JSW Dulux Limited (JSWDULUX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of JSW Dulux Limited stock ₹119, price ₹272, that is 56.4% below the price, quality 61 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
JSW Dulux Limited manufactures, distributes, and sells paints and coatings in India and internationally.
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It offers paints, enamels or lacquers, and varnishes for interior, exterior, waterproofing, and woodcare and metal applications; waterproofing paint products; weathershield paint for institutions/builders; and automotive and specialty, industrial, powder, and marine and protective coatings.
The company's products are used in oil and gas, power, infrastructure, and wind energy projects; automobile; automotive OEM, consumer electronics, vehicle refinishes, and specialty coating businesses; and residential, commercial and industrial buildings.
It offers its products primarily under the Dulux, International, Sikkens, and Interpon brands. The company was formerly known as Akzo Nobel India Limited and changed its name to JSW Dulux Limited in March 2026. JSW Dulux Limited was founded in 1792 and is based in Mumbai, India.
JSW Dulux Limited operates as a subsidiary of JSW Paints Limited.
Stock analysis
JSW Dulux Limited (JSWDULUX) currently trades at ₹272.10, while our model-based Fair Value estimate is ₹118.55, 56% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹651.01 per share, and 6 of the 26 models we run sit above the ₹272.10 price.
Bear case: the Growth DCF group reads lowest at ₹54.53, and 20 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹88.91 (bear) to ₹148.19 (bull), the price of ₹272.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
JSW Dulux Limited reported revenue of ₹36.0B in FY2026 versus ₹31.1B in FY2022, a compound +3.7%/yr. Reported net income was ₹19.7B in FY2026, compounding +61.5%/yr from FY2022.
Key figures
Market cap ₹124B (≈ $1.3B) Small · P/E ratio 6.3 · P/S ratio 3.39 · EPS (TTM) ₹43.09 · Dividend yield 1.8% · Net margin 53.7% · Return on assets (EBIT) 15.6% (5-year average) · Operating margin 9.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −56%, JSWDULUX screens richer than that median.
Fair Value models
Bear₹88.91Fair Value ₹118.55Bull₹148.19
Price ₹272.10 · Downside -56.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹23.17 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−11.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.5%
Start year 2021 (pandemic). Over 10 years: +3.2% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +10.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.0%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.52.8% vs 25.2%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 12%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 363% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +11.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 727 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−56.4% · Below median
Profitability
Return on assets52.0% · Top 25%
Net margin (12 months)53.7% · Top 25%
Operating margin (12 months)9.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−3.0% · Bottom 25%
Dividend yield (12 months)1.8% · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Is JSW Dulux Limited (JSWDULUX) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ₹118.55 versus a price of ₹272.10, about 56% lower (overvalued).
What is the fair value of JSWDULUX?
Our model-based fair value for JSW Dulux Limited is ₹118.55 (as of Nov 7, 2026), built from audited fundamentals. The current price: ₹272.10.
What is the quality score of JSWDULUX?
JSW Dulux Limited has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JSW Dulux Limited (JSWDULUX)?
Our model-based price target is the fair value of ₹118.55 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario ₹88.91, optimistic scenario ₹148.19. It is a calculation from audited fundamentals, not an analyst target.
What is the JSW Dulux Limited stock forecast for 2026?
Our models put fair value at ₹118.55, about 56% lower versus a price of ₹272.10 (overvalued). Cautious scenario ₹88.91, optimistic scenario ₹148.19. The calculation is refreshed regularly with new filings.
What is the revenue of JSW Dulux Limited (JSWDULUX)?
JSW Dulux Limited reported trailing-twelve-month revenue of about ₹36.5B (latest available figure, as of Nov 7, 2026).
Does JSW Dulux Limited pay a dividend?
JSW Dulux Limited currently shows a dividend yield of 1.84% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of JSW Dulux Limited (JSWDULUX) and when is the ex-dividend date?
JSW Dulux Limited pays a dividend of ₹5.00 per share a year, a dividend yield of 1.8%. The last ex-dividend date was Jul 3, 2026. A dividend has been paid every year since at least 2002. Free cash flow covers the dividend 0.20 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into JSW Dulux Limited (JSWDULUX)?
For today's price to be fair in a discounted-cash-flow model, JSW Dulux Limited would have to grow free cash flow by +15.7 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.5 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of JSWDULUX use?
