Akzo Nobel India Ltd
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]
- Market Cap ₹ 15,412 Cr.
- Current Price ₹ 3,384
- High / Low ₹ 3,958 / 3,022
- Stock P/E 39.5
- Book Value ₹ 495
- Dividend Yield 2.93 %
- ROCE 41.7 %
- ROE 32.2 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.3%
- Company has been maintaining a healthy dividend payout of 91.5%
Cons
- Promoter holding has decreased over last quarter: -5.00%
- The company has delivered a poor sales growth of 8.98% over past five years.
- Earnings include an other income of Rs.1,900 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Durables Consumer Durables Paints
Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Consumer Discretionary
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,332 | 2,442 | 2,640 | 2,572 | 2,719 | 2,918 | 2,662 | 2,421 | 3,149 | 3,802 | 3,962 | 4,091 | 3,903 | |
| 2,141 | 2,181 | 2,380 | 2,244 | 2,420 | 2,576 | 2,291 | 2,078 | 2,714 | 3,276 | 3,328 | 3,449 | 3,332 | |
| Operating Profit | 192 | 261 | 260 | 329 | 300 | 342 | 370 | 343 | 434 | 526 | 633 | 642 | 571 |
| OPM % | 8% | 11% | 10% | 13% | 11% | 12% | 14% | 14% | 14% | 14% | 16% | 16% | 15% |
| 57 | 68 | 110 | 65 | 240 | 43 | 41 | 21 | 23 | 26 | 35 | 27 | 1,900 | |
| Interest | 2 | 2 | 2 | 3 | 4 | 4 | 9 | 10 | 14 | 14 | 12 | 10 | 11 |
| Depreciation | 44 | 53 | 54 | 54 | 58 | 65 | 79 | 76 | 76 | 82 | 82 | 89 | 82 |
| Profit before tax | 203 | 275 | 314 | 337 | 478 | 316 | 323 | 278 | 367 | 456 | 573 | 570 | 2,378 |
| Tax % | 26% | 32% | 32% | 27% | 16% | 33% | 27% | 25% | 21% | 26% | 26% | 25% | |
| 150 | 186 | 214 | 247 | 401 | 211 | 237 | 208 | 290 | 335 | 427 | 429 | 1,990 | |
| EPS in Rs | 32.19 | 39.93 | 45.91 | 52.94 | 85.85 | 46.33 | 52.13 | 45.59 | 63.68 | 73.58 | 93.70 | 94.11 | 436.94 |
| Dividend Payout % | 233% | 50% | 153% | 42% | 26% | 52% | 27% | 110% | 118% | 88% | 80% | 106% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 9% |
| 3 Years: | 9% |
| TTM: | -3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 13% |
| 3 Years: | 14% |
| TTM: | -10% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 10% |
| 3 Years: | 13% |
| 1 Year: | -8% |
| Return on Equity | |
|---|---|
| 10 Years: | 24% |
| 5 Years: | 26% |
| 3 Years: | 30% |
| Last Year: | 32% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 47 | 47 | 47 | 47 | 47 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| Reserves | 801 | 873 | 1,116 | 962 | 1,244 | 1,090 | 1,192 | 1,242 | 1,213 | 1,270 | 1,284 | 1,283 | 2,208 |
| 0 | 0 | 3 | 3 | 3 | 3 | 64 | 64 | 70 | 70 | 60 | 62 | 71 | |
| 1,191 | 879 | 878 | 872 | 938 | 959 | 1,024 | 1,178 | 1,261 | 1,354 | 1,513 | 1,511 | 1,315 | |
| Total Liabilities | 2,039 | 1,799 | 2,043 | 1,884 | 2,231 | 2,097 | 2,325 | 2,529 | 2,590 | 2,739 | 2,903 | 2,902 | 3,640 |
| 502 | 516 | 523 | 519 | 539 | 530 | 574 | 543 | 520 | 511 | 526 | 481 | 1,580 | |
| CWIP | 31 | 12 | 9 | 23 | 27 | 17 | 16 | 16 | 42 | 73 | 119 | 67 | 74 |
| Investments | 629 | 394 | 600 | 336 | 573 | 377 | 84 | 0 | 0 | 0 | 0 | 0 | 0 |
| 877 | 876 | 911 | 1,006 | 1,092 | 1,173 | 1,652 | 1,969 | 2,029 | 2,156 | 2,258 | 2,354 | 1,987 | |
| Total Assets | 2,039 | 1,799 | 2,043 | 1,884 | 2,231 | 2,097 | 2,325 | 2,529 | 2,590 | 2,739 | 2,903 | 2,902 | 3,640 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 171 | 155 | 263 | 143 | 181 | 141 | 375 | 283 | 121 | 486 | 486 | 311 | |
| 250 | 239 | -156 | 225 | -6 | 185 | 4 | -225 | 230 | -15 | -87 | 123 | |
| -438 | -410 | -113 | -392 | -126 | -360 | -157 | -174 | -346 | -302 | -439 | -460 | |
| Net Cash Flow | -17 | -16 | -6 | -24 | 50 | -34 | 222 | -116 | 6 | 170 | -41 | -26 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 48 | 42 | 49 | 58 | 53 | 56 | 54 | 62 | 57 | 53 | 53 | 52 |
| Inventory Days | 86 | 95 | 89 | 107 | 84 | 85 | 107 | 135 | 129 | 95 | 100 | 95 |
| Days Payable | 130 | 119 | 145 | 164 | 159 | 131 | 171 | 220 | 164 | 138 | 164 | 151 |
| Cash Conversion Cycle | 4 | 17 | -7 | 1 | -22 | 9 | -10 | -23 | 22 | 11 | -10 | -3 |
| Working Capital Days | -62 | -12 | -59 | 15 | 10 | 20 | -3 | -14 | 14 | 4 | -2 | 22 |
| ROCE % | 16% | 25% | 26% | 27% | 40% | 24% | 27% | 22% | 28% | 35% | 42% | 42% |
Documents
Announcements
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Post-Offer Advertisement
2d - JSW Paints open offer to acquire 1,18,40,482 shares (26%) at INR 3,231.77; post-offer holding ~70.20%; consideration paid Nov 12, 2025.
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Regulation 30 And
13 Nov - JSW entered debenture trust deed for up to INR 3,300 crore; JSW to acquire control of Akzo Nobel India.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
12 Nov - Transcript of the investor call held on 7th November 2025
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Disclosure Under Regulation 30 And 30A Of SEBI (LODR) Regulations 2015 ('LODR') Read With Clause 5 And Clause 5A Of Para A Of Part A Of Schedule III Of LODR
12 Nov - Executed IPLA (royalty-bearing IP license) and 15-month CBLA (royalty-free brand license) with Akzo Nobel N.V., 12 Nov 2025.
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Board Meeting Outcome for Akzo Nobel India Board Approves Related Party Transactions With Akzo Nobel N.V.
12 Nov - 12 November 2025: ANIL signed IPLA (royalty-bearing) and 15-month CBLA (royalty-free) with Akzo Nobel N.V., linked to JSW SPA.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
from bse
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Financial Year 2011
from nse
Concalls
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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Mar 2025Transcript PPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT
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Nov 2024TranscriptNotesPPT
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Aug 2024Transcript PPT
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Aug 2024TranscriptNotesPPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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Aug 2023TranscriptNotesPPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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Jun 2022Transcript PPT
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Aug 2021TranscriptNotesPPT
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Mar 2020TranscriptPPT
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Sep 2019Transcript PPT
Business Overview:[1]
ANL is a part of the Akzo Nobel group, the world's largest coating company. It supplies essential protection and essential color to industries and consumers.