Kansai Nerolac Paints Ltd
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.
- Market Cap ₹ 22,627 Cr.
- Current Price ₹ 280
- High / Low ₹ 357 / 253
- Stock P/E 34.9
- Book Value ₹ 65.7
- Dividend Yield 0.64 %
- 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 4.26 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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: | 10% |
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% |
Documents
Announcements
- Compliance Certificate Obtained By Kansai Nerolac Paints Limited Under Regulation 40(9) And 40(10) Of SEBI (LODR) Regulations, 2015 For The Year Ended 31St March, 2024 18 Apr
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Announcement under Regulation 30 (LODR)-Newspaper Publication
16 Apr - Newspaper Publication by Kansai Nerolac Paints Limited regarding transfer of shares to the Demat Account of Investor Education and Protection Fund Authority is enclosed.
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Announcement under Regulation 30 (LODR)-Change in Management
16 Apr - Disclosure under Regulation 30 of SEBI Listing Regulations regarding appointment of a member of senior management is as enclosed.
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 15 Apr
- The Compliance Certificate In Terms Of The Provisions Of Regulation 7(3) Of The SEBI (LODR) Regulations, 2015, For The Year Ended 31St March, 2024. 12 Apr
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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May 2023TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Feb 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Jun 2017TranscriptNotesPPT
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.