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Retina Paints Ltd (543902)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543902 NSE: Paints | Small Cap | Retina Paints Share Price

₹46.60 -0.60 (-1.27%)

As on 04-Jun'26 16:59

Retina Paints Ltd (543902)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543902 NSE: Paints | Small Cap | Retina Paints Share Price

₹46.60 -0.60 (-1.27%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹71 Cr.
Current Price
₹46.6
52-Week Low / High
₹46 / 83
TTM EPS
₹0.4
TTM Sales
₹23.7 Cr.
Book Value per Share
₹22.3
P/E Ratio
111.87
Lower than its 5-year historical median
Industry PE
43.5
Price to Book (P/B)
2.09
Lower than its 5-year historical median
Price to Sales (P/S)
3.01
Lower than its 5-year historical median
EV/EBITDA
27.64
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
4.64%
Underperforms industry median
Return on Capital Employed (ROCE)
8.06%
Underperforms industry median
Return on Assets (ROA)
2.95%
Operating Profit Margin
14.4%
Net Profit Margin
6.32%
Gross Profit Margin
10.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
76.84%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
75.68%
Asset Quality
Promoter Holding
53.87%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹19 Cr.
Equity
₹15.3 Cr.
Face Value
₹10
All Time Low / High
₹28.00 / 97.50

Retina Paints stock performance

Key Ratios
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Check Before You Invest

Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 Is Retina Paints Ltd a good quality company?
Retina Paints Ltd is a quality company, based on a 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.

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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.

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How does Retina Paints Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Retina Paints Ltd vs industry peers?
Retina Paints Ltd revenue CAGR is 24.84%, compared to the industry median CAGR of 11.74%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Retina Paints Ltd?
Promoters hold 53.87% of the Retina Paints Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Retina Paints Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 5.2% based on the current price.
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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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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.
Retina 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'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ6.3%8%7.5%6.5%7.9%8.1%-
Value Creation
Index ⓘ		-0.6-0.4-0.5-0.5-0.4-0.4-

Growth Parameters ⓘ
Sales ⓘ6.86.97.310.911.720.624
Sales YoY Gr.-0.9%6%50.5%6.6%76.8%-
Adj EPS ⓘ0.50.30.40.30.50.90.4
YoY Gr.--28.3%27.3%-31%82.8%60.4%-
BVPS (₹) ⓘ6.16.46.412.215.922.322.3
Adj Net
Profit ⓘ		0.10.10.20.30.71.31
Cash Flow from Ops. ⓘ-1.5-2.5-0.3-1.3-8.6-10.8-
Debt/CF from Ops. ⓘ-2.2-2.5-23.1-3.4-0.8-0.9-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA24.8%41.6%76.8%
Adj EPS ⓘNA13.1%26.5%60.4%
BVPSⓘNA29.6%51.4%40.4%
Share Price - - 4% -15.1%

Key Financial Parameters ⓘ

Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		7.35.29.44.14.24.61.9
Op. Profit
Mgn % ⓘ		57.487.5-30.614.4NAN
Net Profit
Mgn % ⓘ		10.72.22.86.36.32.7
Debt to
Equity ⓘ		3.76.62.50.30.30.3-
Working Cap
Days ⓘ		03073602965125630
Cash Conv.
Cycle ⓘ		01502191523473280

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales6.806.867.2710.9411.6620.62
Operating Expenses ⓘ + 6.466.356.6910.1215.2317.66
Manufacturing Costs0.390.260.420.661.250.81
Material Costs3.403.784.106.195.429.04
Employee Cost 0.770.590.510.893.083.09
Other Costs ⓘ 1.901.731.662.375.484.72
Operating Profit ⓘ 0.340.500.580.82-3.572.96
Operating Profit Margin (%) 5.0%7.3%8.0%7.5%-30.6%14.4%
Other Income ⓘ + 0.0100.090.305.670.39
Exceptional Items ⓘ -0.0300000
Interest ⓘ 0.180.360.340.400.761.09
Depreciation ⓘ 0.070.060.100.310.300.41
Profit Before Tax ⓘ 0.080.090.230.411.041.85
Tax ⓘ 0.030.040.080.110.290.55
Profit After Tax 0.050.050.160.300.741.30
PAT Margin (%) 0.7%0.7%2.2%2.8%6.4%6.3%
Adjusted EPS (₹)0.30.30.40.30.50.9
Dividend Payout Ratio (%)0%0%0%0%0%0%

Valuation of Retina Paints - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 0.910.952.3712.4822.1034.15
Share Capital ⓘ 0.720.721.8510.2413.9415.34
Reserves ⓘ 0.190.230.522.248.1618.81
Debt +3.186.135.863.986.458.91
Long Term Debt1.894.404.042.152.452.26
Short Term Debt1.281.721.821.8346.64
Minority Interest000000
Trade Payables1.952.092.382.573.435.04
Others Liabilities ⓘ 0.650.680.991.022.475.99
Total Liabilities ⓘ 6.699.8511.6020.0634.4554.09

