Kansai Nerolac Paints Ltd logo

Kansai Nerolac Paints Ltd

KANSAINER NSE

Key Fundamentals

SmallcapPaintsConsumer Goods
Market Cap
₹16,488 Cr
Volatility
Moderate
P/E Ratio
27.1
EBITDA
₹1,121 Cr
Return on Equity
8.61%
Debt to Equity
0.05
Book Value
₹83.01
EPS
₹8.39
52W High
₹264
52W Low
₹157.91

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Kansai Nerolac Paints Ltd insights

46 extracted metrics + investor summaries across FY01–FY26.

Log in — free

Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.5%

Weaknesses

2
  • The company has delivered a poor sales growth of 9.67% over past five years.
  • Company has a low return on equity of 10.6% over last 3 years.

Growth Rate

Revenue Growth
2.96% ↘
Net Income Growth
-48.09% ↘
Cash Flow Change
33.02% ↗
ROE
-50.29% ↘
ROCE
-47.29% ↘
EBITDA Margin (Avg.)
0.66% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Kansai Nerolac Paints is India's third-largest paint company with approximately 13% market share, backed by Japan's Kansai Paint (74.98% stake). FY25 standalone revenue was ₹7,497 crore (up just 1.4% YoY) with EBITDA declining 4.8% to ₹974 crore, reflecting intense competitive pressures from new entrants. The stock trades at a P/E of 28.6x and P/B of 2.51x with a market cap of ₹17,014 crore, while the stock price has declined roughly 12-13% over both 1-year and 3-year periods.

Bull Case 8
  • Almost debt-free balance sheet provides financial resilience and flexibility to invest in growth without leverage risk
  • Strong parentage with Kansai Paint Japan holding 74.98% stake, ensuring technology transfer, R&D support, and long-term commitment
  • Dominant position in automotive and industrial coatings with historically ~57% market share in auto OEM paints, providing a diversified revenue stream beyond decorative paints
  • Indian paints market valued at ₹1.35 trillion in 2024 is expected to grow at 9.28% CAGR to ₹2.29 trillion by 2030, offering structural long-term tailwind
  • Healthy dividend payout ratio of 34.5% with current dividend yield of 1.2%, providing income support during the stock's underperformance phase
  • EBITDA margin guidance of 13-14% for FY25 demonstrates management's confidence in maintaining profitability despite competitive headwinds
  • 10-year compounded sales growth of 8% and 10-year average ROE of 12% show the company's ability to deliver reasonable long-term performance through cycles
  • Wood coatings and construction chemicals segments showed strong growth in FY25, indicating successful diversification beyond core paint categories
Bear Case 8
  • Revenue growth nearly stalled at just 1.4% in FY25 (₹7,497 crore vs ₹7,393 crore prior year), with 9-month FY25 revenue growth at only 0.4%
  • Intense competitive disruption from Birla Opus (gained 350bp+ market share in 9M FY25) and JSW Paints-Dulux (~10% share post-acquisition) threatens incumbents' volumes and pricing power
  • Stock has destroyed value with -12% 1-year return, -13% 3-year CAGR, and -13% 5-year CAGR, significantly underperforming broader markets
  • Low return on equity of just 9% in the last year and 11% 3-year average, well below the cost of equity implied by its 28.6x P/E multiple
  • FY25 EBITDA declined 4.8% YoY to ₹974 crore and PBT before exceptional items fell 1.7% to ₹907 crore, showing margin compression
  • Net profit margin fell to 5.66% in Q4 FY26, down 3.25% YoY, indicating continued earnings pressure even in the most recent quarter
  • Compounded profit growth of only 2% over both 5-year and 10-year periods shows structurally weak earnings trajectory relative to sector growth
  • Trading at P/B of 2.51x despite delivering only 9-11% ROE suggests limited valuation support if returns do not improve

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 6h ago
Positives 2
  • ₹597 Cr capacity expansion approved Aug 3

    Board approved ₹597 crore capex across three plants for industrial paints, powder coating, and resins, targeted for completion by FY29.

  • Q1FY27 revenue up 10% YoY Aug 3

    Standalone net revenue rose 10% YoY to ₹2,299.5 crore in Q1FY27. PAT grew 5% to ₹242.3 crore. Consolidated revenue also up 10% to ₹2,373.6 crore.

