Shalimar Paints Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹802 Cr
- ROE
- -21.35%
- Price to sales
- 1.49
- Debt to equity
- 0.81
- 52W high / low
- ₹95.9 / ₹36.1
- Sales growth (5Y)
- 12.07%
- EBITDA margin
- -8.07%
- Net profit margin
- -10.48%
- Promoter holding
- 74.96%
- Sales (last year)
- ₹541 Cr
Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]
Guidance scorecard · Q2 FY27 call
What Shalimar Paints's management guided
and where it ranks in Consumer Durables
RevenueQ1 FY24 call
20–40%- Shalimar Paints targets a growth rate of 20%-25% year-on-year, aiming to outpace the industry's 10%-12% growth rate.
- The company has been maintaining a 2x growth rate compared to the industry for the past five quarters (around 14.6% vs. industry 7.3%).
- Plans to grow revenue to cross INR 1,000 crores in approximately 2-4 years, depending on market conditions.
- Growth driven by expansion in decorative and industrial segments, including launching new product categories like waterproofing and wood coatings.
- Increased distribution reach by adding around 2,000 new dealers, contributing to 14%-15% of sales growth.
2 more points from Shalimar Paints's call on revenue
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MarginsQ1 FY24 call
Up 2%+See what Shalimar Paints said on margins — free account, 30 seconds.
CapexQ1 FY24 call
Planned- Shalimar Paints is undertaking significant capex to modernize and expand capacity from 78 million liters to 180 million liters annually between this year and next year.
- The primary goal of modernization is to uplift manufacturing processes via automation, reducing manual operations and improving production speed and quality.
- New infrastructure includes improved warehousing, modernized plants, and a new R&D center with around 40-45 scientists, doubling current scientific manpower.
- Planned product launches in categories like waterproofing and wood coatings to capture additional addressable market share (~65-70% currently).
- Capex of INR190 crores planned; funding to be about 50-55% through debt and the rest from internal resources.
2 more points from Shalimar Paints's call on capex
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FundraisingQ1 FY24 call
PlannedSee what Shalimar Paints said on fundraising — free account, 30 seconds.
Order bookQ1 FY24 call
- The company is targeting 20%-25% year-on-year growth with an aim to cross INR 1,000 crores in the coming years.
- Growth is driven by increasing dealer network and adding 100-200 new customers in the last 1-1.5 years.
- Strong focus on expanding in both decorative and industrial paint segments, with plans to double business in pipeline business.
- Increased marketing spend to boost brand presence and demand, especially in Tier 2 and 3 cities.
2 more points from Shalimar Paints's call on the order book
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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
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹167 Cr | 15.2 | |
| 2 | 40%+ | Up 0–2% | ₹2,079 Cr | 18.1 | |
| 3 | 40%+ | Flat | ₹1,979 Cr | 28.8 | |
| 4 | 40%+ | Flat | ₹1,973 Cr | 20.8 | |
| 5 | 40%+ | Flat | ₹567 Cr | 17.9 | |
| 6 | 40%+ | Flat | ₹185 Cr | 16.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingShalimar Paints announcements
All announcements →- Fundraise / allotmentShalimar Paints Limited announces QIP Committee approval for equity shares issue
- Board / shareholder meeting outcomeNotableShalimar Paints Ltd holds EGM on Sept 11, 2026, approves preferential issues and QIP
- Board / shareholder meeting outcomeNotableShalimar Paints Limited holds EGM on September 11, 2026, for special business approvals
Financials of Shalimar Paints
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Shalimar Paints
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 31.90% | 75.72% | 75.72% | 75.72% | 75.72% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% |
| FIIs + | 0.00% | 0.08% | 0.02% | 0.00% | 0.00% | 0.01% | 0.00% | 0.01% | 0.04% | 0.08% | 0.04% | 0.02% |
| DIIs + | 0.06% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
| Public + | 68.04% | 24.15% | 24.22% | 24.23% | 24.23% | 25.00% | 25.01% | 24.99% | 24.96% | 24.93% | 24.96% | 24.99% |
| No. of Shareholders | 23,240 | 24,333 | 26,503 | 30,009 | 31,100 | 29,913 | 31,086 | 32,659 | 32,408 | 31,826 | 31,768 | 31,525 |
Pros & Cons
Shalimar Paints
Key positives and risks surfaced from the company insights section.
