JSW Dulux Ltd (JSWDULUX)
🎯 Key Takeaways
- JSW Dulux Ltd operates in the industrial paints segment with strong profitability metrics, but faces headwinds from declining revenue trends and volatile EPS. The company exhibits a rare combination of high ROE and ROCE alongside zero debt, suggesting conservative capital structure and efficient asset use, yet its 1Y return is negative, indicating market skepticism about near-term growth.
- Revenue grew 9.2% QoQ to ₹965 in Q1FY27.
- ⚠️ The company faces margin pressure evident in the sequential decline in operating margin to 9.8% in June 2026, which may reflect input cost inflation o
- Market Cap
- ₹14,030
- P/E Ratio
- 7.2
- P/B Ratio
- 5.72
- ROE
- 80.0%
- ROCE
- 96.8%
- Debt/Equity
- 0.00
- Div Yield
- 6.69%
- Promoter
- 61.2%
📖 The Story
JSW Dulux Ltd operates in the industrial paints segment with strong profitability metrics, but faces headwinds from declining revenue trends and volatile EPS. The company exhibits a rare combination of high ROE and ROCE alongside zero debt, suggesting conservative capital structure and efficient asset use, yet its 1Y return is negative, indicating market skepticism about near-term growth. It is transitioning from a high-growth phase into a mature or stabilizing operational phase, where profitability remains robust but top-line expansion is under pressure.
📰 What's Happening
In September 2026, the company successfully completed a 1:10 stock split approved via shareholder voting, reducing face value from Rs 10 to Rs 1 and increasing share quantity tenfold. All resolutions in the postal ballot, including capital clause alterations, were passed with majority support, confirming shareholder endorsement of governance and structural changes. The resignation of the General Counsel, Company Secretary, and Key Managerial Personnel (KMP) effective December 2026 appears to be a routine transition with no stated operational or strategic rationale. These actions reflect administrative and structural refinements rather than strategic pivots, with no direct impact on core business performance or financials.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 835 | 894 | 883 | 965 |
| Operating Profit | 92 | 118 | 107 | 95 |
| OPM % | 11.1% | 13.2% | 12.1% | 9.8% |
| Net Profit | 1,683 | 74 | 126 | 80 |
| EPS | ₹369.52 | ₹16.32 | ₹27.60 | ₹17.51 |
Quarterly revenue has declined sequentially from Rs 835 crore in September 2025 to Rs 883 crore in March 2026 and further to Rs 894 crore in December 2025, with the latest June 2026 figure at Rs 965 crore showing only marginal improvement. Despite this, operating margins remain stable around 11-12%, though the June 2026 OPM of 9.8% indicates pressure. Net profit dropped sharply in September 2025 to Rs 1.683 crore (likely an outlier), but recovered to Rs 80 crore in June 2026. EPS has been volatile, peaking at Rs 369.52 in September 2025 due to a one-off gain, but settled to Rs 17.51 in June 2026, suggesting underlying earnings normalization. The financial trajectory reflects stabilization rather than growth, with profitability holding firm despite soft top-line momentum.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the reviewed filings, with no commentary on demand trends, margin outlook, or capital allocation strategy in the latest disclosures. The absence of strategic commentary, coupled with routine governance filings, suggests a focus on operational continuity rather than transformative initiatives. Investor updates remain centered on compliance and structural matters, such as the stock split and KMP resignation, without articulation of growth expectations or market outlook.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 46 | 46 | 46 | 46 |
| Reserves | 1,285 | 1,380 | 2,406 | 2,210 |
| Borrowings | 62 | 65 | 0 | 71 |
| Total Liabilities | 2,903 | 3,166 | 3,795 | 3,651 |
| Fixed Assets | 479 | 560 | 1,613 | 427 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 2,903 | 3,166 | 3,795 | 3,651 |
The balance sheet shows a strong equity base of Rs 46 crore and reserves growing from Rs 1,285 crore in March 2025 to Rs 2,406 crore in March 2026, reflecting accumulated profits. Borrowings remain negligible at Rs 71 crore in March 2026, down from Rs 62 crore a year ago, indicating no new debt uptake and possible deleveraging or capital preservation. Total assets have risen steadily to Rs 3,795 crore, supporting the interpretation of a capital-light, cash-generative business with a conservative financial profile and no aggressive expansion financing.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +93 |
| Investing | +804 |
| Financing | -875 |
| Net Cash Flow | +22 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 69.8% | 61.2% | 61.2% | 61.2% |
| FII | 8.0% | 8.7% | 8.4% | 8.5% |
| DII | 13.8% | 20.6% | 21.8% | 22.0% |
| Public | 6.3% | 6.7% | 6.3% | 6.1% |
| # Shareholders | 48,226 | 50,314 | 48,493 | 48,114 |
Promoter holding has declined slightly from 69.76% in Q2FY26 to 61.2% in Q1FY27, while FII and DII holdings have increased from 7.97% and 13.77% to 8.5% and 21.96% respectively, suggesting institutional accumulation. The number of public shareholders has marginally decreased, indicating consolidation. There are no signs of promoter selling or significant dilution, and the rising DII participation may reflect growing confidence among domestic institutional investors despite weak price performance.