Our models discount JSW Dulux Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.19, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JSW Dulux Limited that is +15.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has JSW Dulux Limited (JSWDULUX) delivered so far?
Over the past 5 years revenue at JSW Dulux Limited grew +8.5 % a year. The price currently implies free-cash-flow growth of +15.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JSW Dulux Limited (JSWDULUX) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into JSW Dulux Limited (+15.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JSW Dulux Limited (JSWDULUX)?
The free-cash-flow yield on the price is 3.76 %: that much free cash flow JSW Dulux Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JSW Dulux Limited (JSWDULUX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JSW Dulux Limited it is ₹118.55 per share (as of Nov 7, 2026), against a price of ₹272.10. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is JSW Dulux Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, JSWDULUX trades above its calculated fair value: price ₹272.10, fair value ₹118.55, a gap of about −56% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JSWDULUX?
No. The price is what the market pays today (₹272.10); the fair value is what the company's own numbers justify (₹118.55). For JSW Dulux Limited the two are ₹153.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is JSW Dulux Limited worth?
The market values JSW Dulux Limited at about ₹124B (market capitalisation, as of Nov 7, 2026). Per share that is ₹272.10; our models calculate a fair value of ₹118.55 per share.
What do the bullish and bearish scenarios say about JSWDULUX?
Our models span a range for JSW Dulux Limited: cautious scenario ₹88.91, base ₹118.55, optimistic ₹148.19 per share (as of Nov 7, 2026, price ₹272.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JSWDULUX?
JSW Dulux Limited trades at a price-to-earnings ratio of 6.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹118.55 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 32.8 (reported for FY2026: 0.6). Other multiples: PEG 0.1, P/B 5.1, P/S 3.4, EV/EBITDA 22.1.
What is the PEG ratio of JSWDULUX?
The PEG ratio of JSW Dulux Limited is 0.11 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How far is JSWDULUX from its 52-week high?
JSW Dulux Limited trades at ₹272.10, about 17% below its 52-week high of ₹327.66 and 20% above the low of ₹225.83 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ₹118.55 is for.
Which stocks are comparable to JSW Dulux Limited?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JSW Dulux Limited stock attractive at the current price?
The data as of Nov 7, 2026: price ₹272.10, calculated fair value ₹118.55 (−56%), Quality Score 61/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JSWDULUX calculated?
We run JSW Dulux Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹118.55 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. JSW Dulux Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JSW Dulux Limited (JSWDULUX)?
The closing price on Nov 6, 2026 was ₹272.10. Our model-based fair value is ₹118.55, about 56% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JSW Dulux Limited right now?
The price sits above even our optimistic bull case (₹148.19). The favourable scenario is already priced in. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of JSW Dulux Limited (JSWDULUX) come from?
Earnings per share at JSW Dulux Limited grew +18.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.0 %, EBIT margin +3.6 %, tax rate +1.6 %, residual (interest, one-offs) +6.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of JSW Dulux Limited
How large is the market capitalisation of JSW Dulux Limited (JSWDULUX)?
The market capitalisation of JSW Dulux Limited is ₹124B (≈ $1.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JSW Dulux Limited (JSWDULUX)?
The price-to-sales ratio of JSW Dulux Limited is 3.39 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JSW Dulux Limited (JSWDULUX)?
Earnings per share at JSW Dulux Limited are ₹43.09 (price ÷ EPS = P/E 6.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JSW Dulux Limited (JSWDULUX)?
The dividend yield of JSW Dulux Limited is 1.8% (payout 11.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JSW Dulux Limited (JSWDULUX)?
The net margin of JSW Dulux Limited is 53.7% (last twelve months), excl. one-off gain FY2026 1.1%. How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of JSW Dulux Limited (JSWDULUX)?
On an EBIT basis the return on assets of JSW Dulux Limited is 15.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JSW Dulux Limited (JSWDULUX)?
The operating margin of JSW Dulux Limited is 9.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JSW Dulux Limited (JSWDULUX)?
Revenue at JSW Dulux Limited is growing −3.0% versus a year earlier (3y avg −1.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JSW Dulux Limited (JSWDULUX)?
Earnings per share at JSW Dulux Limited are growing +48.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does JSW Dulux Limited (JSWDULUX) hold?
JSW Dulux Limited holds more cash than debt, ₹1.9B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 7, 2026