Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
News 
About
Shalimar Paints Ltd (SHALPAINTS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509874 NSE: SHALPAINTS Paints | Small Cap | Shalimar Paints Share Price
₹77.83 -1.67 (-2.10%)
As on 02-Sep'26 13:47
Shalimar Paints Ltd (SHALPAINTS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 509874 NSE: SHALPAINTS Paints | Small Cap | Shalimar Paints Share Price
₹77.83 -1.67 (-2.10%)
As on 02-Sep'26 13:47
Key Metrics
Valuation Multiples
Market Cap
₹666 Cr.
Current Price
₹77.8
52-Week Low / High
₹34 / 97
TTM EPS
₹-8.1
TTM Sales
₹552 Cr.
Book Value per Share
₹12.8
P/E Ratio
0.00
Industry PE
39.7
Price to Book (P/B)
6.24
Higher than its 5-year historical median
Price to Sales (P/S)
1.21
Lower than its 5-year historical median
EV/EBITDA
-41.27
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-40.06%
Underperforms industry median
Return on Capital Employed (ROCE)
-12.11%
Underperforms industry median
Return on Assets (ROA)
-9.69%
Operating Profit Margin
-3.7%
Net Profit Margin
-11.13%
Gross Profit Margin
-6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-5.01%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
74.96%
Pledged shares (%) of Promoter's holding (%)
70.51%
Reserves
₹90 Cr.
Equity
₹16.7 Cr.
Face Value
₹2
All Time Low / High
₹2.50 / 230.21
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Strong
Is Shalimar Paints Ltd a good quality company?
Shalimar Paints Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Shalimar Paints Ltd performance compare with that of its Peers?
Revenue growth of Shalimar Paints Ltd vs industry peers?
Shalimar Paints Ltd revenue CAGR is 11.82%, compared to the industry median CAGR of 11.82%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Shalimar Paints Ltd?
Promoters hold 74.96% of the Shalimar Paints Ltd, with 70.51% of their stake pledged, indicating high pledge risk.
Stock return of Shalimar Paints Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -6.3% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Shalimar Paints Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 2.8% | -12.9% | -22.6% | -8.8% | -1.2% | -9.1% | -4.7% | -16.5% | -17.5% | -12.1% | - |
| Value Creation Index ⓘ | -0.8 | -1.9 | -2.6 | -1.6 | -1.1 | -1.7 | -1.3 | -2.2 | -2.3 | -1.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 599 | 569 | 552 |
| Sales YoY Gr. | - | -22.5% | 6.1% | 19.6% | -5.3% | 10% | 35.1% | 10.6% | 12% | -5% | - |
| Adj EPS ⓘ | -3.5 | -18.2 | -15.2 | -8 | -9.2 | -8.3 | -5 | -8.9 | -9.6 | -7.2 | -8.1 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 63.1 | 48.5 | 53.7 | 47.2 | 38.1 | 46.4 | 26.4 | 31.9 | 22.6 | 15.2 | 12.8 |
| Adj Net Profit ⓘ | -9.3 | -45.5 | -81.6 | -43.3 | -49.7 | -60 | -36.2 | -74.8 | -80.2 | -60.2 | -67 |
| Cash Flow from Ops. ⓘ | 34.2 | 35.6 | -94.2 | -9.6 | 15.6 | -61.5 | -47.9 | 17.7 | -58.6 | 27 | - |
| Debt/CF from Ops. ⓘ | 5 | 5 | -1.6 | -12.7 | 8.4 | -2.7 | -2.9 | 5.8 | -2.6 | 5.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.6% | 11.8% | 5.6% | -5% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | -14.6% | -16.8% | -16.7% | -32.5% | ||||
| Share Price | -6.2% | -4.3% | -21.3% | 3.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -8 | -31.6 | -39.8 | -15.9 | -21.4 | -22.1 | -10.8 | -21 | -23.7 | -22.4 | -57.6 |
| Op. Profit Mgn % ⓘ | 4.1 | -12.6 | -21.4 | -9.8 | 1.1 | -6.3 | -3 | -10.1 | -9.5 | -3.7 | -4.6 |
| Net Profit Mgn % ⓘ | -2.7 | -16.8 | -28.4 | -12.6 | -15.3 | -16.7 | -7.5 | -14 | -13.4 | -10.6 | -12.2 |
| Debt to Equity ⓘ | 1 | 1.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.7 | 0.4 | 0.8 | 1.2 | - |
