Shalimar Paints Ltd

Shalimar Paints Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Shalimar Paints Ltd

₹ 169 0.57%
26 Apr - close price
shalimarpaints.com BSE: 509874 NSE : SHALPAINTS
About

Shalimar Paint Color & Varnish Company was established in 1902 by two Britishers. It is the first paint company of India. [1][2] It was acquired by Ratan Jindal faction of the O.P. Jindal Group and S. S. Jhunjhunwala group in 1989. It manufactures decorative paints and industrial coatings. Some of India’s iconic buildings and structures such as the Howrah Bridge, Rashtrapati Bhawan, etc. were painted with Shalimar paints.[3]

Key Points

Business Segments
1. Decorative Paints: The Co. manufactures a wide range of decorative paints for interior and exterior surfaces - concrete, plaster, metal etc. It has established brands in exterior emulsions like Weather Pro, Xtra Tough and Super Shaktiman. It also has a wide range of interior emulsions with brands like Signature, Stay Clean, Superlac Advance and No. 1 Silk.
2. Industrial Paints: The Co. manufactures industrial coatings to cater Protective coating sector, Product Finish (OEM, General Industrial Sector), Range of marine paints including antifouling paints. Packaging coatings for metal decoration including food can lacquers are established products running successfully in different coating lines for years.[1]
It has tinting systems under the brand “Color Space” where it offers more than 10,000 shades across all product lines to its customers.[2] The company launched 2 new products in Q1FY24.[3]

Website BSE NSE
  • Market Cap ₹ 1,411 Cr.
  • Current Price ₹ 169
  • High / Low ₹ 226 / 141
  • Stock P/E
  • Book Value ₹ 36.0
  • Dividend Yield 0.00 %
  • ROCE -4.13 %
  • ROE -10.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Promoter holding has increased by 43.8% over last quarter.

Cons

  • Stock is trading at 4.68 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -16.5% over last 3 years.
  • Promoters have pledged 28.5% of their holding.
  • Working capital days have increased from 96.1 days to 150 days

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
93 112 65 91 96 106 110 111 129 136 126 119 146
87 113 74 99 102 105 113 115 130 142 130 139 153
Operating Profit 6 -1 -9 -8 -6 0 -3 -5 -1 -6 -5 -20 -7
OPM % 6% -1% -14% -9% -6% 0% -3% -4% -0% -4% -4% -17% -5%
0 7 -2 0 0 -1 2 1 1 3 2 2 2
Interest 5 5 5 6 6 6 4 4 4 4 4 4 2
Depreciation 3 3 3 3 3 3 3 3 3 3 3 3 4
Profit before tax -2 -3 -19 -17 -15 -9 -10 -11 -6 -10 -10 -26 -12
Tax % -197% -827% 0% 0% 0% 6% 0% 0% 0% 0% 0% 0% 0%
-7 -28 -19 -17 -15 -9 -10 -11 -6 -10 -10 -26 -12
EPS in Rs -1.28 -5.24 -3.56 -3.09 -2.79 -1.21 -1.32 -1.49 -0.86 -1.33 -1.42 -3.55 -1.37
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
436 478 465 416 384 350 271 288 344 326 358 486 526
395 440 450 407 354 335 305 349 377 322 381 500 564
Operating Profit 40 38 15 9 30 14 -34 -61 -34 4 -22 -15 -38
OPM % 9% 8% 3% 2% 8% 4% -13% -21% -10% 1% -6% -3% -7%
0 -2 6 2 1 1 1 -14 8 5 -2 7 9
Interest 15 17 21 21 22 23 26 25 20 19 22 16 15
Depreciation 4 4 4 5 5 8 8 9 11 13 13 13 14
Profit before tax 21 16 -4 -15 4 -15 -67 -109 -56 -23 -61 -36 -57
Tax % 31% 30% 22% 29% -22% 36% 32% 25% 32% -111% 1% 0%
14 11 -3 -11 5 -10 -45 -82 -38 -50 -60 -36 -57
EPS in Rs 2.56 1.95 -0.50 -1.87 0.94 -1.71 -8.08 -15.21 -6.98 -9.12 -8.30 -5.00 -7.67
Dividend Payout % 26% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 0%
5 Years: 12%
3 Years: 12%
TTM: 16%
Compounded Profit Growth
10 Years: %
5 Years: 4%
3 Years: 6%
TTM: -75%
Stock Price CAGR
10 Years: 11%
5 Years: 15%
3 Years: 25%
1 Year: 14%
Return on Equity
10 Years: -18%
5 Years: -19%
3 Years: -17%
Last Year: -11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 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 4 4 4 4 4 4 4 11 11 11 14 14 14
Reserves 60 71 70 58 62 163 117 278 246 196 320 322 287
69 88 110 130 137 171 179 152 122 131 168 140 128
171 204 198 191 188 177 177 136 141 152 126 129 123
Total Liabilities 303 367 381 382 391 515 477 577 520 490 628 605 553
32 32 31 71 67 194 222 218 267 256 248 245 246
CWIP 1 8 18 1 6 14 1 24 0 0 0 2 6
Investments 1 1 1 1 1 4 1 1 1 1 6 6 6
269 326 331 310 317 303 253 334 251 232 374 353 295
Total Assets 303 367 381 382 391 515 477 577 520 490 628 605 553

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
15 26 10 38 36 34 36 -94 -10 16 -61 -48
-3 -10 -6 -26 -5 -16 -10 -33 -28 -5 -6 -84
-9 -13 -15 -16 -23 -19 -18 198 -46 -11 225 -7
Net Cash Flow 3 2 -11 -4 8 -1 7 70 -83 -0 157 -139

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 116 118 125 135 136 130 142 126 76 89 80 81
Inventory Days 121 136 126 126 154 139 129 118 136 146 130 116
Days Payable 150 169 168 187 218 193 244 162 151 183 133 102
Cash Conversion Cycle 86 85 83 73 72 75 28 82 61 52 77 95
Working Capital Days 78 89 104 101 98 118 64 81 56 54 85 150
ROCE % 29% 23% 7% 2% 13% 3% -13% -18% -10% -1% -7% -4%

Shareholding Pattern

Numbers in percentages

4 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
53.10% 53.10% 53.10% 39.92% 39.92% 39.93% 39.93% 39.93% 39.93% 39.93% 31.90% 75.72%
0.25% 0.26% 0.60% 0.24% 0.01% 0.07% 0.06% 0.03% 0.08% 0.03% 0.00% 0.08%
3.31% 3.25% 3.11% 1.88% 1.80% 1.62% 1.62% 1.62% 1.62% 2.04% 0.06% 0.03%
43.35% 43.40% 43.19% 57.95% 58.26% 58.38% 58.39% 58.42% 58.36% 58.00% 68.04% 24.15%
No. of Shareholders 29,52032,09227,66225,72823,73923,03223,42922,15021,75221,55623,24024,333

* 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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