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India
As of 18 Sept 2026, 03:30 pm
JSW Dulux Limited is currently responding to several Show Cause Notices from GST departments. On September 14, 2026, the Karnataka GST Department issued a notice proposing a liability of ₹10,60,96,432 for the period April 2022 to March 2023, related to Input Tax Credit disallowance. Additionally, on September 1, 2026, the Gujarat GST Department issued a notice for Rs. 9,294 regarding Input Tax Credit disallowance for April 2020 to March 2022. A notice received on August 25, 2026, from the Madhya Pradesh GST Department concerns short payment of taxes and Input Tax Credit disallowance totaling Rs. 84,75,163 for periods between April 2020 and March 2023. These notices are being addressed within the stipulated timeframes.
Yes, on September 7, 2026, JSW Dulux Limited received a Refund Order from the Karnataka GST Department, resolving litigation initiated by a Demand Order dated December 30, 2024. The Joint Commissioner waived a penalty of Rs. 9,89,064 and ordered a total refund of Rs. 10,81,413, comprising tax and interest, concluding proceedings related to an E-Way Bill discrepancy for the financial year 2024-25.
As of September 18, 2026, JSW Dulux has shown a 3% return in the last month and a 6% return year-to-date. The return over the last 10 days was 1%.
The nearest support level identified is ₹3187.5, which is approximately 0.04% below the current price. Key resistance levels are at ₹3235.2 (1.46% higher) and ₹3353.05 (5.15% higher).
JSW Dulux Limited announced participation in a group meeting with Jefferies at the Jefferies 5th India Forum on September 18, 2026, held in Gurgaon. The agenda was general, with no specific financial details disclosed.
As of 18 Sept 2026, 03:30 pm
Recent drawdown and price variability remain within the producer's contained-risk thresholds.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Trading volume was unusually high, but the closing price did not show a clear directional move.
This indicates increased participation without a clear directional signal.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹965.02 crore | ₹883.27 crore | ₹907.72 crore | ₹834.91 crore | PEAK₹995.11 crore |
| Finance Costs | ₹2.63 crore | PEAK₹4.30 crore | ₹2.85 crore | ₹2.30 crore | ₹2.66 crore |
| Profit Before Exceptional Items And Tax | ₹117.66 crore | PEAK₹169.70 crore | ₹129.56 crore | ₹97.82 crore | ₹122.46 crore |
| Profit Before Tax | ₹117.66 crore | ₹169.70 crore | ₹101.29 crore | PEAK₹1,971.99 crore | ₹122.46 crore |
| Current Tax | ₹21.95 crore | ₹22.82 crore | ₹18.27 crore | PEAK₹257.53 crore | ₹32.66 crore |
| Tax Expense | ₹37.94 crore | ₹44 crore | ₹26.99 crore | PEAK₹289.20 crore | ₹31.45 crore |
JSW Dulux Limited reported revenue from operations of ₹965 crore for the quarter ended 30 June 2026, a 3% decline from the same quarter last year but 9% higher than the preceding March quarter. Profit before tax came in at ₹118 crore, down 3.9% year-on-year. Net profit fell 12.4% to ₹80 crore, as the effective tax rate increased from 25.7% to 32.2%.
Revenue from operations was ₹965.02 crore, compared with ₹995.11 crore in the same quarter last year (‑3.0%) and ₹883.27 crore in the preceding March quarter (+9.3%). Other income contributed ₹25.59 crore, bringing total income for the quarter to ₹990.61 crore. Other income represented 2.6% of total income.
Basic and diluted earnings per share from continuing operations was ₹17.51, compared with ₹19.98 in the same quarter last year and ₹27.60 in the preceding March quarter. The movement directly reflects the fall in net profit.
Revenue edged down 3% year-on-year while the pre‑tax margin held broadly steady, but compared with the March quarter revenue grew 9% while pre‑tax profit fell 31%, pointing to a significant sequential margin contraction. A higher effective tax rate amplified the decline in net profit, which dropped 12% from the year‑earlier period.
