# JSW Dulux (JSWDULUX) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/jswdulux

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹272.8
- Change: -0.91%
- As of: 2026-11-06
- 1D return: -0.91%
- 5D return: +3.18%
- 1M return: -90.87%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

JSWDULUX is in a pronounced bearish trend, trading at ₹272.80 on 2026-11-06, well below all key moving averages and the Supertrend on both daily and weekly charts. The daily ADX of 55.77 confirms strong downward momentum, reinforced by Minus DI (72.46) significantly outweighing Plus DI (7.51). Price action has been volatile; a high-participation anomaly on 2026-11-06 saw volume surge 10.27x with a slight 0.9% decline, while a prior 4.3% weekly drop on 2026-10-30 featured extreme volume (25.79x ratio). The stock is near the lower end of its recent ranges (0.5% above lows for 20/50/252 days), with immediate resistance at ₹274.70 (pivot) and support at ₹267.60 (low). Annualized volatility stands at +123.0%, and the current drawdown is -91.7%. A break below ₹267.60 would extend downside risk, while a sustained move above ₹274.70 with increased participation could signal a short-term consolidation pause.

- Trend Structure: Strong daily downtrend (ADX 55.77); price below all EMAs/SMAs and Supertrend on daily and weekly timeframes.
- Momentum & Participation: High-volume anomalies on 2026-11-06 (volume ratio 10.27) and 2026-10-30 (volume ratio 25.79) indicate intense selling pressure without clear directional reversal yet.
- Key Levels: Immediate resistance at ₹274.70 (pivot, +0.70%); next resistance at ₹282.40 (+3.52%). Support at ₹267.60 (-1.91%); further support at ₹259.90 (-4.73%).
- Risk Profile: Extreme volatility (annualized +123.0%) and deep drawdown (-91.7%); price is near the bottom of its 20-day, 50-day, and 252-day ranges.

- Outside Bar
- Bearish Engulfing Reversal
- Doji

### News Context

JSW Dulux reported mixed results for the September quarter (Q2 FY27), with revenue rising 16.2% to ₹961.9 crore and volume growth reaching 21%, yet consolidated net profit fell 9.2% to ₹88.8 crore. The company attributes this margin compression to an 18.7% rise in total expenses driven by raw material inflation linked to geopolitical disturbances, which pushed gross margins down from 41.7% to 36.8%. To mitigate these costs, JSW Dulux has implemented cumulative price hikes of nearly 13% this year. However, CEO Rajiv Rajgopal cautioned that further increases risk dampening consumer demand, highlighting a tension between passing on input cost pressures and maintaining consumption levels. This performance follows JSW Paints' acquisition of a majority stake in December 2025.

- Q2 FY27 consolidated net profit declined 9.2% to ₹88.8 crore despite a 16.2% revenue increase to ₹961.9 crore and 21% volume growth.
- Gross margins contracted to 36.8% from 41.7% year-ago, as an 18.7% rise in expenses from raw material inflation outpaced revenue gains.
- The company has raised prices cumulatively by nearly 13% this year but warns that additional hikes could suppress consumer demand.
- Management cites geopolitical disturbances as a key driver of elevated input costs, offsetting them through calibrated pricing and cost management.

- [JSW Dulux cautions against further price hikes as demand risks emerge](https://economictimes.indiatimes.com/industry/cons-products/paints/jsw-dulux-warns-of-potential-demand-drop-amidst-paint-price-increases/articleshow/135600468.cms)
- [JSW Dulux Q2 profit down 9.2 pc at Rs 89 cr, revenue rises to Rs 962 cr](https://www.cnbctv18.com/market/earnings/jsw-dulux-q2-profit-down-9-2-pc-at-rs-89-cr-revenue-rises-to-rs-962-cr-20027408.htm)
- [JSW Dulux sees strong paint demand but struggles to pass on rising costs | Company Business News](https://www.livemint.com/companies/company-results/jsw-dulux-sees-strong-paint-demand-but-struggles-to-pass-on-rising-costs-11793796883663.html)
- [JSW Dulux Q2 FY27 Profit Falls 9.2 Per Cent To ₹88.8 Crore, Revenue Rises 16.2 Pc To ₹961.9 Crore](https://www.freepressjournal.in/business/jsw-dulux-q2-fy27-profit-falls-92-per-cent-to-888-crore-revenue-rises-162-pc-to-9619-crore)

### What Changed

As of November 6, 2026, JSW Dulux has implemented a significant 13% increase in paint prices to offset rising crude oil costs. This pricing action coincides with strong operational performance, including a 21% year-on-year volume growth in its retained business for the September quarter and reported increases in revenue and profit. However, CEO Rajiv Rajgopal has cautioned that further price hikes could dampen consumer demand, highlighting a critical tension between cost recovery and market consumption stability. Concurrently, the stock traded at ₹272.8 on this date, reflecting a slight decline from the previous recorded level of ₹275.8.

