Shalimar Paints Ltd

₹ 102 1.03%

12 Jun - 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

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

Website BSE NSE

Market Cap ₹ 858 Cr.
Current Price ₹ 102
High / Low ₹ 163 / 91.4
Stock P/E
Book Value ₹ 37.6
Dividend Yield 0.00 %
ROCE -12.8 %
ROE -22.6 %
Face Value ₹ 2.00

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Pros

Company's working capital requirements have reduced from 100 days to 57.0 days

Cons

Stock is trading at 2.72 times its book value
Company has low interest coverage ratio.
Company has a low return on equity of -17.8% over last 3 years.
Promoters have pledged 57.7% 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 SmallCap BSE Allcap BSE Consumer Discretionary

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	105.63	109.94	110.68	129.09	135.36	125.63	119.14	145.88	144.26	128.33	144.74	148.16	177.83
	105.36	113.32	115.42	129.63	141.37	130.26	139.23	152.84	166.75	149.51	157.57	163.50	185.18
Operating Profit	0.27	-3.38	-4.74	-0.54	-6.01	-4.63	-20.09	-6.96	-22.49	-21.18	-12.83	-15.34	-7.35
OPM %	0.26%	-3.07%	-4.28%	-0.42%	-4.44%	-3.69%	-16.86%	-4.77%	-15.59%	-16.50%	-8.86%	-10.35%	-4.13%
	-0.65	1.50	1.15	0.97	3.44	1.61	2.27	1.60	2.64	0.86	1.39	0.83	6.76
Interest	5.81	4.35	4.06	3.60	3.87	3.97	4.33	2.49	2.17	2.88	4.39	5.41	4.87
Depreciation	3.29	3.40	3.10	3.03	3.18	3.28	3.47	3.69	4.40	3.84	3.79	4.06	4.06
Profit before tax	-9.48	-9.63	-10.75	-6.20	-9.62	-10.27	-25.62	-11.54	-26.42	-27.04	-19.62	-23.98	-9.52
Tax %	-6.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	-8.89	-9.63	-10.75	-6.20	-9.62	-10.27	-25.62	-11.54	-26.42	-27.04	-19.62	-23.98	-9.52
EPS in Rs	-1.23	-1.33	-1.49	-0.86	-1.33	-1.42	-3.55	-1.38	-3.16	-3.23	-2.34	-2.86	-1.14
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	465	416	384	350	271	288	344	326	358	484	535	599
	450	407	354	335	305	349	377	322	381	499	589	656
Operating Profit	15	9	30	14	-34	-61	-34	4	-22	-15	-54	-57
OPM %	3%	2%	8%	4%	-13%	-21%	-10%	1%	-6%	-3%	-10%	-9%
	6	2	1	1	1	-14	8	5	-3	7	8	10
Interest	21	21	22	23	26	25	20	19	22	16	13	18
Depreciation	4	5	5	8	8	9	11	13	13	13	15	16
Profit before tax	-4	-15	4	-15	-67	-109	-56	-24	-61	-36	-74	-80
Tax %	-22%	-29%	-23%	-36%	-32%	-25%	-32%	110%	-1%	0%	0%	0%
	-3	-11	5	-10	-46	-82	-38	-50	-60	-36	-74	-80
EPS in Rs	-0.50	-1.87	0.93	-1.72	-8.10	-15.25	-7.03	-9.18	-8.36	-5.01	-8.82	-9.58
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:	12%

Compounded Profit Growth
10 Years:	%
5 Years:	-27%
3 Years:	-21%
TTM:	-7%

Stock Price CAGR
10 Years:	3%
5 Years:	12%
3 Years:	-8%
1 Year:	-31%

Return on Equity
10 Years:	-18%
5 Years:	-18%
3 Years:	-18%
Last Year:	-23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4	4	4	4	4	11	11	11	14	14	17	17
Reserves	70	58	62	180	134	295	262	212	336	338	376	298
	110	130	137	171	179	154	121	131	168	140	106	164
	198	191	188	180	177	135	142	152	128	134	175	223
Total Liabilities	381	382	391	535	494	594	536	506	647	627	675	702
	37	76	75	222	250	246	295	283	276	272	275	304
CWIP	18	1	6	14	1	24	0	0	0	2	35	26
Investments	0	0	0	3	0	0	0	0	0	0	0	0
	327	305	311	296	244	325	241	222	371	353	365	372
Total Assets	381	382	391	535	494	594	536	506	647	627	675	702

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	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	38	34	36	-94	-9	16	-62	-48	18	-59
	-6	-26	-7	-16	-11	-34	-28	-5	-6	-84	-51	-14
	-15	-16	-23	-19	-18	198	-46	-11	225	-7	63	27
Net Cash Flow	-11	-3	8	-1	7	70	-83	-0	157	-139	29	-46

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	75	90
Inventory Days	126	126	154	139	129	118	136	146	130	120	114	112
Days Payable	168	187	218	193	244	162	151	183	133	102	127	161
Cash Conversion Cycle	83	73	72	75	28	82	61	52	77	98	62	41
Working Capital Days	104	101	98	118	64	81	56	54	85	152	91	57
ROCE %	7%	2%	13%	3%	-12%	-18%	-10%	-1%	-7%	-4%	-13%	-13%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	39.92%	39.93%	39.93%	39.93%	39.93%	39.93%	31.90%	75.72%	75.72%	75.72%	75.72%	74.96%
	0.01%	0.07%	0.06%	0.03%	0.08%	0.03%	0.00%	0.08%	0.02%	0.00%	0.00%	0.01%
	1.80%	1.62%	1.62%	1.62%	1.62%	2.04%	0.06%	0.03%	0.03%	0.03%	0.03%	0.03%
	58.26%	58.38%	58.39%	58.42%	58.36%	58.00%	68.04%	24.15%	24.22%	24.23%	24.23%	25.00%
No. of Shareholders	23,739	23,032	23,429	22,150	21,752	21,556	23,240	24,333	26,503	30,009	31,100	29,913

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

* 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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