Akzo Nobel India Limited (AKZOINDIA) AI Stock Analysis

• Market Cap: ₹126.83B
• Dividend Yield: 3.04%
• Average Volume (3M): 825.00
• Price to Earnings (P/E): 48.7
• Beta (1Y): 0.51
• Revenue Growth: -3.03%
• EPS Growth: 357.65%
• Country: IN
• Employees: 1,500
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 16.32
• Shares Outstanding: 45,540,314
• 10 Day Avg. Volume: 793
• 30 Day Avg. Volume: 825
• PEG Ratio: 55.67
• Price to Book (P/B): 12.09
• Price to Sales (P/S): 3.93
• P/FCF Ratio: 78.62
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 81.6
• Revenue Forecast (FY): ₹37.11B

• Rating: 69 Neutral
• Price Target: ₹3,051.00 ▼(-4.11% Downside)
• Action: Reiterated Date: 10/24/25
• Date: Action: Reiterated 10/24/25

Akzo Nobel India Limited's strong financial performance is the primary driver of its stock score, supported by robust revenue growth and profitability. However, technical indicators suggest a cautious outlook with potential short-term bearish sentiment. The valuation indicates a relatively high P/E ratio, which may deter value-focused investors, although the dividend yield offers some appeal.

Positive Factors

Strong balance sheet

Very low leverage and a high equity ratio provide durable financial flexibility. A Debt-to-Equity of 0.05 and ROE above 30% mean the business can fund capex, absorb shocks, and return capital without stressing solvency, supporting long-term stability and strategic optionality.

Robust margins

Sustained high gross and improving EBIT margins indicate structural pricing power and operational efficiency. These margin levels underpin durable cash generation potential and resilience to competitive pressure, enabling reinvestment in brands and R&D over the medium term.

Access to global tech & brand

Affiliation with the global AkzoNobel group provides enduring competitive advantages: superior formulations, faster product development, and brand recognition. This supports premium product mix, faster innovation cycles, and sustained differentiation in both decorative and industrial coatings markets.

Negative Factors

Recent revenue contraction

A nearly 7% negative revenue growth reading signals recent demand softness or pricing pressures that can persist if unaddressed. Declining top-line momentum threatens long-term margin expansion and could force trade-offs between margin protection and market-share maintenance over the coming months.

Declining cash and FCF growth

Operating cash generation is positive but weaker growth in free cash flow and a falling FCF growth rate reduce financial flexibility. Over 2-6 months this constrains capacity for higher capex, bolt-on investments or increased shareholder payouts without rebuilding cash buffers.

Raw-material cost exposure

Heavy dependence on petrochemical-derived inputs creates persistent margin volatility risk. If commodity prices rise or pass-through is limited by competition, profitability can be structurally pressured, requiring hedging, product premiumization, or cost recovery strategies to protect long-term margins.

Akzo Nobel India Limited Business Overview & Revenue Model

Company Description

Akzo Nobel India Limited manufactures, distributes, and sells paints and coatings in India and internationally. It offers marine and protective, powder, industrial, and automotive and specialty coatings; paints, varnishes, enamels, lacquers, and emulsions for interior, exterior, and wood care applications, as well as for institutions/builders; and waterproofing paint products. The company's products are used in oil and gas, power, infrastructure, and wind energy projects; architecture, and functional and domestic appliances; vehicle refinishes business; packaging industry, including food, caps and closures, and beer and beverages; and roofing, building, aluminum composite panels, and domestic appliance sectors. It offers its products primarily under the Dulux, Sikkens, International, and Interpon brands. The company was formerly known as ICI India Limited and changed its name to Akzo Nobel India Limited in February 2010. Akzo Nobel India Limited was founded in 1911 and is based in Gurugram, India. Akzo Nobel India Limited is a subsidiary of Akzo Nobel N.V.