- Implemented a 13% price hike to manage rising crude oil input costs.
- Retained business volumes grew 21% year-on-year in the September quarter.
- Management warns that additional price increases may suppress future consumer demand.
- Stock price was ₹272.8 on November 6, 2026, down from ₹275.8.

- [JSW Dulux cautions against further price hikes as demand risks emerge](https://economictimes.indiatimes.com/industry/cons-products/paints/jsw-dulux-warns-of-potential-demand-drop-amidst-paint-price-increases/articleshow/135600468.cms)

### Official Filings

JSW Dulux Limited has completed a face value sub-division of its equity shares, reducing the face value from ₹10 to ₹1 per share with a record date of 22 October 2026. This corporate action increases the number of outstanding shares tenfold while keeping the total paid-up capital unchanged, which typically enhances liquidity and may affect per-share metrics such as earnings per share. Concurrently, on 4 November 2026, the company’s board appointed Bahram Navroz Vakil as a Non-Executive Independent Director for a term of 36 months, effective from that day. The appointment was made during a board meeting held between 11:30 and 16:00 on 4 November 2026. Additionally, the company uploaded the audio recording of its analyst/investor earnings call to its website on 4 November 2026 at 21:45, following the call's conclusion at 18:30 on the same day. These developments reflect routine governance updates and structural adjustments rather than immediate operational or financial performance indicators.

- Face value sub-division completed: Reduced from ₹10 to ₹1 per share with record date 22-Oct-2026; outstanding share count increased by factor of 10.
- Board appointment: Bahram Navroz Vakil appointed as Non-Executive Independent Director for 36 months, effective 04-Nov-2026.
- Investor communication: Audio recording of analyst/investor earnings call uploaded to company website on 04-Nov-2026 at 21:45.

- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753258_04112026100826_WEB.xml)
- [JSW Dulux Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1228_WebXMLFile_20261104_221045834.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753255_04112026100756_WEB.xml)
- [JSW Dulux Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261104_221320880.xml)
- [JSW Dulux Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261029_173058373.xml)
- [SERIES:EQ |PURPOSE:FACE VALUE SPLIT (SUB-DIVISION) - FROM RS 10/- PER SHARE TO RE 1/- PER SHARE |FACE VALUE:1 |RECORD DATE:22-Oct-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- [SERIES:EQ |PURPOSE:FACE VALUE SPLIT (SUB-DIVISION) - FROM RS 10/- PER SHARE TO RE 1/- PER SHARE |FACE VALUE:10 |RECORD DATE:22-Oct-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)

### Fundamentals

JSW Dulux is navigating a significant divergence between reported earnings and core operational health. For Q2 FY2026-27, the company posted Net Profit of ₹71.4 crore (EPS: ₹15.68), but this was driven almost entirely by Other Income of ₹1,944 crore in the trailing twelve months, rather than sustainable business operations. Core operating metrics are weakening: Revenue from Operations declined sequentially to ₹962 crore in Q2, while Segment Profit fell to ₹93.4 crore from ₹120 crore in Q1. This downward pressure on profitability coincides with a sharp deterioration in cash conversion; CFO/EBITDA dropped from 104% in Mar 2024 to just 33% in Mar 2026, and Cash from Operating Activity fell to ₹93 crore. The balance sheet reflects an aggressive expansion phase, with Fixed Assets surging to ₹1,613 crore and borrowings rising to ₹79 crore, yet cash reserves have contracted significantly to ₹81.3 crore as of Sep 2026. While Return on Equity remains historically strong at 27% over three years, the current ROCE has halved to 23%, signaling lower efficiency on new capital deployment.