Exchange disclosures and regulatory announcements for JSW Dulux.
On September 14, 2026, JSW Dulux Limited received a Show Cause Notice from the Karnataka GST Department regarding the disallowance of Input Tax Credit for the period April 2022 to March 2023. The notice proposes an aggregate liability of Rs. 10,60,96,432, comprising tax of Rs. 6,17,03,450, interest of Rs. 3,82,22,637, and a penalty of Rs. 61,70,345. The company is currently preparing its response within the stipulated timeframe.
JSW Dulux Limited announced an intimation of a group meeting with Jefferies at the Jefferies 5th India Forum, scheduled for September 18, 2026, at 09:00 AM, held in-person at The Oberoi, Gurgaon. The meeting agenda is general, with no specific financial details or conditions disclosed.
JSW Dulux Limited received a Refund Order from the Karnataka GST Department on September 7, 2026, resolving litigation initiated by a Demand Order dated December 30, 2024. The Joint Commissioner of LGSTO 38 in Bengaluru waived the penalty of Rs. 9,89,064/- and ordered a total refund of Rs. 10,81,413/-, comprising tax of Rs. 9,89,064/- and interest of Rs. 92,349/-. This settlement concludes proceedings related to an E-Way Bill discrepancy for financial year 2024-25.
On September 1, 2026, JSW Dulux Limited received a Show Cause Notice dated August 28, 2026, from the Gujarat GST Department regarding Input Tax Credit disallowance for the period April 2020 to March 2022. The notice proposes an aggregate amount of Rs. 9,294, comprising Rs. 4,647 in tax and Rs. 4,647 in penalty under Section 122 of the CGST Act. The company is currently preparing its response within the stipulated timeframe.
JSW DULUX LIMITED received a Show Cause Notice on August 25, 2026 from the Madhya Pradesh GST Department under section 74 of the CGST Act for short payment of taxes (April 2020 – March 2022) totaling Rs. 1,965, and disallowance of Input Tax Credit (April 2022 – March 2023) aggregating Rs. 84,75,163. The company is in the process of responding to the notice within the stipulated time.
On August 24, 2026, JSW Dulux Limited received an order from the Telangana GST Department disallowing Input Tax Credit for the period April 2022 to March 2023, aggregating Rs. 84,75,163 (comprising Rs. 77,04,694 in tax and Rs. 7,70,469 in penalty). The order, dated August 5, 2026, was issued under Section 73 of the CGST Act following a GST audit. The company has acknowledged receipt and is currently preparing its response within the stipulated timeframe.
JSW Dulux Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP
Mr. Rohit Ghanshyamdas Totla resigned as Executive Director (WTD) of JSW Dulux Limited, effective November 17, 2026, citing personal and professional reasons. The resignation letter was received on August 21, 2026.
Recent market and company developments associated with JSW Dulux.
Investors should hold Asian Paints as it navigates competitive challenges and maintains growth momentum amid demanding valuations.
Leading paint firms foresee sustained double-digit growth through the festive season. Companies are implementing price increases to manage rising input costs effectively. Demand remains robust from housing and infrastructure sectors, supporting industry projections. Fierce competition persists across all paint market segments.
Paint industry, Festive demand, Asian Paints, Price hikes, Competition,Asian Paints, Berger Paints JSW Dulux
JSW Dulux said that the credit rating agency ICRA has assigned 'ICRA AA-' rating to the facilities of the company with 'stable' outlook.
ICICI Prudential Life Insurance Company Ltd saw volume of 50.02 lakh shares by 10:45 IST on BSE, a 92.41 fold spurt over two-week average daily volume of 54127 shares
JSW Dulux reported strong June quarter volume growth and expects demand to continue. The company targets double-digit volume growth for the remainder of fiscal year twenty twenty-seven. Premium products are driving growth, with the company aiming for market share expansion. Manufacturing synergies are being implemented after the acquisition by JSW Group. Raw material costs remain a focus, with potential calibrated price increases considered.
