JSW Dulux logo

JSW Dulux share price

NSE: JSWDULUXBSE: 500710Consumer DurablesSmall Cap

JSW Dulux Limited · Formerly Akzo Nobel India · Face value ₹1 · Listed Jun 1965 on BSE, Jun 2001 on NSE
Last close ₹276.20down ₹0.30 (0.11%)BSE ₹277.25

Share price at the NSE close on 29 Oct 2026. Previous close ₹276.50.

29 Oct: open ₹276.00, high ₹287.20, low ₹270.20

52-week range of traded prices to 29 Oct 2026
₹265.87Low, 1 Feb 2026₹374.50High, 2 Dec 2025
Market cap
₹12,578 Cr464th largest listed
P/E
6.41
P/E without one-offs
107.86
P/B
5.13
Dividend yield
1.81%
ROE
103.8%
ROE without one-offs
6.2%
ROCE
16.8%
Debt to equity
0.00
Volume, NSE
14,48,362

JSW Dulux share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

−16.4%over a year

ResultsSplit, bonus, rights or demerger20-session average 3,41,988 shares a day, 54.8% delivered

About JSW Dulux

JSW Dulux Limited makes and sells paints and coatings in India: decorative paints for homes and commercial buildings, and industrial coatings for automotive, marine, protective, coil and packaging uses.123 It sells to homeowners through dealers, distributors and painters, works with builders and contractors on large projects, and supplies industrial users.4

Its brands include Dulux, Sikkens, Lesonal and International, and its decorative ranges include Dulux Velvet Touch, Dulux Weathershield and Sadolin.56 It reports its results as a single business segment.3 Its registered office is in Kolkata, and its corporate office has been at JSW Centre in Mumbai since 1 Apr 2026.7 It runs 1 research and development centre, at Thane, and spent ₹18.8 crore on research and development in the year to Mar 2026.8910

It was incorporated in 1954.11 On 1 Jul 2025 it completed the purchase of the intellectual property rights for its decorative paints business, including the Dulux brand, in India, Bangladesh, Bhutan and Nepal from the AkzoNobel group, its promoter at the time; the same month it sold its powder coatings business and international research centre to an AkzoNobel company.121314

On 10 Dec 2025, JSW Paints Limited, part of the JSW Group, completed the acquisition of a 61.2% stake and became the company's promoter and holding company, and the company took its present name on 11 Mar 2026.151614 Parth Jindal, Managing Director of JSW Paints, has chaired the board since January 2026, and Rajiv Rajgopal has been Joint Managing Director and CEO since then.17

JSW Dulux key points

Results

  • In the year to Mar 2026, consolidated revenue from operations was ₹3,599.2 crore, EBITDA (earnings before interest, tax, depreciation and amortisation) before one-time items ₹508.5 crore, and profit after tax ₹1,973.8 crore, which includes ₹1,845.9 crore of one-time items.1819
  • The company says its figures for the year to Mar 2026 are not comparable with the year before because of a slump sale (the sale of a whole business as a going concern) during the year.19
  • In the quarter to Jun 2026, consolidated net revenue was ₹965 crore, down 2.8% from ₹993.1 crore as reported, and up 18.8% from ₹812 crore on the company's provisional, unaudited like-for-like basis, which leaves out carved-out and AkzoNobel-retained business; volume rose 25%.2021
  • In the quarter to Jun 2026, the EBITDA margin was 11.9%. On a standalone basis, profit after tax was ₹135.5 crore, including ₹55.9 crore of dividend from ICI India Research and Technology Centre and ₹21.5 crore of interest on an income tax refund.2223

Market position

  • The company puts its market share at 5% in decorative paints and 7% in industrial paints.24

Where revenue comes from

  • Exports were 4% of turnover in the year to Mar 2026, and the company served 24 states in India and 4 countries abroad.25