| Working Cap Days ⓘ | 288 | 334 | 281 | 221 | 228 | 198 | 181 | 184 | 163 | 168 | 103 |
| Cash Conv. Cycle ⓘ | 78 | 68 | 53 | 56 | 42 | 53 | 59 | 54 | 38 | 19 | -15 |
Valuation of Shalimar Paints - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 28.47 | 66.16 | 66.16 | 66.16 | 57.68 | 57.68 | 61.35 | 70.51 | 70.51 | 70.51 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 599 | 569 |
| Operating Expenses ⓘ + | 336 | 305 | 349 | 378 | 322 | 381 | 499 | 589 | 656 | 590 |
| Operating Profit ⓘ | 14 | -34 | -62 | -34 | 4 | -22 | -15 | -54 | -57 | -21 |
| Operating Profit Margin (%) | 3.9% | -12.6% | -21.5% | -9.8% | 1.1% | -6.3% | -3.0% | -10.1% | -9.5% | -3.7% |
| Other Income ⓘ + | 2 | 1 | 2 | 2 | 8 | 5 | 7 | 8 | 10 | 7 |
| Interest ⓘ | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 |
| Depreciation ⓘ | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 20 |
| Profit Before Tax ⓘ | -15 | -67 | -109 | -56 | -23 | -61 | -36 | -74 | -80 | -63 |
| Tax ⓘ | -5 | -22 | -27 | -18 | 26 | -1 | 0 | 0 | 0 | 0 |
| Profit After Tax | -10 | -45 | -82 | -38 | -49 | -60 | -36 | -74 | -80 | -63 |
| PAT Margin (%) | -2.8% | -16.8% | -28.4% | -11.0% | -15.2% | -16.7% | -7.5% | -13.8% | -13.4% | -11.1% |
| Adjusted EPS (₹) | -3.7 | -18.2 | -15.2 | -7.0 | -9.1 | -8.3 | -5.0 | -8.8 | -9.6 | -7.6 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 166 | 121 | 288 | 256 | 207 | 335 | 299 | 375 | 297 | 236 | |
| Debt + | 161 | 175 | 145 | 119 | 124 | 151 | 70 | 91 | 150 | 157 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 129 | 140 | 98 | 96 | 112 | 98 | 100 | 142 | 192 | 175 | |
| Others Liabilities ⓘ | 84 | 64 | 41 | 25 | 50 | 45 | 136 | 43 | 45 | 56 | |
| Total Liabilities ⓘ | 540 | 500 | 572 | 497 | 493 | 628 | 605 | 651 | 684 | 624 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 194 | 222 | 218 | 267 | 256 | 248 | 245 | 248 | 276 | 297 | |
| CWIP ⓘ | 14 | 1 | 24 | 0 | 0 | 0 | 2 | 35 | 27 | 0 | |
| Investments ⓘ | 4 | 1 | 1 | 1 | 1 | 6 | 6 | 9 | 9 | 7 | |
| Inventories | 93 | 74 | 71 | 87 | 89 | 95 | 114 | 116 | 134 | 102 | |
| Trade Receivables | 125 | 106 | 99 | 72 | 80 | 78 | 108 | 111 | 148 | 135 | |
| Cash Equivalents | 12 | 19 | 91 | 5 | 8 | 162 | 23 | 56 | 45 | 47 | |
| Others Assets ⓘ | 99 | 77 | 68 | 66 | 59 | 38 | 108 | 76 | 45 | 36 | |
| Total Assets ⓘ | 540 | 500 | 572 | 497 | 493 | 628 | 605 | 651 | 684 | 624 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 34 | 36 | -94 | -10 | 16 | -61 | -48 | 18 | -59 | 27 |
| Cash Flow From Investing Activity ⓘ + | -16 | -10 | -33 | -28 | -5 | -6 | -84 | -51 | -14 | -4 |
| Cash Flow From Financing Activity ⓘ + | -19 | -18 | 198 | -46 | -11 | 225 | -7 | 44 | 27 | -25 |
| Net Cash Flow ⓘ | -1 | 7 | 70 | -83 | -0 | 157 | -139 | 11 | -46 | -2 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| 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 | -8.8 | -1.16 | -9.13 | -4.66 | -16.46 | -17.5 | -12.11 |
| Asset Turnover Ratio | 0.85 | 0.6 | 0.6 | 0.71 | 0.73 | 0.72 | 0.89 | 1 | 1.06 | 0.99 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 124.10 | 134.40 | 116.40 | 81.50 | 76.50 | 71.40 | 62.20 | 63.60 | 67 | 79.50 |
| Inventory Days | 94.20 | 97.10 | 82.60 | 75.50 | 88.80 | 83.20 | 69.80 | 67 | 64.80 | 66.20 |
| Payable Days | 200.50 | 212 | 196.20 | 152.20 | 170.40 | 142.30 | 101.10 | 113.90 | 140 | 174.60 |
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Shalimar Paints Ltd FAQs
The current trading price of Shalimar Paints on 02-Sep-2026 13:47 is ₹77.83.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Sep-2026 the market cap of Shalimar Paints stood at ₹665.5 Cr
The latest P/E ratio of Shalimar Paints as of 01-Sep-2026 is 0.00.
