Kansai Nerolac Paints Ltd

Kansai Nerolac Paints Ltd

₹ 273 -0.04%
19 Apr - close price
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.

  • Market Cap 22,097 Cr.
  • Current Price 273
  • High / Low 357 / 247
  • Stock P/E 34.1
  • Book Value 65.7
  • Dividend Yield 0.66 %
  • ROCE 14.5 %
  • ROE 10.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 40.3%

Cons

  • Stock is trading at 4.16 times its book value
  • The company has delivered a poor sales growth of 10.1% over past five years.
  • Company has a low return on equity of 10.6% over last 3 years.
  • Earnings include an other income of Rs.730 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,593 1,460 1,403 1,620 1,810 1,537 2,051 1,931 1,827 1,734 2,157 1,957 1,919
1,288 1,246 1,212 1,457 1,598 1,453 1,796 1,732 1,631 1,565 1,825 1,683 1,675
Operating Profit 304 213 191 163 212 84 255 199 195 168 332 273 244
OPM % 19% 15% 14% 10% 12% 5% 12% 10% 11% 10% 15% 14% 13%
14 11 10 6 10 -1 5 4 7 10 678 22 20
Interest 5 8 7 7 7 8 8 6 7 7 7 8 7
Depreciation 40 48 42 42 43 43 43 45 46 46 47 47 48
Profit before tax 274 168 152 120 172 32 208 152 149 125 956 240 208
Tax % 25% 27% 27% 27% 27% 40% 27% 27% 27% 23% 23% 27% 27%
204 124 111 87 125 19 152 111 109 96 734 175 152
EPS in Rs 2.52 1.54 1.41 1.14 1.58 0.31 1.93 1.40 1.36 1.16 9.13 2.19 1.91
Raw PDF
Upcoming result date: 4 May 2024

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,369 2,801 3,120 3,505 3,767 4,053 4,658 5,424 5,280 5,074 6,369 7,543 7,766
1,219 2,463 2,753 3,054 3,182 3,315 3,864 4,672 4,476 4,211 5,720 6,725 6,749
Operating Profit 150 338 367 451 585 737 794 753 804 863 649 818 1,017
OPM % 11% 12% 12% 13% 16% 18% 17% 14% 15% 17% 10% 11% 13%
33 132 10 22 563 98 71 61 26 38 25 26 730
Interest 2 1 2 1 0 0 1 10 21 24 29 29 29
Depreciation 38 47 66 68 68 70 77 106 142 165 170 180 188
Profit before tax 143 422 310 404 1,079 765 787 697 667 712 476 635 1,530
Tax % 29% 30% 33% 32% 16% 33% 35% 36% 23% 26% 28% 26%
102 294 209 275 902 510 514 448 516 526 343 468 1,158
EPS in Rs 1.27 3.63 2.57 3.39 11.15 6.29 6.36 5.60 6.44 6.55 4.44 5.86 14.39
Dividend Payout % 31% 20% 29% 28% 18% 32% 27% 31% 33% 53% 37% 31%
Compounded Sales Growth
10 Years: 10%
5 Years: 10%
3 Years: 13%
TTM: 6%
Compounded Profit Growth
10 Years: 8%
5 Years: -1%
3 Years: -3%
TTM: 65%
Stock Price CAGR
10 Years: 13%
5 Years: -1%
3 Years: -9%
1 Year: 7%
Return on Equity
10 Years: 14%
5 Years: 12%
3 Years: 11%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 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 27 54 54 54 54 54 54 54 54 54 54 54 81
Reserves 636 1,233 1,372 1,548 2,456 2,761 3,078 3,362 3,706 3,999 4,078 4,480 5,232
94 84 68 51 46 29 35 108 178 173 203 160 323
328 715 786 720 685 793 962 994 945 1,307 1,374 1,613 1,484
Total Liabilities 1,085 2,087 2,280 2,373 3,240 3,636 4,130 4,518 4,884 5,533 5,709 6,306 7,120
237 786 922 916 937 957 1,036 1,465 1,906 1,912 1,996 2,108 2,205
CWIP 36 123 48 44 42 154 346 316 169 207 225 113 79
Investments 303 53 49 208 539 531 521 197 306 669 211 501 972
509 1,124 1,261 1,205 1,722 1,993 2,228 2,540 2,502 2,745 3,278 3,584 3,864
Total Assets 1,085 2,087 2,280 2,373 3,240 3,636 4,130 4,518 4,884 5,533 5,709 6,306 7,120

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
203 220 195 305 392 351 360 100 595 646 25 408
-119 -142 -113 -239 144 -557 -162 89 -376 -453 250 -227
-42 -77 -87 -87 -92 -216 -192 -223 -141 -274 -309 -133
Net Cash Flow 42 0 -6 -21 444 -422 6 -34 78 -81 -35 49

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 56 56 55 54 53 53 55 51 54 69 63 60
Inventory Days 77 114 125 95 90 123 107 132 127 158 153 134
Days Payable 110 82 84 56 85 98 90 82 75 120 92 79
Cash Conversion Cycle 23 89 96 93 58 78 72 101 106 107 123 115
Working Capital Days 25 50 56 52 48 80 65 79 85 93 102 88
ROCE % 18% 22% 25% 25% 26% 25% 20% 18% 18% 11% 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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