⚖️ Peer Comparison — Paints/Varnish
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ASIANPAINT | 2.31 L Cr | 48.5 | 28.7% | — | 0.11 |
| BERGEPAINT | 53,059 | 43.6 | 23.6% | — | 0.02 |
| KANSAINER | 14,411 | 22.1 | 12.5% | — | 0.01 |
| JSWDULUX | 14,030 | 7.2 | 96.8% | — | 0.00 |
| INDIGOPNTS | 5,205 | 32.3 | 21.5% | — | 0.01 |
| SIRCA | 2,327 | 34.3 | 18.6% | — | 0.07 |
| SHALPAINTS | 676 | — | -11.2% | — | 0.63 |
| 543902 | 53 | — | — | — | 0.26 |
| MCON | — | — | — | — | 0.50 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
The company faces margin pressure evident in the sequential decline in operating margin to 9.8% in June 2026, which may reflect input cost inflation or pricing pressure not fully passed on. Revenue growth has been stagnant over the past year, with no clear recovery signal, raising concerns about demand sustainability in the core industrial paints market. The sharp EPS volatility, particularly the outlier in September 2025, suggests potential non-recurring gains that may not be repeatable, complicating earnings visibility. Additionally, the resignation of key managerial personnel, while routine, introduces transitional risk in execution continuity, especially if replacements take time to onboard.
📋 Recent Filings
- 🔴 Announcement2026-10-01JSW Dulux Limited announced the resignation of General Counsel, Company Secretary, and Key Managerial Personnel Rajiv Lochan Jha effective by 3 Decemb…
- Announcement2026-09-25JSW Dulux Ltd announces the closure of its insider trading window effective 1 October 2026, remaining shut until 48 hours after the unaudited quarterl…
- Announcement2026-09-24JSW Dulux received a Show Cause Notice from the West Bengal GST Department on September 24, 2026, disallowing input tax credit of Rs. 56.72 lakhs for …
- 🔴 Corporate Action2026-09-22JSW Dulux Ltd announced a 1:10 stock split effective 22 October 2026, converting each Rs 10 face value share into 10 Re 1 shares after shareholder app…
- 🟡 voting results2026-09-21JSW Dulux Ltd announced voting results for its postal ballot, confirming all proposed resolutions passed with required majority. The filing details vo…
- 🟡 voting results2026-09-21JSW Dulux Limited announced the outcome of its postal ballot voting on September 21, 2026, confirming that all proposed resolutions were passed by the…
- 🟡 voting results2026-09-21JSW Dulux announced the completion of its e-voting process for three shareholder resolutions on September 20, 2026, including a sub-division of equity…
- Announcement2026-09-21JSW Dulux Ltd received an appeal order from the Karnataka GST Department dated September 21, 2026, overturning a prior demand of Rs. 14.76 crores. The…
- 🔴 Announcement2026-09-15JSW Dulux received a show cause notice from the Karnataka GST Department on September 14, 2026, alleging disallowance of input tax credit for April 20…
- 🔴 Announcement2026-09-15JSW Dulux Ltd announced its upcoming analyst and institutional investor meeting scheduled for September 18, 2026 at 9:00 am at The Oberoi, Gurgaon, co…
🧠 Analyst's Read
JSW Dulux Ltd remains a high-ROE, debt-free business with strong profitability, but its near-term growth is constrained by flat revenue trends and margin compression. Investors should monitor whether margin recovery sustains and whether management provides clarity on demand drivers in the upcoming quarters. The stock’s performance will likely be influenced more by macro-industrial sentiment and capital expenditure trends in key end-markets than by company-specific catalysts.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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