Kansai Nerolac Paints Ltd

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

Kansai Nerolac Paints Ltd

₹ 216 -1.01%
19 May 3:19 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 ₹ 17,427 Cr.
  • Current Price ₹ 216
  • High / Low ₹ 266 / 158
  • Stock P/E 27.4
  • Book Value ₹ 83.0
  • Dividend Yield 1.16 %
  • ROCE 13.0 %
  • ROE 9.67 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.5%

Cons

  • Stock is trading at 2.61 times its book value
  • The company has delivered a poor sales growth of 9.67% over past five years.
  • Company has a low return on equity of 10.9% over last 3 years.
  • Working capital days have increased from 112 days to 176 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,734 2,157 1,957 1,919 1,769 2,133 1,951 1,922 1,817 2,162 1,954 1,982 1,954
1,565 1,825 1,683 1,675 1,590 1,803 1,739 1,687 1,651 1,859 1,739 1,742 1,737
Operating Profit 168 332 273 244 179 330 212 235 166 303 215 240 216
OPM % 10% 15% 14% 13% 10% 15% 11% 12% 9% 14% 11% 12% 11%
10 678 22 20 33 34 27 671 37 53 28 -10 11
Interest 7 7 8 7 7 7 7 9 8 7 8 9 8
Depreciation 46 47 47 48 48 48 49 53 52 53 54 60 61
Profit before tax 125 956 240 208 157 308 183 844 144 295 182 161 158
Tax % 23% 23% 27% 27% 27% 27% 34% 22% 29% 27% 27% 27% 31%
96 734 175 152 114 225 120 662 102 216 133 117 110
EPS in Rs 1.16 9.13 2.19 1.91 1.44 2.86 1.52 8.42 1.34 2.73 1.67 1.50 1.39
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3,505 3,767 4,053 4,658 5,424 5,280 5,074 6,369 7,543 7,801 7,823 8,052
3,054 3,182 3,315 3,864 4,672 4,476 4,211 5,720 6,725 6,774 6,881 7,077
Operating Profit 451 585 737 794 753 804 863 649 818 1,028 942 975
OPM % 13% 16% 18% 17% 14% 15% 17% 10% 11% 13% 12% 12%
22 563 98 71 61 26 38 25 26 753 769 83
Interest 1 0 0 1 10 21 24 29 29 29 31 32
Depreciation 68 68 70 77 106 142 165 170 180 190 202 228
Profit before tax 404 1,079 765 787 697 667 712 476 635 1,561 1,478 797
Tax % 32% 16% 33% 35% 36% 23% 26% 28% 26% 25% 25% 28%
275 902 510 514 448 516 526 343 468 1,176 1,109 576
EPS in Rs 3.39 11.15 6.29 6.36 5.60 6.44 6.55 4.44 5.86 14.66 14.14 7.29
Dividend Payout % 28% 18% 32% 27% 31% 33% 53% 34% 31% 26% 27% 51%
Compounded Sales Growth
10 Years: 8%
5 Years: 10%
3 Years: 2%
TTM: 3%
Compounded Profit Growth
10 Years: 3%
5 Years: 4%
3 Years: 11%
TTM: 2%
Stock Price CAGR
10 Years: 1%
5 Years: -10%
3 Years: -7%
1 Year: -18%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 11%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,548 2,456 2,761 3,078 3,362 3,706 3,999 4,078 4,480 5,502 6,342 6,633
51 46 29 35 108 242 173 203 160 276 296 303
720 685 793 962 994 881 1,307 1,374 1,613 1,551 1,497 1,695
Total Liabilities 2,373 3,240 3,636 4,130 4,518 4,884 5,533 5,709 6,306 7,410 8,217 8,711
916 937 957 1,036 1,465 1,906 1,912 1,996 2,108 2,182 2,246 2,409
CWIP 44 42 154 346 316 169 207 225 113 153 226 170
Investments 208 539 531 521 197 306 669 211 501 1,327 1,850 2,365
1,205 1,722 1,993 2,228 2,540 2,502 2,745 3,278 3,584 3,748 3,895 3,767
Total Assets 2,373 3,240 3,636 4,130 4,518 4,884 5,533 5,709 6,306 7,410 8,217 8,711

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
305 392 351 360 100 595 646 25 408 903 672 894
-239 144 -557 -162 89 -375 -453 250 -227 -590 -379 -383
-87 -92 -216 -192 -223 -141 -274 -309 -133 -249 -366 -403
Net Cash Flow -21 444 -422 6 -34 79 -81 -35 49 64 -72 108
Free Cash Flow 215 304 134 17 -425 356 545 -193 287 666 347 682
CFO/OP 95% 110% 78% 80% 55% 95% 93% 29% 73% 111% 99% 115%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 54 53 53 55 51 54 69 63 60 62 63 67
Inventory Days 95 90 123 107 132 127 158 153 134 136 133 107
Days Payable 56 85 98 90 82 75 120 92 79 88 88 82
Cash Conversion Cycle 93 58 78 72 101 106 107 123 115 110 109 92
Working Capital Days 51 48 80 64 73 74 82 91 81 77 82 176
ROCE % 25% 25% 26% 25% 20% 18% 17% 11% 14% 17% 13% 13%

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

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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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