Shalimar 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
- Working capital cycle has improved - days down from -0 to -39
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -33.8% over last 3 years
- Company has a low return on capital employed of -15.0%
- Interest coverage is weak at -1.6x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.08x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIANPAINT | 2480.15 | 49.93 | 237895.44 | 1.11 | 1559.45 | 39.60 | 10541.94 | 18.12 | 28.22 | 20.93 |
| BERGEPAINT | 479.45 | 45.95 | 55904.00 | 0.83 | 405.01 | 28.56 | 3583.75 | 11.97 | 23.14 | 17.28 |
| KANSAINER | 193.30 | 26.05 | 15633.69 | 1.29 | 228.41 | 5.95 | 2373.59 | 9.79 | 12.44 | 13.83 |
| JSWDULUX | 3174.00 | 7.37 | 14454.50 | 6.49 | 79.70 | -12.42 | 965.00 | -3.02 | 125.82 | 11.93 |
| INDIGOPNTS | 1138.70 | 33.78 | 5435.32 | 0.44 | 41.70 | 60.04 | 369.67 | 19.69 | 18.37 | 16.78 |
| SIRCA | 434.10 | 36.79 | 2465.38 | 0.46 | 16.21 | 14.09 | 130.00 | 13.80 | 20.28 | 18.62 |
| SHALPAINTS | 83.33 | 0.00 | 697.57 | 0.00 | -212.60 | -1167.74 | 1377.20 | 791.05 | -12.18 | -8.84 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 126 | 119 | 146 | 144 | 128 | 145 | 148 | 178 | 153 | 134 | 131 | 156 | 138 | |
| 130 | 139 | 153 | 167 | 150 | 158 | 164 | 186 | 161 | 140 | 142 | 154 | 160 | |
| Operating Profit | -5 | -20 | -7 | -22 | -21 | -13 | -16 | -8 | -8 | -6 | -11 | 2 | -22 |
| OPM % | -3.69% | -16.83% | -4.78% | -15.59% | -16.50% | -8.86% | -10.70% | -4.36% | -4.91% | -4.68% | -8.06% | 1.33% | -16.08% |
| 2 | 2 | 2 | 3 | 1 | 1 | 1 | 7 | 2 | 3 | -4 | 1 | 1 | |
| Interest | 4 | 4 | 2 | 2 | 3 | 4 | 5 | 5 | 6 | 6 | 7 | 6 | 5 |
| Depreciation | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 |
| Profit before Tax | -10 | -26 | -12 | -26 | -27 | -20 | -25 | -10 | -17 | -14 | -27 | -8 | -21 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 5.62% | -0.00% |
| Net Profit | 0 | 0 | 0 | 0 | -27 | -20 | -24 | -10 | -17 | -14 | -27 | -7 | -21 |
| -1.42 | -3.55 | -1.40 | -3.16 | -3.23 | -2.34 | -2.93 | -1.19 | -1.99 | -1.69 | -3.18 | -0.88 | -2.54 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 600 | 576 | 559 | |
| 336 | 305 | 349 | 378 | 322 | 381 | 499 | 589 | 657 | 598 | 596 | |
| Operating Profit | 14 | -34 | -62 | -34 | 4 | -22 | -15 | -54 | -58 | -22 | -37 |
| OPM % | 3.87% | -12.58% | -21.45% | -9.84% | 1.11% | -6.25% | -3.05% | -10.13% | -9.62% | -3.89% | -6.61% |
| 2 | 1 | -14 | 8 | 5 | -3 | 7 | 8 | 10 | 2 | 1 | |
| Interest | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 | 24 |
| Depreciation | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 20 | 20 |
| Profit before Tax | -15 | -67 | -109 | -56 | -24 | -61 | -36 | -74 | -81 | -65 | -70 |
| Tax % | 36.27% | 32.38% | 25.10% | 32.00% | -109.67% | 0.96% | -0.00% | -0.00% | -0.00% | 0.67% | 0.63% |
| Net Profit | -10 | -46 | -82 | -38 | -50 | -60 | -36 | -74 | -81 | -65 | -69 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -9.18 | -10.76 | -5.01 | -8.82 | -9.70 | -7.76 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 12%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -5%
- 5 Years:
- -3%
- 3 Years:
- -19%
- 1 Year:
- 14%
RETURN ON EQUITY
- 10 Years:
- -24%
- 5 Years:
- -27%
- 3 Years:
- -34%
- Last Year:
- -38%
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 | 4 | 4 | 11 | 11 | 11 | 14 | 14 | 17 | 17 | 17 |
| 180 | 134 | 294 | 262 | 212 | 336 | 301 | 375 | 296 | 233 | |
| 171 | 179 | 149 | 123 | 131 | 167 | 85 | 93 | 158 | 161 | |
| Trade Payables | 129 | 140 | 98 | 96 | 112 | 98 | 100 | 142 | 192 | 176 |
| 76 | 63 | 39 | 24 | 46 | 32 | 124 | 44 | 40 | 56 | |
| Total Liabilities | 560 | 519 | 592 | 515 | 511 | 647 | 624 | 670 | 702 | 643 |
| 222 | 250 | 246 | 295 | 283 | 276 | 272 | 275 | 303 | 297 | |
| Capital Work in Progress | 14 | 1 | 24 | 0 | 0 | 0 | 2 | 34 | 26 | 0 |
| 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 93 | 74 | 71 | 87 | 89 | 95 | 114 | 116 | 134 | 102 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111 | 147 | 138 | |
| Cash & Bank | 12 | 19 | 91 | 5 | 8 | 162 | 23 | 56 | 45 | 47 |
| 217 | 176 | 160 | 130 | 131 | 113 | 213 | 78 | 46 | 58 | |
| Total Assets | 560 | 519 | 592 | 515 | 511 | 647 | 624 | 670 | 702 | 643 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 34 | 35 | -94 | -9 | 16 | -62 | -47 | 18 | -59 | 23 | |
| Cash from Investing | -16 | -11 | -34 | -28 | -5 | -6 | -84 | -51 | -16 | -1 |
| Cash from Financing | -19 | -18 | 198 | -46 | -11 | 225 | -7 | 44 | 29 | -25 |
| -1 | 7 | 70 | -83 | -0 | 157 | -139 | 11 | -46 | -2 |
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
2026-09-09 - Shalimar Paints Limited has informed the Exchange regarding 'Outcome of AGM held on September 09, 2026'.
2026-09-09 - Shalimar Paints Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 09, 2026
2026-09-04 - Shalimar Paints Limited has informed the Exchange regarding 'Machine Readable Form / Legible copy of Financial Results'.
2026-09-04 - Shalimar Paints Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Shalimar Paints Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting
2026-08-20 - Shalimar Paints Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-19 - Shalimar Paints Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-19 - Shalimar Paints Limited has informed the Exchange regarding 'Revised Outcome of Board Meeting held on August 12, 2026'.
2026-08-19 - Shalimar Paints Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 11, 2026
News
Recent coverage and analyst commentary for SHALPAINTS
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Shalimar Paints Ltd.
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