Shalimar Paints Ltd (SHALPAINTS) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 509874 | NSE: SHALPAINTS | Paints | Small Cap

Shalimar Paints Share Price

61.93 -2.04 -3.19%
as on 05-Dec'25 15:45

Shalimar Paints Ltd (SHALPAINTS) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 509874 | NSE: SHALPAINTS | Paints | Small Cap

DeciZen - make an informed investing decision on Shalimar Paints

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Shalimar Paints stock performance -

Key Ratios
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P/E Ratio (SA):
0.00
Market Cap:
535.5 Cr.
52-wk low:
63.9
52-wk high:
143.8

Is Shalimar Paints Ltd an attractive stock to invest in?


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10 Year X-Ray of Shalimar Paints: Login to view analysis.

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.
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

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 13.6%2.8%-12.9%-22.6%-8.8%-1.2%-9.1%-4.7%-16.5%-17.5%-
Value Creation
Index
0.0-0.8-1.9-2.6-1.6-1.1-1.7-1.3-2.2-2.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 403350271288344326358484535599612
Sales YoY Gr.--13.2%-22.5%6.1%19.6%-5.3%10%35.1%10.6%12%-
Adj EPS 2-3.5-18.2-15.2-8-9.2-8.3-5-8.9-9.6-7.7
YoY Gr.--276.9%NANANANANANANANA-
BVPS (₹) 23.963.148.553.747.238.146.426.431.922.619.2
Adj Net
Profit
5.3-9.3-45.5-81.6-43.3-49.7-60-36.2-74.8-80.2-64
Cash Flow from Ops. 3634.235.6-94.2-9.615.6-61.5-47.917.7-58.6-
Debt/CF from Ops. 3.855-1.6-12.78.4-2.7-2.95.8-2.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 4.5%11.7%18.7%12%
Adj EPS -219.1%NANANA
BVPS-0.7%-13.7%-21.4%-29.2%
Share Price -4.8% -2.9% -24.7% -46.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
8.2-8-31.6-39.8-15.9-21.4-22.1-10.8-21-23.7-36.6
Op. Profit
Mgn %
7.54.1-12.6-21.4-9.81.1-6.3-3-10.1-9.5-5.9
Net Profit
Mgn %
1.3-2.7-16.8-28.4-12.6-15.3-16.7-7.5-14-13.4-10.5
Debt to
Equity
2.211.50.50.50.60.50.70.40.80.1
Working Cap
Days
232288334281221228198181184164103
Cash Conv.
Cycle
59786853564253595438-5

Recent Performance Summary

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Latest Financials - Shalimar Paints Ltd.

Standalone Consolidated
TTM EPS (₹) -7.7 -7.7
TTM Sales (₹ Cr.) 612 613
BVPS (₹.) 19.2 21
Reserves (₹ Cr.) 144 159
P/BV 3.33 3.05
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 63.90 / 143.80
All Time Low / High (₹) 2.50 / 230.21
Market Cap (₹ Cr.) 536
Equity (₹ Cr.) 16.7
Face Value (₹) 2
Industry PE 48.5

Management X-Ray of Shalimar Paints:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.0028.4766.1666.1666.1657.6857.6861.35
* Pledged shares as % of Promoter's holding (%)

Valuation of Shalimar Paints - Standalone Basis

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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Event Update

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Analyst's Notes

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Key Ratios of Shalimar Paints

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales403350271288344326358484535599
Operating Expenses 373336305349378322381499589656
Manufacturing Costs33296891019263537
Material Costs235219209221232223269357388435
Employee Cost 35353942493641547779
Other Costs 705250798853516289104
Operating Profit 3014-34-62-344-22-15-54-57
Operating Profit Margin (%) 7.5%3.9%-12.6%-21.5%-9.8%1.1%-6.3%-3.0%-10.1%-9.5%
Other Income 12122857810
Interest 22232625201922161318
Depreciation 5889111313131516
Exceptional Items 000-167-2-7000
Profit Before Tax 4-15-67-109-56-23-61-36-74-80
Tax -1-5-22-27-1826-1000
Profit After Tax 5-10-45-82-38-49-60-36-74-80
PAT Margin (%) 1.3%-2.7%-16.7%-28.4%-11.0%-15.2%-16.7%-7.5%-13.8%-13.4%
Adjusted EPS (₹)2.0-3.7-18.2-15.2-7.0-9.1-8.3-5.0-8.8-9.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 66166121288256207335299375297
Share Capital 44411111114141717
Reserves 62163117278245196320285359281
Minority Interest0000000000
Debt1281611751451191241517091150
Long Term Debt34242518182482152017
Short Term Debt94137150127101100695671132
Trade Payables157129140989611298100142192
Others Liabilities 378464412550451364345
Total Liabilities 387540500572497493628605651684

Fixed Assets

Gross Block127202238242302304309318328371
Accumulated Depreciation6081524354860738094
Net Fixed Assets 67194222218267256248245248276
CWIP 61412400023527
Investments 1411116699
Inventories111937471878995114116134
Trade Receivables14312510699728078108111148
Cash Equivalents 912199158162235645
Others Assets 509977686659381087645
Total Assets 387540500572497493628605651684

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 363436-94-1016-61-4818-59
PBT 4-15-67-109-56-23-61-36-74-80
Adjustment 26313372563243252533
Changes in Working Capital 61969-58-107-44-3766-11
Tax Paid 0-00-0-0-0-0-10-1
Cash Flow From Investing Activity -5-16-10-33-28-5-6-84-51-14
Capex -7-10-14-33-33-2-3-11-56-24
Net Investments 0-23-24-3-5-75-46
Others 1-311112383
Cash Flow From Financing Activity -23-19-18198-46-11225-74427
Net Proceeds from Shares 0002516021001130
Net Proceeds from Borrowing 00-5-4-5413-153-12
Interest Paid -22-22-26-25-20-19-22-15-13-18
Dividend Paid 0000000000
Others -1313-24-2642423-5957
Net Cash Flow 8-1770-83-0157-13911-46

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)8.66-8.38-31.64-39.89-13.91-21.38-22.14-13.75-32.27-35.18
ROCE (%)13.612.83-12.87-22.63-8.8-1.16-9.13-4.66-16.46-17.5
Asset Turnover Ratio1.250.850.60.60.710.730.720.8911.05
PAT to CFO Conversion(x)7.2N/AN/AN/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days113124134116827771626467
Inventory Days82949783768983706765
Payable Days209200212196152170142101114140

Shalimar Paints Ltd Stock News

Shalimar Paints Ltd FAQs

The current trading price of Shalimar Paints on 05-Dec-2025 15:45 is ₹61.93.
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 04-Dec-2025 the market cap of Shalimar Paints stood at ₹535.5.
The latest P/E ratio of Shalimar Paints as of 04-Dec-2025 is 0.00.
The latest P/B ratio of Shalimar Paints as of 04-Dec-2025 is 3.33.
The 52-week high of Shalimar Paints is ₹143.8 and the 52-week low is ₹63.90.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shalimar Paints is ₹611.6 ( Cr.) .

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.

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