- Earnings Quality Divergence: Q2 FY26-27 Net Profit (₹71.4 cr) masks weak core performance; TTM Other Income (₹1,944 cr) vastly exceeds Operating Profit (₹489 cr), indicating non-recurring gains are inflating bottom-line results.
- Sequential Operational Decline: Revenue from Operations decreased to ₹962 crore in Q2 from ₹965 crore in Q1, with Segment Profit falling further to ₹93.4 crore, reflecting margin compression or volume softness.
- Cash Flow Stress: Cash from Operating Activity plummeted to ₹93 crore in Mar 2026 (from ₹486 crore in Mar 2024), and CFO/EBITDA ratio collapsed to 33%, raising questions about working capital management despite negative cash flow from financing activities (-₹875 cr).
- Asset-Light Efficiency Drop: Fixed Assets expanded dramatically to ₹1,613 crore by Mar 2026, yet ROCE fell from 42% to 23%, suggesting the new capacity has not yet translated into proportional returns.

### Bear Case

JSW Dulux faces significant margin compression and technical deterioration as of November 2026. Despite a 16.2% revenue increase to ₹961.9 crore and strong 21% volume growth in the September quarter, consolidated net profit fell 9.2% to ₹88.8 crore due to an 18.7% rise in total expenses driven by raw material inflation. Gross margins contracted sharply from 41.7% to 36.8%, reflecting the difficulty in passing on costs without dampening demand. The company has raised prices cumulatively by nearly 13% this year but cautions that further hikes risk consumer deferral. Technically, the stock exhibits extreme volatility with annualized volatility at +123.0% and a current drawdown of -91.7%. Daily and weekly trends are bearish, with the Supertrend indicating downward pressure and negative slope metrics across short-term moving averages.

- Gross margins fell to 36.8% from 41.7% year-ago levels despite a 21% volume growth, as an 18.7% rise in expenses from raw material inflation outweighed a 16.2% revenue increase to ₹961.9 crore.
- Consolidated net profit declined 9.2% to ₹88.8 crore for the September quarter, highlighting the tension between absorbing input costs and maintaining market consumption levels.
- Technical indicators show a bearish daily and weekly trend with a current drawdown of -91.7% and annualized volatility of +123.0%, suggesting high downside risk and weak price momentum.
- The company warns that further price hikes beyond the cumulative 13% increase this year may dampen consumer demand, limiting near-term pricing power to offset inflation.

- [JSW Dulux cautions against further price hikes as demand risks emerge](https://economictimes.indiatimes.com/industry/cons-products/paints/jsw-dulux-warns-of-potential-demand-drop-amidst-paint-price-increases/articleshow/135600468.cms)
- [JSW Dulux Q2 profit down 9.2 pc at Rs 89 cr, revenue rises to Rs 962 cr](https://www.cnbctv18.com/market/earnings/jsw-dulux-q2-profit-down-9-2-pc-at-rs-89-cr-revenue-rises-to-rs-962-cr-20027408.htm)
- [JSW Dulux sees strong paint demand but struggles to pass on rising costs | Company Business News](https://www.livemint.com/companies/company-results/jsw-dulux-sees-strong-paint-demand-but-struggles-to-pass-on-rising-costs-11793796883663.html)
- [JSW Dulux Q2 FY27 Profit Falls 9.2 Per Cent To ₹88.8 Crore, Revenue Rises 16.2 Pc To ₹961.9 Crore](https://www.freepressjournal.in/business/jsw-dulux-q2-fy27-profit-falls-92-per-cent-to-888-crore-revenue-rises-162-pc-to-9619-crore)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753258_04112026100826_WEB.xml)
- [JSW Dulux Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1228_WebXMLFile_20261104_221045834.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753255_04112026100756_WEB.xml)
- [JSW Dulux Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261104_221320880.xml)
- [JSW Dulux Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261029_173058373.xml)
- [SERIES:EQ |PURPOSE:FACE VALUE SPLIT (SUB-DIVISION) - FROM RS 10/- PER SHARE TO RE 1/- PER SHARE |FACE VALUE:1 |RECORD DATE:22-Oct-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)

### FAQs

**How did JSW Dulux's financial performance trend in the September quarter despite strong volume growth?**

In the September quarter (Q2 FY27), JSW Dulux reported a 21% year-on-year volume growth and a 16.2% revenue increase to ₹961.9 crore. However, consolidated net profit declined by 9.2% to ₹88.8 crore. This profit contraction occurred because total expenses rose by 18.7% due to raw material inflation, which outpaced revenue gains.

