Shalimar Paints Ltd.
•₹ 80.89-2.32%
2026-08-21
PROS
- Working capital cycle has improved - days down from 0 to -37
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -35.8% over last 3 years
- Company has a low return on capital employed of -15.4%
- Interest coverage is weak at -1.5x - earnings barely cover interest
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.06x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ASIANPAINT | 2625.00 | 52.84 | 251789.42 | 1.05 | 1559.45 | 39.60 | 10541.94 | 18.12 | 28.22 | 20.93 |
| 2. | BERGEPAINT | 527.55 | 50.56 | 61512.48 | 0.76 | 405.01 | 28.56 | 3583.75 | 11.97 | 23.14 | 17.28 |
| 3. | KANSAINER | 201.35 | 27.13 | 16284.76 | 1.24 | 228.41 | 5.95 | 2373.59 | 9.79 | 12.44 | 13.83 |
| 4. | JSWDULUX | 3086.15 | 7.16 | 14054.42 | 6.67 | 79.70 | -12.42 | 965.00 | -3.02 | 125.82 | 11.93 |
| 5. | INDIGOPNTS | 1130.60 | 33.54 | 5396.65 | 0.44 | 41.70 | 60.04 | 369.67 | 19.69 | 19.92 | 16.78 |
| 6. | SHALPAINTS | 81.56 | 0.00 | 682.75 | 0.00 | -21.26 | -27.53 | 137.72 | -10.26 | -12.18 | -8.84 |
Detailed Comparison with:
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 132 | 130 | 153 | 136 | |
| 130 | 139 | 153 | 167 | 150 | 158 | 163 | 185 | 161 | 138 | 141 | 150 | 158 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 7 | 2 | 3 | 1 | 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 |
| -10 | -26 | -12 | -26 | -27 | -20 | -24 | -10 | -17 | -14 | -27 | -6 | -21 | |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -10 | -26 | -12 | -26 | -27 | -20 | -24 | -10 | -17 | -14 | -27 | -6 | -21 |
| -1 | -4 | -1 | -3 | -3 | -2 | -3 | -1 | -2 | -2 | -3 | -1 | -0 | |
| Equity Capital | 14 | 14 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 14 | 14 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 126
- 130
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 4
- Depreciation
- 3
- -10
- Tax %
- -0.00%
- Net Profit
- -10
- -1
- Equity Capital
- 14
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 14
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 119
- 139
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 4
- Depreciation
- 3
- -26
- Tax %
- -0.00%
- Net Profit
- -26
- -4
- Equity Capital
- 14
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 14
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 146
- 153
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 2
- Depreciation
- 4
- -12
- Tax %
- -0.00%
- Net Profit
- -12
- -1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 144
- 167
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 2
- Depreciation
- 4
- -26
- Tax %
- -0.00%
- Net Profit
- -26
- -3
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 128
- 150
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 3
- Depreciation
- 4
- -27
- Tax %
- -0.00%
- Net Profit
- -27
- -3
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 145
- 158
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 4
- Depreciation
- 4
- -20
- Tax %
- -0.00%
- Net Profit
- -20
- -2
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 148
- 163
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 5
