Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹10,907.00 last close on 16 Oct 2026 +0.41%
Research updated
JSW Dulux Limited
NSE: JSWDULUXBasic MaterialsSpecialty Chemicals
- Last close
- ₹3,045.00
- Day change
- +₹8.40 (+0.28%)vs
- Market cap
- ₹13,929 crIndian rupees
- Research updated
- 2 reports
About JSW Dulux
JSW Dulux Limited is an Indian paints and coatings company focused on decorative and performance coatings for residential, commercial, and industrial applications. Headquartered in India and incorporated in 1954, the company offers a broad portfolio spanning interior and exterior wall paints, wood finishes, enamels, and specialty coatings. Through the Dulux brand and other global coating brands, JSW Dulux Limited serves homeowners, professional painters, real estate developers, and institutional clients. The company’s products are distributed via a nationwide network of dealers, retail outlets, and project sales channels, enabling strong presence in both urban and semi-urban markets. In addition to manufacturing and trading paints and related products, JSW Dulux Limited provides technical support and color consultancy to customers, and conducts research and development services for group entities. Within the Indian consumer goods and construction ecosystem, it plays a significant role in home décor, infrastructure finishing, and protective coatings for a variety of surfaces and environments.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: JSWDULUX
- Chief executive
- Mr. Rajiv Rajgopal MBA
- Employees
- 1,300
- Headquarters
- Gurugram, India
- ISIN
- INE133A01011
- Website
- akzonobel.co.in
Public research · Report of
Business model & financial foundation
JSW Dulux (NSE: JSWDULUX), Paints and coatings (decorative and industrial): revenue of ₹3,599 crore in FY26 (-11.6% on FY25), an EBITDA margin of 14.1%, net profit of ₹1,974 crore and net cash of ₹190.7 crore.
- Revenue, FY26 (₹ crore)
- 3,599
- consolidated
- Revenue growth, FY26
- -11.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,974
- to owners
- Return on equity, FY26
- 104.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -190.7
- Lease-inclusive net debt, negative for net cash
- Market capitalisation (₹ crore)
- 13,964
- at the close of 19 Oct 2026
Company profile
JSW Dulux (formerly Akzo Nobel India) makes and sells decorative paints under Dulux (now owned by the company for India) and industrial coatings (marine and protective, automotive and specialty, coil) under licensed AkzoNobel brands International and Sikkens. Decorative is about 60% of revenue, with premium 45% of decorative. It runs five plants (305 MLPA) and reaches about 22,000 retailers in over 5,000 towns. Since December 2025 it is controlled by JSW Paints (61.2%), which is integrating the two paint businesses under Project Akshaya while running them as separate listed and unlisted companies.
| Item | Value |
|---|---|
| Legal name | JSW Dulux Limited (formerly Akzo Nobel India Limited, ICI India Limited) |
| Exchange and ticker | NSE: JSWDULUX; BSE: 500710 |
| ISIN | INE133A01011 |
| CIN | L24292WB1954PLC021516 |
| Sector | Consumer / Basic Materials |
| Industry | Paints and coatings (decorative and industrial) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (from FY27; Price Waterhouse Chartered Accountants LLP audited FY26) (since FY27) |
| Market capitalisation | ₹13,964 crore (19 Oct 2026) |
| Shares outstanding | 4.55 crore shares (FY26) |
| Price | ₹3,045 (close, 19 Oct 2026) |
| Website | https://www.jswdulux.com |
Corporate structure and shareholding
Parent: JSW Paints Limited (61.20%), part of JSW Group.