**What is the current status of JSW Dulux's pricing strategy and margin pressure?**

The company has raised paint prices cumulatively by nearly 13% this year to offset rising crude oil costs. Despite these hikes, gross margins fell from 41.7% to 36.8% year-on-year. Management cautions that further price increases risk dampening consumer demand, creating a tension between passing on costs and maintaining consumption levels.

- [JSW Dulux cautions against further price hikes as demand risks emerge](https://economictimes.indiatimes.com/industry/cons-products/paints/jsw-dulux-warns-of-potential-demand-drop-amidst-paint-price-increases/articleshow/135600468.cms)
- [JSW Dulux Q2 profit down 9.2 pc at Rs 89 cr, revenue rises to Rs 962 cr](https://www.cnbctv18.com/market/earnings/jsw-dulux-q2-profit-down-9-2-pc-at-rs-89-cr-revenue-rises-to-rs-962-cr-20027408.htm)
- [JSW Dulux sees strong paint demand but struggles to pass on rising costs | Company Business News](https://www.livemint.com/companies/company-results/jsw-dulux-sees-strong-paint-demand-but-struggles-to-pass-on-rising-costs-11793796883663.html)
- [JSW Dulux Q2 FY27 Profit Falls 9.2 Per Cent To ₹88.8 Crore, Revenue Rises 16.2 Pc To ₹961.9 Crore](https://www.freepressjournal.in/business/jsw-dulux-q2-fy27-profit-falls-92-per-cent-to-888-crore-revenue-rises-162-pc-to-9619-crore)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753258_04112026100826_WEB.xml)
- [JSW Dulux Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1228_WebXMLFile_20261104_221045834.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753255_04112026100756_WEB.xml)
- [JSW Dulux Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261104_221320880.xml)
- [JSW Dulux Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261029_173058373.xml)
- [SERIES:EQ |PURPOSE:FACE VALUE SPLIT (SUB-DIVISION) - FROM RS 10/- PER SHARE TO RE 1/- PER SHARE |FACE VALUE:1 |RECORD DATE:22-Oct-2026 |BOOK CLOSURE START DATE:- |BOOK CLOSURE END DATE:-](https://www.nseindia.com/companies-listing/corporate-filings-actions)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹274.7
- Risk regime: Higher Price Risk

### Support levels
- 267.59999999999997
- 259.9
- 252.79999999999995

### Resistance levels
- 287.2
- 3053.28125
- 3106.95

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.91% |
| return_10 | -4.82% |
| return_1m | -90.92% |
| return_20 | -90.87% |
| return_3m | -91.13% |
| return_5 | +3.18% |
| return_6m | -90.90% |
| return_since_start | -90.90% |
| return_ytd | -90.90% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -92.09% |
| annualized_volatility | +123.01% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# JSW Dulux Limited Q2 FY2026-27: Profit falls as revenue edges lower

JSW Dulux reported Q2 FY2026-27 revenue from operations of ₹961.9 crore, up 15.2% year on year but down 0.3% from Q1 FY2026-27. Sequentially, segment profit before finance costs fell 22.4% and profit for the period declined 10.4% to ₹71.4 crore, making the earnings contraction the quarter’s key development.

## Revenue and segment performance

Revenue from operations for the quarter ended 30 September 2026 was ₹961.9 crore, compared with ₹965.0 crore in Q1 FY2026-27 and ₹834.9 crore in Q2 FY2025-26. Total income was ₹964.3 crore, down 2.7% from ₹990.6 crore in Q1; other income was ₹2.4 crore.

Segment profit before tax and finance costs decreased to ₹93.4 crore from ₹120.3 crore in Q1. Segment finance costs increased to ₹4.5 crore from ₹2.6 crore, and segment profit before tax fell to ₹88.9 crore from ₹117.7 crore. The decline in segment profit was much steeper than the small sequential decrease in revenue.

## Costs and earnings

Total expenses edged up 0.3% sequentially to ₹875.5 crore from ₹873.0 crore. Other expenses rose 5.3% to ₹171.8 crore. Profit before tax was ₹88.8 crore, down 24.5% from ₹117.7 crore in Q1.

Tax expense declined to ₹17.4 crore from ₹37.9 crore in Q1, comprising current tax of ₹0.7 crore and deferred tax of ₹16.7 crore. Profit for the period fell 10.4% to ₹71.4 crore from ₹79.7 crore, while earnings per share decreased to ₹15.68 from ₹17.51. The lower tax expense moderated the decline in profit after tax relative to the fall in pre-tax profit.

