Kansai Nerolac Paints Ltd

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

Kansai Nerolac Paints Ltd

₹ 215 -1.29%
19 May 3:40 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 ₹ 17,378 Cr.
  • Current Price ₹ 215
  • High / Low ₹ 266 / 158
  • Stock P/E 26.2
  • Book Value ₹ 82.8
  • Dividend Yield 1.16 %
  • ROCE 13.6 %
  • ROE 10.2 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.8%

Cons

  • Stock is trading at 2.62 times its book value
  • The company has delivered a poor sales growth of 10.2% over past five years.
  • Company has a low return on equity of 11.1% over last 3 years.
  • Working capital days have increased from 119 days to 185 days

* 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

Consumer Discretionary Consumer Durables Consumer Durables Paints

Part of BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,605 2,071 1,846 1,815 1,662 2,050 1,864 1,842 1,740 2,087 1,871 1,907 1,873
1,453 1,737 1,576 1,575 1,483 1,716 1,649 1,595 1,563 1,775 1,659 1,660 1,658
Operating Profit 152 334 270 240 179 334 215 247 178 312 212 247 215
OPM % 10% 16% 15% 13% 11% 16% 12% 13% 10% 15% 11% 13% 11%
14 678 22 22 13 38 27 517 39 53 29 -8 18
Interest 2 3 3 3 3 3 3 5 4 4 4 6 5
Depreciation 42 43 45 46 46 46 46 51 50 51 53 59 59
Profit before tax 122 966 244 213 143 323 192 707 164 310 184 175 169
Tax % 23% 23% 26% 26% 29% 25% 32% 26% 25% 26% 26% 25% 28%
94 744 180 158 102 241 130 526 123 231 137 131 121
EPS in Rs 1.16 9.20 2.23 1.95 1.26 2.98 1.61 6.51 1.53 2.86 1.69 1.62 1.49
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3,467 3,739 3,999 4,587 5,174 4,943 4,771 5,949 7,081 7,393 7,497 7,739
3,023 3,159 3,268 3,797 4,432 4,162 3,927 5,302 6,287 6,370 6,523 6,753
Operating Profit 445 580 731 790 742 782 844 647 794 1,023 974 986
OPM % 13% 16% 18% 17% 14% 16% 18% 11% 11% 14% 13% 13%
22 563 98 72 62 27 28 21 31 735 621 92
Interest 0 0 0 0 0 5 8 10 10 12 15 18
Depreciation 68 68 69 76 90 120 149 154 165 180 194 221
Profit before tax 399 1,075 759 786 713 684 714 505 650 1,566 1,387 838
Tax % 32% 16% 33% 34% 34% 22% 26% 26% 25% 24% 26% 26%
272 899 506 516 467 535 531 374 486 1,183 1,021 620
EPS in Rs 3.36 11.12 6.26 6.39 5.78 6.62 6.56 4.63 6.02 14.63 12.63 7.67
Dividend Payout % 28% 18% 32% 27% 30% 32% 53% 32% 30% 26% 30% 49%
Compounded Sales Growth
10 Years: 8%
5 Years: 10%
3 Years: 3%
TTM: 3%
Compounded Profit Growth
10 Years: 4%
5 Years: 5%
3 Years: 11%
TTM: 7%
Stock Price CAGR
10 Years: 1%
5 Years: -10%
3 Years: -7%
1 Year: -18%
Return on Equity
10 Years: 12%
5 Years: 11%
3 Years: 11%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 54 54 54 54 54 54 54 54 54 81 81 81
Reserves 1,543 2,449 2,751 3,071 3,371 3,733 4,023 4,117 4,553 5,572 6,285 6,615
42 42 29 18 10 63 98 109 119 149 171 217
705 667 763 924 872 742 1,063 1,116 1,348 1,423 1,432 1,626
Total Liabilities 2,343 3,211 3,597 4,068 4,306 4,592 5,238 5,396 6,075 7,225 7,969 8,539
905 926 947 1,007 1,316 1,709 1,777 1,876 1,995 2,074 2,160 2,338
CWIP 44 42 142 343 315 164 206 224 113 152 226 169
Investments 216 547 553 546 304 455 770 300 653 1,459 1,907 2,422
1,179 1,696 1,956 2,172 2,371 2,264 2,485 2,995 3,315 3,540 3,677 3,609
Total Assets 2,343 3,211 3,597 4,068 4,306 4,592 5,238 5,396 6,075 7,225 7,969 8,539

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
302 390 345 377 110 621 655 59 386 895 647 885
-239 145 -567 -154 86 -343 -465 251 -274 -636 -372 -429
-85 -91 -212 -206 -178 -192 -276 -324 -89 -187 -352 -358
Net Cash Flow -21 444 -433 17 19 86 -86 -14 24 72 -77 98
Free Cash Flow 212 840 141 44 -413 404 557 -154 276 663 324 674
CFO/OP 95% 110% 78% 82% 55% 99% 95% 32% 71% 110% 93% 112%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 52 51 52 54 48 50 65 59 58 60 62 65
Inventory Days 93 89 122 120 131 124 137 135 135 138 134 109
Days Payable 56 84 97 102 79 70 102 79 77 83 86 78
Cash Conversion Cycle 90 56 77 72 100 105 100 116 116 114 111 96
Working Capital Days 50 47 80 63 78 83 91 102 89 84 87 185
ROCE % 25% 25% 26% 25% 21% 19% 18% 12% 14% 17% 14% 14%

Insights

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Number of Depots (Sales Locations)
Count

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Number of Manufacturing Plants
Count
Revenue per Permanent Employee
INR Crores
Number of Dealers/Distributors
Count
Total Installed Production Capacity
Million Litres

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.98% 74.98% 74.98% 74.98% 74.96%
4.21% 4.27% 4.28% 4.72% 5.09% 5.56% 5.36% 5.30% 5.40% 5.61% 5.17% 3.60%
12.29% 11.90% 11.84% 11.61% 10.72% 10.28% 10.24% 10.10% 10.20% 10.03% 10.41% 11.90%
8.49% 8.82% 8.88% 8.68% 9.18% 9.16% 9.40% 9.61% 9.41% 9.37% 9.43% 9.53%
No. of Shareholders 93,8711,11,1971,14,0471,14,0081,36,3271,44,1511,54,2771,63,2701,56,0071,49,9191,51,2131,50,761

* 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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