KANSAINER

Kansai Nerolac Paints Limited

Decorative and industrial paints business of Japan's Kansai Paint group

Consumer Discretionary›Consumer Durables›Consumer Durables›Paints

nerolac.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹181.46
Market cap
14,693 Cr
Stock P/E
24.5
P/B
2.19
Dividend yield
2.1%
ROE (FY26)
8.8%
ROCE (FY26)
12.2%
Operating margin (FY26)
9.3%
Debt / equity (FY26)
0.01
OCF / EBITDA (FY26)
91.8%
OCF / EBITDA (3Y)
83.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Kansai Nerolac (Kansai Nerolac Paints) makes and sells decorative paints and industrial paints, including automotive paints, in India; its promoter is Kansai Paint Co., Ltd. of Japan, which holds with other promoters 74.96% (June 2026).

Company snapshot

3rdBy market cap

Ranked among 8 companies in Paints.

What we see

Positives
  • ✓Debt-to-equity of 0.01x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,957 Cr1,919 Cr1,769 Cr2,133 Cr1,951 Cr1,922 Cr1,817 Cr2,162 Cr1,954 Cr1,982 Cr1,954 Cr2,374 Cr
Operating expenses (approx.)1,683 Cr1,675 Cr1,590 Cr1,803 Cr1,739 Cr1,687 Cr1,651 Cr1,859 Cr1,739 Cr1,742 Cr1,737 Cr2,045 Cr
EBITDA273 Cr244 Cr179 Cr330 Cr212 Cr235 Cr166 Cr303 Cr215 Cr240 Cr217 Cr328 Cr
OPM %14.0%12.7%10.1%15.5%10.9%12.2%9.1%14.0%11.0%12.1%11.1%13.8%
Other income22 Cr20 Cr33 Cr34 Cr27 Cr42 Cr37 Cr53 Cr28 Cr35 Cr30 Cr55 Cr
Interest8 Cr7 Cr7 Cr7 Cr7 Cr9 Cr8 Cr7 Cr8 Cr9 Cr8 Cr8 Cr
Depreciation47 Cr48 Cr48 Cr48 Cr49 Cr53 Cr52 Cr53 Cr54 Cr60 Cr61 Cr63 Cr
Profit before tax240 Cr208 Cr157 Cr308 Cr183 Cr844 Cr144 Cr295 Cr182 Cr161 Cr158 Cr312 Cr
Tax %27.0%27.0%27.0%27.0%34.5%21.5%28.6%27.0%26.6%27.5%30.6%26.9%
Net profit175 Cr152 Cr114 Cr225 Cr120 Cr662 Cr102 Cr216 Cr133 Cr117 Cr110 Cr228 Cr
EPS (₹)₹2.19₹1.91₹1.44₹2.86₹1.52₹8.42₹1.34₹2.73₹1.67₹1.50₹1.39₹2.86

