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Shalimar Paints Q2 FY27 results: net loss widens to ₹32.55 crore, revenue down 13.6%
Shalimar Paints Limited reported a consolidated net loss of ₹32.55 crore in Q2 FY27, compared with a net loss of ₹14.14 crore in Q2 FY26. Revenue fell 13.6% year on year to ₹115.67 crore, while EBITDA margin declined to -19.9% from -4.7%.
Key points
- Consolidated revenue was ₹115.67 crore in Q2 FY27, down 13.6% from ₹133.81 crore in Q2 FY26.
- The company reported a net loss of ₹32.55 crore in Q2 FY27, against a net loss of ₹14.14 crore a year earlier.
- EBITDA was a loss of ₹22.97 crore, with the margin at -19.9%, compared with -4.7% in Q2 FY26.
- Basic EPS was -₹3.89 in Q2 FY27, compared with -₹1.69 in Q2 FY26 and -₹2.54 in Q1 FY27.
- For H1 FY27, revenue was ₹253.39 crore, down 12.1% from ₹288.37 crore in H1 FY26, while PAT was a loss of ₹53.81 crore.
How did Shalimar Paints perform in Q2 FY27?
Shalimar Paints reported consolidated revenue of ₹115.67 crore for Q2 FY27, down 13.6% from ₹133.81 crore in Q2 FY26. Total income fell to ₹116.44 crore from ₹137.12 crore. EBITDA was a loss of ₹22.97 crore, compared with a loss of ₹6.26 crore, while EBITDA margin declined 15.2 percentage points to -19.9%.
The company reported a net loss of ₹32.55 crore in Q2 FY27, compared with a net loss of ₹14.14 crore in Q2 FY26 and ₹21.26 crore in Q1 FY27. Basic EPS was -₹3.89, compared with -₹1.69 a year earlier and -₹2.54 in the previous quarter. On a standalone basis, revenue was ₹114.52 crore and the company reported a loss of ₹31.99 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 115.67 | 137.72 | 133.81 | −13.6% | −16.0% |
| Other income | 0.77 | 0.89 | 3.31 | −76.7% | −13.5% |
| Total expenses | 148.99 | 159.87 | 151.26 | −1.5% | −6.8% |
| EBITDA | −22.97 | −12.17 | −6.26 | ||
| EBITDA margin | -19.9% | -8.8% | -4.7% | −15.2 pp | −11.1 pp |
| Profit before tax | −32.55 | −21.26 | −14.14 | ||
| Tax | 0 | 0 | 0 | ||
| Net profit | −32.55 | −21.26 | −14.14 | ||
| EPS (₹) | −3.89 | −2.54 | −1.69 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Shalimar Paints' costs and profit?
Against Q2 FY26, total expenses fell 1.5% to ₹148.99 crore, but revenue declined faster. Cost of materials was ₹81.34 crore, up 11.9% from ₹72.71 crore, employee cost was ₹18.03 crore, up 2.0% from ₹17.68 crore, and other expenses were ₹30.40 crore, down 9.8% from ₹33.71 crore. Finance costs fell 18.5% to ₹5.29 crore, while depreciation was ₹5.06 crore, up 7.7% from ₹4.70 crore.
Other income declined 76.7% to ₹0.77 crore from ₹3.31 crore. There was no exceptional item, and tax was unchanged at ₹0 crore. The filing does not state why revenue, material costs or other income changed.
From Q1 FY27, total expenses fell 6.8% to ₹148.99 crore, including a 23.9% reduction in cost of materials to ₹81.34 crore and a 10.3% fall in other expenses to ₹30.40 crore. Other income was ₹0.77 crore, down 13.5%, and finance costs rose 7.7% to ₹5.29 crore. Tax remained at ₹0 crore and there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 81.34 | 72.71 | +8.63 | +11.9% |
| Employee cost | 18.03 | 17.68 | +0.35 | +2.0% |
| Finance costs | 5.29 | 6.49 | −1.20 | −18.5% |
| Depreciation | 5.06 | 4.70 | +0.36 | +7.7% |
| Other expenses | 30.40 | 33.71 | −3.31 | −9.8% |
| Total expenses | 148.99 | 151.26 | −2.27 | −1.5% |
| Other income | 0.77 | 3.31 | −2.54 | −76.7% |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue fell 12.1% to ₹253.39 crore from ₹288.37 crore in H1 FY26. Total income declined 13.0% to ₹255.05 crore from ₹293.24 crore. The company reported a loss before tax of ₹53.81 crore, compared with a loss of ₹30.91 crore in the previous first half.