How the Company Makes Money

Akzo Nobel India makes money mainly by manufacturing and selling paints and coatings in India. Its revenue model is product-sales driven, with earnings generated when it sells (1) decorative paints (e.g., interior/exterior wall paints, enamels, primers, putties, and related decorative coating systems) largely through a dealer/distributor-led retail network and to project customers (contractors, builders, and institutional buyers), and (2) performance and protective coatings supplied to businesses for industrial use-cases (such as corrosion protection, asset protection, and specialized industrial coating applications), typically sold via B2B relationships and project/tender-based orders. Pricing and profitability are influenced by raw-material costs (notably petrochemical derivatives and pigments), product mix (premium vs. economy offerings), and the company’s ability to pass through input-cost changes. The company also benefits from access to AkzoNobel’s global technology, formulations, and brand portfolio; however, specific details on any royalty, technical service, or other intra-group arrangements are null.

Akzo Nobel India Limited Financial Statement Overview

Summary

Akzo Nobel India Limited exhibits strong financial health with consistent revenue growth and profitability. The balance sheet is solid, characterized by low leverage and high equity. Cash flow generation remains adequate, although there is room for improvement in free cash flow growth. The company is well-positioned in the specialty chemicals industry, but should focus on maintaining cash reserves and managing non-operating expenses to sustain its growth trajectory.

Income Statement

Akzo Nobel India Limited demonstrated strong revenue growth with a consistent increase over the years, reaching a total revenue of ₹40,912 Crores in 2025. The Gross Profit Margin improved to approximately 43.34%, indicating efficient cost management. The Net Profit Margin remained stable at 10.5%, reflecting healthy profitability despite competitive pressures in the specialty chemicals industry. EBIT Margin improved significantly to 35.09%, showcasing operational efficiency. EBITDA Margin, however, showed a minor decline, necessitating attention to non-operating expenses.

Balance Sheet

The company's balance sheet is robust with a declining trend in Total Debt, resulting in a favorable Debt-to-Equity ratio of 0.05. The Return on Equity (ROE) stood at 32.28%, indicating effective utilization of equity. The Equity Ratio of 45.82% suggests a healthy proportion of total assets financed by shareholders' equity. Although the balance sheet is strong, the decline in Cash and Cash Equivalents over recent years might require strategic cash management.

Cash Flow

Akzo Nobel India's Operating Cash Flow to Net Income Ratio is 0.72, reflecting adequate cash generation from operations. Free Cash Flow to Net Income Ratio was 0.48, showing positive free cash flow generation. However, Free Cash Flow Growth Rate showed a decline, requiring enhanced focus on cash flow optimization and capital allocation strategies.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	39.03B	40.91B	39.37B	37.77B	31.09B	23.97B
Gross Profit	15.61B	17.73B	16.74B	14.83B	12.26B	9.88B
EBITDA	24.69B	6.42B	6.67B	5.52B	4.54B	3.64B
Net Income	19.91B	4.29B	4.27B	3.35B	2.90B	2.08B
Balance Sheet
Total Assets	36.51B	29.03B	29.04B	27.41B	25.92B	25.30B
Cash, Cash Equivalents and Short-Term Investments	2.83B	2.87B	5.14B	5.53B	4.47B	7.19B
Total Debt	1.25B	621.00M	604.00M	697.00M	705.00M	787.00M
Total Liabilities	13.95B	15.73B	15.74B	14.24B	13.32B	12.42B
Stockholders Equity	22.55B	13.30B	13.30B	13.16B	12.60B	12.88B
Cash Flow
Free Cash Flow	-2.19B	2.04B	3.67B	3.82B	580.00M	2.55B
Operating Cash Flow	-1.95B	3.11B	4.86B	4.86B	1.21B	2.83B
Investing Cash Flow	10.57B	1.23B	-860.00M	-151.00M	2.30B	-2.25B
Financing Cash Flow	-8.60B	-4.59B	-4.39B	-3.02B	-3.46B	-1.74B

Akzo Nobel India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3181.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:AKZOINDIA, the sentiment is Negative. The current price of 3181.65 is above the 20-day moving average (MA) of 2925.91, above the 50-day MA of 2962.51, and below the 200-day MA of 3247.55, indicating a bearish trend. The MACD of -38.79 indicates Positive momentum. The RSI at 38.97 is Neutral, neither overbought nor oversold. The STOCH value of 72.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:AKZOINDIA.