- Depreciation
- 4
- -24
- Tax %
- -0.00%
- Net Profit
- -24
- -3
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 178
- 185
- Operating Profit
- —
- OPM %
- —
- Other Income
- 7
- Interest
- 5
- Depreciation
- 4
- -10
- Tax %
- -0.00%
- Net Profit
- -10
- -1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 153
- 161
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 6
- Depreciation
- 5
- -17
- Tax %
- -0.00%
- Net Profit
- -17
- -2
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 132
- 138
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 6
- Depreciation
- 5
- -14
- Tax %
- -0.00%
- Net Profit
- -14
- -2
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 130
- 141
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 7
- Depreciation
- 5
- -27
- Tax %
- -0.00%
- Net Profit
- -27
- -3
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 153
- 150
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 6
- Depreciation
- 5
- -6
- Tax %
- -0.00%
- Net Profit
- -6
- -1
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 136
- 158
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 5
- Depreciation
- 5
- -21
- Tax %
- -0.00%
- Net Profit
- -21
- -0
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 17
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 599 | 569 | 552 | |
| 336 | 305 | 349 | 378 | 322 | 381 | 499 | 589 | 656 | 590 | 587 | |
| Operating Profit | 16 | -33 | -59 | -32 | 11 | -17 | -8 | -46 | -47 | -14 | — |
| OPM % | 4 | -12 | -21 | -9 | 3 | -5 | -2 | -9 | -8 | -2 | — |
| Other Income | 2 | 1 | 2 | 2 | 8 | 5 | 7 | 8 | 10 | 7 | 6 |
| Interest | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 | 24 |
| Depreciation | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 20 | 20 |
| -15 | -67 | -109 | -56 | -23 | -61 | -36 | -74 | -80 | -63 | -67 | |
| Tax % | 36 | 32 | 25 | 32 | -111 | 1 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -10 | -45 | -82 | -38 | -49 | -60 | -36 | -74 | -80 | -63 | -67 |
| EPS | 0 | 0 | 0 | 0 | -9 | -11 | -5 | -9 | -10 | -8 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -4 | -18 | -15 | -7 | -9 | -8 | -5 | -9 | -10 | -8 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -4 | -18 | -15 | -7 | -9 | -8 | -5 | -9 | -10 | -8 | — |
Mar 2017
- 350
- 336
- Operating Profit
- 16
- OPM %
- 4
- Other Income
- 2
- Interest
- 23
- Depreciation
- 8
- -15
- Tax %
- 36
- Net Profit
- -10
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -4
Mar 2018
- 271
- 305
- Operating Profit
- -33
- OPM %
- -12
- Other Income
- 1
- Interest
- 26
- Depreciation
- 8
- -67
- Tax %
- 32
- Net Profit
- -45
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -18
Mar 2019
- 288
- 349
- Operating Profit
- -59
- OPM %
- -21
- Other Income
- 2
- Interest
- 25
- Depreciation
- 9
- -109
- Tax %
- 25
- Net Profit
- -82
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -15
Mar 2020
- 344
- 378
- Operating Profit
- -32
- OPM %
- -9
- Other Income
- 2
- Interest
- 20
- Depreciation
- 11
- -56
- Tax %
- 32
- Net Profit
- -38
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -7