## Cash flow and balance sheet

For the half year ended 30 September 2026, operating cash flow was ₹133.3 crore, investing cash outflow was ₹22.9 crore and reported free cash flow was ₹110.4 crore. Financing cash outflow was ₹298.3 crore. Cash and cash equivalents stood at ₹81.3 crore at 30 September, compared with ₹269.8 crore at 31 March 2026.

Inventories increased to ₹811.9 crore at 30 September from ₹571.1 crore at 31 March, while trade receivables rose to ₹669.5 crore from ₹602.9 crore. Segment assets were ₹3,870.9 crore at 30 September, compared with ₹4,040.8 crore at 30 June.

## Key Takeaway

Revenue remained broadly stable sequentially and grew year on year, but segment profit and pre-tax profit fell sharply from Q1; lower tax expense limited the decline in net profit. Positive half-year operating cash flow was accompanied by a lower cash balance and higher inventories and receivables, leaving profitability and working-capital movements important to monitor.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +61.20%
- FII holding: +8.01%
- DII holding: +22.05%
- Mutual fund holding: +18.93%
- Retail holding: +6.05%
- Promoter pledged: +0.00%

### Major reported shareholders

- JSW PAINTS LIMITED — +61.20% (Bodies Corporate)
- Hdfc Mutual Fund - Hdfc Childrens Fund — +7.42%
- Icici Prudential Value Fund — +3.56%
- Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund — +2.43%
- Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund — +2.18%
- Goldman Sachs Funds - Goldman Sachs India Equity Portfolio — +1.89%
- The New India Assurance Company Limited — +1.72%
- Tata Mutual Fund - Tata Small Cap Fund — +1.26%
- Investor Education And Protection Fund Authority Ministry Of Corporate Affairs — +1.00%

## Official filings

- 2026-11-04 — Financial Results Filing: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753258_04112026100826_WEB.xml)
- 2026-11-04 — Generic Announcement: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1228_WebXMLFile_20261104_221045834.xml)
- 2026-11-04 — Financial Results Filing: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753255_04112026100756_WEB.xml)
- 2026-11-04 — Generic Announcement: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261104_221320880.xml)
- 2026-10-29 — Generic Announcement: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1228_WebXMLFile_20261029_173058373.xml)
- 2026-10-22 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-22 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-22 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-21 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-21 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-21 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-19 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-19 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-19 — Shareholding Disclosure: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741139_19102026110236_WEB.xml)
- 2026-10-19 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-19 — Litigation Disclosure: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1228_WebXMLFile_20261019_200036740.xml)
- 2026-10-16 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-16 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-16 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-16 — Generic Announcement: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1228_WebXMLFile_20261016_173056863.xml)
- 2026-10-16 — Board Meeting Notice: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1228_WebXMLFile_20261016_173056863.xml)
- 2026-10-15 — Corporate Action Notice: JSW Dulux Limited - Ex-Date: 22-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-10-14 — Litigation Disclosure: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1228_WebXMLFile_20261014_120514754.xml)
- 2026-10-01 — Management Change: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/JSWDULUX_ROID_99574_KMP_Doc.zip)
- 2026-10-01 — Generic Announcement: JSW Dulux Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1228_WebXMLFile_20261001_160649372.xml)

