Kansai Nerolac Paints Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.6%
- Company has consistently been profitable over the last 5 years
- Company has been maintaining a healthy dividend payout of 34.3%
- Company comfortably covers its interest (25.7x coverage)
- Company generates healthy free cash flow
CONS
- Company has delivered a poor profit growth of 1.8% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Expensive relative to growth - PEG of 3.6
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIANPAINT | 2470.00 | 49.72 | 236921.85 | 1.11 | 1559.45 | 39.60 | 10541.94 | 18.12 | 28.22 | 20.93 |
| BERGEPAINT | 458.35 | 43.93 | 53443.74 | 0.87 | 405.01 | 28.56 | 3583.75 | 11.97 | 23.14 | 17.28 |
| KANSAINER | 188.95 | 25.46 | 15281.88 | 1.32 | 228.41 | 5.95 | 2373.59 | 9.79 | 12.44 | 13.83 |
| JSWDULUX | 3155.90 | 7.32 | 14372.07 | 6.53 | 79.70 | -12.42 | 965.00 | -3.02 | 125.82 | 11.93 |
| INDIGOPNTS | 1089.85 | 32.33 | 5202.14 | 0.46 | 41.70 | 60.04 | 369.67 | 19.69 | 18.37 | 16.78 |
| SIRCA | 426.60 | 36.15 | 2422.78 | 0.47 | 16.21 | 14.09 | 130.00 | 13.80 | 20.28 | 18.62 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,157 | 1,957 | 1,919 | 1,769 | 2,133 | 1,951 | 1,922 | 1,817 | 2,162 | 1,954 | 1,982 | 1,954 | 2,374 | |
| 1,825 | 1,683 | 1,675 | 1,590 | 1,803 | 1,739 | 1,687 | 1,651 | 1,859 | 1,739 | 1,742 | 1,737 | 2,116 | |
| Operating Profit | 332 | 273 | 244 | 179 | 330 | 212 | 235 | 166 | 303 | 215 | 240 | 216 | 258 |
| OPM % | 15.37% | 13.97% | 12.72% | 10.12% | 15.45% | 10.86% | 12.23% | 9.12% | 14.02% | 11.02% | 12.09% | 11.08% | 10.85% |
| 678 | 22 | 20 | 33 | 34 | 27 | 671 | 37 | 53 | 28 | -10 | 11 | 55 | |
| Interest | 7 | 8 | 7 | 7 | 7 | 7 | 9 | 8 | 7 | 8 | 9 | 8 | 8 |
| Depreciation | 47 | 47 | 48 | 48 | 48 | 49 | 53 | 52 | 53 | 54 | 60 | 61 | 63 |
| Profit before Tax | 956 | 240 | 208 | 157 | 308 | 183 | 844 | 144 | 295 | 182 | 161 | 158 | 312 |
| Tax % | 23.23% | 26.97% | 26.96% | 27.00% | 27.01% | 34.48% | 21.50% | 28.63% | 27.03% | 26.62% | 27.48% | 30.64% | 26.90% |
| Net Profit | 0 | 0 | 0 | 0 | 225 | 120 | 662 | 102 | 216 | 133 | 117 | 110 | 228 |
| 9.13 | 2.19 | 1.91 | 1.44 | 2.86 | 1.52 | 8.42 | 1.34 | 2.73 | 1.67 | 1.50 | 1.39 | 2.86 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,053 | 4,658 | 5,424 | 5,280 | 5,074 | 6,369 | 7,543 | 7,801 | 7,823 | 8,052 | 8,263 | |
| 3,315 | 3,864 | 4,672 | 4,476 | 4,211 | 5,720 | 6,725 | 6,774 | 6,881 | 7,077 | 7,334 | |
| Operating Profit | 737 | 794 | 753 | 804 | 863 | 649 | 818 | 1,028 | 942 | 975 | 929 |
| OPM % | 18.20% | 17.04% | 13.87% | 15.24% | 17.01% | 10.20% | 10.84% | 13.17% | 12.05% | 12.10% | 11.24% |
| 98 | 71 | 61 | 26 | 38 | 25 | 26 | 753 | 769 | 83 | 85 | |
| Interest | 0 | 1 | 10 | 21 | 24 | 29 | 29 | 29 | 31 | 32 | 33 |
| Depreciation | 70 | 77 | 106 | 142 | 165 | 170 | 180 | 190 | 202 | 228 | 238 |
| Profit before Tax | 765 | 787 | 697 | 667 | 712 | 476 | 635 | 1,561 | 1,478 | 797 | 814 |
| Tax % | 33.35% | 34.72% | 35.75% | 22.67% | 26.21% | 27.97% | 26.21% | 24.68% | 24.95% | 27.75% | 27.68% |
| Net Profit | 510 | 514 | 448 | 516 | 526 | 343 | 468 | 1,176 | 1,109 | 576 | 589 |
| EPS | 9.44 | 9.55 | 8.40 | 9.67 | 9.83 | 6.66 | 5.86 | 14.66 | 14.14 | 7.29 | — |
| Dividend Payout % | 31.77% | 27.24% | 30.95% | 32.58% | 53.41% | 33.79% | 30.72% | 25.57% | 26.52% | 34.30% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 10%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -4%
- 5 Years:
