NSE: SHALPAINTS · BSE: 509874
SHALIM PAINTS LTD
Manufactures and sells paints in India, with the building materials sector as its core market. Standalone revenue for FY26 was ₹569.03 crore, down 5% from ₹599.06 crore in FY25, alongside a net loss of ₹63.34 crore (improved from ₹80.11 crore in FY25). Raw materials are the largest cost at 55.9% of revenue, followed by other operating expenses at 24.8% and employee costs at 11.9%. The business also includes a painting services arm acquired from its ultimate holding company, Hella Infra Market (Infra.Market), which holds the majority stake. Capital expenditure was negligible in FY26 (0.0% of revenue). Accumulated losses on a standalone basis stood at ₹543.73 crore, and current liabilities exceeded current assets by ₹65.48 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paints, Painting services. Cyclical paints business; loss-making with accumulated losses of ₹543.73 crore
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 358 | 486 | 535 | 599 | 576 |
| EBITDA (ex other income) | (33) | (15) | (54) | (57) | (27) |
| margin % | (9.3) | (3.0) | (10.1) | (9.5) | (4.7) |
| Owners' profit | 0 | 0 | 0 | (80) | (65) |
| EPS, as reported (₹) | (11.46) | (5.01) | (9.52) | (9.58) | (7.76) |
| ROE % · ROCE % | (17.3) · (9.0) | (10.3) · (5.4) | (18.8) · (14.3) | (25.4) · (18.0) | (25.9) · (15.1) |
| Debt / equity (x) | 0.39 | 0.39 | 0.26 | 0.48 | 0.63 |
| Cash from operations | (40) | (48) | 18 | (59) | 31 |
| Capex | (5) | (11) | (57) | (32) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 145 | 148 | 178 | 153 | 134 | 131 | 156 | 138 |
| Profit before tax | (20) | (24) | (10) | (17) | (14) | (27) | (8) | (21) |
| Net profit | (20) | (24) | (10) | (17) | (14) | (27) | (7) | (21) |
| EPS (₹) | (2.34) | (2.86) | (1.14) | (1.99) | (1.69) | (3.18) | (0.88) | (2.54) |
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 | 2,18,410 | 45.8 | 9.92 | 30.3 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 54,097 | 44.4 | 7.81 | 28.9 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,815 | 24.7 | 2.21 | 13.9 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED | 4,906 | 30.5 | 4.25 | 18.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,323 | 34.3 | 4.89 | 22.4 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED | 1,285 | 0.7 | 0.52 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD ◆ | 691 | — | 2.75 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 125 | — | 0.70 | 12.9 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.8 | 3.5 | 4 of 8 | 57% |
| ROCE | (24.7) | 16.5 | 8 of 8 | 0% |
| ROE | (25.9) | 13.2 | 8 of 8 | 0% |
| Debt / Equity | 0.6 | 0.1 | 8 of 8 | 0% |
| EBITDA margin | (8.2) | 17.1 | 8 of 8 | 0% |
| Revenue growth | (10.3) | 10.9 | 8 of 8 | 0% |
| Profit growth | (27.5) | 10.0 | 7 of 8 | 14% |
| Market cap | 691 | 2323 | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to consider Q2 FY27 results on Oct 28 | results | low | — | — |
| 15 Oct 2026 · Share Capital Audit Report for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 8 Oct 2026 · RTA compliance certificate for Q2 FY27 dematerialization | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 11 Sept 2026 · EGM approves preferential share issue and Rs 1000 cr QIP plan | board shareholder meetings | low | — | — |
| 11 Sept 2026 · EGM held - shareholders vote on major capital raise proposals | board shareholder meetings | low | — | — |
| 11 Sept 2026 · EGM held - proposals for preferential share issue and Rs 1000 cr QIP | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Shalimar Paints 124th AGM: All 5 resolutions passed with over 99.9% approval | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · 124th AGM held on Sept 9, 2026; five resolutions passed | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Shalimar Paints 124th AGM held on Sep 9, 2026; 5 resolutions transacted | board shareholder meetings | low | — | — |
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.