JSW Dulux Ltd

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• DebtHigh safetyRated AA- by ICRA.
• ResultsMixedIn the Jun 2026 quarter, sales fell 3% and profit fell 12% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersPromoters sellingThe promoters (founders or parent) own 61%, down from 75% in Jun 2025.
• ValuationNormal for this stockThe share trades at 32.8 times its yearly earnings (P/E), cheaper than 63% of the time in the last 5 years. Its usual P/E is about 37.

JSW Dulux Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)32.8 against a typical 35.7: cheaper than most peers (1st = cheapest).4th of 10
• Sales growth−3% against a typical +13% from a year earlier.8th of 10
• Profit growth−12.1% against a typical +14.3% from a year earlier.7th of 9
• Share price, 3 months−6.3% against a typical −8.3%.5th of 10
• Size₹ 1,308.4 Cr. market value against a typical ₹ 1,815.9 Cr. (1st = largest).6th of 10

Exchange filings and their impact on the company.

• 19 Oct 2026Pendency of Litigation(s)/dispute(s) or the outcome impacting the CompanyLow impactNegativePrice −2.1% on 21 Oct
  Karnataka GST demand cut to Rs 42.0 cr from Rs 118.3 cr, but remains payable/contestable.

  JSW Dulux (formerly Akzo Nobel India) received a Karnataka GST order on 19 Oct 2026 for FY2020-21 disallowing input tax credit. The demand was lowered to Rs 42.04 crore, comprising Rs 14.07 crore tax, Rs 13.90 crore interest and Rs 14.07 crore penalty, from Rs 118.33 crore in the 5 Aug 2026 show-cause notice. The company said the order is open for further submissions and it is responding within the timeline.

  Full analysisFiling
• 14 Oct 2026Pendency of Litigation(s)/dispute(s) or the outcome impacting the CompanyLow impactPositivePrice +1% that day
  MP GST demand of Rs 0.77 crore annulled on appeal with nil payable.

  JSW Dulux (formerly Akzo Nobel India) received an Appeal Order on 13 October 2026 against a Madhya Pradesh GST Demand Order of Rs 77.13 lakh for July 2022 to March 2023. The Commissioner of Appeals set the demand to nil, annulling the earlier order that disallowed input tax credit. No tax, penalty or interest is now payable, which is immaterial against annual revenue of around Rs 3,599 crore.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Rajiv Rajgopal

Chief Executive Officer, Joint Managing Director, Director

Rajiv Lochan Jha

Compliance Officer, General Counsel, Company Secretary

Rohit Ghanshyamdas Totla

Whole Time Director