JSW Dulux (ex-Akzo Nobel), maker of Dulux paints, sells decorative & industrial coatings across India.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 965 | −3.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 136 | +49.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 20.35 | −13.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -28.76 | −33.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -11.48 | −14.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 5 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Construction Chemicals Launch | Launch in December 2025 | Q2 FY26 | No update provided on the launch status in the Q1 earnings call. The original target date of December 2025 (Q3 FY26) has passed. | Ghosted |
| EBITDA Margin | 14% to 16% on a sustained basis | Q2 FY26 | 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. | Revised Down |
| Q4 FY26 Decorative Volume Growth | pretty strong quarter from a volume perspective | Q3 FY26 | Reported a blended volume growth of 23% across both decorative and industrial verticals, which qualifies as 'pretty strong'. | Achieved |
4 of JSW Dulux Limited's 11 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹3,283.5 on 24 Oct 2025 → ₹278.9. High ₹3,633.9 (15 Dec 2025), low ₹278.9 (26 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 5 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Construction Chemicals Launch | Launch in December 2025 | Q2 FY26 | No update provided on the launch status in the Q1 earnings call. The original target date of December 2025 (Q3 FY26) has passed. | Ghosted |
| EBITDA Margin | 14% to 16% on a sustained basis | Q2 FY26 | 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. | Revised Down |
| Q4 FY26 Decorative Volume Growth | pretty strong quarter from a volume perspective | Q3 FY26 | Reported a blended volume growth of 23% across both decorative and industrial verticals, which qualifies as 'pretty strong'. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.
Call summaries
JSW Dulux Limited Q1 FY27
JSW Dulux Limited reported a strong Q1 FY27 with 18.8% like-to-like revenue growth and 25% volume growth, driven by premium decorative and industrial segments. PAT saw a significant increase, boosted by one-off items. Margins were impacted by inventory costs and strategic growth investments, including substantial new hires, but management remains confident in future margin expansion and market share gains.
Read the full callJSWDULUX Q4 FY26
JSW Dulux delivered a robust Q4 FY26, achieving a record 23% volume growth across its decorative and industrial segments, resulting in a 6.2% revenue increase. Despite strategic price corrections and high raw material inflation, the company maintained its EBITDA percentage at 14.4%. Key highlights include a significant real estate sale and a proposed final dividend of INR 50 per share, as the company progresses through its integration and transformation journey amidst a competitive market.
Read the full callJSWDULUX Q3 FY26
AkzoNobel India Limited reported a mixed Q3 FY26, with overall revenue declining ~1% due to divestitures, but the domestic business showing ~2% growth and strong volume recovery in decorative paints (8%). The company is actively addressing competitive intensity and historical overpricing through strategic pricing actions and redeploying royalty savings for growth. Post-merger, the focus is on integrating operations, driving revenue growth, and achieving higher market share while maintaining profitability.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +49% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 982 | 1,050 | 1,014 | 995 | 835 | 894 | 883 | 965 |
| Expenses | 836 | 884 | 855 | 861 | 724 | 759 | 756 | 850 |
| Operating profit | 146 | 167 | 159 | 134 | 111 | 136 | 127 | 115 |
| Operating margin | 15.0% | 16.0% | 16.0% | 14.0% | 13.0% | 15.0% | 14.0% | 12.0% |
| Other income | 9 | 6 | 3 | 9 | 1,882 | -13 | 2 | 81 |
| Interest | 2 | 3 | 2 | 3 | 2 | 3 | 4 | 3 |
