Shalimar Paints Ltd

₹ 79.5 -1.69%

30 Oct - close price

shalimarpaints.com BSE: 509874 NSE: SHALPAINTS

About

Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services^[1]

Key Points

Company Overview^[1]
Shalimar Paints is engaged in the manufacturing and sale of decorative paints and industrial coatings. The company has contributed to the protection of key infrastructure, including the Howrah Bridge, Rashtrapati Bhavan, and the Chenab rail bridge. It’s product portfolio includes interior and exterior paints, waterproofing solutions, wood coatings, and related products, supported by its tinting systems.

It operates manufacturing facilities in Chennai, Nashik, and Sikandrabad. It has also expanded its distribution network and caters to select international markets, including Nepal, UAE, Bhutan, and Seychelles.

Website BSE NSE - BE

Market Cap ₹ 666 Cr.
Current Price ₹ 79.5
High / Low ₹ 96.7 / 34.4
Stock P/E
Book Value ₹ 28.4
Dividend Yield 0.00 %
ROCE -7.74 %
ROE -21.9 %
Face Value ₹ 2.00

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Pros

Cons

Stock is trading at 2.80 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 11.8% over past five years.
Company has a low return on equity of -22.2% 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	119	146	144	128	145	148	178	153	132	130	153	136	115
	139	153	167	150	158	163	185	161	138	141	150	148	137
Operating Profit	-20	-7	-22	-21	-13	-15	-7	-8	-6	-11	3	-12	-23
OPM %	-17%	-4.8%	-16%	-16%	-9%	-10%	-4.1%	-4.9%	-4.5%	-8%	2.2%	-9%	-20%
	2	2	3	1	1	1	7	2	3	-4	1	1	1
Interest	4	2	2	3	4	5	5	6	6	7	6	5	5
Depreciation	3	4	4	4	4	4	4	5	5	5	5	5	5
Profit before tax	-26	-12	-26	-27	-20	-24	-10	-17	-14	-27	-6	-21	-32
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-26	-12	-26	-27	-20	-24	-10	-17	-14	-27	-6	-21	-32
EPS in Rs	-3.55	-1.37	-3.15	-3.23	-2.34	-2.86	-1.14	-1.99	-1.66	-3.18	-0.74	-2.48	-3.82
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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	TTM
	416	384	350	271	288	344	326	358	484	535	599	569	534
	407	354	335	305	349	377	322	381	499	589	656	590	576
Operating Profit	9	30	14	-34	-61	-34	4	-22	-15	-54	-57	-21	-42
OPM %	2.1%	8%	4.1%	-13%	-21%	-10%	1.1%	-6%	-3.0%	-10%	-9%	-3.7%	-8%
	2	1	1	1	-14	8	5	-2	7	8	10	2	-1
Interest	21	22	23	26	25	20	19	22	16	13	18	25	23
Depreciation	5	5	8	8	9	11	13	13	13	15	16	20	20
Profit before tax	-15	4	-15	-67	-109	-56	-23	-61	-36	-74	-80	-63	-86
Tax %	-29%	-22%	-36%	-32%	-25%	-32%	111%	-1%	0%	0%	0%	0%
	-11	5	-10	-45	-82	-38	-50	-60	-36	-74	-80	-63	-86
EPS in Rs	-1.87	0.94	-1.71	-8.08	-15.21	-6.98	-9.12	-8.30	-5.00	-8.81	-9.57	-7.57	-10.22
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:	6%
TTM:	-13%

Compounded Profit Growth
10 Years:	%
5 Years:	-4%
3 Years:	-28%
TTM:	-26%

Stock Price CAGR
10 Years:	-5%
5 Years:	-3%
3 Years:	-24%
1 Year:	2%

Return on Equity
10 Years:	-20%
5 Years:	-19%
3 Years:	-22%
Last Year:	-22%

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	4	4	4	4	11	11	11	14	14	17	17	17
Reserves	58	62	163	117	278	246	196	320	322	361	282	221
	130	137	171	179	152	122	131	168	140	106	164	165
	191	188	177	177	136	141	152	126	132	168	221	219
Total Liabilities	382	391	515	477	577	520	490	628	608	651	684	622
	71	67	194	222	218	267	256	248	245	248	276	300
CWIP	1	6	14	1	24	0	0	0	2	35	27	0
Investments	1	1	4	1	1	1	1	6	6	9	9	7
	310	317	303	253	334	251	232	374	356	360	372	315
Total Assets	382	391	515	477	577	520	490	628	608	651	684	622

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
	38	36	34	36	-94	-10	16	-61	-48	18	-59	27
	-26	-5	-16	-10	-33	-28	-5	-6	-84	-51	-14	-4
	-16	-23	-19	-18	198	-46	-11	225	-7	44	27	-25
Net Cash Flow	-4	8	-1	7	70	-83	-0	157	-139	11	-46	-2
Free Cash Flow	11	29	24	22	-127	-42	14	-64	-59	-38	-83	17
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	430%	120%	239%	-104%	153%	28%	435%	274%	322%	-33%	102%	-127%

Ratios

Standalone / 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	135	136	130	142	126	76	89	80	81	76	90	87
Inventory Days	126	154	139	129	118	136	146	130	120	110	112	97
Days Payable	187	218	193	244	162	151	183	133	102	134	161	167
Cash Conversion Cycle	73	72	75	28	82	61	52	77	98	52	41	17
Working Capital Days	4	9	-25	-138	-80	-50	-66	-1	58	31	-27	-72
ROCE %	2%	13%	3%	-13%	-18%	-10%	-1%	-7%	-4%	-13%	-13%	-8%

Insights

In beta

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Number of Sales Depots
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xx,xxx	xx,xxx	xx,xxx			xx,xxx	xx,xxx			xx,xxx	xx,xxx
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							x.xx	x.xx	x.xx	x.xx	xxx.xx

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Number of Active Dealers
count

Installed Manufacturing Capacity
KLPA

Water-based Paints Share in Decorative
%

Total Sales Volume
KL

Decorative Paints Volume
KL

Industrial Paints Volume
KL

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

4 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	31.90%	75.72%	75.72%	75.72%	75.72%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%
	0.00%	0.08%	0.02%	0.00%	0.00%	0.01%	0.00%	0.01%	0.04%	0.08%	0.04%	0.02%
	0.06%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
	68.04%	24.15%	24.22%	24.23%	24.23%	25.00%	25.01%	24.99%	24.96%	24.93%	24.96%	24.99%
No. of Shareholders	23,240	24,333	26,503	30,009	31,100	29,913	31,086	32,659	32,408	31,826	31,768	31,525

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	62.30%	62.32%	52.52%	53.10%	53.10%	39.92%	39.93%	75.72%	74.96%	74.96%	74.96%
	0.00%	0.16%	0.47%	0.46%	0.42%	0.24%	0.03%	0.08%	0.01%	0.08%	0.02%
	1.90%	3.40%	4.21%	4.40%	3.87%	1.88%	1.62%	0.03%	0.03%	0.03%	0.03%
	35.80%	34.12%	42.80%	42.05%	42.62%	57.95%	58.42%	24.15%	25.00%	24.93%	24.99%
No. of Shareholders	12,438	14,232	15,825	17,044	24,028	25,728	22,150	24,333	29,913	31,826	31,525

* 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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