Shalimar Paints
SHALPAINTS NSE
Shalimar Paints
Consumer DiscretionaryNSE: SHALPAINTS BSE: 509874 Consumer Durables
Key Fundamentals
MicrocapPaintsConsumer GoodsMarket Cap
₹712 Cr
Volatility
Moderate
P/E Ratio
-10.3
EBITDA
₹-15.90 Cr
Return on Equity
-25.86%
Debt to Equity
0.66
Book Value
₹17.02
52W High
₹95.95
52W Low
₹35.21
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
4- Stock is trading at 2.86 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -21.5% over last 3 years.
- Promoters have pledged 70.5% of their holding.
Growth Rate
Revenue Growth
-4.49% lower than
3Y
Net Income Growth
-20.07% higher than
3Y
Cash Flow Change
140% higher than
3Y
ROE
0.12% higher than
3Y
ROCE
-17.49% lower than
3Y
EBITDA Margin (Avg.)
-65.22% higher than
3Y
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 126 | 119 | 146 | 144 | 128 | 145 | 148 | 178 | 155 | 134 | 131 | 156 | 138 |
| Expenses | 130 | 139 | 153 | 167 | 150 | 158 | 164 | 185 | 162 | 140 | 142 | 154 | 150 |
| Operating Profit | -5 | -20 | -7 | -22 | -21 | -13 | -16 | -7 | -8 | -6 | -11 | 2 | -12 |
| OPM % | -3.7% | -17% | -4.8% | -16% | -16% | -9% | -11% | -4.1% | -4.9% | -4.7% | -8% | 1.3% | -9% |
| Other Income | 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 |
| PBT | -10 | -26 | -12 | -26 | -27 | -20 | -25 | -10 | -17 | -14 | -27 | -8 | -21 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -6% | 0% |
| Net Profit | -10 | -26 | -12 | -26 | -27 | -20 | -25 | -10 | -17 | -14 | -27 | -7 | -21 |
| EPS in Rs | -1.42 | -3.55 | -1.38 | -3.16 | -3.23 | -2.34 | -2.93 | -1.14 | -2 | -1.69 | -3.18 | -0.88 | -2.54 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 416 | 384 | 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 600 | 576 | 559 |
| Expenses | 407 | 354 | 335 | 305 | 349 | 377 | 322 | 381 | 499 | 589 | 657 | 598 | 586 |
| Operating Profit | 9 | 30 | 14 | -34 | -61 | -34 | 4 | -22 | -15 | -54 | -58 | -22 | -27 |
| OPM % | 2.1% | 8% | 4.1% | -13% | -21% | -10% | 1.1% | -6% | -3% | -10% | -10% | -3.9% | -4.8% |
| Other Income | 2 | 1 | 1 | 1 | -14 | 8 | 5 | -3 | 7 | 8 | 10 | 2 | 1 |
| Interest | 21 | 22 | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 | 24 |
| Depreciation | 5 | 5 | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 20 | 20 |
| PBT | -15 | 4 | -15 | -67 | -109 | -56 | -24 | -61 | -36 | -74 | -81 | -65 | -70 |
| Tax % | -29% | -23% | -36% | -32% | -25% | -32% | 110% | -1% | 0% | 0% | 0% | -1% | — |
| Net Profit | -11 | 5 | -10 | -46 | -82 | -38 | -50 | -60 | -36 | -74 | -81 | -65 | -69 |
| EPS in Rs | -1.87 | 0.93 | -1.72 | -8.1 | -15.25 | -7.03 | -9.18 | -8.36 | -5.01 | -8.82 | -9.7 | -7.76 | -8.29 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 11 | 11 | 11 | 14 | 14 | 17 | 17 | 17 |
| Reserves | 58 | 62 | 180 | 134 | 295 | 262 | 212 | 336 | 338 | 376 | 298 | 234 |
| Borrowings | 130 | 137 | 171 | 179 | 154 | 121 | 131 | 168 | 140 | 106 | 164 | 165 |
| Other Liabilities | 191 | 188 | 180 | 177 | 135 | 142 | 152 | 128 | 134 | 170 | 224 | 225 |
| Total Liabilities | 382 | 391 | 535 | 494 | 594 | 536 | 506 | 647 | 627 | 670 | 702 | 641 |
| Fixed Assets | 76 | 75 | 222 | 250 | 246 | 295 | 283 | 276 | 272 | 275 | 303 | 300 |
| CWIP | 1 | 6 | 14 | 1 | 24 | 0 | 0 | 0 | 2 | 35 | 27 | 0 |
| Investments | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 305 | 311 | 296 | 244 | 325 | 241 | 222 | 371 | 353 | 360 | 372 | 341 |
| Total Assets | 382 | 391 | 535 | 494 | 594 | 536 | 506 | 647 | 627 | 670 | 702 | 641 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 38 | 38 | 34 | 36 | -94 | -9 | 16 | -62 | -48 | 18 | -59 | 23 |
