JSW Dulux Limited

NSE: AKZOINDIA · Paints

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52W Range₹2,667 – ₹3,745

Snapshot

Unlock JSW Dulux Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Akzo Nobel India Limited is a prominent manufacturer and distributor of paints and coatings, offering a diverse portfolio including decorative, industrial, and specialty coatings. The company serves a wide range of sectors such as infrastructure, automotive, packaging, and energy under well-recognised brands like Dulux, Sikkens, and Interpon.

Business Model

The company generates revenue through the sale of high-performance coatings and decorative paints to both retail consumers and institutional clients. It leverages its global parent's technical expertise to provide specialised solutions for industrial applications and infrastructure projects.

Growth Outlook

Growth is primarily driven by increasing urbanisation and infrastructure development in India, which boosts demand for decorative and protective coatings. Continued expansion in the industrial and automotive sectors provides further opportunities for market penetration.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of crude oil derivatives and other chemical inputs can significantly impact operating margins.
  • Intense Market Competition. The Indian paints and coatings sector is highly competitive, with both domestic and international players vying for market share.
  • Economic Cyclicality. Demand for industrial and automotive coatings is closely tied to broader economic growth and industrial production cycles.
  • Regulatory and Environmental Compliance. Stricter environmental regulations regarding chemical usage and emissions may necessitate increased capital expenditure for compliance.

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Key Metrics

REVENUE

₹3,591 Cr

TTM · consolidated

-11.3%YoY

NET PROFIT

₹1,963 Cr

TTM · consolidated

+383.5%YoY

EPS

₹430.94

TTM · consolidated

+383.6%YoY

RETURN ON EQUITY

103.8%

TTM · consolidated

+73.3 ppYoY

RETURN ON CAPITAL EMPLOYED

113.3%

TTM · consolidated

+77.6 ppYoY

P/E

6.9×

Q1 FY27 · consolidated

6.9 vs 32.6x5Y avg

EV/EBITDA

23.4x

Q1 FY27 · consolidated

23.4 vs 24.8x5Y avg

EBITDA MARGIN

16.8%

TTM · consolidated

+1.1 ppYoY

NET PROFIT MARGIN

8.3%

Q1 FY27 · consolidated

-0.8 ppYoY

DEBT TO EQUITY

0.0x

Q1 FY27 · consolidated

+0.00xYoY

Peers · Paints

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
JSW Dulux LimitedAKZOINDIA
₹14,395 Cr6.9×23.38-11.3%16.8%103.8%113.3%-8.9%
Berger Paints India Ltd.BERGEPAINT
₹53,607 Cr43.3×26.635.2%16.5%18.6%22.6%-14.6%
Kansai Nerolac Paints LimitedKANSAINER
₹14,766 Cr23.6×12.765.2%13.9%9.0%12.3%-29.7%
Indigo Paints LimitedINDIGOPNTS
₹5,435 Cr31.2×18.669.5%19.8%15.0%18.9%-1.8%
Sirca Paints India LimitedSIRCA
₹2,353 Cr33.6×22.0624.1%20.8%14.1%18.4%-16.7%
Shalimar PaintsSHALPAINTS
₹662 Cr-9.4×-38.50-10.5%-3.8%-24.5%-15.0%-7.9%

As of Q1 FY27

Financials