Shalimar Paints Ltd

Q2 FY22Consumer Durables

Shalimar Paints Q2 FY22 earnings call: Revenue & Margins

Q2 FY22 investor presentation: what the company reported on revenue, margins and projects.

Price₹77

Market cap₹677 Cr

Updated24 Sept 2026

Read4 min read

Based on Shalimar Paints Ltd's Q2 FY22 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the presentation reports, not management guidance.

The short version

Q2-FY22 Revenue from Operations: Rs. Q2-FY22 EBITDA: Rs.

From Shalimar Paints Ltd's Q2 FY22 earnings-call transcript · updated 24 Sept 2026.

Revenue & Sales Performance

Q2-FY22 Revenue from Operations: Rs. 90.9 Cr, up from Rs. 65.2 Cr in the same period last year (approx. 39% YoY growth).
Sales volume growth: Reported a 29% increase compared to the last quarter; volumes similar to the same period last year.
Price hikes: ~40% price increase compared to last quarter, ~20% compared to the same period last year to offset raw material cost rise.
Raw material costs have increased by over 50%, impacting gross profit and profitability.
Outlook: Company will decide on future pricing strategy based on raw material trends in coming quarters.

2 more points management made on revenue & sales performance

Profitability & Margins

Q2-FY22 EBITDA: Rs. 7.8 Cr (up from Rs. 4.5 Cr in Q2-FY21), indicating improvement in operating profitability.
Q2-FY22 EBITDA Margin: 8.6% (calculated from Rs. 90.9 Cr revenue and Rs. 7.8 Cr EBITDA), compared to negative margins earlier years (not explicitly stated but implied by positive EBITDA).
Q2-FY22 Profit After Tax (PAT): Loss of Rs. 3.1 Cr (improved from Rs. -0.7 Cr in Q2-FY21 but still negative).

- **Year-on-Year Change**: Revenue grew from Rs. 76.8 Cr in Q2-FY21 to Rs. 90.9 Cr in Q2-FY22 (~18% increase); EBITDA nearly doubled. - **Margin Outlook**: The presentation mentions raw material costs rising over 50%, with company taking price hikes of ~40% last quarter and ~20% year on year to partially offset costs. However, due to competitive intensity, some costs absorbed internally, impacting margins. Future pricing to be decided based on raw material trends. No explicit overall margin guidance given. All figures and notes taken from Page 16 of the presentation.

2 more points management made on profitability & margins

See what Shalimar Paints Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Business Diversification into Sanitaryware category:
Launch of a pilot project in Himachal Pradesh & Chandigarh.
Feasibility and scope to be evaluated in FY22.
National level expansion decision post evaluation.
Will include a comprehensive range in Bath Fittings & Accessories to complement existing products and improve ROI. (Page 15)
Capital Work-in-Progress Figures:
CWIP increased notably from Rs. 0.1 Cr in Mar-18 to Rs. 23.6 Cr in Mar-19, then fluctuated (Page 21).

- No explicit mention of new plant or exact capex amounts aside from CWIP figures. - **No specific timelines or detailed capex amounts for capacity expansion or new plant projects stated explicitly besides the pilot mentioned above.** Hence, the key project described is the sanitaryware pilot project with evaluation in FY22, potential expansion after, and some capital work-in-progress investments without detail.

2 more points management made on capital expenditure plans

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The presentation provides data on borrowings and cash balances showing fluctuations over the years (Page 24):
Borrowings decreased from around Rs. 175 crore in Mar-17 to about Rs. 145 crore in Mar-21.
Cash & cash equivalents also varied, with Rs. 2.7 crore in Mar-17 rising to Rs. 8.2 crore in Mar-21.
Debt to equity and net debt to equity ratios have generally decreased over this period, indicating some deleveraging.
Financing cash flow data (Page 23) indicates:
Significant positive financing cash flow of Rs. 197.9 crore in FY19, suggesting debt or equity infusion during that period.
Subsequent years show outflows from financing activities, with Rs. (17.9) crore in FY20 and Rs. (18.9) crore in FY21, consistent with debt repayment or lower fundraising.

2 more points management made on fundraising & capital structure

See what Shalimar Paints Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided investor presentation does not explicitly report any specific figures or details regarding order book, order inflow, or pending orders. Key observations include: - The presentation focuses on financial performance, segment revenues, cash flows, balance sheet, marketing initiatives, and strategic directions. - There is no direct mention or data related to order book size, order inflow rates, or pending order backlog.

- Discussions on business segments (Decorative and Industrial paints) and growth strategies focus on revenue, volumes, and market expansion, but do not quantify orders. - Operational aspects such as supply chain improvements and product supply efficiencies are mentioned, but again without order backlog information. Hence, based solely on the presentation, no explicit order book, order inflow, or pending order details are reported.

2 more points management made on order book & pipeline

Shalimar Paints Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹156 Cr, net loss ₹7 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Shalimar Paints Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Shalimar Paints Ltd Q2 FY22 results?

Q2-FY22 Revenue from Operations: Rs. Q2-FY22 EBITDA: Rs.

What is Shalimar Paints Ltd share price analysis?

Shalimar Paints Ltd currently shows a neutral. The stock trades at a P/E of N/A with a market cap of ₹677 Cr. Investors should review the full earnings analysis for detailed insights.

Is Shalimar Paints Ltd planning capital expenditure?

Business Diversification into Sanitaryware category: - Launch of a pilot project in Himachal Pradesh & Chandigarh. - Feasibility and scope to be evaluated in FY22. - National level expansion decision post evaluation. - Will include a comprehensive range in Bath Fittings & Accessories to complement existing products and improve ROI.

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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.