## News and market events

- 2026-11-06 — Economic Times: **JSW Dulux cautions against further price hikes as demand risks emerge** — JSW Dulux has raised paint prices by 13% due to rising crude oil costs, with CEO Rajiv Rajgopal cautioning that further hikes risk dampening consumer demand despite current stability. The company reported a 21% year-on-year volume growth in its retained business for the September quarter, alongside revenue and profit increases. This development highlights the tension between passing on higher raw material costs and maintaining market consumption levels. — [Source](https://economictimes.indiatimes.com/industry/cons-products/paints/jsw-dulux-warns-of-potential-demand-drop-amidst-paint-price-increases/articleshow/135600468.cms)
- 2026-11-04 — CNBC-TV18: **JSW Dulux Q2 profit down 9.2 pc at Rs 89 cr, revenue rises to Rs 962 cr** — JSW Dulux reported a 9.2% decline in consolidated net profit to ₹88.8 crore for the September quarter, despite a 16.2% year-on-year rise in revenue to ₹961.9 crore and strong volume growth of 21%. The company attributed margin pressure to elevated raw material inflation caused by geopolitical disturbances, which it is partially offsetting through calibrated price increases. This performance follows JSW Paints' acquisition of a majority stake in the firm, formerly Akzo Nobel India Ltd, in December 2025. — [Source](https://www.cnbctv18.com/market/earnings/jsw-dulux-q2-profit-down-9-2-pc-at-rs-89-cr-revenue-rises-to-rs-962-cr-20027408.htm)
- 2026-11-04 — Mint: **JSW Dulux sees strong paint demand but struggles to pass on rising costs | Company Business News** — JSW Dulux reported 21% volume growth in the September quarter but faces margin pressure as it absorbs rising input costs to avoid dampening consumer demand. The company has raised prices cumulatively by nearly 13% this year, yet gross margins fell to 36.8% from 41.7% a year ago, reflecting a broader industry dilemma where higher prices risk deferring household spending on painting and renovation. — [Source](https://www.livemint.com/companies/company-results/jsw-dulux-sees-strong-paint-demand-but-struggles-to-pass-on-rising-costs-11793796883663.html)
- 2026-11-04 — FREEPRESSJOURNAL.IN: **JSW Dulux Q2 FY27 Profit Falls 9.2 Per Cent To ₹88.8 Crore, Revenue Rises 16.2 Pc To ₹961.9 Crore** — JSW Dulux reported a 9.2% decline in Q2 FY27 consolidated net profit to ₹88.8 crore, despite a 16.2% revenue increase to ₹961.9 crore and 21% volume growth. The profit contraction was attributed to an 18.7% rise in total expenses driven by raw material inflation, which the company is addressing through calibrated price increases and cost management. — [Source](https://www.freepressjournal.in/business/jsw-dulux-q2-fy27-profit-falls-92-per-cent-to-888-crore-revenue-rises-162-pc-to-9619-crore)
- 2026-10-21 — Economic Times: **Stock split alert! Last day to buy JSW Dulux shares to be eligible for 1:10 split** — Accordingly, today is the last opportunity for investors to buy JSW Duluxs shares to be eligible for the stock split. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stock-split-alert-last-day-to-buy-jsw-dulux-shares-to-be-eligible-for-110-split/articleshow/135080136.cms)
- 2026-10-21 — BUSINESSTODAY: **GIFT Nifty up 116 points; RIL, HD Fire, Infosys, Hind Zinc, IREDA, Adani among top stocks in focus** — GIFT Nifty, GIFT Nifty today, GIFT Nifty cues, GIFT Nifty signals, GIFT Nifty cues today, GIFT Nifty signals today, Stocks in news, Stocks to buy, Stocks to watch, Stocks in buzz, Stocks in focus, Reliance, HD Fire Protect, Infosys, Bajaj Finance, LTTS, Hind Zinc, ICICI Pru AMC, IREDA, Adani Group stocks — [Source](https://www.businesstoday.in/markets/trending-stocks/story/gift-nifty-up-116-points-ril-hd-fire-infosys-hind-zinc-ireda-adani-among-top-stocks-in-focus-562660-2026-10-21)
- 2026-10-21 — The Hindu: **Stocks to watch out for today, October 21: Infosys, Ceigall, Dhampur Bio, JSW Dulux, Venus Pipes, Transrail, Orchid Pharma among 15 stocks in focus** — Here are details about stocks that are most likely to see action today, and why — [Source](https://www.thehindubusinessline.com/markets/stocks-to-watch-out-for-today-october-21-infosys-ceigall-dhampur-bio-jsw-dulux-venus-pipes-transrail-orchid-pharma-among-15-stocks-in-focus/article71606076.ece)
- 2026-10-20 — Mint: **Dividend, stock split, buyback: Last chance to buy today - VRL Logistics, JSW Dulux, Angel One shares** — Investors will track several corporate actions on October 21. VRL Logistics moved its buyback record date to October 22, 2026; JSW Dulux set the same date for its proposed 1:10 stock split. Tips Music announced a ₹6.50 interim dividend, while Angel One declared ₹1.40 per share. — [Source](https://www.livemint.com/market/stock-market-news/dividend-stock-split-buyback-last-chance-to-buy-today-vrl-logistics-jsw-dulux-angel-one-shares-11792511128048.html)