Akzo Nobel India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GPIL	75 Outperform	₹168.36B	28.50	―	0.39%	-0.96%	-11.90%
AKZOINDIA	69 Neutral	₹126.83B	48.69	―	3.04%	-3.03%	357.65%
INDIGOPNTS	65 Neutral	₹35.55B	37.48	―	0.30%	0.14%	2.95%
SIRCA	64 Neutral	₹24.13B	45.97	―	0.30%	28.27%	23.68%
KANSAINER	64 Neutral	₹136.32B	39.21	―	1.11%	1.06%	83.53%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Akzo Nobel India Limited Corporate Events

JSW Dulux Releases Investor Presentation Ahead of March 16 Call

JSW Dulux Limited has released an investor presentation and scheduled an investor call on 16 March 2026 to engage with shareholders and market participants. The presentation, made available on the company’s website, signals an effort to enhance transparency and communication with investors, which may provide further insight into its strategy, performance, and outlook.

By formally notifying both BSE and NSE, the company underscores its compliance with Indian listing regulations and its commitment to timely disclosures. This outreach could help strengthen investor confidence and support informed decision-making among stakeholders as JSW Dulux continues its operations under its new corporate identity.

Akzo Nobel India Renames Itself JSW Dulux After Regulatory Nod

JSW Dulux Limited has received approval from India’s Ministry of Corporate Affairs to change its corporate name from Akzo Nobel India Limited to JSW Dulux Limited, effective 11 March 2026. The company’s Memorandum and Articles of Association have been amended to reflect the new identity, and its updated name will now govern all corporate and legal references.

Following the regulatory approval, JSW Dulux Limited is filing the necessary documentation with stock exchanges so that its new name is reflected in their records and on their websites. The move formalizes the company’s rebranding and signals a transition in its market identity for shareholders, regulators and other stakeholders, while its listed securities remain in compliance with SEBI listing requirements.

Akzo Nobel India Plans Investor Meet in Mumbai on March 16

Akzo Nobel India Limited has scheduled a group investor meeting with analysts and institutional investors on 16 March 2026 in Mumbai, organized by ICICI Securities, to engage with the financial community. The company has clarified that the meeting will be held in physical mode and that no unpublished price sensitive information will be shared, underscoring its compliance with Indian listing and disclosure regulations while maintaining transparent communication with market participants.

Akzo Nobel India Discloses Draft Tax Assessment Proposing Rs 111.63 Crore Additions

Akzo Nobel India Limited has disclosed that the Income Tax Department’s Assessing Officer has issued a draft assessment order for assessment year 2023-24, proposing additions of Rs 111.63 crore to the company’s taxable income under corporate tax and transfer pricing provisions. The company has informed stock exchanges that this is only a draft order, with the financial impact and precise quantum of claims yet to be determined, and it is currently analysing the order and preparing submissions or appeals in consultation with tax advisors, signaling potential tax exposure but no immediate quantified liability for shareholders and other stakeholders.

Akzo Nobel India Shares Investor Call Recording and Plans Transcript Release

Akzo Nobel India Limited has informed the stock exchanges that its senior management conducted a group investor conference call on 3 February 2026 to discuss the company’s financial results for the quarter and nine months ended 31 December 2025 and to address investor queries. An investor presentation was shared in advance with the exchanges and uploaded on the company’s website, and the audio recording of the call has now been made available online, with a written transcript to follow on both the stock exchanges and the company website within the mandated timeline.

Akzo Nobel India Board Clears Name Change to JSW Dulux and Overhauls Leadership Structure

Akzo Nobel India Limited’s board has approved a proposal to change the company’s name to “JSW Dulux Limited,” reflecting an impending rebranding that will take effect subject to regulatory and shareholder approvals, including changes to its Memorandum and Articles of Association. The board also cleared a postal ballot process to seek shareholder approval for key governance changes, including appointing Parth Sajjan Jindal as Non-Executive Non-Independent Director and Chairman, appointing Shantanu Maharaj Khosla as Independent Director, and redesignating Rajiv Rajgopal as Joint Managing Director & Chief Executive Officer, signaling a significant shift in the company’s leadership structure and branding that could reshape its market positioning under the JSW association.

