Shalimar Paints Ltd
Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]
- Market Cap ₹ 464 Cr.
- Current Price ₹ 55.5
- High / Low ₹ 119 / 53.2
- Stock P/E
- Book Value ₹ 32.2
- Dividend Yield 0.00 %
- ROCE -13.2 %
- ROE -23.7 %
- Face Value ₹ 2.00
Pros
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of -18.6% over last 3 years.
- Promoters have pledged 70.5% of their holding.
* 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 Allcap BSE Consumer Discretionary
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 465 | 416 | 384 | 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 599 | 594 | |
| 450 | 407 | 354 | 335 | 305 | 349 | 377 | 322 | 381 | 499 | 589 | 656 | 625 | |
| Operating Profit | 15 | 9 | 30 | 14 | -34 | -61 | -34 | 4 | -22 | -15 | -54 | -57 | -32 |
| OPM % | 3% | 2% | 8% | 4% | -13% | -21% | -10% | 1% | -6% | -3% | -10% | -9% | -5% |
| 6 | 2 | 1 | 1 | 1 | -14 | 8 | 5 | -2 | 7 | 8 | 10 | 8 | |
| Interest | 21 | 21 | 22 | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 |
| Depreciation | 4 | 5 | 5 | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 18 |
| Profit before tax | -4 | -15 | 4 | -15 | -67 | -109 | -56 | -23 | -61 | -36 | -74 | -80 | -67 |
| Tax % | -22% | -29% | -22% | -36% | -32% | -25% | -32% | 111% | -1% | 0% | 0% | 0% | |
| -3 | -11 | 5 | -10 | -45 | -82 | -38 | -50 | -60 | -36 | -74 | -80 | -67 | |
| EPS in Rs | -0.50 | -1.87 | 0.94 | -1.71 | -8.08 | -15.21 | -6.98 | -9.12 | -8.30 | -5.00 | -8.81 | -9.57 | -7.97 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 12% |
| 3 Years: | 19% |
| TTM: | 5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -26% |
| 3 Years: | -22% |
| TTM: | 36% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -3% |
| 5 Years: | -10% |
| 3 Years: | -29% |
| 1 Year: | -49% |
| Return on Equity | |
|---|---|
| 10 Years: | -19% |
| 5 Years: | -19% |
| 3 Years: | -19% |
| Last Year: | -24% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 11 | 11 | 11 | 14 | 14 | 17 | 17 | 17 |
| Reserves | 70 | 58 | 62 | 163 | 117 | 278 | 246 | 196 | 320 | 322 | 361 | 282 | 253 |
| 110 | 130 | 137 | 171 | 179 | 152 | 122 | 131 | 168 | 140 | 106 | 164 | 190 | |
| 198 | 191 | 188 | 177 | 177 | 136 | 141 | 152 | 126 | 132 | 168 | 221 | 209 | |
| Total Liabilities | 381 | 382 | 391 | 515 | 477 | 577 | 520 | 490 | 628 | 608 | 651 | 684 | 668 |
| 31 | 71 | 67 | 194 | 222 | 218 | 267 | 256 | 248 | 245 | 248 | 276 | 277 | |
| CWIP | 18 | 1 | 6 | 14 | 1 | 24 | 0 | 0 | 0 | 2 | 35 | 27 | 29 |
| Investments | 1 | 1 | 1 | 4 | 1 | 1 | 1 | 1 | 6 | 6 | 9 | 9 | 9 |
| 331 | 310 | 317 | 303 | 253 | 334 | 251 | 232 | 374 | 356 | 360 | 372 | 353 | |
| Total Assets | 381 | 382 | 391 | 515 | 477 | 577 | 520 | 490 | 628 | 608 | 651 | 684 | 668 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 38 | 36 | 34 | 36 | -94 | -10 | 16 | -61 | -48 | 18 | -59 | |
| -6 | -26 | -5 | -16 | -10 | -33 | -28 | -5 | -6 | -84 | -51 | -14 | |
| -15 | -16 | -23 | -19 | -18 | 198 | -46 | -11 | 225 | -7 | 44 | 27 | |
| Net Cash Flow | -11 | -4 | 8 | -1 | 7 | 70 | -83 | -0 | 157 | -139 | 11 | -46 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 125 | 135 | 136 | 130 | 142 | 126 | 76 | 89 | 80 | 81 | 76 | 90 |
| Inventory Days | 126 | 126 | 154 | 139 | 129 | 118 | 136 | 146 | 130 | 120 | 110 | 112 |
| Days Payable | 168 | 187 | 218 | 193 | 244 | 162 | 151 | 183 | 133 | 102 | 134 | 161 |
| Cash Conversion Cycle | 83 | 73 | 72 | 75 | 28 | 82 | 61 | 52 | 77 | 98 | 52 | 41 |
| Working Capital Days | 28 | 4 | 9 | -25 | -138 | -80 | -50 | -66 | -1 | 58 | 31 | -27 |
| ROCE % | 7% | 2% | 13% | 3% | -13% | -18% | -10% | -1% | -7% | -4% | -13% | -13% |
Documents
Announcements
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Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
20 Feb - OPJ Trading sold 500 Shalimar Paints shares (0.00%) in open market on February 17, 2026; promoter holding now nil.
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Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
20 Feb - Gagan Infraenergy sold 500 Shalimar Paints shares on Feb 17, 2026, reducing its holding to zero.
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Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
20 Feb - Opelina sold 500 Shalimar Paints shares in open market on Feb 17, 2026.
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Financial Results For The Quarter And Nine Months Ended December 31, 2025
12 Feb - Unaudited results for quarter and nine months ended Dec 31, 2025; EBITDA losses halved; new products +5%.
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Board Meeting Outcome for Outcome Of Board Meeting Held On Thursday, February 12, 2026
12 Feb - Approved unaudited Q3/9M results to Dec 31, 2025; new products +5%, EBITDA loss halved, WC improved 15 days.
Annual reports
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Financial Year 2025
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Financial Year 2024
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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 2011
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Concalls
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Aug 2023Transcript PPT
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Jun 2023Transcript PPT
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Feb 2023Transcript PPT
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Feb 2023TranscriptAI SummaryPPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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Jun 2022Transcript PPT
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Feb 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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Jun 2021TranscriptAI SummaryPPT
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Feb 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Sep 2020TranscriptAI SummaryPPT
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May 2020TranscriptAI SummaryPPT
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Feb 2020TranscriptAI SummaryPPT
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Feb 2020TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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May 2019TranscriptAI SummaryPPT
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Nov 2018TranscriptAI SummaryPPT
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Nov 2018TranscriptAI SummaryPPT
Holdings:[1]
SPL is a part of Ratan Jindal faction of O.P. Jindal group and S. S. Jhunjhunwala group. Both promoter groups hold 39.92% of the shares. Further, Hella Infra Market Private Limited holds 24.89% shares