Arthneeti

Kansai Nerolac Paints Q2 FY27 Share Price & Earnings Call Analysis

Part of: Nifty Housing · Nifty Microcap 250 · Nifty Total Market

₹201.10-0.01% today
Market cap
₹16,263 Cr
P/E
24.78
ROE
8.88%
PEG
3.24
Price to sales
1.88
Debt to equity
0.04
52W high / low
₹249 / ₹159
Sales growth (5Y)
9.67%
EBITDA margin
11.69%
Net profit margin
7.08%
Promoter holding
74.95%
Sales (last year)
₹8,627 Cr

Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1]

Guidance scorecard · Q2 FY27 call

What Kansai Nerolac's management guided
and where it ranks in Consumer Durables

#56of 83 in
Consumer Durables
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Decorative business value growth nearing double-digit, with sequential quarter-on-quarter improvement in volumes.
  • Q3 expected to have good growth based on a solid pipeline.
  • Construction chemicals and waterproofing showing strong double-digit growth; expected to become a sizable business in 2-3 years.
  • Project segment recording double-digit growth with an expanding pipeline.
  • Focus on dealer network expansion at 10%-15% annually, with increased productivity and pruning underperforming dealers.
  • International subsidiaries: Nepal growing ~20% with healthy profits; Bangladesh facing challenges, management working on solutions.
  • Adhesive business (Nerofix) growing in double digits in revenue but with short-term profitability impacts expected to improve in H2.

2 more points from Kansai Nerolac's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Kansai Nerolac said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Focus on dealer network expansion with about 3,000 dealers added in H1 FY27 and a target to grow network by 10%-15% annually, optimizing productivity and throughput.
  • Leveraging acquired technologies (e.g., Perma company acquisition) to grow construction chemical and waterproofing business segments over the next 2-3 years.
  • Investments in innovation and new product development in decorative, industrial, and performance coatings segments, driving premiumization, sustainability, and technology-led growth.
  • Geographic expansion into over 80 cities for projects and institutional business.

2 more points from Kansai Nerolac's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Kansai Nerolac said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Kansai Nerolac Paints Limited has built a strong pipeline of project sites across more than 80 cities.
  • The company recorded double-digit growth in projects and institutional business.
  • They offer a separate range of products called the Super Series specifically for projects.
  • The robust project pipeline indicates healthy orderbook/pending orders supporting future growth.
Full Q2 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Kansai Nerolac rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Kansai Nerolac Paints latest results (Sep 2026)

Revenue

₹2,317 Cr

+19% YoY

Net profit

₹144 Cr

+8% YoY

Operating margin

10%

EPS

₹1.81

What management said on the call →

Kansai Nerolac Paints shareholding (Sep 2026)

Promoters

74.95%

−0.01 pp QoQ

FIIs

3.94%

−0.08 pp QoQ

DIIs

12.13%

+0.25 pp QoQ

Public

8.98%

−0.16 pp QoQ

Full shareholding pattern →Dividend history →

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹167 Cr15.2
240%+Up 0–2%₹2,079 Cr18.1
340%+Flat₹1,979 Cr28.8
440%+Flat₹1,973 Cr20.8
540%+Flat₹567 Cr17.9
640%+Flat₹185 Cr16.1

Sign up free to see every company in the sector ranking and track Kansai Nerolac.

Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables ranking

Kansai Nerolac announcements

All announcements →

Financials of Kansai Nerolac

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Kansai Nerolac

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +74.99%74.99%74.99%74.99%74.99%74.98%74.98%74.98%74.98%74.96%74.96%74.95%
FIIs +4.28%4.72%5.09%5.56%5.36%5.30%5.40%5.61%5.17%3.60%4.02%3.94%
DIIs +11.84%11.61%10.72%10.28%10.24%10.10%10.20%10.03%10.41%11.90%11.88%12.13%
Public +8.88%8.68%9.18%9.16%9.40%9.61%9.41%9.37%9.43%9.53%9.14%8.98%
No. of Shareholders1,14,0471,14,0081,36,3271,44,1511,54,2771,63,2701,56,0071,49,9191,51,2131,50,7611,45,7791,42,570

Financials of Kansai Nerolac

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,9571,9191,7692,1331,9511,9221,8172,1621,9541,9821,9542,3742,317
YoY Sales growth+1%+5%+2%-1%-0%+0%+3%+1%+0%+3%+8%+10%+19%
Expenses +1,6831,6751,5901,8031,7391,6871,6511,8591,7391,7421,7372,0452,093
Operating Profit273244179330212235166303215240216328224
OPM %14%13%10%15%11%12%9%14%11%12%11%14%10%
Other Income +2220333427671375328-10115535
Interest8777798789888
Depreciation47484848495352535460616363
Profit before tax240208157308183844144295182161158312188
Tax %27%27%27%27%34%22%29%27%27%27%31%27%24%
Net Profit +175152114225120662102216133117110228144
EPS in Rs2.191.911.442.861.528.421.342.731.671.501.392.861.81