Consolidated PAT for H1 FY27 was a loss of ₹53.81 crore, against a loss of ₹30.91 crore in H1 FY26. Basic EPS was -₹6.43, compared with -₹9.57 in the prior-year first half.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 253.39 | 288.37 | −12.1% |
| Profit before tax | −53.81 | −30.91 | |
| Net profit | −53.81 | −30.91 | |
| EPS (₹) | −6.43 | −9.57 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹630.04 crore, compared with ₹640.56 crore at 31 March 2026. Total equity fell to ₹199.73 crore from ₹251.18 crore, while borrowings declined to ₹155.49 crore from ₹157.03 crore. Cash and cash equivalents were ₹2.0 crore, compared with ₹7.14 crore.
Inventories increased to ₹116.22 crore from ₹102.14 crore, while trade receivables declined to ₹121.89 crore from ₹138.34 crore. Trade payables rose to ₹201.16 crore from ₹176.16 crore. For H1 FY27, operating cash flow was negative ₹4.39 crore, compared with negative ₹2.78 crore in H1 FY26; investing cash flow was positive ₹3.04 crore and financing cash flow was negative ₹3.82 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 630.04 | 640.56 |
| Total equity | 199.73 | 251.18 |
| Borrowings | 155.49 | 157.03 |
| Cash and equivalents | 2 | 7.14 |
| Inventories | 116.22 | 102.14 |
| Trade receivables | 121.89 | 138.34 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −4.39 | −2.78 |
| Cash from investing | 3.04 | −10.46 |
| Cash from financing | −3.82 | 13.10 |
| Capital expenditure | 1.77 | 10.78 |
Source: Company's results filing (XBRL).
How has Shalimar Paints done over the last 8 quarters?
Revenue in the available quarterly series peaked at ₹177.83 crore in Q4 FY25 and fell to ₹115.67 crore in Q2 FY27. PAT was closest to breakeven at a loss of ₹7.39 crore in Q4 FY26, while EBITDA margin briefly turned positive at 1.3% in that quarter before declining to -19.9% in Q2 FY27. The latest quarter was the lowest for revenue and the weakest for both PAT and EBITDA margin in the series shown.
Earlier, revenue had reached ₹155.93 crore in Q4 FY26 before falling to ₹137.72 crore in Q1 FY27 and ₹115.67 crore in Q2 FY27. PAT moved from a loss of ₹7.39 crore in Q4 FY26 to losses of ₹21.26 crore and ₹32.55 crore in the following two quarters, while EBITDA margin moved from 1.3% to -8.8% and then -19.9%.
How did Shalimar Paints shares react?
The results were released after market hours, with the stock up 0.8% after 5 minutes and 0.8% after 15 minutes from the price when the filing appeared. On the reaction day, it closed 1.4% below its pre-results close. By the next day's close, the stock was down 2.3% from that pre-results close, while the Paints industry median was also down 2.3%.
The stock underperformed the industry median by 1.2 percentage points on the reaction day, when the Nifty Microcap 250 rose 0.7% and the Paints industry median fell 0.2%. Earlier reaction-day moves included -1.7% on 28 May 2026, -1.0% on 12 February 2026, 3.4% on 12 November 2025 and -4.2% on 11 August 2025.
| After the filing | Stock | Paints median |
|---|---|---|
| 5 minutes | +0.8% | |
| 15 minutes | +0.8% | |
| 30 minutes | +0.4% | |
| Reaction day | −1.4% | −0.2% |
| Next day | −2.3% | −2.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 May 2026 | −1.7% |
| 12 February 2026 | −1.0% |
| 12 November 2025 | +3.4% |
| 11 August 2025 | −4.2% |
| 26 May 2025 | −0.3% |
| 12 November 2024 | −1.3% |
| 8 August 2024 | −3.2% |
| 17 May 2024 | −3.3% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Shalimar Paints' revenue in Q2 FY27?
Revenue from operations was ₹115.67 crore, down 13.6% from ₹133.81 crore in Q2 FY26 (consolidated).
Did Shalimar Paints make a profit in Q2 FY27?
No. It reported a net loss of ₹32.55 crore, against a net loss of ₹14.14 crore in Q2 FY26.
What was Shalimar Paints' EPS in Q2 FY27?
Basic loss per share was ₹3.89, against a loss of ₹1.69 in Q2 FY26.
How did Shalimar Paints shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.4% from the previous close; the median Paints stock moved −0.2%.
When did Shalimar Paints announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Adoption Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On October 28, 2026 (BSE, 28 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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