Plants and capacity

  • The company has 5 manufacturing sites with a combined capacity of 305 million litres a year (MLPA), at Hyderabad, Bengaluru, Malanpur in Madhya Pradesh, Mohali and Navi Mumbai.2426
  • Under Project Akshaya, its integration with JSW Paints, the company makes JSW Paints products at one of its own factories and JSW Dulux products at a JSW Paints plant; the programme realised ₹2.4 crore of synergies (cost savings) in the quarter to Jun 2026.2728
  • The company stated in its annual report for the year to Mar 2026 that it plans more capital spending at its Bengaluru plant and new filling lines to add capacity; capital expenditure was ₹47 crore in that year.293031

Branches and reach

  • The company sells through about 22,000 retailers, serves about 4,000 business customers and is present in more than 5,000 towns.24
  • Its Dulux Maestro programme for architects and interior designers has more than 5,000 members across more than 40 cities.32

Customers and partners

  • In automotive coatings, the company has an exclusive partnership with JSW MG Motor India, which it describes as now part of its group, and an exclusive partnership with Mahindra for car interior coatings.332734
  • The company is the recommended paint partner for Porsche India's repair network, and its marine business has a long-standing association with the Indian Navy for anti-corrosive and anti-fouling coatings.30
  • No single customer accounted for more than 10% of revenue in the year to Mar 2026.35

What the company expects

  • On its earnings call of 12 Aug 2026, the company said that, given crude prices, it expects its EBITDA margin to be in the range of 13% to 15%, without stating a period.36
  • On its earnings call of 12 Aug 2026, the company said it plans to take its active presence of about 3,400 to 3,500 towns to about 4,500 in what it called this year, and to move about 20 top towns to direct or hybrid models.3738
  • In its presentation of 12 Aug 2026, the company said it aims to be a top 2 player in automotive and specialty coatings and to lead in marine and protective coatings by 2031.39
  • On its earnings call of 12 Aug 2026, the company said its ERP (core business software) migration is planned by what it called the end of the year, moving it off systems based on AkzoNobel's, used under a limited-period transition services agreement.40

Litigation and regulatory matters

  • In an exchange filing of 19 Oct 2026, the company said a Karnataka GST order cut a demand over input tax credit (credit for GST paid on purchases) for April 2020 to March 2021 from ₹118,33,32,869 to ₹42,04,21,825; it is responding.41
  • In an exchange filing of 12 May 2026, the company said an income tax order for assessment year 2023-24 (the tax year after the income year) set a demand of ₹36.46 crore including interest; it intends to challenge the order and the penalty proceedings.42
  • Appeal orders annulled a Karnataka GST demand of ₹14,75,83,468 for the tax period 2019-20, the company said on 21 Sep 2026, and a Madhya Pradesh GST demand of ₹77,13,373 for July 2022 to March 2023, it said on 14 Oct 2026.4344

Last updated

All 44 sources, each with its page
  1. 1. Annual report, 16 Jun 2026, page 7
  2. 2. Annual report, 16 Jun 2026, page 9
  3. 3. Annual report, 16 Jun 2026, page 114
  4. 4. Annual report, 16 Jun 2026, page 37
  5. 5. Investor presentation, 12 Aug 2026, page 8
  6. 6. Annual report, 16 Jun 2026, page 8
  7. 7. Annual report, 16 Jun 2026, page 16
  8. 8. Annual report, 16 Jun 2026, page 4
  9. 9. Annual report, 16 Jun 2026, page 22
  10. 10. Annual report, 16 Jun 2026, page 10
  11. 11. Annual report, 16 Jun 2026, page 36
  12. 12. Annual report, 16 Jun 2026, page 65
  13. 13. Annual report, 16 Jun 2026, page 14
  14. 14. Annual report, 16 Jun 2026, page 25
  15. 15. Annual report, 16 Jun 2026, page 17
  16. 16. Annual report, 16 Jun 2026, page 3
  17. 17. Annual report, 16 Jun 2026, page 13
  18. 18. Annual report, 16 Jun 2026, page 4
  19. 19. Annual report, 16 Jun 2026, page 14
  20. 20. Investor presentation, 12 Aug 2026, page 16
  21. 21. Earnings call, 12 Aug 2026, page 4
  22. 22. Earnings call, 12 Aug 2026, page 5
  23. 23. Investor presentation, 12 Aug 2026, page 14
  24. 24. Investor presentation, 12 Aug 2026, page 8
  25. 25. Annual report, 16 Jun 2026, page 37
  26. 26. Annual report, 16 Jun 2026, page 33
  27. 27. Earnings call, 12 Aug 2026, page 11
  28. 28. Investor presentation, 12 Aug 2026, page 17
  29. 29. Annual report, 16 Jun 2026, page 16
  30. 30. Annual report, 16 Jun 2026, page 9
  31. 31. Annual report, 16 Jun 2026, page 10
  32. 32. Annual report, 16 Jun 2026, page 7
  33. 33. Annual report, 16 Jun 2026, page 18
  34. 34. Annual report, 16 Jun 2026, page 19
  35. 35. Annual report, 16 Jun 2026, page 114
  36. 36. Earnings call, 12 Aug 2026, page 5
  37. 37. Earnings call, 12 Aug 2026, page 6
  38. 38. Earnings call, 12 Aug 2026, page 7
  39. 39. Investor presentation, 12 Aug 2026, page 9
  40. 40. Earnings call, 12 Aug 2026, page 12
  41. 41. Exchange filing, 19 Oct 2026, page 2
  42. 42. Exchange filing, 12 May 2026, page 2
  43. 43. Exchange filing, 21 Sep 2026, page 2
  44. 44. Exchange filing, 14 Oct 2026, page 2