Mar 2021
- 326
- 322
- Operating Profit
- 11
- OPM %
- 3
- Other Income
- 8
- Interest
- 19
- Depreciation
- 13
- -23
- Tax %
- -111
- Net Profit
- -49
- EPS
- -9
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -9
Mar 2022
- 358
- 381
- Operating Profit
- -17
- OPM %
- -5
- Other Income
- 5
- Interest
- 22
- Depreciation
- 13
- -61
- Tax %
- 1
- Net Profit
- -60
- EPS
- -11
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -8
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -8
Mar 2023
- 484
- 499
- Operating Profit
- -8
- OPM %
- -2
- Other Income
- 7
- Interest
- 16
- Depreciation
- 13
- -36
- Tax %
- 0
- Net Profit
- -36
- EPS
- -5
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -5
Mar 2024
- 535
- 589
- Operating Profit
- -46
- OPM %
- -9
- Other Income
- 8
- Interest
- 13
- Depreciation
- 15
- -74
- Tax %
- 0
- Net Profit
- -74
- EPS
- -9
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -9
Mar 2025
- 599
- 656
- Operating Profit
- -47
- OPM %
- -8
- Other Income
- 10
- Interest
- 18
- Depreciation
- 16
- -80
- Tax %
- 0
- Net Profit
- -80
- EPS
- -10
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -10
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -10
Mar 2026
- 569
- 590
- Operating Profit
- -14
- OPM %
- -2
- Other Income
- 7
- Interest
- 25
- Depreciation
- 20
- -63
- Tax %
- 0
- Net Profit
- -63
- EPS
- -8
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -8
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -8
TTM
- 552
- 587
- Operating Profit
- —
- OPM %
- —
- Other Income
- 6
- Interest
- 24
- Depreciation
- 20
- -67
- Tax %
- 0
- Net Profit
- -67
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- -6%
- 5 Years:
- -4%
- 3 Years:
- -21%
- 1 Year:
- 10%
RETURN ON EQUITY
- 10 Years:
- -26%
- 5 Years:
- -29%
- 3 Years:
- -36%
- Last Year:
- -40%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 4 | 4 | 11 | 11 | 11 | 14 | 14 | 17 | 17 | 17 |
| 163 | 117 | 278 | 245 | 196 | 320 | 285 | 359 | 281 | 219 | |
| 147 | 154 | 129 | 103 | 106 | 84 | 70 | 71 | 132 | 157 | |
| Trade Payables | 129 | 140 | 98 | 96 | 112 | 98 | 100 | 142 | 192 | 175 |
| 97 | 85 | 58 | 42 | 68 | 112 | 136 | 63 | 62 | 56 | |
| Total Liabilities | 540 | 500 | 572 | 497 | 493 | 628 | 605 | 651 | 684 | 624 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 194 | 222 | 218 | 267 | 256 | 248 | 245 | 248 | 276 | 297 | |
| Capital Work in Progress | 14 | 1 | 24 | 0 | 0 | 0 | 2 | 34 | 26 | 0 |
| 4 | 1 | 1 | 1 | 1 | 6 | 6 | 9 | 9 | 7 | |
| 93 | 74 | 71 | 87 | 89 | 95 | 114 | 116 | 134 | 102 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111 | 148 | 135 | |
| Cash & Bank | 12 | 19 | 91 | 5 | 8 | 162 | 23 | 56 | 45 | 47 |
| 224 | 183 | 167 | 137 | 139 | 116 | 216 | 78 | 45 | 36 | |
| Total Assets | 540 | 500 | 572 | 497 | 493 | 628 | 605 | 651 | 684 | 624 |
| Total Debt | 171 | 179 | 152 | 121 | 131 | 166 | 139 | 103 | 153 | 157 |
| Net Working Capital | -9 | -83 | 28 | -43 | -51 | 161 | 97 | 101 | 0 | -65 |
| Contingent Liabilities | 23 | 75 | 70 | 77 | 74 | 77 | 44 | 36 | 41 | 39 |
