Shalimar Paints Ltd

About [ edit ]

Shalimar Paint Color & Varnish Company was established in 1902 by two Britishers. # 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. # #

Key Points [ edit ]
  • Market Cap 474 Cr.
  • Current Price 87.4
  • High / Low 117 / 50.3
  • Stock P/E
  • Book Value 47.6
  • Dividend Yield 0.00 %
  • ROCE -10.1 %
  • ROE -15.5 %
  • Face Value 2.00

Pros

  • Debtor days have improved from 114.67 to 75.90 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -3.72% over past five years.
  • Company has a low return on equity of -23.28% for last 3 years.
  • Promoter holding has decreased over last 3 years: -9.22%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
80.43 51.45 71.74 74.92 89.51 85.06 82.08 93.28 83.43 44.48 76.81 92.52
86.33 63.56 78.35 82.57 124.84 84.92 82.05 93.16 124.29 49.81 72.31 86.75
Operating Profit -5.90 -12.11 -6.61 -7.65 -35.33 0.14 0.03 0.12 -40.86 -5.33 4.50 5.77
OPM % -7.34% -23.54% -9.21% -10.21% -39.47% 0.16% 0.04% 0.13% -48.98% -11.98% 5.86% 6.24%
Other Income 1.70 0.10 0.33 -3.69 -10.30 0.12 0.13 0.30 14.57 -1.63 0.14 0.03
Interest 5.91 6.21 6.51 6.03 6.36 4.21 5.09 5.14 5.42 4.56 4.65 4.91
Depreciation 1.24 2.08 2.11 2.24 2.35 2.21 2.57 2.76 3.31 3.33 3.33 3.32
Profit before tax -11.35 -20.30 -14.90 -19.61 -54.34 -6.16 -7.50 -7.48 -35.02 -14.85 -3.34 -2.43
Tax % 14.71% 27.29% 32.21% 31.11% 20.21% 13.15% 29.73% 30.35% 36.15% 28.55% -10.18% -189.30%
Net Profit -9.68 -14.76 -10.10 -13.51 -43.36 -5.35 -5.27 -5.21 -22.36 -10.61 -3.68 -7.03
EPS in Rs -1.72 -2.63 -1.80 -2.40 -8.08 -0.99 -0.97 -0.96 -4.12 -1.95 -0.68 -1.29

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
288 319 358 436 478 465 416 384 350 271 288 344 297
271 294 329 395 440 450 407 354 336 305 349 384 333
Operating Profit 17 25 29 40 38 15 9 30 14 -34 -62 -41 -36
OPM % 6% 8% 8% 9% 8% 3% 2% 8% 4% -13% -21% -12% -12%
Other Income 1 1 0 0 -2 6 2 1 1 1 -14 15 13
Interest 8 8 10 15 17 21 21 22 23 26 25 20 20
Depreciation 3 3 3 4 4 4 5 5 8 8 9 11 13
Profit before tax 6 15 17 21 16 -4 -15 4 -15 -67 -109 -56 -56
Tax % 44% 34% 30% 31% 30% 22% 29% -23% 36% 32% 25% 32%
Net Profit 4 10 12 14 11 -3 -11 5 -10 -46 -82 -38 -44
EPS in Rs 0.63 1.77 2.06 2.56 1.95 -0.50 -1.87 0.93 -1.72 -8.10 -15.25 -7.03 -8.04
Dividend Payout % 32% 28% 26% 26% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:1%
5 Years:-4%
3 Years:-1%
TTM:-15%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-2%
Stock Price CAGR
10 Years:6%
5 Years:-2%
3 Years:-6%
1 Year:60%
Return on Equity
10 Years:-12%
5 Years:-19%
3 Years:-23%
Last Year:-16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
4 4 4 4 4 4 4 4 4 4 11 11 11
Reserves 35 42 50 60 71 70 58 62 180 134 295 262 248
Borrowings 60 54 60 69 88 110 130 137 171 179 154 122 133
88 113 139 171 204 198 191 188 180 177 135 142 115
Total Liabilities 187 213 252 303 367 381 382 391 535 494 594 536 507
31 37 39 38 37 37 76 75 222 250 246 295 289
CWIP 0 0 0 1 8 18 1 6 14 1 24 0 0
Investments 0 0 0 0 0 0 0 0 3 0 0 0 0
156 175 213 264 321 327 305 311 296 244 325 241 218
Total Assets 187 213 252 303 367 381 382 391 535 494 594 536 507

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
19 24 7 15 26 10 38 38 34 36 -94 -9
-7 -8 -5 -3 -10 -6 -26 -7 -16 -11 -34 -28
-12 -19 -2 -9 -13 -15 -16 -23 -19 -18 198 -46
Net Cash Flow 0 -4 0 3 2 -11 -3 8 -1 7 70 -83

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 17% 25% 25% 29% 23% 7% 2% 13% 3% -12% -18% -10%
Debtor Days 100 105 116 116 118 125 135 136 130 142 126 76
Inventory Turnover 3.89 4.01 3.53 3.43 3.02 2.81 2.72 2.45 2.42 2.54 3.09 2.99

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
63.08 63.09 63.09 52.52 53.10 53.10 53.10 53.10 53.10 53.10 53.10 53.10
0.00 0.00 0.00 0.47 0.46 0.46 0.46 0.46 0.46 0.42 0.42 0.42
4.12 4.12 4.07 4.21 4.42 4.35 4.43 4.40 4.00 3.81 3.81 3.87
32.80 32.80 32.85 42.80 42.03 42.10 42.01 42.05 42.44 42.67 42.67 42.62

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