| Entity | Holding | Business |
|---|---|---|
| ICI India Research & Technology Centre Private Limited | 99.99% | Research services to the holding company; held real estate monetised in FY26-FY27 |
Powder Coatings and International Research Center divisions sold by slump sale to Akzo Nobel Powder Coatings India Pvt Ltd on 2 Jul 2025; Dulux decorative IPR for India bought from AkzoNobel for Rs 1,152 cr in Jun 2025; JSW Paints acquired control 10 Dec 2025.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 69.76% | 61.20% | 61.20% | 61.20% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.97% | 8.66% | 8.43% | 8.49% |
| Domestic institutions | 13.77% | 20.58% | 21.79% | 21.96% |
| of which mutual funds | 11.34% | 17.57% | 18.55% | 18.66% |
| Retail | 6.08% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| Asian Paints (ASIANPAINT) | Decorative market leader; JSW Dulux benchmarks its pricing against it |
| Berger Paints India (BERGEPAINT) | No.2 decorative player; mid-market price parity cited by management |
| Kansai Nerolac Paints (KANSAINER) | Similar market cap; decorative plus industrial/auto coatings mix |
| Indigo Paints (INDIGOPNTS) | Smaller decorative challenger competing in mid/economy |
| Grasim Industries (Birla Opus) (GRASIM) | |
| Sirca Paints India (SIRCA) | Listed wood-finishes specialist, overlaps with Sadolin wood coatings |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 3,962 | 4,069 | 3,599 |
| Cost of revenue (vendor classification) * | 2,461 | 2,189 | |
| Other operating costs (vendor classification) * | 640.8 | 573.2 | |
| EBITDA (vendor classification) * | 668.0 | 599.8 | |
| Operating EBIT excluding other income and exceptional items | 549.7 | 552.1 | 433.2 |
| Finance costs | 12.5 | 9.80 | 12.1 |
| Profit before tax | 573.0 | 569.9 | 2,366 |
| Total income-tax expense | 146.4 | 140.4 | 391.7 |
| Consolidated profit after tax | 426.6 | 429.5 | 1,974 |
| Diluted earnings per share (₹) | 93.68 | 94.31 | 433.4 |
| Cost of materials consumed | 2,009 | 2,163 | 1,868 |
| Purchases of stock-in-trade | 208.3 | 211.9 | 183.4 |
| Signed change in finished goods, WIP and traded inventory | 5.20 | -56.4 | 57.2 |
| Materials, purchases and signed inventory change | 2,223 | 2,318 | 2,109 |
| Employee benefits expense | 328.1 | 337.4 | 313.0 |
| Other operating expenses | 778.7 | 772.4 | 668.9 |
| Operating EBITDA excluding other income and property gains | 632.0 | 641.5 | 508.5 |
| Depreciation and amortisation | 82.3 | 89.4 | 75.3 |
| Other income as separately presented by issuer | 35.8 | 27.6 | 17.7 |
| Net gain on sale of immovable properties | 0.00 | 0.00 | 80.8 |
| Other income including separately presented property gains | 35.8 | 27.6 | 98.5 |
| Exceptional items signed income/(expense) | 0.00 | 0.00 | 1,846 |
| Current income-tax expense | 150.8 | 140.9 | 331.3 |
| Deferred income-tax expense/(credit) | -4.40 | -0.50 | 60.4 |
| Profit attributable to owners | 426.6 | 429.5 | 1,974 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of associates | 0.00 | 0.00 | 0.00 |
| Other expenses: stores and spare parts | 4.10 | 3.00 | 1.70 |
| Other expenses: plant and machinery repairs | 35.4 | 38.8 | 24.4 |
| Other expenses: building repairs | 4.30 | 3.10 | 2.20 |
| Other expenses: power and fuel | 17.7 | 20.0 | 20.9 |
| Other expenses: travelling | 35.5 | 36.7 | 37.1 |
| Other expenses: rates and taxes | 2.50 | 3.00 | 3.70 |
| Other expenses: rent | 2.80 | 3.70 | 5.20 |
| Other expenses: insurance | 12.0 | 11.8 | 10.9 |
| Other expenses: freight and transport | 159.0 | 162.1 | 154.7 |
| Other expenses: advertisement and publicity | 119.2 | 93.3 | 94.3 |
| Other expenses: royalty | 141.1 | 139.8 | 78.6 |
| Other expenses: consultancy charges | 14.0 | 28.1 | 25.6 |