| Book Value per Share | 87.79 | 63.75 | 53.73 | 47.18 | 38.10 | 46.36 | 26.37 | 31.87 | 22.55 | 15.23 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Total Debt | 171 | 179 | 152 | 121 | 131 | 166 | 139 | 103 | 153 | 157 |
| Net Working Capital | -9 | -83 | 28 | -43 | -51 | 161 | 97 | 101 | 0 | -65 |
| Contingent Liabilities | 23 | 75 | 70 | 77 | 74 | 77 | 44 | 36 | 41 | 39 |
| Book Value per Share | 87.79 | 63.75 | 53.73 | 47.18 | 38.10 | 46.36 | 26.37 | 31.87 | 22.55 | 15.23 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Mar 2017
- Equity Capital
- 4
- 163
- 147
- Trade Payables
- 129
- 97
- Total Liabilities
- 540
- 194
- Capital Work in Progress
- 14
- 4
- 93
- 0
- Cash & Bank
- 12
- 224
- Total Assets
- 540
- Total Debt
- 171
- Net Working Capital
- -9
- Contingent Liabilities
- 23
- Book Value per Share
- 87.79
- Face Value
- 2.00
- Total Debt
- 171
- Net Working Capital
- -9
- Contingent Liabilities
- 23
- Book Value per Share
- 87.79
- Face Value
- 2.00
Mar 2018
- Equity Capital
- 4
- 117
- 154
- Trade Payables
- 140
- 85
- Total Liabilities
- 500
- 222
- Capital Work in Progress
- 1
- 1
- 74
- 0
- Cash & Bank
- 19
- 183
- Total Assets
- 500
- Total Debt
- 179
- Net Working Capital
- -83
- Contingent Liabilities
- 75
- Book Value per Share
- 63.75
- Face Value
- 2.00
- Total Debt
- 179
- Net Working Capital
- -83
- Contingent Liabilities
- 75
- Book Value per Share
- 63.75
- Face Value
- 2.00
Mar 2019
- Equity Capital
- 11
- 278
- 129
- Trade Payables
- 98
- 58
- Total Liabilities
- 572
- 218
- Capital Work in Progress
- 24
- 1
- 71
- 0
- Cash & Bank
- 91
- 167
- Total Assets
- 572
- Total Debt
- 152
- Net Working Capital
- 28
- Contingent Liabilities
- 70
- Book Value per Share
- 53.73
- Face Value
- 2.00
- Total Debt
- 152
- Net Working Capital
- 28
- Contingent Liabilities
- 70
- Book Value per Share
- 53.73
- Face Value
- 2.00
Mar 2020
- Equity Capital
- 11
- 245
- 103
- Trade Payables
- 96
- 42
- Total Liabilities
- 497
- 267
- Capital Work in Progress
- 0
- 1
- 87
- 0
- Cash & Bank
- 5
- 137
- Total Assets
- 497
- Total Debt
- 121
- Net Working Capital
- -43
- Contingent Liabilities
- 77
- Book Value per Share
- 47.18
- Face Value
- 2.00
- Total Debt
- 121
- Net Working Capital
- -43
- Contingent Liabilities
- 77
- Book Value per Share
- 47.18
- Face Value
- 2.00
Mar 2021
- Equity Capital
- 11
- 196
- 106
- Trade Payables
- 112
- 68
- Total Liabilities
- 493
- 256
- Capital Work in Progress
- 0
- 1
- 89
- 0
- Cash & Bank
- 8
- 139
- Total Assets
- 493
- Total Debt
- 131
- Net Working Capital
- -51
- Contingent Liabilities
- 74
- Book Value per Share
- 38.10
- Face Value
- 2.00
- Total Debt
- 131
- Net Working Capital
- -51
- Contingent Liabilities
- 74
- Book Value per Share
- 38.10
- Face Value
- 2.00
Mar 2022
- Equity Capital
- 14
- 320
- 84
- Trade Payables
- 98
- 112
- Total Liabilities
- 628
- 248
- Capital Work in Progress
- 0
- 6
- 95
- 0
- Cash & Bank
- 162
- 116
- Total Assets
- 628
- Total Debt
- 166
- Net Working Capital
- 161
- Contingent Liabilities
- 77
- Book Value per Share
- 46.36
- Face Value
- 2.00
- Total Debt
- 166