Financials of Kansai Nerolac

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,5053,7674,0534,6585,4245,2805,0746,3697,5437,8017,8238,0528,627
Sales growth+12%+7%+8%+15%+16%-3%-4%+26%+18%+3%+0%+3%+10%
Expenses +3,0543,1823,3153,8644,6724,4764,2115,7206,7256,7746,8817,0777,618
Operating Profit4515857377947538048636498181,0289429751,009
OPM %13%16%18%17%14%15%17%10%11%13%12%12%12%
Other Income +22563987161263825267537698392
Interest1001102124292929313233
Depreciation68687077106142165170180190202228247
Profit before tax4041,0797657876976677124766351,5611,478797821
Tax %32%16%33%35%36%23%26%28%26%25%25%28%
Net Profit +2759025105144485165263434681,1761,109576599
EPS in Rs3.3911.156.296.365.606.446.554.445.8614.6614.147.297.56
Dividend Payout %28%18%32%27%31%33%53%34%31%26%27%51%

Financials of Kansai Nerolac

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital54545454545454545481818181
Reserves1,5482,4562,7613,0783,3623,7063,9994,0784,4805,5026,3426,6336,807
Borrowings +51462935108242173203160276296303289
Other Liabilities +7206857939629948811,3071,3741,6131,5511,4971,6952,027
Total Liabilities2,3733,2403,6364,1304,5184,8845,5335,7096,3067,4108,2178,7119,204
Fixed Assets +9169379571,0361,4651,9061,9121,9962,1082,1822,2462,4042,367
CWIP4442154346316169207225113153226175207
Investments2085395315211973066692115011,3271,8502,3651,972
Other Assets +1,2051,7221,9932,2282,5402,5022,7453,2783,5843,7483,8953,7674,658
Total Assets2,3733,2403,6364,1304,5184,8845,5335,7096,3067,4108,2178,7119,204

Financials of Kansai Nerolac

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +30539235136010059564625408903672894
Cash from Investing Activity +-239144-557-16289-375-453250-227-590-379-383
Cash from Financing Activity +-87-92-216-192-223-141-274-309-133-249-366-403
Net Cash Flow-21444-4226-3479-81-354964-72108
Free Cash Flow21530413417-425356545-193287666347682
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit95%110%78%80%55%95%93%29%73%111%99%115%

Financials of Kansai Nerolac

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days545353555154696360626367
Inventory Days9590123107132127158153134136133119
Days Payable5685989082751209279888891
Cash Conversion Cycle9358787210110610712311511010995
Working Capital Days514880647374829181778269
ROCE %25%25%26%25%20%18%17%11%14%17%13%12%

Guidance history

How Kansai Nerolac's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →0–10%Flat———
Q3 FY26 call →10–20%Up 2%+PlannedNone planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

17out of 100

Momentum score · price trend

17 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,937 stocks
Last 12 months−19.3%30%
Last 6 months−9.4%29%
Last 3 months−1.8%55%

The price is 53.7% below its all-time high of ₹434.33 (22 Jan 2021). Stocks more than 20% below their peak have their score halved, so 34 became 17.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Kansai Nerolac: 0.4 × 30 + 0.4 × 29 + 0.2 × 55 = 34, halved to 17 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Kansai Nerolac Paints: frequently asked questions

What is Kansai Nerolac Paints share price today?

Kansai Nerolac Paints last traded at ₹201.1, with a market capitalisation of ₹16,263 Cr and a P/E ratio of 24.8.

What were Kansai Nerolac Paints's latest quarterly results?

For the quarter ended Sep 2026, Kansai Nerolac Paints reported revenue of ₹2,317 Cr (+19% year on year) and net profit of ₹144 Cr, with an operating margin of 10%.

Is Kansai Nerolac Paints's profit growing?

Net profit was ₹144 Cr in Sep 2026 against ₹133 Cr in Sep 2025, a change of +8%.

What is Kansai Nerolac Paints's EPS?

Kansai Nerolac Paints's earnings per share for the quarter ended Sep 2026 was ₹1.81.

What is the promoter holding in Kansai Nerolac Paints?

Promoters held 74.95% of Kansai Nerolac Paints in Sep 2026 (−0.01 pp versus Jun 2026).

How much do FIIs and DIIs hold in Kansai Nerolac Paints?

In Sep 2026, foreign institutional investors held 3.94% and domestic institutions (including mutual funds) held 12.13% of Kansai Nerolac Paints.

What is Kansai Nerolac Paints's ROE and ROCE?

Kansai Nerolac Paints's return on equity is 8.88% and its return on capital employed is 12%.

Does Kansai Nerolac Paints pay a dividend?

Yes. Kansai Nerolac Paints's dividend yield is 1.28% at the current price. The full payout history is on the Kansai Nerolac Paints dividends page.

Which sector does Kansai Nerolac Paints belong to?

Kansai Nerolac Paints is in the Consumer Durables sector. Its peer comparison and sector ranking are on this page.

What did Kansai Nerolac Paints's management say on the latest earnings call?

Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Kansai Nerolac Paints's management.

How does Arthneeti AI analyse Kansai Nerolac Paints?

Arthneeti reads Kansai Nerolac Paints's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.

Continue your research

What Kansai Nerolac's management said in earlier quarters

Earlier calls (6)

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