Results

Consolidated; ₹ crore.JSW Dulux quarterly results

Revenue growth, 12 months
−11.3%
Net profit growth, 12 months
+383.5%

Quarter to Jun 2026, against the quarter before

Revenue
₹965 Crup 9.26%
Net profit
₹80 Crdown 36.58%
Net margin
8.3%

Revenue by quarter

₹982 CrSep 24₹1,050 CrDec 24₹1,022 CrMar 25₹995 CrJun 25₹835 CrSep 25₹908 CrDec 25₹883 CrMar 26₹965 CrJun 26
Peak revenue ₹1,050 Cr, quarter to Dec 2024; lowest ₹835 Cr, quarter to Sep 2025

Net profit by quarter, a loss in red

₹98 CrSep 24₹109 CrDec 24₹108 CrMar 25₹91 CrJun 25₹1,683 CrSep 25₹74 CrDec 25₹126 CrMar 26₹80 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue9821,0501,022995835908883965
Net profit98109108911,6837412680
Net margin10.0%10.3%10.6%9.1%201.6%8.2%14.2%8.3%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

One segment, Paints, carries all the revenue in the year to Mar 2026.

Valuation

Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.JSW Dulux PE ratio and valuation

Price to earnings

At or below today's level on 91% of 2,479 trading days over the last 10 years.

LowestHighest
Its median35.37Industry median35.24
Price to book

At or below today's level on 0.1% of 1,977 trading days since Nov 2018.

LowestHighest
Its median8.04Industry median3.39
Dividend yield

At or below today's level on 42% of 2,448 trading days over the last 10 years.

LowestHighest
Its median2.39%Industry median1.03%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−13.7%+359.6%−82.8%7.2%
3 years+11.7%+80.6%−40.6%4.4%
5 years+8.4%+56.9%−33.5%4.0%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1, 3 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.JSW Dulux shareholding pattern

Shareholding by group

  • Promoters61.20%
  • Foreign institutions8.01%
  • Indian institutions22.05%
  • Individuals and others8.74%
Holder
JSW PAINTS LIMITEDPromoter61.20%
Goldman Sachs Funds - Goldman Sachs India Equity PortfolioForeign portfolio investors, category I1.89%
The New India Assurance Company LimitedInsurance companies1.72%
Investor Education and Protection Fund Authority Ministry of Corporate AffairsInvestor education fund1.00%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −0.49 pts, Indian institutions +0.08 pts, mutual funds +0.27 pts.

