Up 1660% in 4 years! Why this multibagger stock is showing up to 90% in some apps today

JSW Dulux stock split: Multibagger paint stock JSW Dulux Ltd may show up to 90 per cent fall in some trading apps today as the stock shall turn ex-split today, adjusting to the pre-announced corporate action. As the stock trade ex-date for subdivision, each equity share with a face value of Rs 10 will be subdivided into 10 equity shares of face value Re 1 each.

JSW Dulux (formerly known as Akzo Nobel India Ltd) had announced Thursday, October 22, 2026 as the record date for determining shareholders eligible for the subdivision. Existing investors need not worry. The ones holding JSW Dulux share would receive nine additional shares, taking the total holding to ten shares post-split, keeping the value of their investment intact.

The stock split is expected to lead to a proportionate price adjustment, as one share converts into ten. Such corporate actions typically improve liquidity and affordability, making the stock more accessible and potentially encouraging broader retail participation.

JSW Dulux had announced stock split on August 11, 2026 along amendments in capital clause of association of the company and memorandum of association, subject to approval as per applicable laws.

Shares of JSW Dulux had settled at Rs 2,992.20 on Wednesday, falling 2.15 per cent for the day. The paint player commanded a market capitalization of more than Rs 13,600 crore. Post the adjustment of stock split, the counter opened as Rs 302.65 on Thursday, indicating a 1.50 per cent rise.

Shares of JSW Dulux Ltd have surged more than 1,660 per cent since June 2022 from Rs 170 levels (pre-adjustment basis). Erstwhile known as Akzo Nobel India, the company was acquired by JSW Group. However, the stock has corrected more than 20 per cent from its 52-week high at Rs 3,746.70 (pre-adjustment) hit in December 2025.

JSW Dulux has not announced its result for the September 2026 quarter yet. The company board is set to meet on November 4, 2026 (Wednesday) to consider and approve unaudited financial results for the quarter and six months ended September 30, 2026, said the company in an exchange filing on October 16.

Commenting on JSW Dulux's Q2 earnings. Systematix Institutional Equities said that the company would find greater room to manoeuvre on product pricing to drive market-share gains. JSW Dulux had taken price cuts in September-October 2025 and again in January 2026, signalling its aggressive intent to drive volumes. However, it has kept the stock unrated.

ICICIDirect Research had an 'add' rating on JSW Dulux with a target price of Rs 3,350, while 360One WAM had ascribed a 'hold' with a target price 3,448 in September 2026.

Commenting on the Paint sector, Asit C Mehta said that competitive intensity remains elevated, with JSW Dulux adopting a more aggressive approach through trade discounts and dealer incentives, keeping pressure on realisations and margins.. However, it does not have a rating or target price on the stock.

Stock split vs bonus shares
Stock splits and bonus issues may appear similar, but their objectives differ. A stock split subdivides existing shares into smaller units to enhance liquidity by reducing the face value, without altering the company’s share capital or reserves. Dividend per share adjusts proportionately in a split. A bonus issue, in contrast, involves issuing additional free shares to shareholders from accumulated earnings, without any change in face value.