- Net Working Capital
- 161
- Contingent Liabilities
- 77
- Book Value per Share
- 46.36
- Face Value
- 2.00
Mar 2023
- Equity Capital
- 14
- 285
- 70
- Trade Payables
- 100
- 136
- Total Liabilities
- 605
- 245
- Capital Work in Progress
- 2
- 6
- 114
- 0
- Cash & Bank
- 23
- 216
- Total Assets
- 605
- Total Debt
- 139
- Net Working Capital
- 97
- Contingent Liabilities
- 44
- Book Value per Share
- 26.37
- Face Value
- 2.00
- Total Debt
- 139
- Net Working Capital
- 97
- Contingent Liabilities
- 44
- Book Value per Share
- 26.37
- Face Value
- 2.00
Mar 2024
- Equity Capital
- 17
- 359
- 71
- Trade Payables
- 142
- 63
- Total Liabilities
- 651
- 248
- Capital Work in Progress
- 34
- 9
- 116
- 111
- Cash & Bank
- 56
- 78
- Total Assets
- 651
- Total Debt
- 103
- Net Working Capital
- 101
- Contingent Liabilities
- 36
- Book Value per Share
- 31.87
- Face Value
- 2.00
- Total Debt
- 103
- Net Working Capital
- 101
- Contingent Liabilities
- 36
- Book Value per Share
- 31.87
- Face Value
- 2.00
Mar 2025
- Equity Capital
- 17
- 281
- 132
- Trade Payables
- 192
- 62
- Total Liabilities
- 684
- 276
- Capital Work in Progress
- 26
- 9
- 134
- 148
- Cash & Bank
- 45
- 45
- Total Assets
- 684
- Total Debt
- 153
- Net Working Capital
- 0
- Contingent Liabilities
- 41
- Book Value per Share
- 22.55
- Face Value
- 2.00
- Total Debt
- 153
- Net Working Capital
- 0
- Contingent Liabilities
- 41
- Book Value per Share
- 22.55
- Face Value
- 2.00
Mar 2026
- Equity Capital
- 17
- 219
- 157
- Trade Payables
- 175
- 56
- Total Liabilities
- 624
- 297
- Capital Work in Progress
- 0
- 7
- 102
- 135
- Cash & Bank
- 47
- 36
- Total Assets
- 624
- Total Debt
- 157
- Net Working Capital
- -65
- Contingent Liabilities
- 39
- Book Value per Share
- 15.23
- Face Value
- 2.00
- Total Debt
- 157
- Net Working Capital
- -65
- Contingent Liabilities
- 39
- Book Value per Share
- 15.23
- Face Value
- 2.00
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 34 | 36 | -94 | -10 | 16 | -61 | -48 | 18 | -59 | 27 | |
| Cash from Investing | -16 | -10 | -33 | -28 | -5 | -6 | -84 | -51 | -14 | -4 |
| Cash from Financing | -19 | -18 | 198 | -46 | -11 | 225 | -7 | 44 | 27 | -25 |
| -1 | 7 | 70 | -83 | -0 | 157 | -139 | 11 | -46 | -2 | |
| Free Cash Flow | -49 | 13 | -122 | -46 | 13 | -66 | -59 | -24 | -94 | 21 |
| OCF / Net Profit | -3.55 | -0.78 | 1.16 | 0.25 | -0.32 | 1.03 | 1.33 | -0.24 | 0.73 | -0.43 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -190 | -207 | -279 | -181 | -229 | -222 |
| OCF / Net Profit | -3.55 | -0.78 | 1.16 | 0.25 | -0.32 | 1.03 | 1.33 | -0.24 | 0.73 | -0.43 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -190 | -207 | -279 | -181 | -229 | -222 |
Mar 2017
- 34
- Cash from Investing
- -16
- Cash from Financing
- -19
- -1
- Free Cash Flow
- -49
- OCF / Net Profit
- -3.55
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -3.55
- Cumulative 5-Year FCF
- 0
Mar 2018
- 36
- Cash from Investing
- -10
- Cash from Financing
- -18
- 7
- Free Cash Flow
- 13
- OCF / Net Profit
- -0.78
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.78
- Cumulative 5-Year FCF
