JSWDULUX

JSW Dulux share price & financials

Price
₹3,034.1
Market cap
₹14.2k Cr
Sector
Consumer Durables
Calls analysed
4
Latest concall · Q1 FY27 · call held 12 Aug 2026

JSW Dulux Limited Q1 FY27

Revenue ₹965 cr +19%EBITDA ₹115.1 cr +15%PAT ₹135.5 cr +102%Gross Margin ₹360.8 cr +2%

What went well

  • Revenue grew 18.8% YoY to ₹965 crores (like-to-like), driven by strong volume growth.
  • Overall volume growth was 25%, with price-adjusted volume growth at 18-19%.
  • PAT surged to ₹135.5 crores, significantly higher than ₹67.2 crores last year, though aided by one-off gains.

What to watch

  • Reported gross margin was 37.4%, impacted by high-priced inventory (approx. 2 points) and reclassification of promotional spends (approx. 2.5 points).
  • EBITDA margin of 11.9% was lower than the target range due to reinvestment in growth, including hiring approximately 160 new people.
Read the full call →

What JSW Dulux Limited does

JSW Dulux Limited (formerly Akzo Nobel India Limited) manufactures and sells decorative paints (interior/exterior paints, enamels, varnishes) and industrial coatings (automotive & specialty coatings, marine & protective coatings, and coil/industrial coatings) under global brands including Dulux, Sikkens, International and Sadolin. It earns through a pan-India dealer and retailer distribution network serving both B2C (households, painters, dealers) and B2B (OEMs, projects, infrastructure, marine) customers. In December 2025, JSW Paints Limited became the company's new promoter and holding company, bringing it under the JSW Group.

Segments

  • Decorative Paints
  • Industrial Paints
Manufacturing facilities
5
Paint retailer network
22,000+
Tinting machines installed
16,000+
Towns covered across India
5,000+
R&D centres
1
Regional sales offices
4
Headquarters JSW Center, MumbaiEmployees 1,387 (FY2025-26) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 1 delivered 4 missed 6 open
  • Construction Chemicals Launch went quiet said Q2 FY26 Promised: Launch in December 2025 Q1 FY27: No update provided on the launch status in the Q1 earnings call. The original target date of December 2025 (Q3 FY26) has passed.
  • EBITDA Margin revised down said Q2 FY26 Promised: 14% to 16% on a sustained basis Q1 FY27: Achieved 11.9% EBITDA margin, missing the previously guided range. Management revised near-term guidance down to 13-15%, citing high-cost inventory and growth investments.
  • Q4 FY26 Decorative Volume Growth delivered said Q3 FY26 Promised: pretty strong quarter from a volume perspective Q4 FY26: Reported a blended volume growth of 23% across both decorative and industrial verticals, which qualifies as 'pretty strong'.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 3.0%, net profit up 49.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue982 1,050 1,014 995 835 −15%894 −15%883 −13%965 −3%
EBITDA146 167 159 134 111 −24%136 −19%127 −20%115 −14%
Net profit98 109 108 91 1,683 +1617%74 −32%70 −35%136 +49%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −7.0% 1Y

₹2.8k₹3.0k₹3.2k₹3.4k₹3.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 14 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹3,391.2 on 10 Sept 2025 → ₹3,155.1. High ₹3,633.9 (15 Dec 2025), low ₹2,714.5 (9 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.8%
12 Aug
Q4 FY26
−2.0%
14 May
Q3 FY26
+1.2%
3 Feb
Q2 FY26
+1.4%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 4.6% a year over 2 years, FY24 to FY26. Operating margin narrowed to 14.1%.

Year endingFY24FY25FY26
Revenue₹4.0k Cr₹4.1k Cr₹3.6k Cr
Operating profit₹632 Cr₹641 Cr₹508 Cr
Operating margin16.0%15.7%14.1%
Interest₹12 Cr₹9 Cr₹12 Cr
Depreciation₹82 Cr₹89 Cr₹75 Cr
Net profit₹427 Cr₹430 Cr₹1.9k Cr
Net margin10.8%10.5%53.2%
Cash from operations₹486 Cr₹312 Cr₹84 Cr
Free cash flow₹367 Cr₹205 Cr₹-1.1k Cr
ROCE42.0%42.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹46 Cr₹46 Cr₹46 Cr₹46 Cr₹46 Cr₹46 Cr
Reserves₹1.2k Cr₹1.2k Cr₹1.3k Cr₹1.3k Cr₹2.2k Cr₹2.3k Cr
Borrowings₹64 Cr₹70 Cr₹70 Cr₹60 Cr₹71 Cr₹79 Cr
Other liabilities₹1.2k Cr₹1.3k Cr₹1.4k Cr₹1.5k Cr₹1.3k Cr₹1.3k Cr
Total liabilities₹2.5k Cr₹2.6k Cr₹2.7k Cr₹2.9k Cr₹3.7k Cr₹3.7k Cr
Fixed assets₹543 Cr₹520 Cr₹511 Cr₹526 Cr₹1.6k Cr₹1.6k Cr
Capital work in progress₹16 Cr₹42 Cr₹73 Cr₹119 Cr₹74 Cr₹49 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹2.0k Cr₹2.0k Cr₹2.2k Cr₹2.3k Cr₹2.0k Cr₹2.1k Cr
Total assets₹2.5k Cr₹2.6k Cr₹2.7k Cr₹2.9k Cr₹3.7k Cr₹3.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −13.56 pp while DIIs added +13.40 pp. The shareholder count shrank 2% to 48,114.