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,585 Cr4,792 Cr5,388 Cr5,280 Cr5,074 Cr6,369 Cr7,543 Cr7,801 Cr7,823 Cr8,052 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,847 Cr4,015 Cr4,672 Cr4,476 Cr4,211 Cr5,720 Cr6,725 Cr6,774 Cr6,881 Cr7,077 CrSign in free for the trailing twelve months
EBITDA737 Cr777 Cr717 Cr804 Cr863 Cr649 Cr818 Cr1,028 Cr942 Cr975 CrSign in free for the trailing twelve months
OPM %16.1%16.2%13.3%15.2%17.0%10.2%10.8%13.2%12.0%12.1%Sign in free for the trailing twelve months
Other income98 Cr87 Cr96 Cr26 Cr38 Cr25 Cr26 Cr92 Cr139 Cr146 CrSign in free for the trailing twelve months
Interest—0 Cr10 Cr21 Cr24 Cr29 Cr29 Cr29 Cr31 Cr32 CrSign in free for the trailing twelve months
Depreciation70 Cr77 Cr106 Cr142 Cr165 Cr170 Cr180 Cr190 Cr202 Cr228 CrSign in free for the trailing twelve months
Profit before tax765 Cr787 Cr697 Cr667 Cr712 Cr476 Cr635 Cr1,561 Cr1,478 Cr797 CrSign in free for the trailing twelve months
Tax %33.3%34.7%35.8%22.7%26.2%28.0%26.2%24.7%24.9%27.7%Sign in free for the trailing twelve months
Net profit510 Cr514 Cr448 Cr516 Cr526 Cr343 Cr468 Cr1,176 Cr1,109 Cr576 CrSign in free for the trailing twelve months
EPS (₹)₹9.44₹9.55₹8.40₹9.67₹9.83₹6.66₹8.79₹14.66₹14.14₹7.29Sign in free for the trailing twelve months
Dividend payout %————45.5%82.8%11.8%12.4%27.3%52.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital54 Cr54 Cr54 Cr54 Cr54 Cr54 Cr54 Cr81 Cr81 Cr81 Cr
Reserves2,761 Cr3,078 Cr3,362 Cr3,706 Cr3,999 Cr4,078 Cr4,480 Cr5,502 Cr6,342 Cr6,633 Cr
Borrowings18 Cr27 Cr101 Cr173 Cr167 Cr203 Cr160 Cr121 Cr118 Cr83 Cr
Other liabilities788 Cr955 Cr981 Cr928 Cr1,277 Cr1,355 Cr1,586 Cr1,690 Cr1,695 Cr1,940 Cr
Total liabilities3,636 Cr4,130 Cr4,518 Cr4,884 Cr5,533 Cr5,709 Cr6,306 Cr7,410 Cr8,217 Cr8,711 Cr
Fixed assets (net)954 Cr1,031 Cr1,405 Cr1,698 Cr1,692 Cr1,775 Cr1,888 Cr1,941 Cr2,007 Cr2,086 Cr
CWIP154 Cr346 Cr316 Cr169 Cr207 Cr225 Cr113 Cr149 Cr221 Cr170 Cr
Investments531 Cr521 Cr197 Cr306 Cr669 Cr211 Cr501 Cr1,327 Cr1,850 Cr2,365 Cr
Loans & advances——5 Cr5 Cr7 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories703 Cr829 Cr1,111 Cr1,008 Cr1,198 Cr1,630 Cr1,729 Cr1,687 Cr1,665 Cr1,530 Cr
Trade receivables590 Cr703 Cr756 Cr787 Cr956 Cr1,093 Cr1,238 Cr1,335 Cr1,357 Cr1,467 Cr
Cash & bank56 Cr63 Cr93 Cr180 Cr103 Cr77 Cr105 Cr172 Cr94 Cr197 Cr
Other assets647 Cr638 Cr635 Cr730 Cr702 Cr699 Cr732 Cr799 Cr1,023 Cr896 Cr
Total assets3,636 Cr4,130 Cr4,518 Cr4,884 Cr5,533 Cr5,709 Cr6,306 Cr7,410 Cr8,217 Cr8,711 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity351 Cr359 Cr100 Cr595 Cr646 Cr25 Cr408 Cr903 Cr672 Cr894 Cr
Cash from investing-557 Cr-163 Cr88 Cr-376 Cr-453 Cr250 Cr-227 Cr-590 Cr-379 Cr-383 Cr
Cash from financing-216 Cr-189 Cr-223 Cr-141 Cr-274 Cr-309 Cr-133 Cr-249 Cr-366 Cr-403 Cr
Net cash flow-422 Cr8 Cr-35 Cr78 Cr-81 Cr-35 Cr49 Cr65 Cr-72 Cr108 Cr
Free cash flow (OCF − Capex)134 Cr15 Cr-427 Cr353 Cr542 Cr-194 Cr285 Cr666 Cr346 Cr681 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %26.9%24.8%20.0%17.4%17.3%11.6%14.1%27.8%23.1%12.2%
ROE %18.0%16.3%13.2%13.8%13.0%8.6%10.4%21.2%17.8%8.8%
Debtor days47535154696260626366
Inventory days115111119126149137129135133122
Days payable929474741128376888893
Cash conversion cycle70719610610511711311010895
OCF / EBITDA %47.6%46.3%13.9%74.0%74.8%3.8%49.9%87.9%71.4%91.8%
OCF / EBITDA % (3 years)——36.3%45.9%56.2%54.6%46.3%53.5%71.1%83.9%
Debt / equity0.00650.00850.030.050.040.050.040.020.020.01
Current ratio3.372.902.442.892.672.552.643.253.693.48
Net debt / EBITDA-0.05—0.01-0.00860.070.190.07-0.050.03-0.12