JSW Dulux Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

JSW Dulux Ltd trades at ₹3,034, in a downtrend and 40 weeks into that stage. That is −2.8% against its own 200-day average. It sits at 35% of a 52-week range of ₹2,897 to ₹3,292. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a downtrend — week 40 of stage 4, confirmed. At ₹3,034 it trades −2.8% versus its 200-day average and sits at 35% of its 52-week range (₹2,897–₹3,292).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved +2% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 60th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

JSW Dulux Ltd trades at 37.1× P/E, mid-range by its own standards (60th percentile). Its long-run median P/E is 35.1×, measured across 9.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 37.1× is mid-range by its own standards (60th percentile), against a long-run median of 35.1× measured over 9.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

JSW Dulux Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 37.4% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — JSW Dulux Ltd is not present in the sector comparison for Building Materials - Paints.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

JSW Dulux Ltd reported ₹883 Cr of revenue in the Mar 26 quarter, −12.9% year on year. Over 10 years it has compounded at 3.1% a year. The last full year, FY26, came in at ₹3,599 Cr. The last four reported quarters add to ₹3,607 Cr.

JSW Dulux Ltd reported ₹883 Cr of revenue in the Mar 26 quarter, −12.9% year on year. Over 10 years it has compounded at 3.1% a year. The last full year, FY26, came in at ₹3,599 Cr. The last four reported quarters add to ₹3,607 Cr.

FY26 revenue came in at ₹3,599 Cr (−11.6% on the year), capping 10 years at 3.1% compound. The latest quarter (Mar 26) printed ₹883 Cr, −12.9% year on year.

Pace check: the last four quarters averaged −11.7% growth against the decade's 3.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −11.6% over the last 4 quarters against −4.6%/yr over the last 8 — rolling over; TTM profit +359.1% vs +115.0%/yr — accelerating.

→ Revenue slipped — did margins hold as it scaled? Next: 14.0% this quarter (−2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

JSW Dulux Ltd's operating margin is 14.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −20.0% to 16.0%. The current quarter sits inside that band.

JSW Dulux Ltd's operating margin is 14.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −20.0% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.0%, −2.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −20.0%–16.0%.

🚨 Why the margin moved: operating margin went −1.3 pp year on year while gross margin went −2.1 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +16.7% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

JSW Dulux Ltd earned ₹126 Cr of net profit in the Mar 26 quarter, +16.7% year on year. Full-year FY26 profit was ₹1,974 Cr. The 10-year compound rate is 24.9%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹108 Cr.

JSW Dulux Ltd earned ₹126 Cr of net profit in the Mar 26 quarter, +16.7% year on year. Full-year FY26 profit was ₹1,974 Cr. The 10-year compound rate is 24.9%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹108 Cr.

Mar 26 profit was ₹126 Cr, +16.7% year on year. On the full year, FY26 printed ₹1,974 Cr (+359.1%), and the 10-year compound rate is 24.9%.

Why profit moved: revenue contributed −12.9% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +395.3% vs revenue −11.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 31% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 31% of JSW Dulux Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹93.0 Cr of operating cash against ₹1,974 Cr of profit. After ₹1,189 Cr of capital spending, ₹−1,096 Cr was left as free cash.

FY26: operating cash of ₹93.0 Cr against reported profit of ₹1,974 Cr, leaving free cash of ₹−1,096 Cr after ₹1,189 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 31% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 31%: the cash cycle stretched 52 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 52 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 29-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

JSW Dulux Ltd's cash conversion cycle runs 29 days in FY26, up from −23 days in FY21. Capital spending ran ₹1,324 Cr over the last 3 years. At FY26 sales of ₹3,599 Cr each day of that cycle holds about ₹9.9 Cr, so roughly ₹286 Cr sits inside the business at any moment.

FY26: debtors at 61 days, inventory at 99 days — roughly 3.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 29 days, looser than FY21's −23.

The full loop: cash goes out to suppliers and production on day 0; stock waits 99 days to sell; customers pay about 61 days after that; and suppliers themselves are paid at 131 days — netting out to the 29-day cycle.

In money terms: at FY26 sales of ₹3,599 Cr, each day of the cycle holds about ₹9.9 Cr — so the 29-day loop keeps roughly ₹286 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,324 Cr over the last 3 fiscal years against ₹246 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹49.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 23% and the ROIC − WACC spread is +8.2 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

JSW Dulux Ltd earns a ROCE of 23% in FY26. That is up from a trough of 13% in FY09. Return on invested capital clears the cost of that capital by +8.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 54.8% net margin on 0.95× asset turns.

FY26 ROCE is 23%, recovered from a FY09 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 54.8% net margin × 0.95× asset turns × 1.55× balance-sheet leverage ≈ 80.7% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 20.2% − 12.0% = a +8.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.03.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

JSW Dulux Ltd carries total debt of ₹79.0 Cr against shareholder equity of ₹2,452 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.06 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹79.0 Cr against shareholder equity of ₹2,452 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.06 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 13.7 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 13.7 points of JSW Dulux Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 22.0% of the company. Promoters moved −13.6 points over the same window, to 61.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +13.7 points over 8 quarters to 22.0%; Promoters: −13.6 points over 8 quarters to 61.2%; Foreign institutions: +4.9 points over 8 quarters to 8.5%.

Why the register moved: domestic institutions drove it (+13.7 points), absorbed on the other side by promoters (−13.6 points) — steady accumulation by institutions reading the same numbers this page reads.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

JSW Dulux Ltd: the Z-score reads 9.22. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 9.22 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 9.22.

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