Neutral 2
  • Q1FY27 conference call audio released Aug 3

    Kansai Nerolac uploaded the audio recording of its Q1 FY27 results conference call held on 3rd August 2026 on its investor relations website.

  • Q1FY27 earnings call scheduled Jul 22

    Company announced Q1 FY27 results discussion via conference call on August 3, 2026 at 17:00 IST.

TL;DR: Kansai Nerolac delivered solid Q1FY27 top-line growth of 10% YoY supported by both decorative and industrial segments, though PAT growth lagged at 5% suggesting some margin pressure. The ₹597 crore capacity expansion signals confidence in medium-term demand. No explicit headwinds surfaced this period, but the PAT-revenue growth gap warrants monitoring. The trend is constructive with visible reinvestment into future capacity.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
1,825
1,683
1,675
1,590
1,803
1,739
1,687
1,651
1,859
1,739
1,742
1,737
2,045
Operating Profit
332
273
244
179
330
212
235
166
303
215
240
216
328
OPM %
15%
14%
13%
10%
15%
11%
12%
9%
14%
11%
12%
11%
14%
Other Income
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
PBT
956
240
208
157
308
183
844
144
295
182
161
158
312
Tax %
23%
27%
27%
27%
27%
34%
22%
29%
27%
27%
27%
31%
27%
Net Profit
734
175
152
114
225
120
662
102
216
133
117
110
228
EPS in Rs
9.13
2.19
1.91
1.44
2.86
1.52
8.42
1.34
2.73
1.67
1.5
1.39
2.86
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,505
3,767
4,053
4,658
5,424
5,280
5,074
6,369
7,543
7,801
7,823
8,052
8,263
Expenses
3,054
3,182
3,315
3,864
4,672
4,476
4,211
5,720
6,725
6,774
6,881
7,077
7,264
Operating Profit
451
585
737
794
753
804
863
649
818
1,028
942
975
1,000
OPM %
13%
16%
18%
17%
14%
15%
17%
10%
11%
13%
12%
12%
12%
Other Income
22
563
98
71
61
26
38
25
26
753
769
83
85
Interest
1
0
0
1
10
21
24
29
29
29
31
32
33
Depreciation
68
68
70
77
106
142
165
170
180
190
202
228
238
PBT
404
1,079
765
787
697
667
712
476
635
1,561
1,478
797
814
Tax %
32%
16%
33%
35%
36%
23%
26%
28%
26%
25%
25%
28%
—
Net Profit
275
902
510
514
448
516
526
343
468
1,176
1,109
576
589
EPS in Rs
3.39
11.15
6.29
6.36
5.6
6.44
6.55
4.44
5.86
14.66
14.14
7.29
7.42
Div. Payout %
28%
18%
32%
27%
31%
33%
53%
34%
31%
26%
27%
51%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
54
54
54
54
54
54
54
54
54
81
81
81
Reserves
1,548
2,456
2,761
3,078
3,362
3,706
3,999
4,078
4,480
5,502
6,342
6,633
Borrowings
51
46
29
35
108
242
173
203
160
276
296
303
Other Liabilities
720
685
793
962
994
881
1,307
1,374
1,613
1,551
1,497
1,695
Total Liabilities
2,373
3,240
3,636
4,130
4,518
4,884
5,533
5,709
6,306
7,410
8,217
8,711
Fixed Assets
916
937
957
1,036
1,465
1,906
1,912
1,996
2,108
2,182
2,246
2,404
CWIP
44
42
154
346
316
169
207
225
113
153
226
175
Investments
208
539
531
521
197
306
669
211
501
1,327
1,850
2,365
Other Assets
1,205
1,722
1,993
2,228
2,540
2,502
2,745
3,278
3,584
3,748
3,895
3,767
Total Assets
2,373
3,240
3,636
4,130
4,518
4,884
5,533
5,709
6,306
7,410
8,217
8,711
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
305
392
351
360
100
595
646
25
408
903
672
894
Investing
-239
144
-557
-162
89
-375
-453
250
-227
-590
-379
-383
Financing
-87
-92
-216
-192
-223
-141
-274
-309
-133
-249
-366
-403
Net Cash Flow
-21
444
-422
6
-34
79
-81
-35
49
64
-72
108
Free Cash Flow
215
304
134
17
-425
356
545
-193
287
666
347
682
CFO/OP
95
110
78
80
55
95
93
29
73
111
99
115
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
54
53
53
55
51
54
69
63
60
62
63
67
Inventory Days
95
90
123
107
132
127
158
153
134
136
133
119
Days Payable
56
85
98
90
82
75
120
92
79
88
88
91
Cash Conversion Cycle
93
58
78
72
101
106
107
123
115
110
109
95
Working Capital Days
51
48
80
64
73
74
82
91
81
77
82
69
ROCE %
25%
25%
26%
25%
20%
18%
17%
11%
14%
17%
13%
12%