- Stock is trading at 4.02 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -21.5% over last 3 years.
- Promoters have pledged 70.5% of their holding.
- Stock is trading at 4.02 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -21.5% over last 3 years.
- Promoters have pledged 70.5% of their holding.
Financials of Shalimar Paints
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 119 | 146 | 144 | 128 | 145 | 148 | 178 | 155 | 134 | 131 | 156 | 138 | 116 |
| YoY Sales growth | +8% | +13% | +7% | +2% | +21% | +2% | +23% | +20% | -8% | -12% | -12% | -11% | -14% |
| Expenses + | 139 | 153 | 167 | 150 | 158 | 164 | 185 | 162 | 140 | 142 | 154 | 150 | 139 |
| Operating Profit | -20 | -7 | -22 | -21 | -13 | -16 | -7 | -8 | -6 | -11 | 2 | -12 | -23 |
| OPM % | -17% | -4.8% | -16% | -16% | -9% | -11% | -4.1% | -4.9% | -4.7% | -8% | 1.3% | -9% | -20% |
| Other Income + | 2 | 2 | 3 | 1 | 1 | 1 | 7 | 2 | 3 | -4 | 1 | 1 | 1 |
| Interest | 4 | 2 | 2 | 3 | 4 | 5 | 5 | 6 | 6 | 7 | 6 | 5 | 5 |
| Depreciation | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | -26 | -12 | -26 | -27 | -20 | -25 | -10 | -17 | -14 | -27 | -8 | -21 | -33 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -6% | 0% | 0% |
| Net Profit + | -26 | -12 | -26 | -27 | -20 | -25 | -10 | -17 | -14 | -27 | -7 | -21 | -33 |
| EPS in Rs | -3.55 | -1.38 | -3.16 | -3.23 | -2.34 | -2.93 | -1.14 | -2.00 | -1.69 | -3.18 | -0.88 | -2.54 | -3.89 |
Financials of Shalimar Paints
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 416 | 384 | 350 | 271 | 288 | 344 | 326 | 358 | 484 | 535 | 600 | 576 | 541 |
| Sales growth | -11% | -8% | -9% | -22% | +6% | +20% | -5% | +10% | +35% | +11% | +12% | -4% | -12% |
| Expenses + | 407 | 354 | 335 | 305 | 349 | 377 | 322 | 381 | 499 | 589 | 657 | 598 | 584 |
| Operating Profit | 9 | 30 | 14 | -34 | -61 | -34 | 4 | -22 | -15 | -54 | -58 | -22 | -44 |
| OPM % | 2.1% | 8% | 4.1% | -13% | -21% | -10% | 1.1% | -6% | -3.0% | -10% | -10% | -3.9% | -8% |
| Other Income + | 2 | 1 | 1 | 1 | -14 | 8 | 5 | -3 | 7 | 8 | 10 | 2 | -1 |
| Interest | 21 | 22 | 23 | 26 | 25 | 20 | 19 | 22 | 16 | 13 | 18 | 25 | 23 |
| Depreciation | 5 | 5 | 8 | 8 | 9 | 11 | 13 | 13 | 13 | 15 | 16 | 20 | 20 |
| Profit before tax | -15 | 4 | -15 | -67 | -109 | -56 | -24 | -61 | -36 | -74 | -81 | -65 | -88 |
| Tax % | -29% | -23% | -36% | -32% | -25% | -32% | 110% | -1% | 0% | 0% | 0% | -1% | |
| Net Profit + | -11 | 5 | -10 | -46 | -82 | -38 | -50 | -60 | -36 | -74 | -81 | -65 | -88 |
| EPS in Rs | -3.99 | 2.00 | -3.68 | -15.39 | -15.25 | -7.03 | -9.18 | -8.36 | -5.01 | -8.82 | -9.70 | -7.76 | -10.49 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Shalimar Paints
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 11 | 11 | 11 | 14 | 14 | 17 | 17 | 17 | 17 |
| Reserves | 58 | 62 | 180 | 134 | 295 | 262 | 212 | 336 | 338 | 376 | 298 | 234 | 183 |
