	3.87
	2,361	2,365	569.94	573.00	455.90	366.77	278.21	323.21	315.58	282.76	342.36
	398.11	391.71	140.46	146.42	120.79	76.71	70.57	85.75	104.58	77.50	95.34
	1,963	1,974	429.49	426.58	335.12	290.06	207.64	237.46	211.00	400.14	247.02
	430.94	433.42	94.31	93.68	73.58	63.70	45.60	52.13	45.96	—	—
Key metrics
	2,450	2,453	669.15	667.80	552.42	457.17	364.01	411.56	385.19	286.26	402.06
	68.23%	68.20%	16.40%	16.90%	14.50%	14.50%	15.00%	15.50%	13.20%	10.20%	12.80%
	54.65%	54.80%	10.50%	10.80%	8.80%	9.20%	8.60%	8.90%	7.20%	14.30%	7.90%
	—	89.60%	37.80%	—	—	—	—	—	—	—	—
	-11.34%	-12.00%	3.30%	4.20%	20.80%	30.00%	-9.00%	-8.80%	4.50%	-10.90%	—
	383.53%	359.60%	0.70%	27.30%	15.50%	39.70%	-12.60%	12.50%	-47.30%	62.00%	—
	—	46.30	204.50	—	—	—	—	—	—	—	—
	—	0.05	0.72	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	-269.80	-248.17	—	—	—	—	—	—	—	—
	—	42.3	20.9	—	—	—	—	—	—	—	—
Balance sheet
	—	3,795	2,903	—	—	—	—	—	—	—	—
	—	1,787	1,672	—	—	—	—	—	—	—	—
	—	269.80	248.17	—	—	—	—	—	—	—	—
	—	602.91	584.91	—	—	—	—	—	—	—	—
	—	571.10	604.73	—	—	—	—	—	—	—	—
	—	276.69	173.13	—	—	—	—	—	—	—	—
	—	460.53	479.41	—	—	—	—	—	—	—	—
	—	756.45	956.36	—	—	—	—	—	—	—	—
	—	1,143	1,369	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	2,452	1,330	—	—	—	—	—	—	—	—
Cash flow
	—	93.32	311.01	—	—	—	—	—	—	—	—
	—	803.67	122.66	—	—	—	—	—	—	—	—
	—	-875.43	-459.51	—	—	—	—	—	—	—	—
	—	47.02	106.51	—	—	—	—	—	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	965.02	883.27	907.72	834.91	995.11	1,022	1,050	982.29	1,036	973.39	1,033	956.28
	81.27	1.95	14.66	7.72	8.95	2.79	6.01	9.07	9.70	10.27	8.38	8.94
	1,046	885.22	922.38	842.63	1,004	1,025	1,056	991.36	1,046	983.66	1,041	965.22
	872.93	780.92	793.49	744.87	881.60	887.51	910.29	859.58	891.69	836.55	889.61	838.29
	635.80	471.17	437.75	440.70	518.61	549.24	509.19	575.14	528.99	522.08	460.67	510.55
	44.15	39.72	47.76	54.35	41.63	47.88	52.28	57.64	54.05	51.77	54.74	54.46
	82.21	74.61	67.20	72.56	97.51	84.21	77.28	86.50	88.42	79.75	81.97	82.46
	2.63	4.30	2.85	2.30	2.66	2.49	3.33	1.49	2.47	3.16	3.21	2.72
	20.41	20.07	18.58	18.32	18.26	21.93	23.41	22.20	21.81	21.83	20.07	21.11
	163.52	157.15	179.85	161.49	194.33	198.10	195.98	196.16	205.34	185.26	206.71	202.74
	173.36	104.30	128.90	97.76	122.46	137.41	146.19	131.77	154.28	147.11	151.52	126.93
	0.00	0.00	-27.86	1,874	0.00	0.00	—	—	—	—	—	—
	173.36	104.30	101.03	1,972	122.46	137.41	146.19	131.77	154.28	147.11	151.52	126.93
	37.84	34.41	26.91	289.24	31.45	29.89	37.61	33.91	39.67	38.34	37.69	32.70
	135.52	69.89	74.13	1,683	91.01	107.52	108.58	97.86	114.61	108.78	113.82	94.23
	29.76	15.35	16.27	369.49	19.98	23.60	23.85	21.49	25.17	23.89	24.99	20.70
Key metrics
	196.40	128.67	122.46	1,993	143.38	161.83	172.93	155.46	178.56	172.10	174.80	150.76