- 2026-10-19 — CNBC-TV18: **JSW Dulux GST demand cut by 64% to ₹42 crore in input tax credit dispute** — The Karnataka GST Department has reduced its demand against the paints maker by ₹76.29 crore for FY21. However, the tax dispute remains unresolved. — [Source](https://www.cnbctv18.com/business/companies/jsw-dulux-gst-demand-cut-by-64-to-rs42-crore-in-input-tax-credit-dispute-20015339.htm)
- 2026-10-19 — BUSINESSTODAY: **Tech Mahindra, ICICI Lombard, HDB Financial: Top stocks to turn ex-dividend this week** — Tech Mahindra dividend, ICICI Lombard dividend, HDB Financial Services dividend, LTM dividend, ICICI Prudential AMC dividend, dividend stocks this week, stocks turning ex-dividend, corporate actions this week, stock split, Jattashankar Industries stock split, JSW Dulux stock split, Azad India Mobility stock split, Tips Music dividend, IRFC dividend, Oberoi Realty dividend, 360 ONE WAM dividend, Titan Biotech bonus issue, VRL Logistics buyback, Indian stock market, dividend record date — [Source](https://www.businesstoday.in/markets/stocks/story/tech-mahindra-icici-lombard-hdb-financial-top-stocks-to-turn-ex-dividend-this-week-562400-2026-10-19)
- 2026-10-18 — CNBC-TV18: **Record Dates This Week: JSW Dulux, Tech Mahindra among 13 important names with corporate actions lined up** — As many as 13 stocks, including Tech Mahindra, VRL Logistics, JSW Dulux among others will see record dates for their dividends, stock splits and share buybacks this week. Details follow in the story. — [Source](https://www.cnbctv18.com/market/record-dates-this-week-tech-mahindra-jsw-dulux-ltm-vrl-logistics-share-price-stock-split-dividend-buybacks-20014547.htm)
- 2026-10-18 — Mint: **Stock split, bonus, dividend, buyback record date in 19-25Oct week: Angel One, JSW, IRFC, Tech Mahindra, Modison, others** — Several companies have upcoming corporate actions between October 19 and 25. Titan Biotech announced a bonus share issue, while VRL Logistics set October 22 as the record date for its share buyback. Other companies have scheduled dividend, stock split and bonus share record dates. — [Source](https://www.livemint.com/market/stock-market-news/stock-split-bonus-dividend-buyback-record-date-in-19-25oct-week-angel-one-jsw-irfc-tech-mahindra-modison-others-11792308900697.html)
- 2026-10-18 — Economic Times: **Bonus issues, stock splits & dividends: HDB Financial, IRFC, TechM among 19 stocks turning ex-record date this week** — Around 19 companies including LTIMindtree, Tech Mahindra, IRFC, HDB Financial Services, and Angel One have fixed their record dates for dividends, stock splits, and bonus issues during the week of October 19-23. Investors must hold shares in their demat accounts by the record date to qualify. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/bonus-issues-stock-splits-dividends-hdb-financial-irfc-techm-among-19-stocks-turning-ex-record-date-this-week/articleshow/135024511.cms)
- 2026-09-28 — Mint: **Paintmakers expect a brighter Diwali, but crude prices cloud the outlook | Company Business News** — Paintmakers are optimistic about growth this festive season, helped by improved weather and early demand. Berger Paints expects stronger sales compared to last year's subdued Diwali, while JSW Dulux sees strong momentum despite rising crude prices posing risks to consumer spending. — [Source](https://www.livemint.com/companies/news/paint-companies-diwali-demand-berger-paints-jsw-dulux-asian-paints-11790572545669.html)
- 2026-09-28 — Mint: **Paint makers face a crude shock as competition stays fierce** — Crude inflation is squeezing paint makers’ margins just as Birla Opus and JSW Dulux intensify the market-share battle, leaving incumbents to balance price hikes, demand and profitability. — [Source](https://www.livemint.com/market/mark-to-market/paint-stocks-margin-pressure-crude-oil-prices-asian-paints-berger-kansai-11790573619726.html)
- 2026-09-25 — Economic Times: **Stocks in news: Waaree Energies, PB Fintech, Lemon Tree Hotels and Dr Lal PathLabs** — Indian equity markets saw significant declines, with the NSE Nifty 50 index dropping by over 380 points. PB Fintech experienced a sharp 36% plunge after regulatory changes. Waaree Energies expanded into the specialty gases business to supply semiconductor manufacturers. Dr Lal PathLabs approved the acquisition of a majority stake in SN Genelab Private Ltd. Several companies, including JSW Cement, faced regulatory scrutiny amid ongoing market fluctuations. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-waaree-energies-pb-fintech-lemon-tree-hotels-and-dr-lal-pathlabs/articleshow/134467817.cms)
