Shalimar Paints Ltd

About

Shalimar Paint Color & Varnish Company was established in 1902 by two Britishers. [1] 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. [2] [2]

Key Points

Brand Reputation
The company set up South-East Asia’s first-ever large-scale manufacturing plant in 1902 in Howrah, West Bengal. [1]

See full details
  • Market Cap 526 Cr.
  • Current Price 96.8
  • High / Low 126 / 64.0
  • Stock P/E
  • Book Value 41.1
  • Dividend Yield 0.00 %
  • ROCE -0.74 %
  • ROE -20.2 %
  • Face Value 2.00

Pros

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -3.24% over past five years.
  • Company has a low return on equity of -21.21% for last 3 years.
  • Earnings include an other income of Rs.4.34 Cr.
  • Promoter holding has decreased over last 3 years: -9.98%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72 75 90 85 82 93 83 44 77 93 112 65
78 83 125 85 82 93 117 50 72 87 113 74
Operating Profit -7 -8 -35 0 0 0 -34 -5 4 6 -1 -9
OPM % -9% -10% -39% 0% 0% 0% -41% -12% 6% 6% -1% -14%
Other Income 0 -4 -10 0 0 0 8 -2 0 0 7 -2
Interest 7 6 6 4 5 5 5 4 5 5 5 5
Depreciation 2 2 2 2 3 3 3 3 3 3 3 3
Profit before tax -15 -20 -54 -6 -8 -7 -35 -15 -3 -2 -3 -19
Tax % 32% 31% 20% 13% 30% 30% 36% 29% -10% -189% -798% 0%
Net Profit -10 -14 -43 -5 -5 -5 -22 -11 -4 -7 -29 -19
EPS in Rs -1.80 -2.40 -8.08 -0.99 -0.97 -0.96 -4.12 -1.95 -0.68 -1.29 -5.26 -3.58

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
319 358 436 478 465 416 384 350 271 288 344 326 346
294 329 395 440 450 407 354 335 305 349 377 322 346
Operating Profit 25 29 40 38 15 9 30 14 -34 -61 -34 4 0
OPM % 8% 8% 9% 8% 3% 2% 8% 4% -13% -21% -10% 1% 0%
Other Income 1 0 0 -2 6 2 1 1 1 -14 8 5 4
Interest 8 10 15 17 21 21 22 23 26 25 20 19 20
Depreciation 3 3 4 4 4 5 5 8 8 9 11 13 13
Profit before tax 15 17 21 16 -4 -15 4 -15 -67 -109 -56 -24 -28
Tax % 34% 30% 31% 30% 22% 29% -23% 36% 32% 25% 32% -110%
Net Profit 10 12 14 11 -3 -11 5 -10 -46 -82 -38 -50 -59
EPS in Rs 1.77 2.06 2.56 1.95 -0.50 -1.87 0.93 -1.72 -8.10 -15.25 -7.03 -9.18 -10.81
Dividend Payout % 28% 26% 26% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:-1%
5 Years:-3%
3 Years:6%
TTM:14%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-3%
TTM:-16%
Stock Price CAGR
10 Years:4%
5 Years:-7%
3 Years:15%
1 Year:51%
Return on Equity
10 Years:-15%
5 Years:-21%
3 Years:-21%
Last Year:-20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4 4 4 4 4 4 4 4 4 11 11 11
Reserves 42 50 60 71 70 58 62 180 134 295 262 212
Borrowings 54 60 69 88 110 130 137 171 179 154 122 124
113 139 171 204 198 191 188 180 177 135 142 156
Total Liabilities 213 252 303 367 381 382 391 535 494 594 536 503
37 39 38 37 37 76 75 222 250 246 295 283
CWIP 0 0 1 8 18 1 6 14 1 24 0 0
Investments 0 0 0 0 0 0 0 3 0 0 0 0
175 213 264 321 327 305 311 296 244 325 241 219
Total Assets 213 252 303 367 381 382 391 535 494 594 536 503

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
24 7 15 26 10 38 38 34 36 -94 -9 16
-8 -5 -3 -10 -6 -26 -7 -16 -11 -34 -28 -6
-19 -2 -9 -13 -15 -16 -23 -19 -18 198 -46 -10
Net Cash Flow -4 0 3 2 -11 -3 8 -1 7 70 -83 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 105 116 116 118 125 135 136 130 142 126 76 87
Inventory Days 102 119 121 136 126 126 154 139 129 118 136 146
Days Payable 141 112 129 150 156 157 192 154 244 132 121 182
Cash Conversion Cycle 66 124 107 104 95 104 99 114 28 112 91 51
Working Capital Days 58 72 74 85 104 102 107 128 69 90 58 -66
ROCE % 25% 25% 29% 23% 7% 2% 13% 3% -12% -18% -10% -1%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
63.09 63.09 52.52 53.10 53.10 53.10 53.10 53.10 53.10 53.10 53.10 53.10
0.00 0.00 0.47 0.46 0.46 0.46 0.46 0.46 0.42 0.42 0.42 0.25
4.12 4.07 4.21 4.42 4.35 4.43 4.40 4.00 3.81 3.81 3.87 3.31
32.80 32.85 42.80 42.03 42.10 42.01 42.05 42.44 42.67 42.67 42.62 43.35

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