	20.40%	14.60%	13.50%	238.70%	14.40%	15.80%	16.50%	15.80%	17.20%	17.70%	16.90%	15.80%
	14.00%	7.90%	8.20%	201.50%	9.10%	10.50%	10.30%	10.00%	11.10%	11.20%	11.00%	9.90%
	—	4.20%	—	83.10%	—	9.10%	—	—	—	—	—	—
	-3.00%	-13.60%	-13.60%	-15.00%	-4.00%	5.00%	1.70%	2.70%	—	—	—	—
	48.90%	-35.00%	-31.70%	1,619.50%	-20.60%	-1.20%	-4.60%	3.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17
Income statement
	3,591	3,599	4,091	3,962	3,802	3,149	2,421	2,662	2,918	2,793	3,134
	105.60	33.27	27.61	35.78	27.35	22.71	23.25	37.62	42.22	43.79	49.31
	3,697	3,632	4,119	3,997	3,829	3,171	2,445	2,699	2,961	2,837	3,184
	3,192	3,179	3,549	3,424	3,374	2,807	2,166	2,371	2,646	2,555	2,845
	1,985	1,868	2,163	2,009	2,081	1,775	1,166	1,201	1,499	1,321	1,274
	185.98	183.43	211.86	208.27	201.59	193.90	173.73	267.50	206.53	180.80	—
	296.58	311.93	336.42	327.10	300.18	263.18	251.09	255.08	265.04	276.32	258.38
	12.08	12.12	9.76	12.50	14.06	14.46	10.25	9.34	4.45	3.50	3.19
	77.38	75.26	89.32	82.31	82.46	75.94	75.54	79.01	65.16	58.22	56.51
	662.01	671.00	795.59	779.55	686.65	574.61	506.79	585.09	619.86	617.80	635.05
	504.32	453.34	569.74	573.10	455.86	364.66	278.17	328.39	314.91	281.21	338.49
	1,846	1,846	0.00	—	—	2.00	—	-5.23	0.65	2.00	3.87
	2,351	2,300	569.74	573.10	455.86	366.66	278.17	323.16	315.56	283.21	342.36
	388.40	382.03	141.13	146.42	120.79	76.70	70.57	85.75	104.58	77.50	95.34
	1,962	1,918	428.61	426.68	335.08	289.96	207.60	237.41	210.98	400.57	247.02
	430.87	421.10	94.11	93.70	73.58	63.68	45.60	52.13	45.96	—	—
Key metrics
	2,440	2,387	668.82	667.91	552.38	457.06	363.96	411.51	385.17	344.93	402.06
	67.95%	66.30%	16.30%	16.90%	14.50%	14.50%	15.00%	15.50%	13.20%	12.40%	12.80%
	54.64%	53.30%	10.50%	10.80%	8.80%	9.20%	8.60%	8.90%	7.20%	14.30%	7.90%
	—	89.10%	37.80%	—	—	—	—	—	—	—	—
	-11.34%	-12.00%	3.30%	4.20%	20.80%	30.00%	-9.00%	-8.80%	4.50%	-10.90%	—
	384.54%	347.40%	0.50%	27.30%	15.60%	39.70%	-12.60%	12.50%	-47.30%	62.20%	—
	—	36.53	204.26	—	—	—	—	—	—	—	—
	—	0.04	0.73	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	-203.10	-247.22	—	—	—	—	—	—	—	—
	—	42.6	20.9	—	—	—	—	—	—	—	—
Balance sheet
	—	3,728	2,902	—	—	—	—	—	—	—	—
	—	1,720	1,671	—	—	—	—	—	—	—	—
	—	203.10	247.22	—	—	—	—	—	—	—	—
	—	602.91	584.91	—	—	—	—	—	—	—	—
	—	571.10	604.73	—	—	—	—	—	—	—	—
	—	276.68	173.11	—	—	—	—	—	—	—	—
	—	460.43	479.31	—	—	—	—	—	—	—	—
	—	753.55	956.66	—	—	—	—	—	—	—	—
	—	1,134	1,369	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—	—	—	—
	—	2,394	1,329	—	—	—	—	—	—	—	—
Cash flow
	—	83.55	310.76	—	—	—	—	—	—	—	—
	—	747.70	122.56	—	—	—	—	—	—	—	—
	—	-875.43	-459.51	—	—	—	—	—	—	—	—
	—	47.02	106.50	—	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -1.81%
Sales CAGR 5Y: +8.25%
Profit CAGR 3Y: +78.87%
Profit CAGR 5Y: +55.99%
Sales YoY (TTM): -11.34%
Profit YoY (TTM): +384.54%

