JSW Dulux 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 ₹ 14,354 Cr.
- Current Price ₹ 3,152
- High / Low ₹ 3,747 / 2,649
- Stock P/E 37.4
- Book Value ₹ 526
- Dividend Yield 1.57 %
- ROCE 23.0 %
- ROE 19.3 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.9%
- Company has been maintaining a healthy dividend payout of 78.3%
Cons
- The company has delivered a poor sales growth of 8.25% over past five years.
- Earnings include an other income of Rs.1,952 Cr.
- Promoter holding has decreased over last 3 years: -13.6%
* 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,442 | 2,640 | 2,572 | 2,719 | 2,918 | 2,662 | 2,421 | 3,149 | 3,802 | 3,962 | 4,069 | 3,599 | 3,578 | |
| 2,181 | 2,380 | 2,244 | 2,420 | 2,576 | 2,291 | 2,078 | 2,714 | 3,276 | 3,328 | 3,427 | 3,091 | 3,090 | |
| Operating Profit | 261 | 260 | 329 | 300 | 342 | 370 | 343 | 434 | 526 | 633 | 642 | 508 | 488 |
| OPM % | 11% | 10% | 13% | 11% | 12% | 14% | 14% | 14% | 14% | 16% | 16% | 14% | 14% |
| 68 | 110 | 65 | 240 | 43 | 41 | 21 | 23 | 26 | 35 | 27 | 1,879 | 1,952 | |
| Interest | 2 | 2 | 3 | 4 | 4 | 9 | 10 | 14 | 14 | 12 | 10 | 12 | 12 |
| Depreciation | 53 | 54 | 54 | 58 | 65 | 79 | 76 | 76 | 82 | 82 | 89 | 75 | 77 |
| Profit before tax | 275 | 314 | 337 | 478 | 316 | 323 | 278 | 367 | 456 | 573 | 570 | 2,300 | 2,351 |
| Tax % | 32% | 32% | 27% | 16% | 33% | 27% | 25% | 21% | 26% | 26% | 25% | 17% | |
| 186 | 214 | 247 | 401 | 211 | 237 | 208 | 290 | 335 | 427 | 429 | 1,918 | 1,962 | |
| EPS in Rs | 39.93 | 45.91 | 52.94 | 85.85 | 46.33 | 52.13 | 45.59 | 63.68 | 73.58 | 93.70 | 94.11 | 421.10 | 430.87 |
| Dividend Payout % | 50% | 153% | 42% | 26% | 52% | 27% | 110% | 118% | 88% | 80% | 106% | 49% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 3% |
| 5 Years: | 8% |
| 3 Years: | -2% |
| TTM: | -12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 11% |
| 3 Years: | 2% |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 8% |
| 3 Years: | 6% |
| 1 Year: | -5% |
| Return on Equity | |
|---|---|
| 10 Years: | 24% |
| 5 Years: | 26% |
| 3 Years: | 27% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 47 | 47 | 47 | 47 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| Reserves | 873 | 1,116 | 962 | 1,244 | 1,090 | 1,192 | 1,242 | 1,213 | 1,270 | 1,284 | 1,283 | 2,349 |
| 0 | 3 | 3 | 3 | 3 | 64 | 64 | 70 | 70 | 60 | 62 | 79 | |
| 879 | 878 | 872 | 938 | 959 | 1,024 | 1,178 | 1,261 | 1,354 | 1,513 | 1,511 | 1,255 | |
| Total Liabilities | 1,799 | 2,043 | 1,884 | 2,231 | 2,097 | 2,325 | 2,529 | 2,590 | 2,739 | 2,903 | 2,902 | 3,728 |
| 516 | 523 | 519 | 539 | 530 | 574 | 543 | 520 | 511 | 526 | 481 | 1,613 | |
| CWIP | 12 | 9 | 23 | 27 | 17 | 16 | 16 | 42 | 73 | 119 | 67 | 49 |
| Investments | 394 | 600 | 336 | 573 | 377 | 84 | 0 | 0 | 0 | 0 | 0 | 0 |
| 876 | 911 | 1,006 | 1,092 | 1,173 | 1,652 | 1,969 | 2,029 | 2,156 | 2,258 | 2,354 | 2,066 | |
| Total Assets | 1,799 | 2,043 | 1,884 | 2,231 | 2,097 | 2,325 | 2,529 | 2,590 | 2,739 | 2,903 | 2,902 | 3,728 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 155 | 263 | 143 | 181 | 141 | 375 | 283 | 121 | 486 | 486 | 312 | 84 | |
| 239 | -156 | 225 | -6 | 185 | 4 | -225 | 230 | -15 | -87 | 122 | 748 | |
| -410 | -113 | -392 | -126 | -360 | -157 | -174 | -346 | -302 | -439 | -460 | -875 | |
| Net Cash Flow | -16 | -6 | -24 | 50 | -34 | 222 | -116 | 6 | 170 | -41 | -26 | -44 |
| Free Cash Flow | 107 | 234 | 68 | 78 | 99 | 327 | 255 | 58 | 382 | 367 | 205 | -1,100 |
| CFO/OP | 87% | 145% | 78% | 119% | 77% | 131% | 106% | 54% | 119% | 104% | 74% | 31% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 42 | 49 | 58 | 53 | 56 | 54 | 62 | 57 | 53 | 53 | 52 | 61 |
| Inventory Days | 95 | 89 | 107 | 84 | 85 | 107 | 135 | 129 | 95 | 100 | 95 | 99 |
| Days Payable | 119 | 145 | 164 | 159 | 131 | 171 | 220 | 164 | 138 | 164 | 151 | 130 |
| Cash Conversion Cycle | 17 | -7 | 1 | -22 | 9 | -10 | -23 | 22 | 11 | -10 | -3 | 30 |
| Working Capital Days | -12 | -59 | 15 | 10 | 20 | -3 | -14 | 14 | 4 | -2 | 22 | 33 |
| ROCE % | 25% | 26% | 27% | 40% | 24% | 27% | 22% | 28% | 35% | 42% | 42% | 23% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Permanent Employee Count count |
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| Market Position (Rank in Paints Market) rank |
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| B2B Customers (Coatings Industrial Customers) count |
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| Volume Growth % YoY |
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Extracted by Screener AI
Documents
Announcements
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Receipt SCN From Karnataka GST Dept
- Karnataka GST issues SCN on 7 Sep 2026 demanding Rs48.59 crore for ITC disallowance.
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Receipt Of Refund Order From Karnataka GST Dept
- Karnataka GST refund order issued on 7 Sep 2026, waiving Rs 9.89 lakh penalty and annulling demand.
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Announcement under Regulation 30 (LODR)-Credit Rating
- ICRA assigned AA- Stable rating to JSW Dulux’s ₹250 crore ICICI Bank overdraft/WCDL facility.
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Receipt Of SCN From Gujarat GST Dept
- Received GST show-cause notice on 1 Sep 2026 for Rs 9,294 ITC disallowance.
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SCN From MP GST Dept
- Madhya Pradesh GST Department issued show-cause notice for Rs. 1,965 tax short payment on August 18, 2026.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2012
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Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT
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Mar 2026TranscriptAI SummaryPPT
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Feb 2026TranscriptPPT
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Feb 2026Transcript PPT
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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 2024TranscriptAI SummaryPPT
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Aug 2024Transcript PPT
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Aug 2024TranscriptAI SummaryPPT
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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 2023TranscriptAI SummaryPPT
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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 2021TranscriptAI SummaryPPT
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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.