Akzo Nobel India Sees GST Demand Sharply Cut in Karnataka Tax Dispute

Akzo Nobel India Limited has disclosed an update on a pending tax litigation with the Karnataka GST Department concerning disallowance of input tax credit for the period April 2021 to March 2022. Following a show cause notice in September 2025 that initially proposed a demand of about Rs 14.96 crore, the Deputy Commissioner, Large Taxpayers Unit, has now issued an order dated 29 December 2025, reducing the demand to approximately Rs 2.46 crore, including tax, interest and penalty. The order remains open to further submissions, and the company is in the process of responding within the prescribed timeframe, indicating that the matter is not yet concluded but that the potential financial exposure has been significantly lowered from the original claim.

Akzo Nobel India Reports Major Reduction in Karnataka GST Demand After Review

Akzo Nobel India Limited has updated the stock exchanges on the status of a tax dispute with the Karnataka GST Department regarding disallowance of input tax credit for the period April 2021 to March 2022. The company had earlier received a show cause notice raising a demand of about Rs 14.96 crore, but following its submissions and supporting documents, the Deputy Commissioner, Large Taxpayers Unit, Karnataka GST Department has now issued an order reducing the total demand to approximately Rs 2.46 crore, including tax, interest and penalty. The order remains open for further submissions, and Akzo Nobel India is in the process of responding within the stipulated timeframe, indicating that while the potential liability has been significantly reduced, the matter is not yet fully concluded and may still influence the company’s tax position until resolved.

Akzo Nobel India Updates Market on Reduced GST Demand in Pending ITC Dispute

Akzo Nobel India Limited has disclosed an update on a pending indirect tax litigation following an order from the Haryana GST Department relating to input tax credit (ITC) disallowance for the period April 2018 to March 2021. The initial show-cause notice had proposed a demand of Rs 49.73 lakh, but after the company’s submissions and review by the Assistant Commissioner, the aggregate demand in the order has been reduced to Rs 39.09 lakh, comprising tax of Rs 19.54 lakh along with applicable interest and an equivalent penalty. The order remains open to further representation, and the company is in the process of responding within the prescribed timeframe, indicating that the matter is still under dispute and the final financial impact on the company will depend on the outcome of subsequent proceedings.

Akzo Nobel India Updates Market on Reduced Bihar GST Demand in Pending Tax Dispute

Akzo Nobel India has disclosed an update on a pending tax litigation with the Bihar GST Department relating to disallowance of input tax credit for April 2021 to March 2022. Following a show cause notice that initially proposed an aggregate demand of Rs 23.04 lakh, the Deputy Commissioner of State, Bihar GST Department, has now issued an order reducing the total demand to Rs 2.30 lakh, comprising tax of Rs 1.21 lakh, interest of Rs 0.79 lakh and penalty of Rs 0.30 lakh. The company has stated that the order remains open for further submissions and it is in the process of responding within the prescribed timeframe, indicating that the matter is still under dispute but the financial exposure has been significantly curtailed compared with the original notice.

Akzo Nobel India to Shut Trading Window Ahead of December Quarter Results

Akzo Nobel India Limited has announced that, in compliance with SEBI’s Prohibition of Insider Trading Regulations and its own insider trading prevention policy, the trading window for dealing in its securities will be closed for designated persons, their immediate relatives and connected persons from 1 January 2026. The window will remain shut until 48 hours after the company announces its unaudited financial results for the quarter and nine months ended 31 December 2025, with the date of the board meeting to consider these results to be communicated later, a standard governance measure aimed at preventing insider trading and ensuring fair disclosure for investors.

Akzo Nobel India Sees GST Demand Fully Dropped in Gujarat Tax Dispute

Akzo Nobel India Limited has announced that an indirect tax dispute with the Gujarat GST Department has been resolved in its favour, eliminating a previously disclosed demand. The case related to a show cause notice issued in June 2025 over alleged issuance of duplicate e-way bills for the period April 2018 to March 2019, involving a claimed liability of Rs 4.36 lakh plus applicable interest and penalties. After the company submitted its reply with supporting documents, the Superintendent of the Gujarat GST Department issued an order on 23 December 2025, received by the company on 26 December 2025, fully dropping the tax, interest and penalty demand. The outcome removes a contingent exposure for Akzo Nobel India, signalling a positive resolution of the pending litigation and avoiding any adverse financial or compliance impact from this specific matter.