Consolidated

Sales CAGR 3Y: -1.81%
Sales CAGR 5Y: +8.25%
Profit CAGR 3Y: +80.59%
Profit CAGR 5Y: +56.89%
Sales YoY (TTM): -11.34%
Profit YoY (TTM): +383.53%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 61.20%

Quarter	September 2026	June 2026
Promoter %	61.20%	61.20%

Holder	Type	Holding	Previous	Change
JSW PAINTS LIMITED	Promoter	61.20%	61.20%	0.00%
Hdfc Mutual Fund - Hdfc Childrens Fund	Public	7.42%	7.16%	+0.26%
Icici Prudential Value Fund	Public	3.56%	3.60%	-0.04%
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund	Public	2.43%	2.07%	+0.36%
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund	Public	2.18%	2.18%	0.00%
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio	Public	1.89%	1.89%	0.00%
The New India Assurance Company Limited	Public	1.72%	1.72%	0.00%
Tata Mutual Fund - Tata Small Cap Fund	Public	1.26%	1.29%	-0.03%
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs	Public	1.00%	1.01%	-0.01%
IMPERIAL CHEMICAL INDUSTRIES LTD	Promoter	0.00%	0.00%	0.00%
AKZO NOBEL COATINGS INTERNATIONAL B.V	Promoter	0.00%	0.00%	0.00%
AKZO NOBEL ( C ) HOLDINGS B.V.	Promoter	0.00%	0.00%	0.00%
AKZO NOBEL CHEMICALS INTERNATIONAL B.V.	Promoter	0.00%	0.00%	0.00%
PANTER B.V.	Promoter	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Asian Paints Ltd.	2,32,126	2,420.00	47.33	23.80%	+12.37% TTM	+23.70% TTM	-2.68%
Berger Paints India Ltd	56,534	484.85	46.42	20.00%	+5.22% TTM	+6.48% TTM	-9.80%
Kansai Nerolac Paints	15,761	194.85	26.77	11.80%	+5.24% TTM	-46.49% TTM	-21.61%
JSW Dulux Limited	12,023	264.00	0.61	89.60%	-11.34% TTM	+383.53% TTM	-18.54%
Indigo Paints Limited	4,107	860.45	27.13	16.30%	+11.95% TTM	+4.72% TTM	-13.68%
Sirca Paints India Limited	2,326	409.55	34.71	17.90%	+24.10% TTM	+26.31% TTM	-19.16%
Shalimar Paints Ltd.	665	79.39	-7.56	-15.10%	-11.84% TTM	-36.60% TTM	+2.90%
Kamdhenu Ventures Limited	127	3.87	-16.68	2.30%	-8.05% TTM	-232.47% TTM	-52.16%
Retina Paints Limited S	40	26.35	62.74	5.50%	—	—	-61.25%