Mutual fund holdings

49 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 14 of the 22 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 49 funds holding JSW Dulux

Bought for the first time
1
Added
10
Cut
12
Held unchanged
26
Sold out
40
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.JSW Dulux insider trading

Bought on the market Sold on the market
  • Others0 purchases, 1 saleNo purchase₹1,296 CrNet−₹1,296 Cr
  • Promoters and promoter group: no market trade · 2 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

JSW Dulux competitors and peers

Paints, 10 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to JSW Dulux in market cap. 1 company in the table last traded before then: its row is priced on its last trade.Consumer durables companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Asian Paints logoAsian PaintsASIANPAINT2,20,80746.3410.33+9.8%+32.5%23.4%24.7%1.19%
Berger Paints (I) logoBerger Paints (I)BERGEPAINT54,40044.727.87+5.2%+6.6%18.6%20.0%0.86%
Kansai Nerolac Paints logoKansai Nerolac PaintsKANSAINER14,48324.132.16+5.2%−47.0%9.1%11.3%1.40%
Indigo Paints logoIndigo PaintsINDIGOPNTS4,83029.754.19+9.5%+14.7%14.9%18.3%0.49%
Sirca Paints India logoSirca Paints IndiaSIRCA2,36135.244.97+24.1%+26.3%16.3%17.6%0.48%
Shalimar Paints logoShalimar PaintsSHALPAINTS677–3.39−12.0%–––0.00%
Kamdhenu Ventures logoKamdhenu VenturesKAMOPAINTS124–0.69−7.9%––−1.0%0.00%
Siddhika Coatings logoSiddhika CoatingsSIDDHIKA12311.872.63+15.1%+21.7%24.3%–2.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.JSW Dulux dividend history

Dividend per share, ₹, restated for later splits and bonuses

2.2Mar 172.2Mar 182.4Mar 191.4Mar 205Mar 217.5Mar 226.5Mar 237.5Mar 2410Mar 2521Mar 26
Highest ₹20.60 a share, year to Mar 2026.
Ex-dateTypePer share
3 Jul 2026Final₹50.00
11 Aug 2025Special₹156.00
25 Jul 2025Final₹30.00
19 Nov 2024Interim₹70.00
25 Jul 2024Final₹25.00
16 Feb 2024Interim₹50.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.JSW Dulux announcements

JSW Dulux share price by year

Each calendar year to 2025.JSW Dulux share price history

YearClose at year endChangeHighest closeLowest close
2025317.73−11.5%387.25309.95
2024358.88+37.6%451.85228.63
2023260.75+17.5%289.99212.58
2022221.96+8.5%235.18170.16
2021204.55−14.8%248.06196.59
2020239.95+21.7%247.83176.66
2019197.12+12.7%222.43160.08
2018174.93−4.6%198.30149.32
2017183.44+30.9%203.70132.98
2016140.18−0.2%172.00124.08
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 2026280.40281.50272.80276.50275.1811,84,10191.8%
27 Oct 2026279.00283.20273.00280.40278.731,73,85836.9%
26 Oct 2026281.00283.70271.10278.90276.542,30,64243.4%
23 Oct 2026305.00305.00280.00286.60286.792,54,13650.9%
22 Oct 2026300.00304.80284.50302.20299.041,92,33254.9%
21 Oct 20263,058.603,087.902,966.002,994.803,002.5859,31574.8%
19 Oct 20263,094.003,128.503,026.003,058.603,072.3128,27040.9%
16 Oct 20263,037.003,070.003,024.003,045.003,045.8420,92260.5%
15 Oct 20263,097.003,097.003,025.003,036.603,055.0819,69560.1%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
22 Oct 2026Split0.1000Each share became 10.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details

Chief executive
Rajiv Rajgopal
At the end of the quarter to Sep 2026
Chairperson
Parth Sajjan Jindal
At the end of the quarter to Sep 2026
NSE symbol
JSWDULUX
BSE code
500710
ISIN
INE133A01029
Industry
Consumer Durables
Former symbols
AKZOINDIA, ICI
CIN
L24292WB1954PLC021516
Corporate identity number, the registrar of companies' code for it
Incorporated
1954
Registered office
801A, South City Business Park, 770, Anandapur, Eastern Metropolitan Bypass, Near Fortis Hospital, Kolkata 700701, West Bengal
Share registrar
C B Management Services Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments