Shalim Paints Ltd
NSE: SHALPAINTS · Paints · sector
₹80.44NSE close 2026-10-26
Key numbers
Market cap₹673 cr
Price₹80.44
52w high / low₹96 / ₹35
P/E–Sector median 34.4x
P/B2.7xSector median 4.2x
Book value₹30.0
Dividend yield–Sector median 0.96%
ROE-24.5%Sector median 14.9%
ROCE-11.2%Sector median 18.6%
OPM-5.6%Sector median 15.5%
Debt / equity0.63xSector median 0.08x
EV/EBITDA–Sector median 19.8x
Interest cover-1.9x
Current ratio0.88x
Sales growth 3y+5.8%Sector median +4.0%
Profit growth 3y–Sector median +9.4%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in Paints (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹47 cr vs borrowings ₹157 cr (FY26): borrowings are higher by ₹110 cr.
- Operating profit covered interest -1.9x in the last 12 months.
- 70.51% of the promoters' shares are pledged (52.9% of all shares).
- Operating cash flow was below net profit in 1 of the last 5 years (FY23).
- Net loss in 8 of the last 8 quarters.
- Revenue was higher than a year earlier in 0 of the last 4 quarters.
- Debtor days went from 75 (FY24) to 88 (FY26).
- No dividend in the last 5 financial years.
- Price ₹80.44 on 2026-10-26: -16.2% from the 52-week high, +128.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹143.83 · low ₹40.67
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 145 | 148 | 178 | 153 | 134 | 131 | 156 | 138 |
| EBITDA | -13 | -15 | -7 | -8 | -6 | -15 | 2 | -12 |
| OPM % | -8.9% | -10.3% | -4.1% | -4.9% | -4.7% | -11.6% | 1.3% | -8.8% |
| Other income | 1 | 1 | 7 | 2 | 3 | 1 | 1 | 1 |
| Net profit | -20 | -24 | -10 | -17 | -14 | -27 | -7 | -21 |
| EPS (₹) | -2.34 | -2.86 | -1.14 | -1.99 | -1.69 | -3.18 | -0.88 | -2.54 |
| Revenue YoY | -7.6% | -11.4% | -12.3% | -10.3% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 358 | 486 | 535 | 599 | 576 | 559 |
| EBITDA | -33 | -15 | -54 | -57 | -27 | -32 |
| Net profit | -64 | -36 | -74 | -80 | -65 | -69 |
| EPS (₹) | -11.46 | -5.01 | -9.52 | -9.58 | -7.76 | -8.29 |
| Revenue growth | +35.6% | +10.2% | +12.0% | -3.9% | -10.5% | |
| Profit growth | – | – | – | – | – | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +5.8% | +12.1% | -10.5% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -19.2% (2y) | -0.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 353 | 393 | 315 | 251 |
| Borrowings | – | 139 | 103 | 153 | 157 |
| Cash & equivalents | – | 23 | 56 | 45 | 47 |
| Total assets | – | 624 | 670 | 702 | 641 |
| Fixed assets | – | 269 | 272 | 299 | 294 |
| Capital work in progress | – | 2 | 34 | 26 | 0 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 108 | 110 | 148 | 138 |
| Inventory | – | 114 | 116 | 134 | 102 |
| Payables | – | 100 | 135 | 192 | 176 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -40 | -48 | 18 | -59 | 31 |
| Cash from investing | -3 | -84 | -51 | -14 | -9 |
| Cash from financing | 206 | -7 | 63 | 27 | -24 |
| Capex | 5 | 11 | 57 | 32 | 10 |
| Free cash flow | -45 | -59 | -40 | -91 | 21 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | -10.3% | -18.8% | -25.4% | -25.9% |
| ROCE % | – | -4.1% | -12.3% | -13.4% | -9.8% |
| Debtor days | – | 81 | 75 | 90 | 88 |
| Inventory days | – | 116 | 110 | 112 | 96 |
| Payable days | – | 102 | 127 | 161 | 166 |
| Cash conversion cycle (days) | – | 95 | 58 | 41 | 18 |
| Working capital days | – | 74 | 69 | 0 | -27 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.96% |
| FIIs | 0.01% |
| DIIs | 0.03% |
| of which Insurance | 0.03% |
| Public (non-institutions) | 24.99% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 75.73% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% |
| Promoter group | % |
|---|---|
| Hella Infra Market Limited | 52.85% |
| Virtuous Tradecorp Private Limited | 12.62% |
| JSL Limited | 3.20% |
| Hexa Securities and Finance Company Limited | 1.79% |
| Nalwa Sons Investments Limited | 1.64% |
| Colorado Trading Company Private Limited | 1.46% |
| Nalwa Investments Limited | 0.32% |
| Urvi Jindal | 0.20% |
| Jindal Equipment Leasing And Consultancy Services Limited | 0.12% |
| Deepika Jindal | 0.11% |
| PRJ Family Management Company Private Limited | 0.10% |
| Stainless Investments Limited | 0.10% |
| Sun Investments Private Limited | 0.10% |
| Abhinandan Tradex Limited | 0.07% |
| Mansarover Tradex Limited | 0.06% |
31,525 shareholders. Pledged: 70.51% of promoter shares.