JSW Dulux experienced a profit drop of 12.4 percent during the June quarter, alongside a modest year-on-year dip in revenue. The board has moved forward with a proposed stock split at a ratio of 1:10, pending approvals from shareholders and regulators. Notably, JSW Paints has previously secured a majority stake in Akzo Nobel India, enhancing its market position.
From NBCC (India) reporting a 17.2% year-on-year rise in net profit to L&T entering into agreements with its wholly owned subsidiary Vyoma.AI; these are stocks to track ahead of Wednesday trading session. Investors will also keep an eye on Grasim Industries, Astral and Gujarat Fluorochemicals, which are scheduled to announce their Q1 FY27 results tomorrow, August 12.
Comprehensive Section Breakdown for JSW Dulux
Strategic Vision: Indian paints and coatings company providing protection and color solutions.
• Benefit from Akzo Nobel's global technology, patents, and research through a licensing agreement.
• Network of over 25,000 retailers across India.
• Five state-of-the-art manufacturing facilities.
Profit before tax was ₹117.66 crore, down from ₹122.46 crore a year ago and down sharply from ₹169.70 crore in the March quarter. Expressed as a percentage of revenue, the profit before tax margin was 12.2% – broadly stable against 12.3% in the same quarter last year, but well below the 19.2% recorded in the preceding quarter.
Key expense items for the quarter were:
Other expenses fell 16.0% from ₹194.13 crore in the same quarter last year. However, most expense lines lack the prior-year comparison, so the exact drivers of the year-on-year and sequential margin movements cannot be identified from the reported numbers alone.
Tax expense rose to ₹37.94 crore from ₹31.45 crore a year ago, even though pre‑tax profit declined. The effective tax rate climbed to 32.2% from 25.7% in the prior-year quarter. As a result, net profit after tax was ₹79.72 crore, down 12.4% from ₹91.01 crore a year ago, and down 36.6% from ₹125.71 crore in the March quarter.
JSW Dulux delivered a strong Q1 FY2026-27, with management reporting 25% volume growth and double-digit revenue and EBITDA growth on a comparable basis. The company gained market share across both decorative and industrial paints, driven by strong performance in the premium portfolio and new order wins in energy, infrastructure, and automotive sectors. Management noted calibrated price increases to offset raw material inflation, though working capital efficiency temporarily pressured gross margins.
The company's EBITDA grew 14.7% year-on-year, supported by prudent cost management and continued investment in growth initiatives. Additionally, the board approved a 1:10 stock split to improve liquidity and broaden retail investor participation, as stated by Chairman Parth Jindal. Overall, management expressed confidence in the strategic direction, focusing on sustainable value creation.
Category: Manufacturing
This segment includes interior paints and innovative offerings. The Dulux brand is central to the company's strategy in this segment.
Key Products & Services: Dulux
Category: Manufacturing
This category encompasses automotive and specialty coatings, marine and protective coatings, and industrial coatings for various applications.
Key Products & Services: International • Sikkens
Core Thesis: The company aims to leverage JSW Group's presence in steel and energy sectors to bolster its industrial coatings business and reduce costs.
• Brand Repopularization: Significant effort is directed towards repopularizing the Dulux brand in the decorative paint segment. • Leveraging JSW Group Synergies: Utilizing the JSW Group's extensive presence in the steel sector for industrial coatings and JSW Energy's network for sustainable electricity supply. • Innovation and Technology: Investments are made in digital platforms and AI-enabled manufacturing, while benefiting from Akzo Nobel's global technology through a licensing agreement. • Market Expansion: Strengthening footprint across decorative and industrial solutions through design-led innovation and an expanding omni-channel presence.