| Other expenses: net foreign-exchange differences | 0.50 | 0.00 | 2.20 |
| Other expenses: payments to auditors | 1.50 | 1.60 | 2.60 |
| Other expenses: corporate social responsibility | 7.70 | 9.30 | 10.7 |
| Other expenses: IT support and maintenance | 43.5 | 48.0 | 36.1 |
| Other expenses: warehouse charges | 22.7 | 31.4 | 30.2 |
| Other expenses: provision for doubtful debts and advances | 4.00 | 3.10 | 7.20 |
| Other expenses: net loss on sale of PPE | 1.10 | 0.70 | 0.70 |
| Other expenses: subcontracting charges | 80.3 | 64.8 | 61.5 |
| Other expenses: miscellaneous expenses | 69.8 | 70.1 | 58.4 |
| Vendor revenue reference, do not model-bind * | 4,065 | 3,580 | |
| Vendor EBIT reference, do not model-bind * | 579.0 | 2,376 | |
| Vendor finance cost reference, do not model-bind * | 9.10 | 10.4 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | 1,330 | 1,330 | 2,452 |
| Lease-inclusive interest-bearing debt | 60.4 | 62.1 | 79.1 |
| Cash and cash equivalents including liquid mutual funds | 273.7 | 248.2 | 269.8 |
| Trade receivables net | 575.4 | 584.9 | 602.9 |
| Inventories excluding held-for-sale disposal group | 611.5 | 604.7 | 571.1 |
| Total trade payables excluding held-for-sale disposal group | 997.5 | 956.3 | 756.5 |
| Net property, plant and equipment excluding ROU and intangibles | 436.7 | 395.7 | 359.7 |
| Capital work-in-progress | 119.1 | 66.7 | 48.6 |
| Total assets | 2,904 | 2,903 | 3,795 |
| Right-of-use assets | 86.3 | 83.7 | 100.8 |
| Intangible assets | 3.00 | 1.90 | 1,153 |
| Non-current investments | 0.00 | 0.00 | 0.00 |
| Non-current loans | 0.40 | 0.50 | 0.20 |
| Other non-current financial assets | 9.70 | 10.1 | 11.4 |
| Net deferred-tax assets | 32.0 | 31.4 | 0.00 |
| Non-current income-tax assets net | 172.6 | 196.9 | 227.8 |
| Other non-current assets | 122.5 | 115.1 | 106.9 |
| Total non-current assets | 982.3 | 902.0 | 2,008 |
| Liquid mutual funds included within cash | 0.00 | 0.00 | 114.7 |
| Bank balances other than cash equivalents | 250.2 | 52.3 | 53.9 |
| Current loans | 0.00 | 0.00 | 0.20 |
| Other current financial assets | 11.0 | 8.90 | 12.5 |
| Other current assets | 199.8 | 173.1 | 276.7 |
| Assets held for sale | 0.00 | 329.3 | 0.00 |
| Total current assets including held for sale | 1,922 | 2,001 | 1,787 |
| Paid-up equity share capital | 45.5 | 45.5 | 45.5 |
| Other equity | 1,284 | 1,285 | 2,406 |
| Non-controlling interests in equity | 0.00 | 0.00 | 0.00 |
| Non-current lease liabilities | 45.1 | 44.8 | 63.1 |
| Current lease liabilities | 15.3 | 17.3 | 16.0 |
| Lease-inclusive net debt, negative for net cash | -213.3 | -186.1 | -190.7 |
| Other non-current financial liabilities | 2.00 | 0.20 | 0.00 |
| Other non-current liabilities | 9.10 | 9.10 | 6.20 |
| Non-current provisions | 94.3 | 69.0 | 104.1 |
| Net deferred-tax liabilities | 0.00 | 0.00 | 27.1 |
| Total non-current liabilities | 150.5 | 123.1 | 200.5 |
| Trade payables to micro and small enterprises | 32.1 | 35.3 | 41.8 |
| Other trade payables | 965.4 | 921.0 | 714.7 |
| Other current financial liabilities | 100.8 | 97.7 | 94.3 |
| Other current liabilities | 268.8 | 258.7 | 249.7 |
| Current provisions | 41.1 | 39.0 | 26.7 |
| Liabilities related to assets held for sale | 0.00 | 81.1 | 0.00 |
| Total current liabilities including held for sale | 1,424 | 1,450 | 1,143 |
| Total liabilities | 1,574 | 1,573 | 1,344 |
| Vendor net-block reference, do not model-bind * | 217.0 | 232.1 | |
| Vendor CWIP reference, do not model-bind * | 70.5 | 49.2 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash flow from operating activities | 485.5 | 312.1 | 93.2 |
| Free cash flow (vendor definition) * | 204.5 | -1,106 | |
| Dividends paid, signed outflow | -409.9 | -432.6 | -847.0 |
