MarketFriction

Shalimar Paints Ltd

NSE SHALPAINTS · BSE 509874 · Paints
₹78.34 -2.83%
NSE close2026-10-01
52 week range35.21 - 95.95
Market cap₹652 Cr.
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales119146144128145148178155134131156138
Expenses139153167150158164185162140142154150
Operating Profit-20-7-22-21-13-16-7-8-6-112-12
OPM %-17%-4.8%-16%-16%-9%-11%-4.1%-4.9%-4.7%-8%1.3%-9%
Other Income223111723-411
Interest422345566765
Depreciation344444455555
Profit before tax-26-12-26-27-20-25-10-17-14-27-8-21
Tax %0%0%0%0%0%0%0%0%0%0%-6%0%
Net Profit-26-12-26-27-20-25-10-17-14-27-7-21
EPS in Rs-3.55-1.38-3.16-3.23-2.34-2.93-1.14-2.00-1.69-3.18-0.88-2.54
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales384350271288344326358484535600576559
Expenses354335305349377322381499589657598586
Operating Profit3014-34-61-344-22-15-54-58-22-27
OPM %8%4.1%-13%-21%-10%1.1%-6%-3.0%-10%-10%-3.9%-4.8%
Other Income111-1485-3781021
Interest222326252019221613182524
Depreciation58891113131315162020
Profit before tax4-15-67-109-56-24-61-36-74-81-65-70
Tax %-23%-36%-32%-25%-32%110%-1%0%0%0%-1%
Net Profit5-10-46-82-38-50-60-36-74-81-65-69
EPS in Rs0.93-1.72-8.10-15.25-7.03-9.18-8.36-5.01-8.82-9.70-7.76-8.29
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth4%12%6%-11%
Compounded Profit Growth%-5%-31%8%
Stock Price CAGR-6%-3%-21%-6%
Return on Equity-19%-19%-21%-21%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital44441111111414171717
Reserves5862180134295262212336338376298234
Borrowings130137171179154121131168140106164165
Other Liabilities191188180177135142152128134170224225
Total Liabilities382391535494594536506647627670702641
Fixed Assets7675222250246295283276272275303300
CWIP1614124000235270
Investments003000000000
Other Assets305311296244325241222371353360372341
Total Assets382391535494594536506647627670702641
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity38383436-94-916-62-4818-5923
Cash from Investing Activity-26-7-16-11-34-28-5-6-84-51-16-1
Cash from Financing Activity-16-23-19-18198-46-11225-74429-25
Net Cash Flow-38-1770-83-0157-13911-46-2
Free Cash Flow11292422-127-4214-65-59-38-8413
CFO/OP430%125%241%-104%153%28%443%275%322%-32%101%-101%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days13513613014212676898081769088
Inventory Days12615413912911813614613012011011296
Days Payable187218193244162151183133102134161166
Cash Conversion Cycle737275288261527798524118
Working Capital Days48-25-138-80-51-66-15830-28-75
ROCE %2%13%3%-12%-18%-10%-1%-7%-4%-13%-13%-8%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters39.93%31.90%75.72%75.72%75.72%75.72%74.96%74.96%74.96%74.96%74.96%74.96%
FIIs0.03%0.00%0.08%0.02%0.00%0.00%0.01%0.00%0.01%0.04%0.08%0.04%
DIIs2.04%0.06%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%
Public58.00%68.04%24.15%24.22%24.23%24.23%25.00%25.01%24.99%24.96%24.93%24.96%
No. of Shareholders21,55623,24024,33326,50330,00931,10029,91331,08632,65932,40831,82631,768

