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 ₹ 14,203 Cr.
- Current Price ₹ 3,119
- High / Low ₹ 3,747 / 2,649
- Stock P/E 37.0
- Book Value ₹ 526
- Dividend Yield 1.60 %
- 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: | 7% |
| 3 Years: | 4% |
| 1 Year: | -8% |
| 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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| Volume Growth % YoY |
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Extracted by Screener AI
Documents
Announcements
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
- Postal ballot notice seeks approval for 10:1 equity share split; e-voting runs 22 Aug-20 Sep 2026.
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Announcement under Regulation 30 (LODR)-Resignation of Director
- Executive Director & CBO Rohit Totla resigns; last working day on or before 17 Nov 2026.
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Receipt Of Show Cause Notice From Odisha GST Dept
- Odisha GST Department issues show cause notice for Rs 1.84 crore ITC disallowance for April 2022-March 2023.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript
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Receipt Of Final Order From The CESTAT
- CESTAT set aside Rs. 32.42 lakh excise demand, granting JSW Dulux relief.
Annual reports
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Annual Report 2026
from bse
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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.