| Depreciation | 22 | 23 | 22 | 18 | 18 | 19 | 20 | 20 |
| Profit before tax | 132 | 146 | 137 | 122 | 1,972 | 101 | 104 | 173 |
| Tax rate | 26.0% | 26.0% | 22.0% | 26.0% | 15.0% | 27.0% | 33.0% | 22.0% |
| Net profit | 98 | 109 | 108 | 91 | 1,683 | 74 | 70 | 136 |
| EPS (₹ per share) | 2.15 | 2.38 | 2.36 | 2 | 36.95 | 1.63 | 1.53 | 2.98 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 3,961 | 4,082 | 3,607 |
| Expenses | 3,329 | 3,442 | 3,100 |
| Operating profit | 632 | 641 | 508 |
| Other income | 35 | 28 | 1,880 |
| Interest | 12 | 9 | 12 |
| Depreciation | 82 | 89 | 75 |
| Profit before tax | 574 | 569 | 2,299 |
| Net profit | 427 | 430 | 1,918 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 46 | 46 | 46 | 46 | 46 | 46 |
| Reserves | 1,213 | 1,270 | 1,284 | 1,283 | 2,210 | 2,349 |
| Borrowings | 70 | 70 | 60 | 62 | 71 | 79 |
| Other liabilities | 1,261 | 1,354 | 1,513 | 1,511 | 1,324 | 1,255 |
| Total liabilities | 2,590 | 2,739 | 2,903 | 2,902 | 3,651 | 3,728 |
| Fixed assets | 520 | 511 | 526 | 481 | 1,580 | 1,613 |
| Capital work in progress | 42 | 73 | 119 | 67 | 74 | 49 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 2,029 | 2,156 | 2,258 | 2,354 | 1,997 | 2,066 |
| Total assets | 2,590 | 2,739 | 2,903 | 2,902 | 3,651 | 3,728 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 283 | 121 | 486 | 486 | 312 | 84 |
| Cash from investing | -225 | 230 | -15 | -87 | 122 | 748 |
| Cash from financing | -174 | -346 | -302 | -439 | -460 | -875 |
| Net cash flow | -116 | 6 | 170 | -41 | -26 | -44 |
| Free cash flow | 255 | 58 | 382 | 367 | 205 | -1,100 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 62 | 57 | 53 | 53 | 52 | 61 |
| Inventory days | 135 | 129 | 95 | 100 | 95 | 99 |
| Days payable | 220 | 164 | 138 | 164 | 151 | 130 |
| Cash conversion cycle | -23 | 22 | 11 | -10 | -3 | 30 |
| Working capital days | -14 | 14 | 4 | -2 | 22 | 33 |
| Return on capital employed | 22.0% | 28.0% | 35.0% | 42.0% | 42.0% | 23.0% |
| Dividend payout | 110.0% | 118.0% | 88.0% | 80.0% | 106.0% | 49.0% |
The businesses behind the company’s reported revenue.
Paints contributes 100.0% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹965.02 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Paints | 965.02 | 100.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Paints | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | -3.0% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
Insufficient data to quantify the expectations gap.
Ownership
Promoters hold 61.20% as of Sept 2026; institutions cut 0.39 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of JSW Dulux Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 61.20% | unchanged | |
| Mutual fund | 7.42% | +0.26 pp |
| Mutual fund | 3.56% | unchanged |
| Mutual fund | 2.43% | +0.36 pp |
| Mutual fund | 2.18% | unchanged |
| Global fund house | 1.89% | unchanged |
| Insurer | 1.72% | unchanged |
| Mutual fund | 1.26% | unchanged |
| 1.00% | 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.
Filings to Sep 2026
1 new, 1 added, 1 trimmed, 5 sold out — net +1.52 L shares (+3.5%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹537 Cr | held | Apr '26 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹281 Cr | held | Apr '26 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹177 Cr | held | Apr '26 |
| HDFC Children's Fund HDFC Mutual Fund | ₹143 Cr | held | Apr '26 |
| HDFC Aggressive Hybrid Fund HDFC Mutual Fund | ₹92 Cr | held | Apr '26 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹59 Cr | new | Sep '26 |
| HDFC Retirement Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹48 Cr | +0.06 L | Apr '26 |
| HDFC Housing Opportunities Fund HDFC Mutual Fund | ₹28 Cr | held | Apr '26 |
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 Sep 2026
1 added, 1 trimmed — net +1.52 L shares (+3.5%)
Shares held by these funds +61890%
Nov '25 44.86 L shares Sep '26
Your own record
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