| Investing | -26 | -7 | -16 | -11 | -34 | -28 | -5 | -6 | -84 | -51 | -16 | -1 |
| Financing | -16 | -23 | -19 | -18 | 198 | -46 | -11 | 225 | -7 | 44 | 29 | -25 |
| Net Cash Flow | -3 | 8 | -1 | 7 | 70 | -83 | 0 | 157 | -139 | 11 | -46 | -2 |
| Free Cash Flow | 11 | 29 | 24 | 22 | -127 | -42 | 14 | -65 | -59 | -38 | -84 | 13 |
| CFO/OP | 430 | 125 | 241 | -104 | 153 | 28 | 443 | 275 | 322 | -32 | 101 | -101 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 135 | 136 | 130 | 142 | 126 | 76 | 89 | 80 | 81 | 76 | 90 | 88 |
| Inventory Days | 126 | 154 | 139 | 129 | 118 | 136 | 146 | 130 | 120 | 110 | 112 | 96 |
| Days Payable | 187 | 218 | 193 | 244 | 162 | 151 | 183 | 133 | 102 | 134 | 161 | 166 |
| Cash Conversion Cycle | 73 | 72 | 75 | 28 | 82 | 61 | 52 | 77 | 98 | 52 | 41 | 18 |
| Working Capital Days | 4 | 8 | -25 | -138 | -80 | -51 | -66 | -1 | 58 | 30 | -28 | -75 |
| ROCE % | 2% | 13% | 3% | -12% | -18% | -10% | -1% | -7% | -4% | -13% | -13% | -8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Shalimar Paints insights
63 extracted metrics + investor summaries across FY08–FY26.
Documents
1
Shareholder Meeting / Postal Ballot-Outcome of EGM
11 Sep - Shalimar Paints held EGM on Sept. 11, 2026 for preferential issues and QIP up to Rs 1,000 crore. 11 Sep - Shalimar Paints held EGM on Sept. 11, 2026 for preferential issues and QIP up to Rs 1,000 crore.
2
Announcement under Regulation 30 (LODR)-Meeting Updates
11 Sep - EGM approved preferential issues, CCPS issuance, and QIP up to Rs. 1,000 crore. 11 Sep - EGM approved preferential issues, CCPS issuance, and QIP up to Rs. 1,000 crore.
4
Clarification sought from Shalimar Paints Ltd
4 Aug - Exchange has sought clarification from Shalimar Paints Ltd on August 4, 2026, with reference to Movement in Volume. 4 Aug - Exchange has sought clarification from Shalimar Paints Ltd on August 4, 2026, with reference to Movement in Volume.
5
Announcement under Regulation 30 (LODR)-Change in Directorate
11h - Shalimar Paints reappoints Atul Desai for three years and appoints Abhijeet Jhawar as additional director. 11h - Shalimar Paints reappoints Atul Desai for three years and appoints Abhijeet Jhawar as additional director.
5
Corrigendum To The Notice Of The Extra Ordinary General Meeting No. 01/2026-2027 Of The Company 3 Sept 2026
General_Announcements
Frequently Asked Questions about Shalimar Paints
What does Shalimar Paints Ltd do?
Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]
Where is Shalimar Paints Ltd (SHALPAINTS) listed?
Shalimar Paints Ltd trades as SHALPAINTS on the NSE and under code 509874 on the BSE.
Which sector does Shalimar Paints Ltd belong to?
Shalimar Paints Ltd is classified under the Consumer Discretionary sector, in the Consumer Durables industry.
What is the market capitalisation of Shalimar Paints Ltd?
Shalimar Paints Ltd has a market capitalisation of ₹711.63 Cr, which places it in the Small Cap band.
What is the PE ratio of Shalimar Paints Ltd?
Shalimar Paints Ltd trades at a PE ratio of -10.30, against a book value of ₹17.02 per share.
What is the 52-week high and low of Shalimar Paints Ltd?
Over the last 52 weeks Shalimar Paints Ltd has traded between ₹35.21 and ₹95.95.
What is the Return on Equity (ROE) of Shalimar Paints Ltd?
Shalimar Paints Ltd reported a return on equity of -25.86%. Its debt-to-equity ratio is 0.66.
Company Information
Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]
Website shalimarpaints.com
CEO Mr. Sachin Naik
Employees 633
Listed 2008-03-03
Face Value ₹ 2
Issued Size 8,37,11,178
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