Fundamentals

Market Cap₹ 652 Cr.
Current Price₹ 78.1
Book Value₹ 30.0
ROCE-7.93 %
ROE-21.4 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-11%
Compounded Profit Growth (TTM)8%
Consolidated figures.
Valuation
Market capRs 656 Cr
Enterprise valueRs 773 Cr
Price to book2.61x
Price to sales1.17x
EV / sales1.38x
Price to cash flow28.09x
Earnings yield-10.59%
P/B, 3-year average2.46x
P/B, 5-year average2.51x
Profitability
Operating margin (excl. other income)-3.89%
Operating margin (incl. other income)-3.56%
EBITDA margin-4.60%
Pre-tax margin-12.51%
Net profit margin-12.43%
Net margin, latest quarter-15.44%
ROE-22.97%
ROCE-8.96%
ROA-9.68%
ROE, 3-year average-21.91%
ROCE, 3-year average-11.42%
ROA, 3-year average-10.97%
ROE, 5-year average-19.41%
ROCE, 5-year average-9.43%
ROA, 5-year average-9.81%
ROIC (approx.)-12.33%
Tax rate0.67%
Other income / net worth0.76%
Growth
Sales growth (latest year)-4.03%
Sales CAGR, 3 years5.96%
Sales CAGR, 5 years12.07%
Sales growth QoQ-11.68%
Sales growth YoY (latest quarter)-10.90%
Per share
EPS (TTM)Rs -8.30
EPS (latest year)Rs -7.76
EPS (latest quarter)Rs -2.54
EPS, 3-year averageRs -8.76
EPS, 5-year averageRs -7.93
Book value per shareRs 30.01
Sales per shareRs 66.75
Cash flow per shareRs 2.79
Free cash flow per shareRs 1.55
Efficiency
Asset turnover0.90x
Fixed asset turnover1.92x
Inventory turnover4.06x
Inventory days90 days
Debtor days88 days
Debtors turnover4.16x
Creditor days166 days
Cash conversion cycle18 days
Working capital days-75 days
Leverage
Total debtRs 165 Cr
Cash and bankRs 47 Cr
Net debtRs 118 Cr
Debt to equity0.66x
Interest coverage-1.90x
Current ratio (filing 2026-03-31)0.88x
Quick ratio (filing 2026-03-31)0.61x
Trade payables (filing 2026-03-31)Rs 176 Cr
Owners' fund to total sources39.21%
Debt to assets25.72%
Cash flow
Cash from Operating Activity (latest year)Rs 23 Cr
Cash from Investing Activity (latest year)Rs -1 Cr
Cash from Financing Activity (latest year)Rs -25 Cr
Net Cash Flow (latest year)Rs -2 Cr
Free cash flow (latest year)Rs 13 Cr
FCFE (approx.: FCF + change in debt)Rs 14 Cr
Sales to cash flow24.65x
Statement figures
Net sales (TTM)Rs 559 Cr
Net sales (latest year)Rs 576 Cr
Sales (latest quarter)Rs 138 Cr
Operating profit excl. other income (latest year)Rs -22 Cr
Operating profit (latest quarter)Rs -12 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs -26 Cr
PBDT (TTM)Rs -50 Cr
Profit before tax (TTM)Rs -70 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs -69 Cr
Net profit (latest year)Rs -65 Cr
Net profit (latest quarter)Rs -21 Cr
Depreciation (TTM)Rs 20 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 24 Cr
Cost of goods sold (latest year)Rs 415 Cr
Total expenditure (latest year)Rs 598 Cr
Total income (latest year)Rs 578 Cr
Share capitalRs 17 Cr
ReservesRs 234 Cr
Shareholders' fundsRs 251 Cr
Total assetsRs 641 Cr
Net blockRs 300 Cr
Capital work in progressRs 0 Cr
ReceivablesRs 138 Cr
InventoryRs 102 Cr
Other liabilitiesRs 225 Cr
Shares outstanding (crore)8.37
Ownership
Promoter holding74.96% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 2.61 is at the 33th percentile (median 3.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSHALPAINTSNifty 50Difference
1 week+2.2%-2.8% +5.0 pts
1 month-1.3%-6.8% +5.5 pts
3 months+51.2%-7.6% +58.8 pts
6 months+117.1%+0.4% +116.7 pts
1 year+0.2%-9.9% +10.1 pts
2 years-45.5%-13.6% -32.0 pts
3 years-51.4%+14.2% -65.6 pts
5 years-16.3%+27.9% -44.2 pts