- 0
Mar 2019
- -94
- Cash from Investing
- -33
- Cash from Financing
- 198
- 70
- Free Cash Flow
- -122
- OCF / Net Profit
- 1.16
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.16
- Cumulative 5-Year FCF
- 0
Mar 2020
- -10
- Cash from Investing
- -28
- Cash from Financing
- -46
- -83
- Free Cash Flow
- -46
- OCF / Net Profit
- 0.25
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.25
- Cumulative 5-Year FCF
- 0
Mar 2021
- 16
- Cash from Investing
- -5
- Cash from Financing
- -11
- -0
- Free Cash Flow
- 13
- OCF / Net Profit
- -0.32
- Cumulative 5-Year FCF
- -190
- OCF / Net Profit
- -0.32
- Cumulative 5-Year FCF
- -190
Mar 2022
- -61
- Cash from Investing
- -6
- Cash from Financing
- 225
- 157
- Free Cash Flow
- -66
- OCF / Net Profit
- 1.03
- Cumulative 5-Year FCF
- -207
- OCF / Net Profit
- 1.03
- Cumulative 5-Year FCF
- -207
Mar 2023
- -48
- Cash from Investing
- -84
- Cash from Financing
- -7
- -139
- Free Cash Flow
- -59
- OCF / Net Profit
- 1.33
- Cumulative 5-Year FCF
- -279
- OCF / Net Profit
- 1.33
- Cumulative 5-Year FCF
- -279
Mar 2024
- 18
- Cash from Investing
- -51
- Cash from Financing
- 44
- 11
- Free Cash Flow
- -24
- OCF / Net Profit
- -0.24
- Cumulative 5-Year FCF
- -181
- OCF / Net Profit
- -0.24
- Cumulative 5-Year FCF
- -181
Mar 2025
- -59
- Cash from Investing
- -14
- Cash from Financing
- 27
- -46
- Free Cash Flow
- -94
- OCF / Net Profit
- 0.73
- Cumulative 5-Year FCF
- -229
- OCF / Net Profit
- 0.73
- Cumulative 5-Year FCF
- -229
Mar 2026
- 27
- Cash from Investing
- -4
- Cash from Financing
- -25
- -2
- Free Cash Flow
- 21
- OCF / Net Profit
- -0.43
- Cumulative 5-Year FCF
- -222
- OCF / Net Profit
- -0.43
- Cumulative 5-Year FCF
- -222
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | -5.07 | -23.97 | -15.21 | -6.98 | -9.12 | -8.30 | -5.00 | -8.81 | -9.57 | -7.57 |
| Book Value (₹) | 87.79 | 63.75 | 53.73 | 47.18 | 38.10 | 46.36 | 26.37 | 31.87 | 22.55 | 15.23 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.56 | -15.07 | -13.57 | -4.98 | -6.67 | -6.45 | -3.24 | -7.04 | -7.69 | -5.23 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 3.99% | -10.60% | -18.49% | -8.41% | 3.10% | -4.32% | -1.38% | -8.64% | -8.04% | -3.20% |
| Net Margin % | -2.44% | -14.51% | -25.40% | -9.92% | -13.72% | -14.84% | -6.61% | -11.77% | -11.36% | -9.74% |
| ROE % | -8.38% | -31.64% | -39.89% | -13.91% | -21.38% | -22.14% | -13.75% | -32.27% | -35.18% | -40.06% |
| ROCE % | 2.83% | -12.87% | -22.63% | -8.80% | -1.16% | -9.13% | -4.66% | -16.46% | -17.50% | -12.11% |
| -2.07% | -8.74% | -15.22% | -7.09% | -10.01% | -10.70% | -5.85% | -11.74% | -12.00% | -9.69% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 124 | 134 | 116 | 82 | 77 | 71 | 62 | 64 | 67 | 79 |
| Inventory Days | 94 | 97 | 83 | 76 | 89 | 83 | 70 | 67 | 65 | 66 |
| Payable Days | 200 | 212 | 196 | 152 | 170 | 142 | 101 | 114 | 140 | 175 |
| 18 | 20 | 3 | 5 | -5 | 12 | 31 | 17 | -8 | -29 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 1.03x | 1.48x | 0.53x | 0.47x | 0.63x | 0.49x | 0.73x | 0.39x | 0.81x | 1.23x |