Shareholding Pattern

As of Jun 2026
Promoters 74.96%
DIIs 11.88%
Public 7.79%
FIIs 4.03%
Others 1.34%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.99%
74.98%
74.98%
74.98%
74.98%
74.96%
74.96%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.28%
0.00%
4.72%
5.09%
5.56%
5.36%
5.30%
5.41%
5.60%
5.17%
3.61%
4.03%
DIIs
12.66%
11.50%
13.31%
13.19%
13.17%
13.36%
13.21%
13.34%
12.81%
12.26%
11.90%
11.81%
11.60%
10.74%
10.28%
10.23%
10.10%
10.21%
10.04%
10.41%
11.90%
11.88%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.03%
7.16%
7.09%
7.03%
7.06%
7.15%
7.09%
7.20%
7.17%
7.32%
7.44%
7.40%
7.29%
7.71%
7.68%
7.83%
8.00%
7.89%
7.96%
8.01%
8.06%
7.79%
Others
5.32%
6.35%
4.61%
4.79%
4.78%
4.49%
4.71%
4.47%
5.03%
5.44%
1.40%
5.80%
1.40%
1.47%
1.49%
1.59%
1.61%
1.52%
1.42%
1.42%
1.47%
1.34%
No. of Shareholders
0
58,033
66,248
70,692
72,109
76,909
82,892
83,341
83,761
95,055
1,11,197
1,14,047
1,14,008
1,36,327
1,44,151
1,54,277
1,63,270
1,56,007
1,49,919
1,51,213
1,50,761
1,45,779

Documents

1
Concall - Jun 2017 Jun 2017
2
Concall - Nov 2017 Nov 2017
3
Concall - Feb 2018 Feb 2018
4
Concall - May 2019 May 2019
5
Concall - Mar 2020 Mar 2020

Frequently Asked Questions about Kansai Nerolac Paints Ltd

What does Kansai Nerolac Paints Ltd do?
Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1] The company is subsidiary of Kansai Paints Co. Ltd Japan, from whom it continuously gets sup...
Where is Kansai Nerolac Paints Ltd (KANSAINER) listed?
Kansai Nerolac Paints Ltd is listed on the Indian stock exchanges. It is listed on NSE: KANSAINER and BSE: 500165. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Kansai Nerolac Paints Ltd belong to?
Kansai Nerolac Paints Ltd operates in the Consumer Goods sector within the Paints industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Kansai Nerolac Paints Ltd?
Kansai Nerolac Paints Ltd has a market capitalisation of approximately ₹16488.07 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Kansai Nerolac Paints Ltd?
The Price-to-Earnings (PE) ratio of Kansai Nerolac Paints Ltd is 27.10. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Kansai Nerolac Paints Ltd?
Over the past 52 weeks, Kansai Nerolac Paints Ltd has traded between a low of ₹157.91 and a high of ₹264. This range helps investors understand the stock's price volatility and recent trading levels.
Does Kansai Nerolac Paints Ltd pay dividends?
Yes, Kansai Nerolac Paints Ltd has a dividend yield of 1.21%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Kansai Nerolac Paints Ltd?
Kansai Nerolac Paints Ltd has a Return on Equity (ROE) of 8.61%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Kansai Nerolac Paints Ltd on Tapetide?
On Tapetide, you can view Kansai Nerolac Paints Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1] The company is subsidiary of Kansai Paints Co. Ltd Japan, from whom it continuously gets support and guidance in improvement of quality standards and getting best technology upgrades.

Website nerolac.com
CEO Mr. Pravin Digambar Chaudhari B.E., MMS
Employees 3,859
Listed 1995-02-01
Face Value ₹ 1
Issued Size 80,85,20,964

Explore More

More in Consumer Goods → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List