- 2%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- -3%
- 5 Years:
- -14%
- 3 Years:
- -17%
- 1 Year:
- -24%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 14%
- 3 Years:
- 17%
- Last Year:
- 9%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 54 | 54 | 54 | 54 | 81 | 81 | 81 |
| Minority Interest | 15 | 16 | 20 | 22 | 36 | 19 | 27 | 16 | -19 | -25 |
| 2,761 | 3,078 | 3,362 | 3,706 | 3,999 | 4,078 | 4,476 | 5,486 | 6,330 | 6,620 | |
| 18 | 27 | 101 | 226 | 244 | 289 | 254 | 241 | 263 | 304 | |
| Trade Payables | 561 | 700 | 693 | 595 | 907 | 981 | 1,016 | 1,052 | 1,101 | 1,165 |
| 228 | 255 | 287 | 280 | 293 | 288 | 480 | 534 | 461 | 566 | |
| Total Liabilities | 3,636 | 4,130 | 4,518 | 4,884 | 5,533 | 5,709 | 6,306 | 7,410 | 8,217 | 8,711 |
| 957 | 1,035 | 1,465 | 1,906 | 1,912 | 1,996 | 2,108 | 2,182 | 2,246 | 2,404 | |
| Capital Work in Progress | 154 | 346 | 316 | 169 | 207 | 225 | 113 | 149 | 221 | 170 |
| 531 | 521 | 197 | 306 | 669 | 211 | 501 | 1,327 | 1,850 | 2,365 | |
| 703 | 829 | 1,111 | 1,008 | 1,198 | 1,630 | 1,729 | 1,687 | 1,665 | 1,530 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,335 | 1,357 | 1,467 | |
| Cash & Bank | 261 | 364 | 96 | 192 | 125 | 106 | 127 | 260 | 290 | 226 |
| 1,029 | 1,035 | 1,333 | 1,302 | 1,423 | 1,543 | 1,728 | 470 | 588 | 548 | |
| Total Assets | 3,636 | 4,130 | 4,518 | 4,884 | 5,533 | 5,709 | 6,306 | 7,410 | 8,217 | 8,711 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 577 | 636 | 411 | 761 | 803 | 187 | 595 | 903 | 672 | 894 | |
| Cash from Investing | -557 | -163 | 88 | -376 | -453 | 250 | -227 | -590 | -379 | -383 |
| Cash from Financing | -216 | -192 | -223 | -141 | -274 | -309 | -133 | -249 | -366 | -403 |
| -422 | 6 | -35 | 78 | -81 | -35 | 49 | 64 | -72 | 108 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant SEBI Circulars is enclosed herewith.
2026-08-10 - Kansai Nerolac Paints Limited has informed the Exchange about Transcript
2026-08-03 - Kansai Nerolac Paints Limited has informed the Exchange about Link of recordings
2026-08-03 - Kansai Nerolac Paints Limited has informed the Exchange about Investor Presentation
2026-08-03 - This is to inform you that the Board of Directors of Kansai Nerolac Paints Limited has, in the Board meeting held today i.e. on Monday, 3rd August, 2026, inter alia considered and approved the proposal for capacity addition
2026-08-03 - Kansai Nerolac Paints Limited has informed the Exchange regarding a press release dated August 03, 2026, titled "Press Release for the unaudited financial results for the quarter ended 30th June, 2026.".
2026-08-03 - This is to inform you that the Board of Directors of Kansai Nerolac Paints Limited has, in its meeting held today i.e. on Monday, 3rd August, 2026, inter alia considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended 30th June, 2026 (Unaudited Financial Results).
2026-07-23 - Kansai Nerolac Paints Limited has informed the Exchange regarding Allotment of 64309 Shares.
2026-07-22 - Pursuant to Regulation 30(6) of Securities and Exchange Board of India (Listing Obligationsand Disclosure Requirements) Regulations, 2015, we hereby inform you that the Managementof our Company will be hosting a Conference Call on Monday, 3rd August, 2026, at 17:00 hrsIndia Time to discuss Q1 FY 2026-27 Financial Results of the Company. The Conference Callis in the nature of a group call. We are enclosing herewith the invitation to the conference call for reference.
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