| Interest Coverage (x) | 0.34x | -1.58x | -3.35x | -1.81x | -0.21x | -1.72x | -1.27x | -4.69x | -3.56x | -1.51x |
| 0.97x | 0.76x | 1.10x | 0.84x | 0.81x | 1.79x | 1.39x | 1.41x | 1.00x | 0.82x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | -13.19% | -22.47% | 6.06% | 19.55% | -5.32% | 10.02% | 35.07% | 10.56% | 11.99% | -5.01% |
| Operating Profit Growth % | -50.09% | -310.98% | -79.03% | 45.95% | 134.80% | -256.40% | 57.02% | -512.12% | -1.83% | 70.20% |
| Net Profit Growth % | -282.22% | -372.48% | -79.61% | 53.57% | -30.68% | -21.16% | 39.80% | -104.29% | -8.62% | 20.93% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -76.22% | -8.62% | 20.93% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.23x | 4.38x | 2.37x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -31.35x | -19.96x | -29.55x |
Mar 2017
- EPS (₹)
- -5.07
- Book Value (₹)
- 87.79
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.56
- Operating Margin %
- 3.99%
- Net Margin %
- -2.44%
- ROE %
- -8.38%
- ROCE %
- 2.83%
- -2.07%
- Debtor Days
- 124
- Inventory Days
- 94
- Payable Days
- 200
- 18
- Debt to Equity (x)
- 1.03x
- Interest Coverage (x)
- 0.34x
- 0.97x
- Revenue Growth %
- -13.19%
- Operating Profit Growth %
- -50.09%
- Net Profit Growth %
- -282.22%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- -23.97
- Book Value (₹)
- 63.75
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -15.07
- Operating Margin %
- -10.60%
- Net Margin %
- -14.51%
- ROE %
- -31.64%
- ROCE %
- -12.87%
- -8.74%
- Debtor Days
- 134
- Inventory Days
- 97
- Payable Days
- 212
- 20
- Debt to Equity (x)
- 1.48x
- Interest Coverage (x)
- -1.58x
- 0.76x
- Revenue Growth %
- -22.47%
- Operating Profit Growth %
- -310.98%
- Net Profit Growth %
- -372.48%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- -15.21
- Book Value (₹)
- 53.73
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -13.57
- Operating Margin %
- -18.49%
- Net Margin %
- -25.40%
- ROE %
- -39.89%
- ROCE %
- -22.63%
- -15.22%
- Debtor Days
- 116
- Inventory Days
- 83
- Payable Days
- 196
- 3
- Debt to Equity (x)
- 0.53x
- Interest Coverage (x)
- -3.35x
- 1.10x
- Revenue Growth %
- 6.06%
- Operating Profit Growth %
- -79.03%
- Net Profit Growth %
- -79.61%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- -6.98
- Book Value (₹)
- 47.18
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -4.98
- Operating Margin %
- -8.41%
- Net Margin %
- -9.92%
- ROE %
- -13.91%
- ROCE %
- -8.80%
- -7.09%
- Debtor Days
- 82
- Inventory Days
- 76
- Payable Days
- 152
- 5
- Debt to Equity (x)
- 0.47x
- Interest Coverage (x)
- -1.81x
- 0.84x
- Revenue Growth %
- 19.55%
- Operating Profit Growth %
- 45.95%
- Net Profit Growth %
- 53.57%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- -9.12
- Book Value (₹)
- 38.10
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -6.67
- Operating Margin %
- 3.10%
- Net Margin %
- -13.72%
- ROE %
- -21.38%
- ROCE %
- -1.16%
- -10.01%
- Debtor Days
- 77
- Inventory Days
- 89
- Payable Days
- 170
- -5
- Debt to Equity (x)
- 0.63x
- Interest Coverage (x)
- -0.21x
- 0.81x
- Revenue Growth %
- -5.32%
