Shalimar Paints Ltd - Stock Valuation and Financial Performance

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

Shalimar Paints Share Price

164.55 4.55 2.84%
as on 28-Mar'24 13:57

DeciZen - make an informed investing decision on Shalimar Paints

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Shalimar Paints stock performance -

mw4me loader
P/E Ratio (SA):
0.00
Market Cap:
1,339.4 Cr.
52-wk low:
132.8
52-wk high:
225.7

Is Shalimar Paints Ltd an attractive stock to invest in?

1. Is Shalimar Paints Ltd a good quality company?

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

2. Is Shalimar Paints Ltd undervalued or overvalued?

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

3. Is Shalimar Paints Ltd a good buy now?

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

10 Year X-Ray of Shalimar Paints:

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'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 4.5%1.6%10.5%2.4%-8.5%-17.3%-7.2%-10.1%-10.6%-5.1%-
Value Creation
Index
-0.7-0.9-0.3-0.8-1.6-2.2-1.5-1.7-1.8-1.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 483433403350271288344326358486526
Sales YoY Gr.--10.3%-7%-13.2%-22.5%6.1%19.6%-5.3%10%35.6%-
Adj EPS -2.6-4.42-3.5-18.2-15.2-8-9.2-8.3-5-6.8
YoY Gr.-NANA-276.9%NANANANANANA-
BVPS (₹) 26.822.323.963.148.553.747.238.146.441.452.6
Adj Net
Profit
-6.8-11.55.3-9.3-45.5-81.6-43.3-49.7-60-36.2-57
Cash Flow from Ops. 10.437.93634.235.6-94.2-9.615.6-61.5-47.9-
Debt/CF from Ops. 10.63.43.855-1.6-12.78.4-2.7-2.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 0.1%12.4%12.2%35.6%
Adj EPS NANANANA
BVPS5%-3.1%-4.3%-10.7%
Share Price 12.2% 16% 21.1% 20.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-9.2-178.2-8-31.6-39.8-15.9-21.4-22.1-10.8-14.5
Op. Profit
Mgn %
327.54.1-12.6-21.4-9.81.1-6.3-3-7.2
Net Profit
Mgn %
-1.4-2.71.3-2.7-16.8-28.4-12.6-15.3-16.7-7.5-10.8
Debt to
Equity
1.62.22.211.50.50.50.60.50.5-
Working Cap
Days
202222232288334281221228198180111
Cash Conv.
Cycle
6060597868535642535925

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 12.19%

Debt to equity has declined versus last 3 years average to 0.46

Sales growth is good in last 4 quarters at 15.90%

Return on Equity is Poor

Latest Financials - Shalimar Paints Ltd.

Standalone Consolidated
TTM EPS (₹) -6.8 -6.8
TTM Sales (₹ Cr.) 526 526
BVPS (₹.) 52.6 54.5
Reserves (₹ Cr.) 423 439
P/BV 3.04 2.94
PE 0.00 0.00
From the Market
52 Week Low / High (₹) 132.80 / 225.65
All Time Low / High (₹) 2.50 / 230.21
Market Cap (₹ Cr.) 1,339
Equity (₹ Cr.) 16.7
Face Value (₹) 2
Industry PE 46.4

Management X-Ray of Shalimar Paints:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Shalimar Paints

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales483433403350271288344326358486
Operating Expenses 468424373336305349378322381500
Manufacturing Costs43373329689101926
Material Costs317276235219209221232223269357
Employee Cost 38373535394249364153
Other Costs 70757052507988535164
Operating Profit 1593014-34-62-344-22-15
Operating Profit Margin (%) 3.0%2.0%7.5%3.9%-12.6%-21.5%-9.8%1.1%-6.3%-3.0%
Other Income 6212122857
Interest 21212223262520192216
Depreciation 45588911131313
Exceptional Items 00000-167-2-70
Profit Before Tax -4-154-15-67-109-56-23-61-36
Tax -1-4-1-5-22-27-1826-10
Profit After Tax -3-115-10-45-82-38-49-60-36
PAT Margin (%) -0.6%-2.4%1.3%-2.7%-16.7%-28.4%-11.0%-15.2%-16.7%-7.4%
Adjusted EPS (₹)-1.1-4.02.0-3.7-18.2-15.2-7.0-9.1-8.3-5.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 736266166121288256207335299
Share Capital 444441111111414
Reserves 705862163117278245196320285
Minority Interest0000000000
Debt11012812816117514511912415170
Long Term Debt13183424251818248215
Short Term Debt96110941371501271011006956
Trade Payables162158157129140989611298100
Others Liabilities 363237846441255045136
Total Liabilities 381380387540500572497493628605

Fixed Assets

Gross Block81126127202238242302304309318
Accumulated Depreciation5056608152435486073
Net Fixed Assets317167194222218267256248245
CWIP 1816141240002
Investments 1114111166
Inventories121106111937471878995114
Trade Receivables16015414312510699728078108
Cash Equivalents 4191219915816223
Others Assets464750997768665938108
Total Assets 381380387540500572497493628605

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 1038363436-94-1016-61-48
PBT -4-154-15-67-109-56-23-61-36
Adjustment 22232631337256324325
Changes in Working Capital -72561969-58-107-44-37
Tax Paid -140000000-1
Cash Flow From Investing Activity -6-26-5-16-10-33-28-5-6-84
Capex -7-27-7-10-14-33-33-2-3-11
Net Investments 000-23-24-3-5-75
Others 111-3111123
Cash Flow From Financing Activity -15-16-23-19-18198-46-11225-7
Net Proceeds from Shares 00000251602100
Net Proceeds from Borrowing 0000-5-4-5413-15
Interest Paid -21-21-22-22-26-25-20-19-22-15
Dividend Paid 0000000000
Others 65-1313-24-2642423
Net Cash Flow -11-48-1770-830157-139
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-3.92-16.378.66-8.38-31.64-39.89-13.91-21.38-22.14-11.39
ROCE (%)10.23.1513.612.83-12.87-22.63-8.8-1.16-9.13-4.14
Asset Turnover Ratio1.541.371.250.850.60.60.710.730.720.89
PAT to CFO Conversion(x)N/AN/A7.2N/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days9911011312413411682777162
Inventory Days80808294978376898370
Payable Days170187209200212196152170142101

Shalimar Paints Ltd Stock News

Shalimar Paints Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Shalimar Paints on 28-Mar-2024 13:57 is ₹164.6.
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 28-Mar-2024 13:57 the market cap of Shalimar Paints stood at ₹1,339.4.
The latest P/E ratio of Shalimar Paints as of 28-Mar-2024 13:57 is 0.00.
The latest P/B ratio of Shalimar Paints as of 28-Mar-2024 13:57 is 3.04.
The 52-week high of Shalimar Paints is ₹225.7 and the 52-week low is ₹132.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shalimar Paints is ₹526.5 ( 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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