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JSW Dulux Limited Key Financial Ratios

NSE:JSWDULUX | PAINTS

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Profitability Margins

2-year trend showing gross, operating, and net profit margins

FY 2025 - FY 2026

JSW Dulux Limited's net profit margin of 54.8% in FY2026 far exceeds its operating margin of 12.0%, signalling the bottom line is driven by one-time or non-operating items rather than core operations. Gross margin (41.4%) is a better gauge of underlying profitability.

Understanding Profitability Margins

In FY 2026, JSW Dulux Limited posted a gross margin of 41.4%, an operating margin of 12.0%, a net margin of 54.8%. Gross Margin = (Revenue - COGS) / Revenue; Operating Margin = EBIT / Revenue; Net Margin = Net Income / Revenue. Typical healthy ranges: Gross 20-40%, Operating 10-20%, Net 5-10%+. Consistent or improving margins indicate strong competitive positioning.

Company Performance

2-year trend showing revenue, gross profit, and net profit

FY 2025 - FY 2026

JSW Dulux Limited's revenue declined 12.6% to 35.99B in FY2026, but its reported net profit of 19.74B is inflated by one-time or non-operating items (such as a demerger, asset or stake sale, or exceptional item), so the year-over-year profit change does not reflect operating momentum.

Understanding Company Performance

In FY 2026, JSW Dulux Limited's revenue declined by 12.6% year-over-year. Revenue is total income from operations. Gross Profit is revenue minus cost of goods. Net Profit is the bottom line after all expenses. Consistent growth across all three signals a healthy, expanding business.

Return on Equity (ROE)

2-year trend showing shareholder returns

FY 2025 - FY 2026

JSW Dulux Limited's ROE of 80.5% in FY2026 is inflated by the same one-time or non-operating items lifting net profit (such as a demerger, asset or stake sale, or exceptional item), so it overstates sustainable capital efficiency.

Understanding Return on Equity (ROE)

In FY 2026, JSW Dulux Limited reported an ROE of 80.5%. ROE = (Net Income / Shareholders' Equity) x 100. Measures how efficiently the company turns equity into profit. Above 15% is generally strong; above 25% is excellent. Very high ROE may signal high leverage — check alongside debt levels.

Net Income vs Free Cash Flow

2-year trend comparing profitability with cash generation

FY 2025 - FY 2026

JSW Dulux Limited's FCF/NI ratio of 0.02x in FY2026 indicates weak cash generation raising concerns about earnings quality.

Understanding Net Income vs Free Cash Flow

In FY 2026, JSW Dulux Limited's free cash flow trailed net income. Free Cash Flow = Operating Cash Flow - Capital Expenditure. When FCF exceeds net income, it suggests high-quality, cash-backed earnings. Persistent gaps may indicate aggressive accounting or heavy capex needs.

Net Income vs Operating Cash Flow

2-year trend comparing profitability with cash from operations

FY 2025 - FY 2026

JSW Dulux Limited's OCF/NI ratio of 0.05x in FY2026 indicates weak cash conversion raising concerns about earnings quality.

Understanding Net Income vs Operating Cash Flow

In FY 2026, JSW Dulux Limited's operating cash flow trailed net income. Operating Cash Flow is the actual cash from core operations. OCF exceeding net income signals strong cash collection. OCF trailing net income may indicate aggressive revenue recognition or working capital issues.

Leverage Ratios

Measure a company's financial leverage, liquidity, and ability to meet financial obligations.

Current Ratio Analysis

2-year trend showing short-term liquidity position

FY 2025 - FY 2026

JSW Dulux Limited's current ratio of 1.56x in FY2026 indicates healthy short-term liquidity.

Understanding Current Ratio

In FY 2026, JSW Dulux Limited reported a current ratio of 1.56. Current Ratio = Current Assets / Current Liabilities. Measures short-term liquidity. A ratio of 1.5-3.0 is generally healthy; below 1.0 signals liquidity risk; above 3.0 may indicate underutilized assets.

Interest Coverage Ratio Analysis

2-year trend showing ability to service debt

FY 2025 - FY 2026

JSW Dulux Limited's interest coverage ratio of 35.8x in FY2026 indicates comfortable debt servicing capacity.

Understanding Interest Coverage Ratio

In FY 2026, JSW Dulux Limited reported an interest coverage ratio of 35.8x. Interest Coverage = EBIT / Interest Expense. Shows how many times operating profit covers interest payments. Above 5x is comfortable; below 1.5x signals potential difficulty servicing debt.

Debt-to-Equity Ratio Analysis

2-year trend showing financial leverage and capital structure

FY 2025 - FY 2026

JSW Dulux Limited's debt-to-equity ratio of 0.03x in FY2026 reflects a conservative, low-leverage capital structure.

Understanding Debt-to-Equity Ratio

In FY 2026, JSW Dulux Limited reported a debt-to-equity ratio of 0.03. Debt-to-Equity = Total Debt / Total Equity. Below 1.0 is conservative; 1.0-2.0 is moderate; above 2.0 indicates higher financial risk. Capital-intensive industries naturally carry higher ratios.

Total Debt Analysis

2-year trend showing total debt with year-over-year changes

FY 2025 - FY 2026

JSW Dulux Limited's debt increased 27.4% YoY in FY2026 — rising leverage demands close monitoring.

Understanding Total Debt

In FY 2026, JSW Dulux Limited's total debt increased by 27.4% year-over-year. Total Debt includes short-term debt, long-term loans, debentures, and capital leases. YoY changes (shown as percentages) reveal whether the company is leveraging up or deleveraging.

Shares Outstanding

Year-over-year change in diluted shares outstanding

JSW Dulux Limited's diluted shares remained virtually unchanged in FY2026.

Over 2 years (FY2025–FY2026), diluted shares remained essentially unchanged at 45.52M.

Understanding Shares Outstanding

In FY 2026, JSW Dulux Limited's diluted shares decreased by 0.0% year-over-year. Diluted Shares accounts for stock options, warrants, and convertibles. Positive YoY change means dilution (red); negative means buybacks (green). Consistent dilution above 5% annually is a red flag.

Data from audited consolidated filings. For educational purposes only — not investment advice. Last update: FY 2026