Shalimar Paints Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
SHALPAINTS · price
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On the reaction day the stock moved 0.4 pts more than Nifty Microcap 250 and in line with its Paints peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Shalimar Paints reported standalone revenue from operations of ₹130.40 crore for Q3 FY26, down ~12% from ₹148.16 crore in Q3 FY25, though nine-month revenue was nearly flat at ₹415.97 crore vs ₹421.23 crore. The company posted a standalone net loss of ₹26.62 crore in Q3 FY26 (vs ₹23.98 crore loss in Q3 FY25) and ₹57.16 crore for the nine-month period, an improvement from ₹70.60 crore loss a year ago. The Q3 loss includes a one-time exceptional charge of ₹4.60 crore linked to the implementation of India's new Labour Codes (gratuity and compensated absences). Consolidated results were similar, with 9M FY26 loss at ₹57.56 crore. Comparative consolidated figures were restated to reflect acquisition of the painting services business from ultimate holding company Hella Infra Market Limited through wholly-owned subsidiary IM Inicio Projects. The company highlighted that EBITDA losses were cut by about half, working capital cycle improved by 15 days, and new products contributed 5% incremental business.
Despite continued losses, the narrowing of EBITDA losses and working capital improvement suggest operational progress, but shrinking quarterly revenue and reliance on exceptional one-time adjustments indicate the turnaround story is still fragile. Shareholders should watch for sustained revenue recovery and a path to profitability, as the stock remains in loss-making territory with EPS of ₹(3.18) for the quarter.