Promoters
61.2%
FIIs
8.5%
DIIs
22.0%
Public
8.3%

Since Jun 2025

  • Promoters −13.56 pp
  • DIIs +13.40 pp
  • FIIs +4.79 pp

How it drifted, 12 quarters

Over this window promoters fell from 74.8% to 61.2% — −13.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.8%, FIIs 3.1%, DIIs 8.6%, Public 13.5%.Dec '23: Promoters 74.8%, FIIs 3.2%, DIIs 8.6%, Public 13.5%.Mar '24: Promoters 74.8%, FIIs 3.4%, DIIs 8.4%, Public 13.5%.Jun '24: Promoters 74.8%, FIIs 3.6%, DIIs 8.3%, Public 13.3%.Sep '24: Promoters 74.8%, FIIs 3.8%, DIIs 8.1%, Public 13.4%.Dec '24: Promoters 74.8%, FIIs 3.8%, DIIs 8.1%, Public 13.3%.Mar '25: Promoters 74.8%, FIIs 3.7%, DIIs 8.5%, Public 13.1%.Jun '25: Promoters 74.8%, FIIs 3.7%, DIIs 8.6%, Public 13.0%.Sep '25: Promoters 69.8%, FIIs 8.0%, DIIs 13.8%, Public 8.5%.Dec '25: Promoters 61.2%, FIIs 8.7%, DIIs 20.6%, Public 9.6%.Mar '26: Promoters 61.2%, FIIs 8.4%, DIIs 21.8%, Public 8.6%.Jun '26: Promoters 61.2%, FIIs 8.5%, DIIs 22.0%, Public 8.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of JSW Dulux Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
JSW Paints Private Limited 61.20%unchanged
HDFC Mutual Fund - HDFC Childrens Fund Mutual fund7.16%+0.76 pp
ICICI Prudential Value Fund Mutual fund3.60%−0.30 pp
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund2.18%+0.05 pp
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund2.07%unchanged
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house1.89%unchanged
The New India Assurance Company Limited Insurer1.72%unchanged
Tata Mutual Fund - Tata Small Cap Fund Mutual fund1.29%−0.11 pp
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.01%unchanged
Imperial Chemical Industries Ltd 0.00%unchanged
Panter B.V. 0.00%unchanged
Akzo Nobel ( C ) Holdings B.V. 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in JSWDULUX

Filings to Aug 2026

0 new, 6 added, 2 trimmed, 0 sold out — net +1.04 L shares (+2.5%).

Held by funds
₹1.3k Cr
13 schemes
Biggest holder
HDFC Small Cap Fund
₹510 Cr · 1.2% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹510 Cr+0.28 L
Nippon India Multi Cap Fund Nippon India Mutual Fund₹289 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹162 Cr+0.75 L
HDFC Children's Fund HDFC Mutual Fund₹136 Crheld
HDFC Hybrid Equity Fund HDFC Mutual Fund₹88 Crheld
HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund₹44 Crheld
HDFC Housing Opportunities Fund HDFC Mutual Fund₹26 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹9 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 2 trimmed — net +1.04 L shares (+2.5%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹1.3k Cr
13 schemes · ≈ 9.1% of the company
Biggest holder
HDFC Small Cap Fund
₹510 Cr · 1.2% of that fund
Longest holder
Nippon India Multi Cap Fund
5 mo · since Apr '26

Shares held by these funds +58620%

Nov '25 42.49 L shares Jul '26

What the price assumes

Expensive

Insufficient data to quantify the expectations gap.

Growth the price implies
More than any plausible rate
for 7 years, fading to 4%
It has actually compounded at
-67.5% a year
net profit, FY24–FY26 · EPS -67.5%
The gap
—
-100% downside if it only repeats history
Price today ₹3,155.1 Value at the reference growth ₹1.29

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse JSW Dulux Limited

Guides on how to read this kind of business and the numbers that matter.