SHALPAINTS

Shalimar Paints Limited

Decorative and industrial coatings manufacturer

Consumer Discretionary›Consumer Durables›Consumer Durables›Paints

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

Price as of 2026-10-16

Stock price
₹80.87
Market cap
677 Cr
Stock P/E
Loss (TTM EPS ₹-8.30)
P/B
2.70
ROE (FY26)
-25.9%
ROCE (FY26)
-9.8%
Operating margin (FY26)
-7.3%
Debt / equity (FY26)
0.63

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

Shalimar Paints makes and sells paints, mainly in the Indian market, and is majority owned by Hella Infra Market (part of the Infra.Market group).

Company snapshot

7thBy market cap

Ranked among 8 companies in Paints.

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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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
Sales119 Cr146 Cr144 Cr128 Cr145 Cr148 Cr178 Cr153 Cr134 Cr131 Cr156 Cr138 Cr
Operating expenses (approx.)139 Cr153 Cr167 Cr150 Cr158 Cr163 Cr185 Cr161 Cr140 Cr142 Cr154 Cr150 Cr
EBITDA-20 Cr-7 Cr-22 Cr-21 Cr-13 Cr-15 Cr-7 Cr-8 Cr-6 Cr-11 Cr2 Cr-12 Cr
OPM %-16.9%-4.8%-15.6%-16.5%-8.9%-10.3%-4.1%-4.9%-4.7%-8.1%1.3%-8.8%
Other income2 Cr2 Cr3 Cr0.86 Cr1 Cr0.83 Cr7 Cr2 Cr3 Cr0.77 Cr0.88 Cr0.89 Cr
Interest4 Cr2 Cr2 Cr3 Cr4 Cr5 Cr5 Cr6 Cr6 Cr7 Cr6 Cr5 Cr
Depreciation3 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr5 Cr5 Cr5 Cr5 Cr5 Cr
Profit before tax-26 Cr-12 Cr-26 Cr-27 Cr-20 Cr-24 Cr-10 Cr-17 Cr-14 Cr-27 Cr-8 Cr-21 Cr
Tax %0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%5.6%0.0%
Net profit-26 Cr-12 Cr-26 Cr-27 Cr-20 Cr-24 Cr-10 Cr-17 Cr-14 Cr-27 Cr-7 Cr-21 Cr
EPS (₹)₹-3.55₹-1.40₹-3.16₹-3.23₹-2.34₹-2.86₹-1.14₹-1.99₹-1.69₹-3.18₹-0.88₹-2.54

