āagman

Not investment advice. Data and computed figures, for information only.

JSW Dulux Ltd

NSE: JSWDULUX
₹3,036.60
−₹61.70 (−1.99%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹14,571 Cr
CMP
₹3,036.60
52-wk High / Low
₹3,376 / 2,857
P/E
38.0
P/B
6.0
Book Value
₹538.0
Div Yield
1.56%
ROCE
23.0%
ROE
19.1%
Face Value
₹10
D/E
0.03

Price+1.3% over Max

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹2,291
√(22.5 × EPS × book value per share)
ROIC
14.3%
vs 12.3% sector median
Cash flow to profit
0.05
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−155
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
7.8%
ROE × earnings retention ratio
ROE stability
21.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.06DII +0.17
Latest quarter vs the previous one
Cash-accrual divergence
56.2%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 23% vs the 2026 sector median of 18.5%)
+FII holding rose by 5.5pp over the last year
+PE of 38x is below the sector median of 38.5x
Watch-outs
−Borrowings are up 2533.3% since FY2016 (3 to 79)
−Promoter holding fell by 13.6pp over the last year
−Balance-sheet accruals of 56.2% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9999561,0339731,0369821,0501,014995835894883965
Expenses837814866812867836884855861724758756850
Operating Profit162142166162169146167159134111136127115
OPM %16.2%14.9%16.1%16.6%16.3%14.9%15.9%15.7%13.5%13.3%15.2%14.4%11.9%
Other Income898101096391,882−146726
Interest3333223232343
Depreciation19212022222223221818192020
Profit before tax1481271521471541321461381221,972101170118
Net Profit1109411410911598109108911,6837412680
EPS (₹)24.1320.6824.9923.8725.1621.5023.8523.8019.98369.5216.3227.6017.50

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8562,6402,5722,7192,9182,6622,4213,1493,8023,9624,0693,5993,578
Expenses1,0242,3802,2442,4202,5762,2912,0782,7143,2763,3283,4273,0903,088
Operating Profit−168260329299342370343434526633642509489
OPM %−19.6%9.8%12.8%11.0%11.7%13.9%14.2%13.8%13.8%16.0%15.8%14.1%13.7%
Other Income57111065240434121232635271,9441,961
Interest32344910141412101212
Depreciation21545458657976768282897577
Profit before tax3793143374783163232783674565735702,3662,361
Net Profit2952142474002112372082903354274301,9741,962
EPS (₹)77.2245.9152.9485.7546.3352.1345.5963.7073.5893.6894.31433.42430.94

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital384747474646464646464646—
Reserves9331,1169631,2441,0911,1921,2431,2141,2711,2841,2852,406—
Borrowings0333364647070606279—
Other Liabilities3618788729399591,0241,1781,2621,3541,5141,5111,265—
Total Liabilities1,3322,0441,8842,2332,0982,3262,5302,5922,7402,9042,9033,795—
Fixed Assets1335235195395305745435205115264811,613—
CWIP29232717161642731196749—
Investments91560033657337784000000—
Other Assets2839121,0071,0941,1741,6521,9702,0302,1572,2592,3552,133—
Total Assets1,3322,0441,8842,2332,0982,3262,5302,5922,7402,9042,9033,795—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2008Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity83226314318313937428312148648631293
Cash from Investing Activity102283−156225−61854−225230−15−87122804
Cash from Financing Activity−265−54−113−392−126−360−157−174−346−302−439−460−875
Net Cash Flow−80231−6−2451−36221−1156170−41−2622

Ratios

As of 31 Mar 2026
13 periods
Mar 2008Mar 2009Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.013.0—27.040.024.027.022.028.035.042.042.023.0
ROE %————————————19.1
EPS (₹)15.5577.2245.9152.9485.7546.3352.1345.5963.7073.5893.6894.31433.42
Book Value (₹)————————————538.0
Face Value (₹)————————————10
P/E————————————38.0
Div Yield %————————————1.56
NPM %6.720.77.89.413.57.18.88.59.18.810.710.535.6
OPM %10.0−20.010.013.011.012.014.014.014.014.016.016.014.0
D/E0.000.000.000.000.000.000.050.050.060.050.050.050.03
P/B————————————6.0

Growth

As of 27 Sep 2026
Compounded sales growth
10 years+3.0%
5 years+8.0%
3 years−2.0%
TTM−12.0%
Compounded profit growth
10 years+7.0%
5 years+12.0%
3 years+2.0%
TTM−5.0%
Stock price CAGR
10 years+7.0%
5 years+8.0%
3 years+9.0%
Last year−5.0%
Return on equity
10 years24.0%
5 years26.0%
3 years27.0%
Last year19.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.96%72.96%72.96%74.76%74.76%74.76%74.76%74.76%74.76%74.76%61.20%61.20%
FIIs1.98%1.98%1.73%1.43%1.26%1.43%1.66%2.97%3.42%3.68%8.43%8.49%
DIIs8.33%8.33%9.00%8.23%8.59%10.97%10.50%8.99%8.36%8.49%21.79%21.96%
Government————————————
Public16.73%16.73%16.31%15.58%15.40%12.85%13.09%13.27%13.47%13.08%8.58%8.33%
No. of shareholders45,58045,58039,36039,20841,26839,93445,78043,73546,71248,14048,49348,114
Change since Jun 2023 (pp)
Promoters −11.76FIIs +6.51DIIs +13.63Public −8.40

Documents

As of 27 Sep 2026
Announcements
Closure of Trading WindowReceipt Of SCN From West Bengal GST DeptRecord Date For Stock SplitReceipt Of Appeal Order From Karnataka GST DeptShareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingMay 2026TranscriptMay 2026PPTMar 2026PPTFeb 2026TranscriptFeb 2026TranscriptFeb 2026PPT

Corporate actions

As of 3 Jul 2026
3 Jul 2026DIVIDENDDividend - Rs 50 Per Share—
11 Aug 2025DIVIDENDSpecial Dividend - Rs 156 Per Share—
25 Jul 2025DIVIDENDDividend - Rs 30 Per Share—
19 Nov 2024DIVIDENDInterim Dividend - Rs 70 Per Share—
25 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 25 Per Share—
16 Feb 2024DIVIDENDInterim Dividend - Rs 50 Per Share—
27 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 40 Per Share—
21 Feb 2023DIVIDENDInterim Dividend - Rs 25 Per Share—
28 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 35 Per Share—
22 Feb 2022DIVIDENDInterim Dividend - Rs 40 Per Share—
5 Aug 2021DIVIDEND Annual General Meeting/Dividend - Rs 30 Per Share—
17 Feb 2021DIVIDEND Interim Dividend - Rs 20 Per Share—
20 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 14 Per Share—
31 Jul 2019DIVIDEND Dividend - Rs 24 Per Share—
25 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 22 Per Share—
4 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 22/- Per Share—
19 Jul 2016DIVIDEND Annual General Meeting/Final Dividend Rs.20/- Per Share And Special Dividend Rs.50/- Per Share—
6 Aug 2015DIVIDEND Annual General Meeting/Dividend - Rs 20/- Per Share—
30 Jul 2014DIVIDENDAnnual General Meeting/Final Dividend Rs.15 Per Share + Special Dividend Rs.60 Per Share—
30 Jul 2013DIVIDENDAnnual General Meeting/Final Dividend Rs.20 Per Share And Special Dividend Rs.60 Per Share—
30 Jul 2012DIVIDENDAnnul General Meeting/Dividend Rs 20 Per Share—
8 Jul 2011DIVIDENDDividend-Rs.18/- Per Share—
5 Jul 2010DIVIDENDDividend-Rs.16/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman