Key Metrics of JSW Paints
About JSW Paints
Sectors
Company details
- Website
- jswpaints.in
- Registered office
- Jindal Mansion, 5a, Dr. G. Deshmukh Marg,, Mumbai, In-mh, 400026
Operational Areas of JSW Paints
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 21 Oct 2026 | ICRA | Reaffirmed | AA- | — | Stable | ₹6,300 Cr | View |
| 03 Sep 2026 | ICRA | Reaffirmed | AA- | — | Stable | ₹3,300 Cr | View |
| 14 Jan 2026 | CARE | Other | — | — | — | — | View |
| 04 Jul 2025 | CARE | Other | — | — | — | — | View |
| 01 Apr 2025 | CARE | Other | — | — | — | — | View |
| 15 Jan 2024 | CARE | Other | — | — | — | — | View |
Credit strengths (ICRA, Oct 2026)
+ Strong financial flexibility from being part of the JSW Group
JSWPL is a part of the JSW Group promoted by Mr.
+ Significant improvement in business profile following the acquisition to aid operational synergies
JSWPL’s business profile is expected to significantly improve owing to the acquisition, resulting in various business and operational synergies in the form of expansion in scale and dealer network, brand and geographical advantages, enhancement in product portfolio, along with access to new technologies in the industrial segment.
+ Material improvement in scale and operating profitability in near term
JSWPL reported standalone revenues of Rs. 2,185 crore in FY2026, reflecting a modest growth of 1.4% YoY, while the consolidated revenues (including JDL) stood at Rs. 3,313 2 crore .
Credit challenges
− Moderate debt coverage indicators due to high leverage
The acquisition was funded by fund infusion by JSW Eduinfra Private Limited of Rs. 4,855 crore, in the form CCDs worth Rs. 4,300 crore, OCDs of Rs. 555 crore and Rs. 3,300 crore through NCD debt.
Could lead to an upgrade
ICRA could upgrade the ratings in case of a significant improvement in revenues and earnings of the consolidated entity, with reduction in debt levels resulting in improvement in debt protection metrics and
Could lead to a downgrade
Downward pressure on the rating could emerge in case of sustained weakening of revenues or profitability because of any elevated competitive pressures or adverse demand conditions. Any large debt funded capex/acquisition resulting in further weakening of the credit metrics would also be a credit negative. Any weakening of linkages with the JSW Group would also be a negative rating factor.
Agency-reported financials (ICRA, 21 Oct 2026)
| Metric | FY2026 |
|---|---|
| Operating income | ₹3,313 Cr |
| PAT | ₹18.10 Cr |
| OPBDIT/OI | 4.8% |
| PAT/OI | 0.5% |
| Total outside liabilities/Tangible net worth (times) | 0.90× |
| Total debt/OPBDIT (times) | 24.00× |
| Interest coverage (times) | 0.90× |
| EBITDA (margin × income) | ₹159 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹3,816 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹177 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Rated facility | Other | ₹3,300 Cr | ₹3,300 Cr | 0.0% | AA- (Stable) | Reaffirmed | ICRA |
| NCD | Debentures & bonds | — | ₹3,000 Cr | — | AA- (Stable) | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE754Y08027 | NCD | Debentures & bonds | 3.65% | 10 Nov 2025 | 10 Nov 2030 | ₹3,300 Cr | AA- | Outstanding |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹500 Cr | CARE AA-; Stable |
| Cash Credit | ₹246 Cr | CARE AA-; Stable |
| Forward Contract | ₹1.25 Cr | CARE A1+ |
| Letter of credit | ₹85.0 Cr | CARE A1+ |
| Loan Equivalent Risk | ₹5.00 Cr | CARE A1+ |
| Term Loan | ₹144 Cr | CARE AA-; Stable |
| Working Capital Demand loan | ₹539 Cr | CARE A1+ |
| Working capital Term Loan | ₹40.0 Cr | CARE AA-; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Federal Bank |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | IDFC First Bank Ltd. |
| Fund-based - LT | Working capital Term Loan | IDFC First Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | Bank of Baroda |