| Total cash capex including intellectual property acquisition | -118.5 | -106.5 | -1,199 |
| Cash purchases of PPE and CWIP, signed outflow | -118.5 | -106.5 | -47.0 |
| Cash purchases of intangible assets, signed outflow | 0.00 | 0.00 | -1,152 |
| Cash flow from operations plus signed total capex | 367.0 | 205.6 | -1,106 |
| Cash flow from investing activities | -86.0 | 121.6 | 803.7 |
| Cash flow from financing activities | -439.4 | -459.5 | -875.4 |
| Principal element of lease payments | -17.5 | -17.8 | -18.0 |
| Interest paid | -12.0 | -9.10 | -10.4 |
| Income taxes paid classified in operating activities | -170.8 | -165.4 | -74.8 |
| Operating profit before working-capital changes | 635.9 | 647.0 | 531.4 |
| Cash generated from operations before taxes | 656.3 | 477.5 | 168.0 |
| Net change in cash before FX effect | -39.9 | -25.8 | 21.5 |
| Opening cash equivalents | 314.7 | 273.7 | 248.2 |
| Effect of exchange rates on cash | -1.10 | 0.30 | 0.10 |
| Closing cash equivalents | 273.7 | 248.2 | 269.8 |
| Non-cash acquisition of right-of-use assets | 10.4 | 19.7 | 40.9 |
| Net cash proceeds from divested Powder Coatings and IRC | 0.00 | 0.00 | 2,188 |
| Taxes on slump sale gain in investing cash flow | 0.00 | 0.00 | -275.1 |
| Net proceeds from immovable-property disposals | 0.00 | 0.00 | 83.7 |
| Taxes on property disposal gains in investing cash flow | 0.00 | 0.00 | -12.4 |
| Cash reimbursement for incremental carveout costs | 0.00 | 0.00 | 7.10 |
| Net cash inflow/(outflow) from other bank deposits | -1.20 | 198.2 | 0.70 |
| Interest received in investing cash flow | 33.7 | 29.9 | 10.8 |
| Proceeds from sale of investments | 0.00 | 0.00 | 0.00 |
| Operating cash change in trade receivables | -26.9 | -125.8 | -34.3 |
| Operating cash change in inventory | -20.1 | -75.9 | 3.20 |
| Operating cash change in loans | 0.00 | -0.10 | 0.10 |
| Operating cash change in other financial assets | 0.20 | 0.00 | -5.40 |
| Operating cash change in other assets | -97.7 | 28.7 | -106.4 |
| Operating cash change in trade payables | 144.3 | 9.40 | -181.5 |
| Operating cash change in other financial liabilities | -0.70 | -8.40 | -19.6 |
| Operating cash change in provisions | 7.70 | 0.80 | -13.3 |
| Operating cash change in other liabilities | 13.6 | 1.80 | -6.20 |
| Depreciation and amortisation addback | 82.3 | 89.4 | 75.3 |
| Finance-cost addback | 12.5 | 9.80 | 12.1 |
| Other noncash/nonoperating CFO adjustments net | -31.9 | -22.1 | -1,922 |
| Vendor CFO reference, do not model-bind * | 375.6 | 93.2 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Pre-split equity shares outstanding | 4.55 | 4.55 | 4.55 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 982.3 | 1,051 | 1,014 | 993.1 | 834.9 | 894.4 | 883.3 | 965.0 |
| Cost of revenue (vendor classification) * | 723.6 | 568.8 | 525.0 | 524.8 | 604.2 | |||
| Other operating costs (vendor classification) * | -306.1 | 194.1 | 179.0 | 156.5 | 163.1 | |||
| EBITDA (vendor classification) * | 161.4 | 143.5 | 139.9 | 194.1 | 140.7 | |||
| Operating EBIT excluding other income and exceptional items | 124.2 | 143.5 | 137.3 | 116.2 | 92.4 | 117.7 | 106.9 | 94.7 |
| Finance costs | 1.50 | 3.30 | 2.50 | 2.70 | 2.30 | 2.80 | 4.30 | 2.60 |
| Profit before tax | 131.8 | 146.2 | 137.6 | 122.5 | 1,972 | 101.3 | 169.7 | 117.7 |
| Current plus deferred income-tax expense | 33.9 | 37.6 | 29.2 | 31.5 | 289.2 | 27.0 | 44.0 | 38.0 |
| Consolidated profit after tax | 97.9 | 108.6 | 108.4 | 91.0 | 1,683 | 74.3 | 125.7 | 79.7 |
| Diluted earnings per share, pre-split (₹) | 21.49 | 23.85 | 23.80 | 19.98 | 369.5 | 16.32 | 27.60 | 17.51 |
| Cost of materials consumed | 575.1 | 509.2 | 549.2 | 518.6 | 440.7 | 437.7 | 471.2 | 635.8 |
| Purchases of stock-in-trade | 57.6 | 52.3 | 47.9 | 41.6 | 54.3 | 47.8 | 39.7 | 44.2 |