- 2026-09-22 — Mint: **Top stocks in focus tomorrow: Investors must watch HCL Tech, Persistent, Adani Group shares on Wed, 23 Sept | Triggers** — Indian investors are set to monitor key companies on September 23, including SUGS Lloyd, HCL Technologies, and Persistent Systems, following significant corporate announcements and developments. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-in-focus-tomorrow-investors-must-watch-hcl-tech-persistent-systems-shares-on-wed-23-sept-triggers-11790085181173.html)
- 2026-09-22 — Mint: **JSW Dulux announced record date for 1:10 stock split: What investors should know** — JSW Dulux has set October 22, 2026, as the record date for a proposed 1:10 stock split, following shareholder approval. The split will convert each  ₹10 share into 10 shares of Re 1, amplifying the number of outstanding shares without affecting market capitalization. — [Source](https://www.livemint.com/market/stock-market-news/jsw-dulux-announced-record-date-for-1-10-stock-split-what-investors-should-know-11790079151086.html)
- 2026-09-22 — MONEYCONTROL: **India’s No. 2 paintmaker plans expansion to fend off Birla, JSW** — Berger Paints, Kumar Mangalam Birla, JSW, Asian Paints, Sajjan Jindal, Nerolac Paints — [Source](https://www.moneycontrol.com/news/business/indias-no-2-paintmaker-berger-paints-plans-expansion-to-fend-off-birla-jsw-14035159.html)
- 2026-09-22 — The Hindu: **Berger Paints plans luxury paint launch, 250 new outlets a year amid pricing pressure** — Berger Paints plans luxury paints, 250 outlets a year and new manufacturing facilities as pricing pressure intensifies from Birla Opus and JSW Dulux. — [Source](https://www.thehindubusinessline.com/companies/berger-paints-steps-up-defence-as-birla-opus-jsw-dulux-intensify-paint-market-battle/article71494047.ece)
- 2026-09-12 — The Hindu: **What should investors do about Asian Paints?** — Investors should hold Asian Paints as it navigates competitive challenges and maintains growth momentum amid demanding valuations. — [Source](https://www.thehindubusinessline.com/portfolio/stock-fundamental-analysis-india/what-should-investors-do-about-asian-paints/article71456387.ece)
- 2026-09-06 — Economic Times: **Paint makers expect healthy FY27 demand amid price hikes; competition intensity remains high** — 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. — [Source](https://economictimes.indiatimes.com/industry/cons-products/paints/paint-makers-expect-healthy-fy27-demand-amid-price-hikes-competition-intensity-remains-high/articleshow/133837223.cms)
- 2026-09-06 — MONEYCONTROL: **Asian Paints, Berger Paints see strong festive demand despite rising costs and competition** — Paint industry, Festive demand, Asian Paints, Price hikes, Competition,Asian Paints, Berger Paints JSW Dulux — [Source](https://www.moneycontrol.com/news/business/companies/asian-paints-berger-paints-see-strong-festive-demand-despite-rising-costs-and-competition-14023691.html)
- 2026-09-05 — BUSINESS: **ICRA assigns 'AA-' rating to the credit facilities of JSW Dulux with 'stable' outlook** — JSW Dulux said that the credit rating agency ICRA has assigned 'ICRA AA-' rating to the facilities of the company with 'stable' outlook. — [Source](https://www.business-standard.com/markets/capital-market-news/icra-assigns-aa-rating-to-the-credit-facilities-of-jsw-dulux-with-stable-outlook-126090500539_1.html)
- 2026-08-14 — BUSINESS: **Volumes jump at ICICI Prudential Life Insurance Company Ltd counter** — 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 — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-jump-at-icici-prudential-life-insurance-company-ltd-counter-126081400800_1.html)

## Business profile

**Strategic vision:** Indian paints and coatings company providing protection and color solutions.

### Business segments
- **Decorative Paints:** This segment includes interior paints and innovative offerings. The Dulux brand is central to the company's strategy in this segment.
- **Performance Paints:** This category encompasses automotive and specialty coatings, marine and protective coatings, and industrial coatings for various applications.

### Competitive strengths
- 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.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/jswdulux
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