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales394 Cr278 Cr288 Cr344 Cr326 Cr358 Cr486 Cr535 Cr599 Cr576 CrSign in free for the trailing twelve months
Operating expenses (approx.)381 Cr312 Cr350 Cr377 Cr322 Cr381 Cr500 Cr589 Cr656 Cr598 CrSign in free for the trailing twelve months
EBITDA14 Cr-34 Cr-62 Cr-34 Cr4 Cr-22 Cr-15 Cr-54 Cr-57 Cr-22 CrSign in free for the trailing twelve months
OPM %3.4%-12.3%-21.6%-9.8%1.1%-6.3%-3.0%-10.1%-9.5%-3.9%Sign in free for the trailing twelve months
Other income2 Cr0.64 Cr2 Cr1 Cr7 Cr5 Cr7 Cr8 Cr10 Cr7 CrSign in free for the trailing twelve months
Interest23 Cr26 Cr25 Cr20 Cr19 Cr22 Cr16 Cr13 Cr18 Cr25 CrSign in free for the trailing twelve months
Depreciation8 Cr8 Cr8 Cr11 Cr13 Cr13 Cr13 Cr15 Cr16 Cr20 CrSign in free for the trailing twelve months
Profit before tax-15 Cr-67 Cr-109 Cr-56 Cr-24 Cr-64 Cr-36 Cr-74 Cr-80 Cr-65 CrSign in free for the trailing twelve months
Tax %36.3%32.4%25.1%32.0%-109.6%0.0%0.0%0.0%0.0%0.7%Sign in free for the trailing twelve months
Net profit-10 Cr-46 Cr-82 Cr-38 Cr-50 Cr-64 Cr-36 Cr-74 Cr-80 Cr-65 CrSign in free for the trailing twelve months
EPS (₹)₹-5.12₹-24.04₹-15.24₹-7.03₹-9.28₹-11.46₹-5.01₹-9.52₹-9.58₹-7.76Sign in free for the trailing twelve months
Dividend payout %——————————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 capital4 Cr4 Cr11 Cr11 Cr11 Cr14 Cr14 Cr17 Cr17 Cr17 Cr
Reserves180 Cr134 Cr295 Cr262 Cr212 Cr357 Cr338 Cr376 Cr298 Cr234 Cr
Borrowings161 Cr175 Cr145 Cr119 Cr124 Cr143 Cr139 Cr103 Cr153 Cr157 Cr
Other liabilities190 Cr181 Cr143 Cr144 Cr156 Cr153 Cr132 Cr173 Cr235 Cr232 Cr
Total liabilities535 Cr494 Cr593 Cr536 Cr503 Cr668 Cr624 Cr670 Cr702 Cr641 Cr
Fixed assets (net)220 Cr248 Cr243 Cr288 Cr278 Cr271 Cr269 Cr272 Cr299 Cr294 Cr
CWIP14 Cr0.67 Cr24 Cr0.94 Cr0.28 Cr0.17 Cr2 Cr34 Cr26 Cr0.01 Cr
Investments3 Cr0.0023 Cr0 Cr0.0020 Cr0.35 Cr0 Cr0 Cr0 Cr0 Cr3 Cr
Loans & advances——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr18 Cr
Inventories93 Cr74 Cr71 Cr87 Cr89 Cr97 Cr114 Cr116 Cr134 Cr102 Cr
Trade receivables125 Cr106 Cr99 Cr72 Cr78 Cr78 Cr108 Cr110 Cr148 Cr138 Cr
Cash & bank8 Cr16 Cr86 Cr3 Cr3 Cr165 Cr21 Cr50 Cr7 Cr7 Cr
Other assets73 Cr50 Cr70 Cr86 Cr55 Cr57 Cr111 Cr87 Cr88 Cr78 Cr
Total assets535 Cr494 Cr593 Cr536 Cr503 Cr668 Cr624 Cr670 Cr702 Cr641 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 activity34 Cr36 Cr-96 Cr-9 Cr3 Cr-40 Cr-48 Cr18 Cr-59 Cr31 Cr
Cash from investing-16 Cr-11 Cr-32 Cr-28 Cr0.30 Cr-3 Cr-84 Cr-51 Cr-14 Cr-9 Cr
Cash from financing-19 Cr-18 Cr198 Cr-46 Cr31 Cr206 Cr-7 Cr63 Cr27 Cr-24 Cr
Net cash flow-0.52 Cr7 Cr70 Cr-83 Cr35 Cr162 Cr-139 Cr29 Cr-46 Cr-2 Cr
Free cash flow (OCF − Capex)21 Cr21 Cr-127 Cr-42 Cr3 Cr-45 Cr-59 Cr-40 Cr-91 Cr21 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %2.1%-13.2%-18.7%-9.3%-1.3%-8.2%-4.1%-12.3%-13.4%-9.8%
ROE %-5.3%-33.0%-26.8%-13.9%-22.4%-17.3%-10.3%-18.8%-25.4%-25.9%
Debtor days11513912576878081759087
Inventory days177194134145163140120117124116
Days payable247366183160204153105136178199
Cash conversion cycle45-33766046679557364
OCF / EBITDA %254.1%———n.m.—————
Debt / equity0.871.270.470.440.550.390.390.260.480.63
Current ratio——1.110.820.791.841.401.411.000.88
Net debt / EBITDA11.29———33.34—————