Shalimar Paints Ltd
Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]
- Market Cap ₹ 671 Cr.
- Current Price ₹ 80.2
- 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
Pros
Cons
- Stock is trading at 2.82 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
Part of BSE Consumer Discretionary
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | 552 | |
| 407 | 354 | 335 | 305 | 349 | 377 | 322 | 381 | 499 | 589 | 656 | 590 | 577 | |
| Operating Profit | 9 | 30 | 14 | -34 | -61 | -34 | 4 | -22 | -15 | -54 | -57 | -21 | -25 |
| OPM % | 2.1% | 8% | 4.1% | -13% | -21% | -10% | 1.1% | -6% | -3.0% | -10% | -9% | -3.7% | -4.6% |
| 2 | 1 | 1 | 1 | -14 | 8 | 5 | -2 | 7 | 8 | 10 | 2 | 2 | |
| Interest | 21 | 22 | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 | 24 |
| 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 | -67 |
| 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 | -67 | |
| 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 | -8.06 |
| 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: | -12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -4% |
| 3 Years: | -28% |
| TTM: | 10% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -5% |
| 5 Years: | -3% |
| 3 Years: | -19% |
| 1 Year: | -3% |
| 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/OP | 430% | 120% | 239% | -104% | 153% | 28% | 435% | 274% | 322% | -33% | 102% | -127% |
Ratios
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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| Mar 2013 | Mar 2015 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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| Installed Manufacturing Capacity KLPA |
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| Total Sales Volume KL |
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| Water-based Paints Share in Decorative % |
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| Decorative Paints Volume KL |
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| Industrial Paints Volume KL |
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| R&D Expenditure (Percentage of Turnover) % |
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Extracted by Screener AI
Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
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Announcement under Regulation 30 (LODR)-Meeting Updates
- EGM approved preferential issues, CCPS issuance, and QIP up to Rs. 1,000 crore.
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Shareholder Meeting / Postal Ballot-Outcome of EGM
- Shalimar Paints held EGM on Sept. 11, 2026 for preferential issues and QIP up to Rs 1,000 crore.
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
- Shalimar Paints AGM approved financials, director reappointment, and authorised capital and investment limit increases.
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Announcement under Regulation 30 (LODR)-Meeting Updates
- Shalimar Paints held its 124th AGM on September 9, 2026; shareholders considered financials, director reappointment, capital restructuring.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2012
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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 2023PPT
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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 2022PPT
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Nov 2021PPT
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Aug 2021PPT
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Jun 2021PPT
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Feb 2021PPT
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Nov 2020PPT
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Sep 2020PPT
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May 2020PPT
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Feb 2020PPT
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Feb 2020PPT
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Nov 2019PPT
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Nov 2019PPT
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May 2019PPT
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Nov 2018PPT
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Nov 2018PPT
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.