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Decorative and industrial paints business combining JSW Paints with AkzoNobel's Dulux brand in India.
Decorative and industrial paints business combining JSW Paints with AkzoNobel's Dulux brand in India.
Moat: narrow (brand, distribution). Globally recognized Dulux brand combined with JSW Group's Indian manufacturing and distribution scale-up.
Headquarters: Mumbai, India · Employees: 1,632
Size JSW Dulux (JSWDULUX.NS) is an India Materials company (Industrial Specialties) with a market value of $1.31B, the 515th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,995 on 6 Nov 2026.
Performance Over six months the shares gained 3.4%, against -7.8% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 4.7% over the last twelve months (peer median +9.2%); the operating margin is 11.0% (peer median 11.1%).
Valuation It trades at 30.9× forward earnings against a peer median of 15.6× (3rd most expensive of 16).
Capital Return on invested capital runs 3.3 points above its cost of capital (9.9% WACC).
Next results Next results expected around 15 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹37.2B | ₹35.8B | ₹40.5B | ₹39.4B | ₹37.8B |
| Revenue growth | — | -12% | +3% | +4% | — |
| Gross profit | ₹10.8B | ₹9.75B | ₹11.7B | ₹11.7B | ₹10.0B |
| EBITDA | ₹4.89B | ₹5.06B | ₹6.32B | ₹6.22B | ₹5.14B |
| Net income | ₹3.51B | ₹19.7B | ₹4.29B | ₹4.27B | ₹3.35B |
| Free cash flow | n/a | -₹2.41B | ₹2.26B | ₹3.89B | ₹3.95B |
| Capital expenditure | n/a | ₹12.0B | ₹1.06B | ₹1.19B | ₹1.04B |
| Total debt | ₹884M | ₹791M | ₹621M | ₹604M | ₹697M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| JSW Dulux JSWDULUX.NS | $1.31B | +3% | -5% | 11% | 30.9× | n/a |
| Asian Paints ASIANPAINT.NS | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% |
| Berger Paints India BERGEPAINT.NS | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% |
| Kansai Nerolac Paints KANSAINER.NS | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JSWDULUX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.1% | -11.0% | 6th highest of 21 |
| 6-month return | +3.4% | -7.8% | 7th highest of 21 |
| Distance from 52-week high | -20.0% | -28.7% | 7th highest of 21 |
| Revenue growth (TTM) | -4.7% | +9.2% | 4th lowest of 21 |
| Operating margin | 11.0% | 11.1% | 11th highest of 21 |
| Forward P/E | 30.9× | 15.6× | 3rd most expensive of 16 |
| ROIC minus cost of capital | +3.3 pp | +2.9 pp | 11th highest of 21 |
| EV / EBITDA | 25.3× | 8.9× | 2nd most expensive of 14 |
| Net debt / EBITDA | -0.0× | -1.1× | 4th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 30.9× | n/a | n/a |
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | n/a | -0.2% | +8.1% |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |
| Nihon Parkerizing 4095.T | Japan | $1.26B | +16% | +5% | 12% | n/a | -1.6% | +6.7% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| artience 4634.T | Japan | $1.25B | +18% | +7% | 6% | 9.3× | -3.9% | +6.3% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Sinosteel Engineering & Technology 000928.SZ | China | $1.22B | -13% | +4% | 5% | 11.9× | -15.6% | -1.3% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| PCBL Chemical PCBL.NS | India | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% | +25.1% |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 21.8× | n/a | n/a |
| Xinjiang Xuefeng Sci-Tech (Group) 603227.SS | China | $1.14B | -17% | -8% | 12% | 10.3× | -7.6% | +22.0% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 59.3× | 44.2% | -2.3% |
| Kunshan Dongwei Technology 688700.SS | China | $1.64B | -40% | +56% | 13% | 34.2× | 23.1% | +14.5% |
| Nitta 5186.T | Japan | $1.05B | +36% | +5% | 7% | 10.8× | 10.6% | +3.1% |
| Xinjiang Tianye 600075.SS | China | $1.04B | -41% | -10% | -3% | n/a | n/a | n/a |
| SK Kaken 4628.T | Japan | $1.04B | +2% | +9% | 13% | n/a | -19.4% | +5.2% |
| Chugoku Marine Paints,Ltd 4617.T | Japan | $1.04B | +4% | +10% | 13% | 12.8× | 0.0% | +11.1% |
| Kansai Nerolac Paints KANSAINER.NS | India | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% | +9.7% |
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |