Kansai Nerolac Paints Ltd

Kansai Nerolac Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Kansai Nerolac Paints Ltd

₹ 281 0.81%
26 Apr 12:04 p.m.
nerolac.com BSE: 500165 NSE : KANSAINER
About

Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1]

The company is subsidiary of Kansai Paints Co. Ltd Japan, from whom it continuously gets support and guidance in improvement of quality standards and getting best technology upgrades.

Key Points

History[1][2] The company started its operations in 1920 as Gahagan Paints & Varnish in Mumbai manufacturing paints, and changed its name to Goodlass Nerolac Paints Pvt. Ltd.
In 1983, they entered into a technical collaboration agreement with Kansai Paint Co. Ltd., Japan, and Nihon Tokushu Tokyo Co. Ltd., Japan, and Kansai paint took over the company and now holds a 75% stake in the company.

Website BSE NSE
  • Market Cap ₹ 22,695 Cr.
  • Current Price ₹ 281
  • High / Low ₹ 357 / 253
  • Stock P/E 34.0
  • Book Value ₹ 66.7
  • Dividend Yield 0.65 %
  • ROCE 14.5 %
  • ROE 11.0 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 38.5%

Cons

  • Stock is trading at 4.22 times its book value
  • The company has delivered a poor sales growth of 9.07% over past five years.
  • Company has a low return on equity of 11.1% over last 3 years.
  • Earnings include an other income of Rs.737 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Paints/Varnish Industry: Paints / Varnishes

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,498 1,356 1,322 1,521 1,694 1,413 1,945 1,814 1,717 1,605 2,071 1,846 1,815
1,204 1,149 1,132 1,356 1,484 1,330 1,689 1,617 1,529 1,453 1,737 1,576 1,575
Operating Profit 294 207 190 165 210 83 256 197 188 152 334 270 240
OPM % 20% 15% 14% 11% 12% 6% 13% 11% 11% 10% 16% 15% 13%
14 12 10 6 9 -4 4 4 9 14 678 22 22
Interest 1 4 3 2 2 3 2 2 2 2 3 3 3
Depreciation 36 43 38 38 39 39 39 41 42 42 43 45 46
Profit before tax 270 172 159 131 178 37 218 157 153 122 966 244 213
Tax % 25% 25% 25% 25% 26% 34% 25% 25% 26% 23% 23% 26% 26%
203 128 119 99 132 25 163 117 112 94 744 180 158
EPS in Rs 2.51 1.59 1.47 1.22 1.64 0.30 2.02 1.45 1.39 1.16 9.20 2.23 1.95
Raw PDF
Upcoming result date: 4 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,538 2,790 3,091 3,467 3,739 3,999 4,587 5,174 4,943 4,771 5,949 7,081 7,337
2,200 2,454 2,729 3,023 3,159 3,268 3,797 4,432 4,162 3,927 5,302 6,287 6,341
Operating Profit 337 336 362 445 580 731 790 742 782 844 647 794 996
OPM % 13% 12% 12% 13% 16% 18% 17% 14% 16% 18% 11% 11% 14%
24 131 10 22 563 98 72 62 27 28 21 31 737
Interest 0 0 0 0 0 0 0 0 5 8 10 10 12
Depreciation 56 47 65 68 68 69 76 90 120 149 154 165 176
Profit before tax 305 420 307 399 1,075 759 786 713 684 714 505 650 1,545
Tax % 29% 30% 33% 32% 16% 33% 34% 34% 22% 26% 26% 25%
216 292 207 272 899 506 516 467 535 531 374 486 1,175
EPS in Rs 2.67 3.62 2.56 3.36 11.12 6.26 6.39 5.78 6.62 6.56 4.63 6.02 14.54
Dividend Payout % 27% 20% 29% 28% 18% 32% 27% 30% 32% 53% 32% 30%
Compounded Sales Growth
10 Years: 10%
5 Years: 9%
3 Years: 13%
TTM: 7%
Compounded Profit Growth
10 Years: 9%
5 Years: -1%
3 Years: -3%
TTM: 57%
Stock Price CAGR
10 Years: 13%
5 Years: -1%
3 Years: -9%
1 Year: 10%
Return on Equity
10 Years: 14%
5 Years: 12%
3 Years: 11%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 54 54 54 54 54 54 54 54 54 54 54 54 81
Reserves 1,009 1,232 1,369 1,543 2,449 2,751 3,071 3,371 3,733 4,023 4,117 4,553 5,313
75 69 57 42 42 29 18 10 3 98 109 119 148
560 707 775 705 667 763 924 872 802 1,063 1,116 1,348 1,325
Total Liabilities 1,698 2,062 2,255 2,343 3,211 3,597 4,068 4,306 4,592 5,238 5,396 6,075 6,868
396 774 910 905 926 947 1,007 1,316 1,709 1,777 1,876 1,995 2,096
CWIP 161 123 48 44 42 142 343 315 164 206 224 113 78
Investments 184 61 56 216 547 553 546 304 455 770 300 653 1,124
957 1,104 1,241 1,179 1,696 1,956 2,172 2,371 2,264 2,485 2,995 3,315 3,570
Total Assets 1,698 2,062 2,255 2,343 3,211 3,597 4,068 4,306 4,592 5,238 5,396 6,075 6,868

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
102 224 189 302 390 345 377 110 621 655 59 386
-12 -142 -112 -239 145 -567 -154 86 -344 -465 251 -274
-71 -81 -82 -85 -91 -212 -206 -178 -192 -276 -324 -89
Net Cash Flow 20 1 -5 -21 444 -433 17 19 85 -86 -14 24

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 52 55 54 52 51 52 54 48 50 65 59 58
Inventory Days 107 112 123 93 89 122 120 131 124 137 135 121
Days Payable 55 82 84 56 84 97 102 79 70 102 79 69
Cash Conversion Cycle 104 85 93 90 56 77 72 100 105 100 116 110
Working Capital Days 46 48 54 50 47 80 63 78 84 93 103 90
ROCE % 28% 24% 21% 25% 25% 26% 25% 21% 19% 18% 12% 14%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99%
3.72% 3.40% 3.57% 3.55% 3.28% 3.45% 3.32% 3.88% 4.21% 4.27% 4.28% 4.72%
11.58% 13.34% 13.21% 13.20% 13.39% 13.26% 13.34% 12.82% 12.29% 11.90% 11.84% 11.61%
9.71% 8.27% 8.23% 8.26% 8.34% 8.28% 8.34% 8.31% 8.49% 8.82% 8.88% 8.68%
No. of Shareholders 66,24870,69272,10976,90982,89283,34184,11383,76193,8711,11,1971,14,0471,14,008

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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