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 ₹ 12,715 Cr.
- Current Price ₹ 279
- High / Low ₹ 375 / 257
- Stock P/E 34.3
- Book Value ₹ 51.0
- Dividend Yield 1.79 %
- ROCE 23.0 %
- ROE 19.3 %
- Face Value ₹ 1.00
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.
- 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 | 3,705 | |
| Sales growth | +5% | +8% | -3% | +6% | +7% | -9% | -9% | +30% | +21% | +4% | +3% | -12% | -5% |
| 2,181 | 2,380 | 2,244 | 2,420 | 2,576 | 2,291 | 2,078 | 2,714 | 3,276 | 3,328 | 3,427 | 3,091 | 3,216 | |
| 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% | 13% |
| 68 | 110 | 65 | 240 | 43 | 41 | 21 | 23 | 26 | 35 | 27 | 1,879 | 72 | |
| Interest | 2 | 2 | 3 | 4 | 4 | 9 | 10 | 14 | 14 | 12 | 10 | 12 | 14 |
| Depreciation | 53 | 54 | 54 | 58 | 65 | 79 | 76 | 76 | 82 | 82 | 89 | 75 | 79 |
| Profit before tax | 275 | 314 | 337 | 478 | 316 | 323 | 278 | 367 | 456 | 573 | 570 | 2,300 | 467 |
| 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 | 351 | |
| EPS in Rs | 3.99 | 4.59 | 5.29 | 8.59 | 4.63 | 5.21 | 4.56 | 6.37 | 7.36 | 9.37 | 9.41 | 42.11 | 7.70 |
| 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: | -5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 11% |
| 3 Years: | 2% |
| TTM: | -5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 6% |
| 3 Years: | 4% |
| 1 Year: | -15% |
| 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 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 47 | 47 | 47 | 47 | 46 | 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 | 2,276 |
| 0 | 3 | 3 | 3 | 3 | 64 | 64 | 70 | 70 | 60 | 62 | 79 | 88 | |
| 879 | 878 | 872 | 938 | 959 | 1,024 | 1,178 | 1,261 | 1,354 | 1,513 | 1,511 | 1,255 | 1,458 | |
| 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 | 3,868 |
| 516 | 523 | 519 | 539 | 530 | 574 | 543 | 520 | 511 | 526 | 481 | 1,613 | 1,618 | |
| CWIP | 12 | 9 | 23 | 27 | 17 | 16 | 16 | 42 | 73 | 119 | 67 | 49 | 57 |
| Investments | 394 | 600 | 336 | 573 | 377 | 84 | 0 | 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 | 2,193 | |
| 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 | 3,868 |
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 87% | 145% | 78% | 119% | 77% | 131% | 106% | 54% | 119% | 104% | 74% | 31% |
Ratios
Standalone / 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 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Permanent Employee Count count |
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| Number of Paint Retailers (Outlets) count |
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| Tinting Machines 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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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Attached transcript of the investor call held on 4th November 2026
- Announcement under Regulation 30 (LODR)-Newspaper Publication
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Disclosure under Regulation 30A of LODR
- JSW Paints signed a November 4, 2026 debenture trust deed for up to ₹2,950 crore; JDL faces related covenants.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- 4 Nov 2026 investor call held on Q2 and half-year results; audio recording shared.
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Proposed Change In Registered Office
- Board approved Q2/H1 FY27 results; revenue rose 21% to Rs 961.9 crore, appointed independent director, proposed Mumbai shift.
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
from bse
Concalls
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Nov 2026Transcript PPT REC
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT
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Mar 2026PPT
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Feb 2026Transcript
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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 2024PPT
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Aug 2024Transcript PPT
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Aug 2024PPT
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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 2023PPT
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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 2021PPT
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Mar 2020Transcript
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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.