JSWDULUX · Consumer Durables
JSW Dulux Ltd. reported revenue of ₹1,014 cr for January to March 2025, +4.2% on the year and −3.4% on the quarter. Over the last four quarters revenue comes to ₹4,082 cr, +3.1% on the four before.
Operating profit (EBITDA) was ₹159 cr, a margin of 15.7%, −97 bps on the year and −22 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.9% to 16.6%, averaging 15.8%. Operating costs grew +5.4%, faster than revenue at +4.2%, so operating profit grew less than sales.
Net profit was ₹108 cr, −0.9% on the year and −0.9% on the quarter, with earnings per share of ₹23.80. Profit before other income, one-offs and tax fell 1.5%, so the profit growth came from the business itself. The tax rate was 21% against an average of 26% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹430 cr, +0.7% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹94.31 over the last four quarters, the stock at ₹3,043.00 trades at 32.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹956 cr | ₹1,033 cr | ₹973 cr | ₹1,036 cr | ₹982 cr | ₹1,050 cr | ₹1,014 cr | ₹995 cr | ₹835 cr | ₹894 cr | ₹883 cr | ₹965 cr |
| YoY | — | — | — | +4% | +3% | +2% | +4% | −4% | −15% | −15% | −13% | −3% |
| EBITDA margin | 14.9% | 16.1% | 16.6% | 16.3% | 14.9% | 15.9% | 15.7% | 13.5% | 13.3% | 15.2% | 14.4% | 11.9% |
| Other income, % of PBT | 7% | 5% | 7% | 6% | 7% | 4% | 2% | 7% | 95% | −14% | 39% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 26% | 26% | 26% | 26% | 21% | 26% | 15% | 27% | 26% | 32% |
| Net profit | ₹94.0 cr | ₹114 cr | ₹109 cr | ₹115 cr | ₹98.0 cr | ₹109 cr | ₹108 cr | ₹91.0 cr | ₹1,683 cr | ₹74.0 cr | ₹126 cr | ₹80.0 cr |
| YoY | — | — | — | +5% | +4% | −4% | −1% | −21% | +1,617% | −32% | +17% | −12% |
| Core profit YoY | — | — | — | +3% | +4% | −3% | −1% | −22% | −27% | −18% | −24% | −19% |
| EPS | ₹20.68 | ₹24.99 | ₹23.87 | ₹25.16 | ₹21.50 | ₹23.85 | ₹23.80 | ₹19.98 | ₹369.52 | ₹16.32 | ₹27.60 | ₹17.50 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
JSW Dulux Ltd. reported revenue of ₹1,014 cr (+4.2% on the year) and net profit of ₹108 cr (−0.9% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −1.5% on the year, against −0.9% for reported profit.
None of the 7 checks that could run raised a question.
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