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 ₹ 13,407 Cr.
- Current Price ₹ 2,944
- High / Low ₹ 3,899 / 2,649
- Stock P/E 37.3
- Book Value ₹ 526
- Dividend Yield 1.70 %
- 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.1,879 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,442 | 2,640 | 2,572 | 2,719 | 2,918 | 2,662 | 2,421 | 3,149 | 3,802 | 3,962 | 4,069 | 3,599 | |
| 2,181 | 2,380 | 2,244 | 2,420 | 2,576 | 2,291 | 2,078 | 2,714 | 3,276 | 3,328 | 3,427 | 3,091 | |
| Operating Profit | 261 | 260 | 329 | 300 | 342 | 370 | 343 | 434 | 526 | 633 | 642 | 508 |
| OPM % | 11% | 10% | 13% | 11% | 12% | 14% | 14% | 14% | 14% | 16% | 16% | 14% |
| 68 | 110 | 65 | 240 | 43 | 41 | 21 | 23 | 26 | 35 | 27 | 1,879 | |
| Interest | 2 | 2 | 3 | 4 | 4 | 9 | 10 | 14 | 14 | 12 | 10 | 12 |
| Depreciation | 53 | 54 | 54 | 58 | 65 | 79 | 76 | 76 | 82 | 82 | 89 | 75 |
| Profit before tax | 275 | 314 | 337 | 478 | 316 | 323 | 278 | 367 | 456 | 573 | 570 | 2,300 |
| 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 | |
| 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 |
| 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: | -16% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 5% |
| 3 Years: | 3% |
| 1 Year: | -22% |
| 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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Extracted by Screener AI
Documents
Announcements
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Receipt Of Appeal Order From Karnataka GST Dept
20 Jul - Karnataka GST appeal order dated 13 July 2026 annulled the 2025 demand of Rs 1.58 crore.
- Transcript Of 72Nd AGM 16 Jul
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Rumour verification - Regulation 30(11)
14 Jul - Company clarifies July 13 media report on Akzo Nobel's $8.6 billion offer is not relevant.
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Clarification sought from JSW Dulux Ltd
13 Jul - Exchange has sought clarification from JSW Dulux Ltd with reference to the media report appearing on https://economictimes.indiatimes.com dated July 13, 2026, (Link: https://economictimes.indiatimes.com/news/company/corporate-trends/nippon-paint-offers-8-6-billion-for-akzonobel-unit-bloomberg-news-reports/articleshow/132354359.cms) ....
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Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s
11 Jul - AGM approved Deloitte Haskins & Sells LLP as statutory auditor for FY2026-27 to FY2030-31.
Annual reports
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Financial Year 2026
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Financial Year 2025
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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
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Concalls
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May 2026Transcript PPT
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Mar 2026TranscriptAI SummaryPPT
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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Aug 2024TranscriptAI SummaryPPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 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.