| Fund-based - ST | Working Capital Demand loan | DCB Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | Federal Bank |
| Fund-based - ST | Working Capital Demand loan | IndusInd Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | Kotak Mahindra Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | Mizuho Bank Ltd. |
| Fund-based - ST | Working Capital Demand loan | Yes Bank Ltd. |
| Non-fund-based - LT | Bank Guarantee | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | Forward Contract | Bank of Baroda |
| Non-fund-based - ST | Letter of credit | Axis Bank Ltd. |
| Non-fund-based - ST | Letter of credit | Bank of Baroda |
| Non-fund-based - ST | Loan Equivalent Risk | Axis Bank Ltd. |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 68% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 59% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 0.9×
Rated limits by facility
Timeline
From the report
The acquisition was funded by fund infusion by JSW Eduinfra Private Limited of Rs. 4,855 crore, in the form of compulsorily convertible debentures (CCDs) of Rs. 4,300 crore, optionally convertible debentures (OCDs) of Rs. 555 crore and Rs. 3,300 crore through non-convertible debenture (NCD) debt.
From the report
JSWSL has infused aggregate equity of Rs. 750 crore till March 2026, while Rs. 150 crore has been infused by South West Mining Limited as of March 2026 for funding capex, debt repayment and meeting the working capital needs of JSWPL.
From the report
Ltd. has infused Rs. 5,300 crore (o/s of Rs. 4,855 crore as of March 2026) in the form of CCDs and OCDs to fund the acquisition of predominant stake in JDL.
From the report
It had unencumbered cash and bank balances of Rs. 573.7 crore as on March 31, 2026.
From the report
The acquisition was funded by fund infusion by JSW Eduinfra Private Limited of Rs. 4,855 crore, in the form of compulsorily convertible debentures (CCDs) of Rs. 4,300 crore, optionally convertible debentures (OCDs) of Rs. 555 crore and Rs. 3,300 crore through non-convertible debenture (NCD) debt.
From the report
JSWSL has infused aggregate equity of Rs. 750 crore till March 2026, while Rs. 150 crore has been infused by South West Mining Limited as of March 2026 for funding capex, debt repayment and meeting the working capital needs of JSWPL.
From the report
Ltd. has infused Rs. 5,300 crore (o/s of Rs. 4,855 crore as of March 2026) in the form of CCDs and OCDs to fund the acquisition of predominant stake in JDL.
From the report
It had unencumbered cash and bank balances of Rs. 573.7 crore as on March 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of JSW Paints
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Outlets operated by Sarfaraz. | asianpaints.com | — | Mumbai, India | |
 Berger Paints India |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | bergerpaints.com | 1923 | Kolkata, India |
| Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | nerolac.com | 1920 | Mumbai, India | |
 INDIGO PAINTS LIMITED |
Paints & Coatings · Manufacturing (Metals and Chemicals, and products thereof) | indigopaints.com | — | Pune, Maharashtra, India |
 Shalimar Paints |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | shalimarpaints.com | 1902 | Gurugram, India |
| SIRCA PAINTS INDIA LIMITED | · Manufacturing (Metals and Chemicals, and products thereof) | — | — | Delhi, India |
| Coatings And Coatings (India) Private Limited | Paints & Coatings · Cement, Building Materials & Polymers | — | — | India |
 Nippon Paint |
Paints & Coatings · Cement, Building Materials & Polymers | nipponpaint-holdings.com | 1898 | Chennai, India |
| Berger Paints |
Paints & Coatings · Cement, Building Materials & Polymers | bergerpaints.com | 1923 | Kolkata, India |
| Paints & Coatings · Cement, Building Materials & Polymers | puresilpaints.com | 2026 | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Paints
Filings
No filings on record yet.