Filings & corporate actions

Recent announcements

Attached the outcome of investor call with website link for audio recording4 Nov 2026 · Company Update / Analyst / Investor Meet
Attached announcement regarding proposed change in registered office subject to shareholders and statutory/regulatory approvals.4 Nov 2026 · Company Update / General
Attached please find announcement regarding appointment of Independent Director Mr Bahram N Vakil4 Nov 2026 · Company Update / Change in Directorate
Investor presentation attached.4 Nov 2026 · Company Update / Investor Presentation
Attached the unaudited financial results for the quarter and half year ended 30th September 2026 alongwith limited review report and press release4 Nov 2026 · Result / Financial Results
Attached is the outcome of board meeting held on 4th November 20264 Nov 2026 · Board Meeting / Outcome of Board Meeting
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for HDFC Mutual Fund3 Nov 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Attached intimation of investor call scheduled on 4th November 202629 Oct 2026 · Company Update / Analyst / Investor Meet
Intimation regarding new Email ID for Investor grievance and shareholder correspondence.22 Oct 2026 · Company Update / General
Attached details of an order received from Karnataka GST Departement.19 Oct 2026 · Company Update / General
JSW Dulux Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/11/2026 ,inter alia, to consider and approve inter alia, Unaudited Financial Results ....16 Oct 2026 · Board Meeting / Board Meeting
Attached details of an appeal order recevied from Madhya Pradesh GST Dept.14 Oct 2026 · Company Update / General
Attached newspaper publication regarding Special Window for transfer and demat of physical shares.13 Oct 2026 · Company Update / Newspaper Publication
Submission of certificate under Regulation 74(5) of SEBI (DP) Regulations, 201812 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Attached details of a show cause notice received from Punjab GST Department1 Oct 2026 · Company Update / General
Please find attached intimation regarding resignation of General Counsel, Company Secretary & Compliance Officer of the Company.1 Oct 2026 · Company Update / Resignation of Company Secretary / Compliance Officer
Attached intimation of trading window closure.25 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Attached details of a show cause notice received from West Bengal GST Department24 Sep 2026 · Company Update / General
Please find attached intimation of record date for the purpose of determining the eligibility of shareholders for sub-division/split of face value of equity share.22 Sep 2026 · Corp. Action / Record Date
Attached details of an appeal order received from Karnataka GST Department.21 Sep 2026 · Company Update / General
Attached please find the outcome of postal ballot ended on 20th September 202621 Sep 2026 · AGM/EGM / Postal Ballot
Attached please find the postal ballot results and scrutinizers report21 Sep 2026 · AGM/EGM / Postal Ballot
Attached please find the proceedings of the postal ballot concluded yesterday.21 Sep 2026 · AGM/EGM / Postal Ballot
Intimation of Schedule of Analyst/Institutional Investor Meeting15 Sep 2026 · Company Update / Analyst / Investor Meet
Attached details of a show cause notice received from Karnataka GST Department.15 Sep 2026 · Company Update / General
Attached please find details of a show cause notice received from Karnataka GST Department.7 Sep 2026 · Company Update / General
Attached details of a refund order received from Karnataka GST Department.7 Sep 2026 · Company Update / General
Attached please find credit rating received from ICRA Limited.4 Sep 2026 · Company Update / Credit Rating
Attached details of a show cause notice received from Gujarat GST Department1 Sep 2026 · Company Update / General
Attached details of a show cause notice received from Madhya Pradesh GST Dept.26 Aug 2026 · Company Update / General
Attached details of an order received from Telangana GST Dept.25 Aug 2026 · Company Update / General
Attached copy of newspaper publication pertaining to Postal Ballot Notice22 Aug 2026 · Company Update / Newspaper Publication
Attached please find Notice of Postal ballot dated 11th August 202621 Aug 2026 · AGM/EGM / Postal Ballot
Attached intimation regarding resignation of Mr Rohit Ghanshyamdas Totla, Wholetime Director of the Company21 Aug 2026 · Company Update / Resignation of Director
Attached details of a show cause notice received from Odisha GST Department19 Aug 2026 · Company Update / General
Attached earning call transcript.18 Aug 2026 · Company Update / Earnings Call Transcript
Attached details of an order received from the CESTAT Department18 Aug 2026 · Company Update / General
Attached newspaper publication regarding Special Window14 Aug 2026 · Company Update / Newspaper Publication
Attached intimation regarding resignation of Mr. Krishna Rallapalli, Wholetime Director and CFO14 Aug 2026 · Company Update / Resignation of Director
Attached intimation regarding resignation of Wholetime Director and CFO14 Aug 2026 · Company Update / Resignation of Chief Financial Officer (CFO)

Corporate actions

Purpose	Ex date	Record date	Payment date
Stock Split From Rs.10/- to Rs.1/-	22 Oct 2026	22 Oct 2026	—
Final Dividend - Rs. - 50.0000	3 Jul 2026	3 Jul 2026	—
Special Dividend - Rs. - 156.0000	11 Aug 2025	11 Aug 2025	—
Final Dividend - Rs. - 30.0000	25 Jul 2025	25 Jul 2025	—
Interim Dividend - Rs. - 70.0000	19 Nov 2024	20 Nov 2024	—
Final Dividend - Rs. - 25.0000	25 Jul 2024	—	—

Board meetings

4 Nov 2026 Board Meeting - Financial Results
11 Aug 2026 Board Meeting - Financial Results