| Signed change in finished goods, WIP and traded inventory | -79.5 | 48.8 | -16.3 | 8.60 | -4.80 | 39.5 | 13.9 | -75.8 |
| Materials, purchases and signed inventory change | 553.2 | 610.3 | 580.8 | 568.8 | 490.2 | 525.0 | 524.8 | 604.2 |
| Employee benefits expense | 86.8 | 77.6 | 84.4 | 97.7 | 72.9 | 67.4 | 75.0 | 82.6 |
| Other operating expenses | 195.9 | 195.7 | 189.9 | 192.1 | 161.1 | 165.7 | 156.5 | 163.1 |
| Operating EBITDA excluding other income and property gains | 146.4 | 166.9 | 159.3 | 134.5 | 110.7 | 136.3 | 127.0 | 115.1 |
| Depreciation and amortisation | 22.2 | 23.4 | 22.0 | 18.3 | 18.3 | 18.6 | 20.1 | 20.4 |
| Other income as separately presented by issuer | 9.10 | 6.00 | 2.80 | 9.00 | 7.70 | 3.60 | 2.30 | 25.6 |
| Net property gains separately presented | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.1 | 64.8 | 0.00 |
| Other income plus separately presented property gains | 9.10 | 6.00 | 2.80 | 9.00 | 7.70 | 14.7 | 67.1 | 25.6 |
| Exceptional items signed income/(expense) | 0.00 | 0.00 | 0.00 | 0.00 | 1,874 | -28.3 | 0.00 | 0.00 |
| Current income-tax expense | 35.2 | 35.8 | 28.0 | 32.7 | 257.5 | 18.3 | 22.8 | 22.0 |
| Deferred income-tax expense/(credit) | -1.30 | 1.80 | 1.20 | -1.20 | 31.7 | 8.70 | 21.2 | 16.0 |
| Profit attributable to owners | 97.9 | 108.6 | 108.4 | 91.0 | 1,683 | 74.3 | 125.7 | 79.7 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Vendor revenue reference, do not model-bind * | 995.7 | 995.1 | 907.7 | 883.3 | 965.0 | |||
| Vendor EBIT reference, do not model-bind * | 139.4 | 125.2 | 104.1 | 174.0 | 120.3 | |||
| Vendor finance cost reference, do not model-bind * | 1.80 | 2.70 | 2.80 | 4.30 | 2.60 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 2.7% | -11.6% | |
| EBITDA margin | 16.0% | 15.8% | 14.1% |
| Net margin | 10.8% | 10.6% | 54.8% |
| Return on equity | 32.1% | 32.3% | 104.4% |
| Return on capital employed | 39.5% | 39.7% | 22.1% |
| Return on assets | 14.7% | 14.8% | 58.9% |
| Net debt (₹ crore) | -213.3 | -186.1 | -190.7 |
| Net debt / EBITDA | -0.34x | -0.29x | -0.38x |
| Interest cover | 44.0x | 56.3x | 35.8x |
| Asset turnover | 1.36x | 1.40x | 1.07x |
| Receivable days | 53 | 52 | 61 |
| Inventory days (on revenue) | 56 | 54 | 58 |
| Payable days (on revenue) | 92 | 86 | 77 |
| Cash conversion | 1.14x | 0.73x | 0.05x |
| Capex intensity | 3.0% | 2.6% | 33.3% |
| Free cash flow (₹ crore) | 367.0 | 205.6 | -1,106 |
| Dividend payout | 96.1% | 100.7% | 42.9% |
| EPS, diluted (₹) | 93.68 | 94.31 | 433.4 |
| Book value per share (₹) | 292.0 | 292.1 | 538.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and property gains) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease-inclusive net debt, negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and property gains).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on JSW Dulux includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on JSW Dulux
- Research reportLatest
- Research report
Same sector
More research in Basic Materials
JSW Steel Ltd.
NSE: JSWSTEEL
Basic Materials · Steel
₹1,216.30 last close on 16 Oct 2026 +1.32%Research updated
Asian Paints Ltd.
NSE: ASIANPAINT
Basic Materials · Specialty Chemicals
₹2,331.90 last close on 16 Oct 2026 −0.77%Research updated
Hindustan Zinc Ltd.
NSE: HINDZINC
Basic Materials · Other Industrial Metals & Mining
₹540.00 last close on 16 Oct 2026 +1.69%Research updated
Tata Steel Ltd.
NSE: TATASTEEL
Basic Materials · Steel
₹175.50 last close on 16 Oct 2026 −0.51%Research updated
Hindalco Industries Ltd.
NSE: HINDALCO
Basic Materials · Aluminum
₹908.00 last close on 16 Oct 2026 +1.58%Research updated
Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 19 Oct 2026; page updated 19 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.