Fixed Assets

Net Fixed Assets ⓘ +0.270.501.859.5711.5212.58
Gross Block0.821.012.4710.5112.5814.04
Accumulated Depreciation0.550.510.620.941.051.46
CWIP ⓘ 0.222.541.88000
Investments ⓘ 000000.18
Inventories2.262.573.293.836.875.71
Trade Receivables2.863.693.694.1711.3923.65
Cash Equivalents 0.140.080.240.360.360.32
Others Assets ⓘ 0.940.460.672.124.3111.66
Total Assets ⓘ 6.699.8511.6020.0634.4554.09

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -1.45-2.51-0.25-1.26-8.57-10.79
PBT ⓘ 0.110.090.230.411.041.85
Adjustment ⓘ 0.230.410.430.700.851.28
Changes in Working Capital ⓘ -1.75-2.97-0.84-2.27-10.36-13.7
Tax Paid ⓘ -0.03-0.04-0.08-0.09-0.09-0.21
Cash Flow From Investing Activity ⓘ + -0.20-0.29-0.13-6.16-2.09-1.52
Capex -0.21-0.29-0.13-6.16-2.25-1.46
Net Investments 00000-0.18
Others ⓘ 0.010000.150.12
Cash Flow From Financing Activity ⓘ + 1.622.740.547.5410.6512.27
Net Proceeds from Shares ⓘ 0.5001.139.818.8710.75
Net Proceeds from Borrowing ⓘ 000-1.890.30-0.19
Interest Paid ⓘ -0.17-0.35-0.33-0.39-0.69-0.93
Dividend Paid ⓘ 000000
Others ⓘ 1.303.09-0.260.012.172.64
Net Cash Flow ⓘ -0.02-0.060.150.13-0.01-0.03

Financial Ratio

PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)5.345.059.484.054.294.64
ROCE (%)6.277.997.456.457.878.06
Asset Turnover Ratio1.240.910.680.690.430.47
PAT to CFO Conversion(x)-29-50.2-1.56-4.2-11.58-8.3
Working Capital Days
Receivable Days125.40158185.20131243.60310
Inventory Days99.10116.40147.10118.70167.50111.30
Payable Days208.90195.20199.10145.80201.70170.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Retina Paints Ltd FAQs

The current trading price of Retina Paints on 04-Jun-2026 16:59 is ₹46.60.

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 03-Jun-2026 the market cap of Retina Paints stood at ₹71.48 Cr

The latest P/E ratio of Retina Paints as of 03-Jun-2026 is 111.9.

The latest P/B ratio of Retina Paints as of 03-Jun-2026 is 2.09.

The 52-week high of Retina Paints is ₹83.00 and the 52-week low is ₹46.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Retina Paints is ₹23.74 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Retina Paints Ltd is a below average quality company.

The key valuation ratios of Retina Paints Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Retina Paints Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Retina Paints Ltd

Retina Paints was originally incorporated on November 01, 2010 as a Private Limited Company as ‘Retina Paints Private Limited’ under the provisions of the Companies Act, 1956 with the Registrar of Companies, Andhra Pradesh. Later in the year 2022, pursuant to a Special Resolution of its Shareholders passed in the Extra-Ordinary General Meeting held on December 05, 2022, the company was converted from a Private Limited Company to Public Limited Company and consequently, the name of the company was changed to ‘Retina Paints Limited’ and a Fresh Certificate of Incorporation consequent to Conversion was issued on December 26, 2022 by the Registrar of Companies, Hyderabad.

Retina Paints Limited established in the year 2010 headquartered at Hyderabad, Telangana. The company is into manufacturing of Decorative Paints like Distempers, Primers, Wall Care Products, Emulsions, etc and further sell them to different Distributors. It sources its raw materials at present indigenously for manufacturing of Paints. Its water based paints are used for residential and for commercial buildings. It has recently introduced tinting machines in the company. The tinting machine comprises a plurality of colorant reservoirs containing colorant, one or more cleaning fluid supply conduits and one or more dispenser heads for dispensing colorant into a paint container.

The company works on B2B Business Model, it sells its products to the dealers and distributors and then they sell to the end customers. It has a huge network of Distributors in the markets of Telangana and Andhra Pradesh and it has also presence in Odisha for selling its product. It is having exposure to the markets of Telangana, Andhra Pradesh and Odissa.

Business area of the company

The company is engaged in the business of manufacturing of paints alkyed based, Epoxy based, polyurethane based, water based, emulsions-based distempers of all types, primers, anti-corrosive primers, and paints for decorative and specially applications. 

Products of the company

  • EXPO Ultimax - Premium exterior emulsion
  • EXPO Exterior Emulsion
  • GLOW Premium - Premium interior emulsion
  • GLOW Interior emulsion
  • X-GEN Cement primer
  • ECO - Exterior cement primer
  • JET Cement primer
  • EYE - Premium washable distemper
  • SPRAY Plasters
  • WALL Care

History and milestones

  • 2010: Incorporation of the company.
  • 2020: Took over Unikon Paints Private Limited via Scheme of Amalgamation.
  • 2020: Acquisition of own land & building.
  • 2020: The company offered a wide range of colours to its customers with colour vision shades and also offered its own colour dispenser to the dealers as well.
  • 2022: Becoming a Public Limited Company from a Private Limited Company.
  • 2023: Moving the entire operations to the own Land & Building. 
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