Peers in Paints
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| ASIANPAINT | ₹2,22,726 cr | 46.7x | 10.4x | 23.4% | 28.0% | 19.0% | +1.1% | 1.09% |
| BERGEPAINT | ₹54,312 cr | 44.6x | 7.8x | 18.6% | 21.3% | 15.5% | +4.0% | 0.82% |
| KANSAINER | ₹14,447 cr | 24.1x | 2.1x | 9.1% | 12.5% | 11.3% | +2.2% | 2.10% |
| JSWDULUX | ₹12,700 cr | 6.5x | 5.2x | 103.8% | 96.8% | 65.0% | -1.8% | 6.67% |
| INDIGOPNTS | ₹4,872 cr | 30.3x | 4.2x | 14.9% | 19.3% | 18.2% | +9.4% | 0.34% |
| SIRCA | ₹2,331 cr | 34.4x | 4.9x | 16.2% | 18.6% | 19.7% | +22.5% | 0.35% |
| SHALPAINTS | ₹673 cr | – | 2.7x | -24.5% | -11.2% | -5.6% | +5.8% | – |
| KAMOPAINTS | ₹123 cr | – | 0.7x | -2.4% | -0.6% | 1.7% | -1.9% | – |
| RETINA | ₹43 cr | 67.1x | 2.2x | 3.3% | 12.1% | 11.8% | +29.4% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2024-09-20 | Other | Annual General Meeting |
| 2023-09-20 | Other | Annual General Meeting |
| 2022-09-21 | Other | Annual General Meeting |
| 2021-09-21 | Other | Annual General Meeting |
| 2020-09-21 | Other | Annual General Meeting |
| 2019-09-18 | Other | Annual General Meeting |
| 2018-11-06 | Rights | Rights 3:2 @ Premium Rs 62.50/- |
| 2018-09-18 | Other | Annual General Meeting |
| 2017-12-28 | Rights | Rights 6:32 @ Premium Rs 138/- |
| 2017-09-20 | Other | Annual General Meeting |
| 2016-09-20 | Other | Annual General Meeing |
| 2015-09-21 | Other | Annual General Meeting |
| 2014-09-18 | Other | Annual General Meeting |
| 2013-07-30 | Other | Annual General Meeting |
| 2012-11-22 | Split | Face Value Split From Rs 10 To Rs 2 |
| 2012-07-09 | Dividend | Annual General Meeting/ Dividend Rs 10 Per Share |
| 2011-08-03 | Dividend | Dividend-Rs.8/- Per Share |
| 2010-07-20 | Dividend | Dividend-Rs.7.50 Per Share |
| 2009-07-20 | Other | Agm/Div-Rs.3/- Per Share |
| 2008-07-17 | Other | Agm/Div-Rs.7 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Shalimar Paints is involved in the development, manufacturing, marketing, and distribution of a comprehensive range of paints and coatings. The company caters to a wide variety of customers, offering products designed to meet the specific requirements of different market segments.
| Sector | Consumer Discretionary |
| Industry | Paints |
| Sub-industry | Paints |
| Symbol | SHALPAINTS |
| BSE code | 509874 |
| ISIN | INE849C01026 |
| Face value | ₹2.0 |
| Incorporated | 1902-12-16 |
| Website | www.shalimarpaints.com |
| Plants (India / abroad) | 4 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.