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 ₹ 13,359 Cr.
- Current Price ₹ 2,934
- High / Low ₹ 3,916 / 2,649
- Stock P/E 37.0
- Book Value ₹ 538
- Dividend Yield 1.70 %
- ROCE 22.7 %
- ROE 19.1 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.8%
- Company has been maintaining a healthy dividend payout of 77.8%
Cons
- The company has delivered a poor sales growth of 8.25% over past five years.
- Earnings include an other income of Rs.1,944 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 856 | 2,640 | 2,572 | 2,719 | 2,918 | 2,662 | 2,421 | 3,149 | 3,802 | 3,962 | 4,069 | 3,599 | |
| 1,024 | 2,380 | 2,244 | 2,420 | 2,576 | 2,291 | 2,078 | 2,714 | 3,276 | 3,328 | 3,427 | 3,090 | |
| Operating Profit | -168 | 260 | 329 | 299 | 342 | 370 | 343 | 434 | 526 | 633 | 642 | 509 |
| OPM % | -20% | 10% | 13% | 11% | 12% | 14% | 14% | 14% | 14% | 16% | 16% | 14% |
| 571 | 110 | 65 | 240 | 43 | 41 | 21 | 23 | 26 | 35 | 27 | 1,944 | |
| Interest | 3 | 2 | 3 | 4 | 4 | 9 | 10 | 14 | 14 | 12 | 10 | 12 |
| Depreciation | 21 | 54 | 54 | 58 | 65 | 79 | 76 | 76 | 82 | 82 | 89 | 75 |
| Profit before tax | 379 | 314 | 337 | 478 | 316 | 323 | 278 | 367 | 456 | 573 | 570 | 2,366 |
| Tax % | 22% | 32% | 27% | 16% | 33% | 27% | 25% | 21% | 26% | 26% | 25% | 17% |
| 295 | 214 | 247 | 400 | 211 | 237 | 208 | 290 | 335 | 427 | 430 | 1,974 | |
| EPS in Rs | 77.22 | 45.91 | 52.94 | 85.75 | 46.33 | 52.13 | 45.59 | 63.70 | 73.58 | 93.68 | 94.31 | 433.42 |
| Dividend Payout % | 21% | 153% | 42% | 26% | 52% | 27% | 110% | 118% | 88% | 80% | 106% | 47% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 3% |
| 5 Years: | 8% |
| 3 Years: | -2% |
| TTM: | -12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 12% |
| 3 Years: | 2% |
| TTM: | -16% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 5% |
| 3 Years: | 2% |
| 1 Year: | -19% |
| Return on Equity | |
|---|---|
| 10 Years: | 24% |
| 5 Years: | 26% |
| 3 Years: | 27% |
| Last Year: | 19% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 38 | 47 | 47 | 47 | 46 | 46 | 46 | 46 | 46 | 46 | 46 | 46 |
| Reserves | 933 | 1,116 | 963 | 1,244 | 1,091 | 1,192 | 1,243 | 1,214 | 1,271 | 1,284 | 1,285 | 2,406 |
| 0 | 3 | 3 | 3 | 3 | 64 | 64 | 70 | 70 | 60 | 62 | 79 | |
| 361 | 878 | 872 | 939 | 959 | 1,024 | 1,178 | 1,262 | 1,354 | 1,514 | 1,511 | 1,265 | |
| Total Liabilities | 1,332 | 2,044 | 1,884 | 2,233 | 2,098 | 2,326 | 2,530 | 2,592 | 2,740 | 2,904 | 2,903 | 3,795 |
| 133 | 523 | 519 | 539 | 530 | 574 | 543 | 520 | 511 | 526 | 481 | 1,613 | |
| CWIP | 2 | 9 | 23 | 27 | 17 | 16 | 16 | 42 | 73 | 119 | 67 | 49 |
| Investments | 915 | 600 | 336 | 573 | 377 | 84 | 0 | 0 | 0 | 0 | 0 | 0 |
| 283 | 912 | 1,007 | 1,094 | 1,174 | 1,652 | 1,970 | 2,030 | 2,157 | 2,259 | 2,355 | 2,133 | |
| Total Assets | 1,332 | 2,044 | 1,884 | 2,233 | 2,098 | 2,326 | 2,530 | 2,592 | 2,740 | 2,904 | 2,903 | 3,795 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 263 | 143 | 183 | 139 | 374 | 283 | 121 | 486 | 486 | 312 | 93 | |
| 283 | -156 | 225 | -6 | 185 | 4 | -225 | 230 | -15 | -87 | 122 | 804 | |
| -54 | -113 | -392 | -126 | -360 | -157 | -174 | -346 | -302 | -439 | -460 | -875 | |
| Net Cash Flow | 231 | -6 | -24 | 51 | -36 | 221 | -115 | 6 | 170 | -41 | -26 | 22 |
| Free Cash Flow | 208 | 234 | 68 | 80 | 97 | 326 | 255 | 58 | 382 | 367 | 206 | -1,034 |
| CFO/OP | -52% | 145% | 78% | 120% | 77% | 131% | 106% | 54% | 119% | 104% | 74% | 33% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2009 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 32 | 49 | 58 | 53 | 56 | 54 | 62 | 57 | 53 | 53 | 52 | 61 |
| Inventory Days | 81 | 89 | 107 | 84 | 85 | 107 | 135 | 129 | 95 | 100 | 95 | 99 |
| Days Payable | 150 | 145 | 164 | 159 | 131 | 171 | 220 | 164 | 138 | 164 | 151 | 131 |
| Cash Conversion Cycle | -37 | -7 | 1 | -22 | 9 | -10 | -23 | 22 | 11 | -10 | -3 | 29 |
| Working Capital Days | -37 | -1 | 15 | 10 | 20 | -5 | -14 | 14 | 4 | -2 | 22 | 32 |
| ROCE % | 13% | 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 |
|
|||||||||
| Manufacturing Plants count |
||||||||||
| Distribution Reach (Towns Covered) count |
||||||||||
| Number of Paint Retailers (Outlets) count |
||||||||||
| Tinting Machines count |
||||||||||
| Market Position (Rank in Paints Market) rank |
||||||||||
| B2B Customers (Coatings Industrial Customers) count |
||||||||||
| Volume Growth % YoY |
||||||||||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s
1d - AGM approved Deloitte Haskins & Sells LLP as statutory auditor for FY2026-27 to FY2030-31.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 1d
- Shareholder Meeting / Postal Ballot-Outcome of AGM 1d
-
Shareholder Meeting / Postal Ballot-Outcome of AGM
2d - 72nd AGM held on 10 July 2026; shareholders approved FY26 results, dividends and auditor appointment.
- Proceedings Of 72Nd AGM 2d
Annual reports
-
Financial Year 2026
from bse
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
Concalls
-
May 2026Transcript PPT
-
Mar 2026TranscriptAI SummaryPPT
-
Feb 2026TranscriptPPT
-
Feb 2026Transcript PPT
-
Nov 2025Transcript PPT
-
Aug 2025Transcript PPT
-
May 2025Transcript PPT
-
Mar 2025Transcript PPT
-
Feb 2025Transcript PPT
-
Nov 2024Transcript PPT
-
Nov 2024TranscriptAI SummaryPPT
-
Aug 2024Transcript PPT
-
Aug 2024TranscriptAI SummaryPPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
Aug 2023TranscriptAI SummaryPPT
-
May 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Nov 2022Transcript PPT
-
Aug 2022Transcript PPT
-
Jun 2022Transcript PPT
-
Aug 2021TranscriptAI SummaryPPT
-
Mar 2020TranscriptPPT
-
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.