Any current/future new fundraising through debt or equity?

The company has issued warrants worth INR 150 crores, of which 25% (around INR 37.5 crores) has been received; the remaining INR 112.5 crores is expected to be received within the current year. The timeline for warrant conversion by Hella and promoters is 18 months, expected to end in September. There is no mention of any immediate or new debt fundraising; the company currently has outside debt of around INR 37-38 crores and fixed deposits worth INR 75 crores. Planned capex is around INR 190 crores, with INR 40 crores from own funds, and additional funds are awaited from warrant proceeds

Any current/future capex/capital investment/strategic investment?

Planned capex of around INR 100-190 crores focused on brownfield expansion involving infrastructure upgrades and automation to increase capacity significantly. Small capex of approximately INR 5-10 crores already undertaken; INR 11 crores invested so far, primarily on tinting machines and hygiene improvements in warehouses. Construction started on a new R&D center with planned expenses of INR 8-10 crores, current investment of INR 1-2 crores capitalized. Capex expected to increase capacity utilization, especially in Nashik and Chennai plants. No immediate plans for East Zone expansion; focus r

Future growth expectations in sales/revenue/volumes?

The company targets a sales CAGR of 25%-30% for the next 2-3 years, maintaining aggressive growth momentum. Q4 like-to-like revenue base is around INR 140-145 crores to be considered for future growth. They expect to continue growth in volumes with a focus on emulsion products, aiming to increase emulsion saliency to 68%-70% soon (currently around 62%). Distribution expansion is aggressive; last year 1,500-1,600 new outlets were added, contributing around 13% to topline, with plans to increase more stores and depots. Industrial paint segment grew around 40% vs industry growth of 20%, e

Future growth expectations in earnings/operating earnings/profits/EPS?

The company aims to maintain a strong growth target of around 35% year-on-year going forward (Hardik Parikh, Page 13). Q4 EBITDA was nearly positive, with adjustments indicating potential for consistent positive EBITDA soon (Ashok Kumar Gupta, Pages 4-5). Incremental revenues are expected to flow significantly into EBITDA due to improved gross margins (targeting 33%-34%) and controlled HR costs (~11%-12%) (Ashok Kumar Gupta, Pages 7-8). Aggressive expansion in distribution and marketing (INR 30-50 crores planned) supports volume-driven growth impacting profits positively (Pages 12-13). Freight

Shalimar PaintsQ4 FY23Consumer Durables

Shalimar Paints Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹95.93Market Cap: ₹802 CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company targets a sales CAGR of 25%-30% for the next 2-3 years, maintaining aggressive growth momentum.
Q4 like-to-like revenue base is around INR 140-145 crores to be considered for future growth.
They expect to continue growth in volumes with a focus on emulsion products, aiming to increase emulsion saliency to 68%-70% soon (currently around 62%).
Distribution expansion is aggressive; last year 1,500-1,600 new outlets were added, contributing around 13% to topline, with plans to increase more stores and depots.
Industrial paint segment grew around 40% vs industry growth of 20%, expected to sustain strong growth.
The company plans to open 10-15 new depots this year to further support distribution and volume growth.
Overall, a 35% growth rate is being targeted going forward, aligning with prior performance.

Margin guidance

Category 2

The company aims to maintain a strong growth target of around 35% year-on-year going forward (Hardik Parikh, Page 13).
Q4 EBITDA was nearly positive, with adjustments indicating potential for consistent positive EBITDA soon (Ashok Kumar Gupta, Pages 4-5).
Incremental revenues are expected to flow significantly into EBITDA due to improved gross margins (targeting 33%-34%) and controlled HR costs (~11%-12%) (Ashok Kumar Gupta, Pages 7-8).
Aggressive expansion in distribution and marketing (INR 30-50 crores planned) supports volume-driven growth impacting profits positively (Pages 12-13).
Freight cost reduction expected but moderate, around 0.25%-0.5% improvement in margins (Page 13).
The company has historically outperformed the industry by nearly double in growth rate (~40% vs. 20%), aiming to continue this momentum (Pages 4-7).
Overall, profitability is expected to improve as volume grows, costs stabilize, and the company leverages market share expansion.

See what Shalimar Paints management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has issued warrants worth INR 150 crores, of which 25% (around INR 37.5 crores) has been received; the remaining INR 112.5 crores is expected to be received within the current year.
The timeline for warrant conversion by Hella and promoters is 18 months, expected to end in September.
There is no mention of any immediate or new debt fundraising; the company currently has outside debt of around INR 37-38 crores and fixed deposits worth INR 75 crores.
Planned capex is around INR 190 crores, with INR 40 crores from own funds, and additional funds are awaited from warrant proceeds.
Utilization plans for the warrant funds primarily include marketing and possibly other expansions, but detailed plans will be formulated once funds are received.

Order book

Yes

The transcript does not explicitly mention details about the current or expected order book or pending orders for Shalimar Paints Limited. However, related insights include: - The company is aggressively expanding distribution, adding 1,500 to 1,600 new outlets last year, contributing 13% to the topline. - Production capacity utilization is at approximately 50%, with capacity sufficient for INR 1200 to 1500 crores turnover. - The company aims for strong growth, maintaining around 35% growth rate expectations. - Capex plans of about INR 190 crores are underway to boost capacity and operations. - The company is increasing marketing spends (INR 30 crores this year, rising to INR 40-50 crores next year) to support growth. - No direct mention of the order book or pending orders is provided in the available transcript pages.

See what Shalimar Paints management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned capex of around INR 100-190 crores focused on brownfield expansion involving infrastructure upgrades and automation to increase capacity significantly.
Small capex of approximately INR 5-10 crores already undertaken; INR 11 crores invested so far, primarily on tinting machines and hygiene improvements in warehouses.
Construction started on a new R&D center with planned expenses of INR 8-10 crores, current investment of INR 1-2 crores capitalized.
Capex expected to increase capacity utilization, especially in Nashik and Chennai plants.
No immediate plans for East Zone expansion; focus remains on optimizing current plants before exploring new regions.
Marketing spend planned at INR 30 crores for the current year, expected to increase to INR 40-50 crores next year.
Future investment plans beyond current capex and marketing are under formulation, pending receipt of full warrant funds (INR 150 crores).

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Shalimar Paints Q4 FY23 Earnings Call Analysis

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