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JSW Dulux Q1 FY27 Share Price & Earnings Call Analysis

₹276.20-0.11% today
Market cap
₹12,465 Cr
P/E
32.46
ROE
19.10%
PEG
13.25
Price to sales
3.49
Debt to equity
0.03
52W high / low
₹3,747 / ₹2,649
Sales growth (5Y)
8.25%
EBITDA margin
13.67%
Net profit margin
10.03%
Promoter holding
61.20%
Sales (last year)
₹3,578 Cr

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]

Guidance scorecard · Q1 FY27 call

What JSW Dulux Ltd's management guided
and where it ranks in Consumer Durables

#23of 87 in
Consumer Durables
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • The company aims for double-digit volume growth, targeting around 20% growth in decorative volumes, particularly driven by premium segments.
  • Robust growth is expected to continue into subsequent quarters, though July may show a slight dip due to rainfall seasonality.
  • The focus remains on expanding value per outlet, enhancing distribution, and increasing presence in active towns from about 3,400-3,500 to 4,500 towns with population over 20,000.
  • The industrial and coatings segment is also targeted for strong growth, with ambitions to become a top-tier player by 2030-2031.
  • Strategies include deeper penetration into premium and adjacency categories, as well as ongoing efforts to improve painter and contractor programs using digital tools and AI for targeted growth.

2 more points from JSW Dulux Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what JSW Dulux Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • JSW Dulux Limited is focused on expanding its footprint by increasing active presence in towns from about 3,400-3,500 to around 4,500 this year, particularly targeting towns with populations greater than 20,000.
  • The company is investing in building its team, having added about 160 new employees recently, especially in R&D and regional areas like Hyderabad, to support growth initiatives.
  • They are redesigning their end-to-end supply chain for efficiency and faster market response.
  • ERP migration and systems integration are planned by the end of the year to build a robust, future-ready system aligned with long-term vision.
  • Project Akshaya aims at unlocking synergies through cost efficiencies, cross-manufacturing, and integration between JSW Dulux and JSW Paints.

2 more points from JSW Dulux Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what JSW Dulux Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • The company reports strong volume growth of about 20% year-on-year, indicating a healthy demand pipeline.
  • Various strategic initiatives, including Project Akshaya, aim at enhancing synergies, improving supply chain, and integrating functions to unlock efficiencies and support growth.
  • Growth is driven by both decorative and industrial coatings segments, with industrial coatings targeted to become a market leader.

2 more points from JSW Dulux Ltd's call on the order book

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Full Q1 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does JSW Dulux Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

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JSW Dulux Ltd announcements

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Financials of JSW Dulux Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of JSW Dulux Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +9519999561,0339731,0369821,0501,014995835894883
Expenses +797837814866812867836884855861724759756
Operating Profit155162142166162169146167159134111136127
OPM %16%16%15%16%17%16%15%16%16%14%13%15%14%
Other Income +6898101096391,882-132
Interest6333322323234
Depreciation22192120222222232218181920
Profit before tax1331481271521471541321461371221,972101104
Tax %28%26%26%25%26%26%26%26%22%26%15%27%33%
Net Profit +951109411410911598109108911,6837470
EPS in Rs20.9524.1320.6824.9923.8925.1621.5023.8523.6119.98369.5016.2715.35

Financials of JSW Dulux Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +2,4422,6402,5722,7192,9182,6622,4213,1493,8023,9624,0913,599
Expenses +2,1812,3802,2442,4202,5762,2912,0782,7143,2763,3283,4493,092
Operating Profit261260329300342370343434526633642508
OPM %11%10%13%11%12%14%14%14%14%16%16%14%
Other Income +6811065240434121232635271,880
Interest223449101414121012
Depreciation535454586579767682828975
Profit before tax2753143374783163232783674565735702,300
Tax %32%32%27%16%33%27%25%21%26%26%25%17%
Net Profit +1862142474012112372082903354274291,918
EPS in Rs39.9345.9152.9485.8546.3352.1345.5963.6873.5893.7094.11421.10
Dividend Payout %50%153%42%26%52%27%110%118%88%80%106%0%

Financials of JSW Dulux Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital474747474646464646464646
Reserves8731,1169621,2441,0901,1921,2421,2131,2701,2841,2832,208
Borrowings +0333364647070606271
Other Liabilities +8798788729389591,0241,1781,2611,3541,5131,5111,315
Total Liabilities1,7992,0431,8842,2312,0972,3252,5292,5902,7392,9032,9023,640
Fixed Assets +5165235195395305745435205115264811,580
CWIP129232717161642731196774
Investments39460033657337784000000
Other Assets +8769111,0061,0921,1731,6521,9692,0292,1562,2582,3541,987
Total Assets1,7992,0431,8842,2312,0972,3252,5292,5902,7392,9032,9023,640

Financials of JSW Dulux Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +15526314318114137528312148648631184
Cash from Investing Activity +239-156225-61854-225230-15-87123748
Cash from Financing Activity +-410-113-392-126-360-157-174-346-302-439-460-875
Net Cash Flow-16-6-2450-34222-1166170-41-26-44
Free Cash Flow10723468789932725558382367204-1,100
CFO/OP87%145%78%119%77%131%106%54%119%104%74%31%

Financials of JSW Dulux Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4249585356546257535352
Inventory Days958910784851071351299510095
Days Payable119145164159131171220164138164151
Cash Conversion Cycle17-71-229-10-232211-10-3
Working Capital Days-12-59151020-3-14144-222
ROCE %25%26%27%40%24%27%22%28%35%42%42%

Guidance history

How JSW Dulux Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%Flat——Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

28out of 100

Momentum score · price trend

28 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−10.2%49%
Last 6 months+4.1%60%
Last 3 months+0.4%64%

The price is 32.6% below its all-time high of ₹4,518.5 (1 Nov 2024). Stocks more than 20% below their peak have their score halved, so 56 became 28.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For JSW Dulux Ltd: 0.4 × 49 + 0.4 × 60 + 0.2 × 64 = 56, halved to 28 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What JSW Dulux Ltd's management said in earlier quarters

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