BSE: 543902
Retina Paints Limited
Manufactures and sells interior emulsions, exterior emulsions, primers and distempers under its paints brand. Distribution is concentrated in Telangana through 2 own outlets located in Khammam and Cherlapally and 85 franchisee outlets spread across the state. For FY26, revenue from operations came in at Rs 237.41 crore, up from Rs 206.24 crore in FY25, while profit after tax fell to Rs 6.39 crore from Rs 13.04 crore and EBITDA margin compressed from 15.2% to 12.3%. The cost base is dominated by raw materials at 57.5% of revenue, followed by employee costs at 18.2% and other operating expenses at 29.3%, with capex at 13.7% of revenue. Inventories nearly doubled to Rs 116 crore and total debt rose to Rs 183.87 crore from Rs 89.09 crore, while operating cash flow was negative at Rs 4.26 crore. The company is listed on BSE's SME platform and is registered in Cherlapally, Medchal Malkajgiri, Telangana. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paints. Small, regional paints manufacturer with a franchise-driven distribution model.
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q2 FY25 |
|---|---|
| Revenue | 6 |
| Profit before tax | 0 |
| Net profit | — |
| EPS (₹) | 0.25 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,19,139 | 46.0 | 9.95 | 30.4 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 53,677 | 44.1 | 7.75 | 28.7 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,557 | 24.3 | 2.18 | 13.7 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED | 4,848 | 30.1 | 4.20 | 18.4 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,351 | 34.7 | 4.95 | 22.6 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED | 1,256 | 0.6 | 0.51 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD | 685 | — | 2.73 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 124 | — | 0.70 | 12.8 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 131.4 | 34.7 | 7 of 7 | 0% |
| Market cap | 50 | 2351 | 9 of 9 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Madhu Solanki resigns as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 7 Oct 2026 · Compliance certificate for securities dematerialization filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · Retina Paints 16th AGM voting results - both resolutions passed unanimously | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 16th AGM held via VC; FY26 accounts adopted and director re-appointed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closes from October 1 for Retina Paints | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 16th AGM published in newspapers; meeting on 30 Sep 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Retina Paints 16th AGM set for 30 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 16th Annual Report FY25-26 with AGM notice on Sept 30 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Board approves 16th AGM notice and book closure dates | board shareholder meetings | low | — | — |
| 15 Jul 2026 · Compliance certificate for Q1 FY27 — all shares already in demat form | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.