The latest P/B ratio of Shalimar Paints as of 01-Sep-2026 is 6.24.
The 52-week high of Shalimar Paints is ₹96.66 and the 52-week low is ₹34.37.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shalimar Paints is ₹552 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Shalimar Paints Ltd is a below average quality company.
The key valuation ratios of Shalimar Paints Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Shalimar Paints Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Shalimar Paints Ltd
The history of Shalimar Paints is the history of the paint industry in India and South-East Asia. Shalimar Paint Color & Varnish Company was established in 1902 in Howrah, West Bengal by two Britishers - A N Turner and A N Wright. In the same year, the company set-up a large-scale manufacturing plant in Howrah, the first such plant in entire South-East Asia.
Rapidly expanding presence and reach, Shalimar soon became the country’s leading paint brand. India’s iconic structures like Rashtrapati Bhavan, Howrah Bridge, Vidyasagar Setu, Salt Lake Stadium, continue to use Shalimar Paints. With access to high-end technology in the industrial coatings segment, Shalimar Paints pioneered aviation coatings, marine paints and the painting of thermal power plants.
With the growing demand from the Northern region, Shalimar Paints set up its third manufacturing facility in Sikandrabad, U.P. in 2002. Both, decorative and industrial paint products are manufactured at the plants. Further, to serve the southern market and strengthen its product portfolio, the company has set up a greenfield plant in Chennai catering the ever expanding product line meeting the new requirements of the market.
The company focus in paint innovations that protect infrastructure and assets, and enrich consumers’ home lives. The company pioneered industrial coatings technology in India with several industry firsts such as high build zinc coatings, radiation resistant coatings for nuclear power plants, polyurethane paint for fighter aircraft and railway coaches, among others.
Recognizing the importance of R&D, the company set up its first R&D centre in Howrah, West Bengal in 1902. This centre holds the distinction of being the first Indian in-house R&D unit to get recognized by the Department of Scientific & Industrial Research (DSIR), Govt of India, in 1979. To keep pace with the company’s growth and expansion, it set up its second R&D centre spread over 10,000 ft, in Nashik, Maharashtra in 2009.
Equipped with world-class infrastructure and manned by skilled talent, the R&D centres focus on:
- Product and process innovations
- Development and prototyping of innovative, environment friendly technologies
- Creating new business opportunities by bridging technology and product gaps faster
- Customisation of Industrial Coatings products as per customer requirement
Business area of the company
The Company is engaged in the business of manufacturing, selling and distribution of paints, coatings and providing related services. The Company has pan-India presence through its marketing offices in all major states in India.
Products
Decorative Paints
The Company manufactures wide range of decorative paints used for interior or exterior, every surface - concrete, plaster, metal or wood. Some of the company’s brands are:
- WeatherPro+, Exterior super premium emulsion: Water based super-premium 100% acrylic exterior emulsion with silicon additives to safegaurd walls from extreme weather conditions like rain, humidity and heat. It reflects sun rays to help reduce heat build-up, blocks out damaging ultraviolate rays and prevent algal and fungal formation on walls
- Signature, Interior luxury emulsion: A water based luxury interior emulsion with the toughness of pure acrylic binders fortified with fluoro polymers imparts high level of inertness for long lasting, Luxurious and stain free finish to walls. It delivers rich and bright colors with a touch of refined and delicate sophistication.
- Superlac Stay Clean, Interior premium acrylic emulsion: Superlac Stay Clean is a water based premium emulsion with advance stain guard technology that gives superior stain resistance to household stains such as Tea, Coffee, Ketchup etc. It has a water beading feature in which when water comes in contact with paint it converts water into tiny droplets which resist the water to penetrate into the surface.
- Xtra Tough, Exterior super premium emulsion: Shalimar paints XTRA Tough is a premium emulsion with pure acrylic emulsion technology having silicon additive. It's tough and durable film effectively withstands in all weather conditions. It is an eco-friendly product contains no added lead, mercury and chromium.
Industrial Paints
Under this the company has association with companies like Pinchin Johnson Co. and International Paints PLC of the U.K. It manufactures and markets industrial coatings, aviation coatings, marine paints and coatings for metal decoration and food can lacquers.
You have 49 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