- Operating Profit Growth %
- 134.80%
- Net Profit Growth %
- -30.68%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- -8.30
- Book Value (₹)
- 46.36
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -6.45
- Operating Margin %
- -4.32%
- Net Margin %
- -14.84%
- ROE %
- -22.14%
- ROCE %
- -9.13%
- -10.70%
- Debtor Days
- 71
- Inventory Days
- 83
- Payable Days
- 142
- 12
- Debt to Equity (x)
- 0.49x
- Interest Coverage (x)
- -1.72x
- 1.79x
- Revenue Growth %
- 10.02%
- Operating Profit Growth %
- -256.40%
- Net Profit Growth %
- -21.16%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- -5.00
- Book Value (₹)
- 26.37
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -3.24
- Operating Margin %
- -1.38%
- Net Margin %
- -6.61%
- ROE %
- -13.75%
- ROCE %
- -4.66%
- -5.85%
- Debtor Days
- 62
- Inventory Days
- 70
- Payable Days
- 101
- 31
- Debt to Equity (x)
- 0.73x
- Interest Coverage (x)
- -1.27x
- 1.39x
- Revenue Growth %
- 35.07%
- Operating Profit Growth %
- 57.02%
- Net Profit Growth %
- 39.80%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- -8.81
- Book Value (₹)
- 31.87
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -7.04
- Operating Margin %
- -8.64%
- Net Margin %
- -11.77%
- ROE %
- -32.27%
- ROCE %
- -16.46%
- -11.74%
- Debtor Days
- 64
- Inventory Days
- 67
- Payable Days
- 114
- 17
- Debt to Equity (x)
- 0.39x
- Interest Coverage (x)
- -4.69x
- 1.41x
- Revenue Growth %
- 10.56%
- Operating Profit Growth %
- -512.12%
- Net Profit Growth %
- -104.29%
- -76.22%
- P/E (x)
- 0.00x
- P/B (x)
- 5.23x
- Dividend Yield %
- 0.00%
- -31.35x
Mar 2025
- EPS (₹)
- -9.57
- Book Value (₹)
- 22.55
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -7.69
- Operating Margin %
- -8.04%
- Net Margin %
- -11.36%
- ROE %
- -35.18%
- ROCE %
- -17.50%
- -12.00%
- Debtor Days
- 67
- Inventory Days
- 65
- Payable Days
- 140
- -8
- Debt to Equity (x)
- 0.81x
- Interest Coverage (x)
- -3.56x
- 1.00x
- Revenue Growth %
- 11.99%
- Operating Profit Growth %
- -1.83%
- Net Profit Growth %
- -8.62%
- -8.62%
- P/E (x)
- 0.00x
- P/B (x)
- 4.38x
- Dividend Yield %
- 0.00%
- -19.96x
Mar 2026
- EPS (₹)
- -7.57
- Book Value (₹)
- 15.23
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -5.23
- Operating Margin %
- -3.20%
- Net Margin %
- -9.74%
- ROE %
- -40.06%
- ROCE %
- -12.11%
- -9.69%
- Debtor Days
- 79
- Inventory Days
- 66
- Payable Days
- 175
- -29
- Debt to Equity (x)
- 1.23x
- Interest Coverage (x)
- -1.51x
- 0.82x
- Revenue Growth %
- -5.01%
- Operating Profit Growth %
- 70.20%
- Net Profit Growth %
- 20.93%
- 20.93%
- P/E (x)
- 0.00x
- P/B (x)
- 2.37x
- Dividend Yield %
- 0.00%
- -29.55x
Documents
Announcements
- Copy of Newspaper Publication
2026-08-20 - Shalimar Paints Limited has informed the Exchange about Copy of Newspaper Publication
- Copy of Newspaper Publication
2026-08-19 - Shalimar Paints Limited has informed the Exchange about Copy of Newspaper Publication
Annual Reports
Credit Ratings
- Credit Rating
2026-06-03 - Shalimar Paints Limited has informed the Exchange about Credit Rating
Concalls
Aug 2023
Jun 2023
Feb 2023