Shalimar Paints Ltd
Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]
- Market Cap ₹ 446 Cr.
- Current Price ₹ 53.3
- High / Low ₹ 108 / 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
- 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 416 | 384 | 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 599 | 569 | |
| 407 | 354 | 335 | 305 | 349 | 377 | 322 | 381 | 499 | 589 | 656 | 590 | |
| Operating Profit | 9 | 30 | 14 | -34 | -61 | -34 | 4 | -22 | -15 | -54 | -57 | -21 |
| OPM % | 2% | 8% | 4% | -13% | -21% | -10% | 1% | -6% | -3% | -10% | -9% | -4% |
| 2 | 1 | 1 | 1 | -14 | 8 | 5 | -2 | 7 | 8 | 10 | 2 | |
| Interest | 21 | 22 | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 |
| Depreciation | 5 | 5 | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 20 |
| Profit before tax | -15 | 4 | -15 | -67 | -109 | -56 | -23 | -61 | -36 | -74 | -80 | -63 |
| 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 | |
| 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 |
| 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: | -5% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -4% |
| 3 Years: | -28% |
| TTM: | 27% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | -6% |
| 5 Years: | -14% |
| 3 Years: | -29% |
| 1 Year: | -47% |
| 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 2016 | Mar 2017 | Mar 2018 | Feb 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales Volume KL |
|
||||||||
| Dealer Network Size Number |
|||||||||
| Registered Painters in Loyalty Program Number |
|||||||||
| Total Installed Capacity KLPA |
|||||||||
| Number of Tinting Machines Added Number |
|||||||||
| R&D Expenditure (Percentage of Turnover) % |
|||||||||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Credit Rating
3 Jun - CARE reaffirmed Shalimar Paints' ratings on ₹205.05 crore facilities; NCD rating withdrawn.
-
Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)
30 May - Mr. Sachin Naik resigned as CFO effective May 30, 2026.
-
Announcement under Regulation 30 (LODR)-Change in Management
30 May - Mr. Sachin Naik resigned as CFO effective May 30, 2026.
-
Board Meeting Outcome for Outcome Of Board Meeting Held On Thursday, May 28, 2026
28 May - Board approved audited standalone and consolidated FY2026 results on May 28, 2026; auditors issued unmodified opinion.
- Financial Results For The Quarter And Year Ended On March 31, 2026 28 May
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
Concalls
-
Aug 2023Transcript PPT
-
Jun 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Feb 2023TranscriptAI SummaryPPT
-
Nov 2022Transcript PPT
-
Aug 2022Transcript PPT
-
Jun 2022Transcript PPT
-
Feb 2022TranscriptAI SummaryPPT
-
Nov 2021TranscriptAI SummaryPPT
-
Aug 2021TranscriptAI SummaryPPT
-
Jun 2021TranscriptAI SummaryPPT
-
Feb 2021TranscriptAI SummaryPPT
-
Nov 2020TranscriptAI SummaryPPT
-
Sep 2020TranscriptAI SummaryPPT
-
May 2020TranscriptAI SummaryPPT
-
Feb 2020TranscriptAI SummaryPPT
-
Feb 2020TranscriptAI SummaryPPT
-
Nov 2019TranscriptAI SummaryPPT
-
Nov 2019TranscriptAI SummaryPPT
-
May 2019TranscriptAI SummaryPPT
-
Nov 2018TranscriptAI SummaryPPT
-
Nov 2018TranscriptAI SummaryPPT
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.