JSW Dulux Limited (JSWDULUX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13.1%

₹226.37

vs ₹260.45 price

Levered DCF

₹70.52

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	6.56×	37.44×	25.8×	31.27×	29.96×	50.36×	42.45×	38.65×
P/B	5.28×	12.09×	8.28×	7.96×	6.9×	8.12×	8.14×	7.18×
P/S	3.6×	3.96×	2.8×	2.77×	2.8×	4.36×	3.82×	2.82×
EV / EBITDA	5.2×	23.78×	16.22×	18.63×	18.96×	28.58×	24.04×	21.1×
Gross margin	30.6%	39.5%	39.8%	39.3%	39.4%	41.2%	52.9%	47.5%
Operating margin	12.0%	13.3%	13.7%	11.5%	11.2%	10.9%	10.7%	9.1%
Net margin	54.8%	10.6%	10.8%	8.9%	9.3%	8.7%	9.0%	7.3%
Current ratio	1.56×	1.38×	1.35×	1.48×	1.49×	1.58×	1.64×	1.59×
Debt / equity	0.03×	0.05×	0.05×	0.05×	0.06×	0.06×	0.05×	0×
Interest coverage	35.8×	55.02×	45.1×	33.03×	29.5×	25.35×	30.62×	74.97×
Dividend yield	6.5%	2.7%	3.7%	2.6%	3.7%	1.5%	1.1%	1.2%
Payout ratio	42.9%	100.7%	96.1%	81.5%	109.9%	74.6%	46.3%	47.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	80.5%	32.3%	32.1%	25.5%	23.0%	16.1%	19.2%	18.6%
Return on invested capital	13.5%	27.3%	26.7%	21.2%	19.1%	13.4%	14.9%	14.5%
Return on assets	52.0%	14.8%	14.7%	12.2%	11.2%	8.2%	10.2%	10.1%
Free cash flow yield	0.4%	1.3%	3.3%	3.6%	0.7%	2.4%	3.2%	1.2%
Earnings yield	15.2%	2.7%	3.9%	3.2%	3.3%	2.0%	2.4%	2.6%
Enterprise value	₹127.6B	₹158.9B	₹107.9B	₹102.3B	₹86.2B	₹104B	₹98.9B	₹81.3B
Net debt / EBITDA	-0.08×	-0.28×	-0.32×	-0.45×	-0.16×	-0.17×	-0.46×	-0.08×
Cash conversion cycle (days)	46	0	-0	16	20	-17	-19	5