Red flags

F-score 6 of 8
lookRepeated losses Net loss in each of the last two years
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹138 Cr -11.0% vs Jun 2025. Net loss ₹21 Cr.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-09-20Annual General Meeting
2023-09-20Annual General Meeting
2022-09-21Annual General Meeting
2021-09-21 Annual General Meeting
2020-09-21 Annual General Meeting
2019-09-18 Annual General Meeting
2018-11-06 Rights 3:2 @ Premium Rs 62.50/-
2018-09-18 Annual General Meeting
2017-12-28 Rights 6:32 @ Premium Rs 138/-
2017-09-20 Annual General Meeting
2016-09-20 Annual General Meeing
2015-09-21 Annual General Meeting
2014-09-18Annual General Meeting
2013-07-30Annual General Meeting
2012-11-22Face Value Split From Rs 10 To Rs 20.2000
2012-07-09Annual General Meeting/ Dividend Rs 10 Per Share
2011-08-03Dividend-Rs.8/- Per Share
2010-07-20Dividend-Rs.7.50 Per Share
2009-07-20Agm/Div-Rs.3/- Per Share
2008-07-17Agm/Div-Rs.7 Per Share
DateTypeWhat it says
2026-09-11Shareholder meetingVoting results.
2026-09-11UpdatesProceedings of EGM held on September 11, 2026.
2026-09-11Shareholder meetingProceedings of Extraordinary General Meeting held on September 11, 2026
2026-09-10Shareholder meetingVoting results.
2026-09-09UpdatesOutcome of AGM held on September 09, 2026.
2026-09-09Shareholder meetingProceedings of Annual General Meeting held on September 09, 2026
2026-09-04UpdatesMachine Readable Form / Legible copy of Financial Results.
2026-09-03CorrigendumCorrigendum to Notice of Extra Ordinary General Meeting
2026-08-19UpdatesRevised Outcome of Board Meeting held on August 12, 2026.
2026-08-19Shareholder meetingNotice of Extraordinary General Meeting to be held on September 11, 2026
2026-08-18UpdatesWeblink Letter to Physical Shareholders.
2026-08-18UpdatesBusiness Responsibility and Sustainability Report ( BRSR ) for the Financial Year 2025-26.
2026-08-18Shareholder meetingNotice of Annual General Meeting to be held on September 09, 2026
2026-08-13General UpdatesDisclosure under Regulation 30(5) of SEBI LODR, 2015
2026-08-13AppointmentAppointment of Mr. Kundan Sangwar as Chief Financial Officer of the company w.e.f. August 12, 2026.
2026-08-13Preferential issuePreferential issue
2026-08-13Qualified Institutional PlacQualified Institutional Placement
2026-08-13Increase in Authorised CapitIncrease in Authorised Capital
2026-08-13Issue of SecuritiesIssue of Securities
2026-08-12Board meeting outcomeShalimar Paints Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-06UpdatesClarification on Volume Movement/Increase in Volume.
2026-08-05General UpdatesGeneral Updates
2026-08-04Volume querySignificant increase in volume has been observed in Shalimar Paints Limited. The Exchange, in order to ensure that investors have latest relevant info...
2026-08-03UpdatesIntimation under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) Receipt of No Ob...
2026-08-03Volume querySignificant increase in volume has been observed in Shalimar Paints Limited. The Exchange, in order to ensure that investors have latest relevant info...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-12NCLTShalimar Paints Ltd Vs. The Indure Pvt Ltd. & anr. Vs
2021-02-19NCLTShalimar Paints Ltd Vs d Mahadev Profiles Pvt Ltd & another
2021-02-16NCLTShalimar Paints Ltd Vs. The Indure Pvt Ltd. & anr. Vs
2021-01-15NCLTShalimar Paints Ltd Vs Vadraj Cement Paints Ltd
2020-03-16NCLTShalimar Paints Ltd Vs d Mahadev Profiles Pvt Ltd & another
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
EPS in the scrip is zero (4 trailing quarters)ESM: stage 1Loss makingThe Overall encumbered share in the scrip is more than 50 Percent.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03