| Borrowings + | 130 | 137 | 171 | 179 | 154 | 121 | 131 | 168 | 140 | 106 | 164 | 165 | 161 |
| Other Liabilities + | 191 | 188 | 180 | 177 | 135 | 142 | 152 | 128 | 134 | 170 | 224 | 225 | 269 |
| Total Liabilities | 382 | 391 | 535 | 494 | 594 | 536 | 506 | 647 | 627 | 670 | 702 | 641 | 630 |
| Fixed Assets + | 76 | 75 | 222 | 250 | 246 | 295 | 283 | 276 | 272 | 275 | 303 | 300 | 218 |
| CWIP | 1 | 6 | 14 | 1 | 24 | 0 | 0 | 0 | 2 | 35 | 27 | 0 | 0 |
| Investments | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 305 | 311 | 296 | 244 | 325 | 241 | 222 | 371 | 353 | 360 | 372 | 341 | 412 |
| Total Assets | 382 | 391 | 535 | 494 | 594 | 536 | 506 | 647 | 627 | 670 | 702 | 641 | 630 |
Financials of Shalimar Paints
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 38 | 38 | 34 | 36 | -94 | -9 | 16 | -62 | -48 | 18 | -59 | 23 |
| Cash from Investing Activity + | -26 | -7 | -16 | -11 | -34 | -28 | -5 | -6 | -84 | -51 | -16 | -1 |
| Cash from Financing Activity + | -16 | -23 | -19 | -18 | 198 | -46 | -11 | 225 | -7 | 44 | 29 | -25 |
| Net Cash Flow | -3 | 8 | -1 | 7 | 70 | -83 | -0 | 157 | -139 | 11 | -46 | -2 |
| Free Cash Flow | 11 | 29 | 24 | 22 | -127 | -42 | 14 | -65 | -59 | -38 | -84 | 13 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 430% | 125% | 241% | -104% | 153% | 28% | 443% | 275% | 322% | -32% | 101% | -101% |
Financials of Shalimar Paints
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 135 | 136 | 130 | 142 | 126 | 76 | 89 | 80 | 81 | 76 | 90 | 88 |
| Inventory Days | 126 | 154 | 139 | 129 | 118 | 136 | 146 | 130 | 120 | 110 | 112 | 96 |
| Days Payable | 187 | 218 | 193 | 244 | 162 | 151 | 183 | 133 | 102 | 134 | 161 | 166 |
| Cash Conversion Cycle | 73 | 72 | 75 | 28 | 82 | 61 | 52 | 77 | 98 | 52 | 41 | 18 |
| Working Capital Days | 4 | 8 | -25 | -138 | -80 | -51 | -66 | -1 | 58 | 30 | -28 | -75 |
| ROCE % | 2% | 13% | 3% | -12% | -18% | -10% | -1% | -7% | -4% | -13% | -13% | -8% |
Guidance history
How Shalimar Paints's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY24 call → | 20–40% | Up 2%+ | Planned | Planned | — |
| Q4 FY23 call → | 20–40% | Up 0–2% | Planned | Planned | Rising |
| Q3 FY23 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY23 call → | 20–40% | Up 2%+ | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
41 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,937 stocks |
|---|---|---|
| Last 12 months | +31.0% | 76% |
| Last 6 months | +91.4% | 96% |
| Last 3 months | +5.0% | 71% |
The price is 55.6% below its all-time high of ₹216.2 (20 Jan 2024). Stocks more than 20% below their peak have their score halved, so 83 became 41.
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 Shalimar Paints: 0.4 × 76 + 0.4 × 96 + 0.2 × 71 = 83, halved to 41 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.
Continue your research
What Shalimar Paints's management said in earlier quarters
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