Shalimar Paints
- Market cap
- ₹ 651 Cr.
- P/E
- 162.6x
- P/B
- 2.71x
- 52-week range
- 35.21 – 95.95
- ROE
- −21%
- ROCE
- −8%
- Dividend yield
- 0%
- Debt / equity
- 0.66
- Sector
- Consumer Durables
- Industry
- Paints
- Listed on
- NSE, BSE
About
Shalimar Paints Limited is an India-based company. The Company is engaged in the business of developing, manufacturing, marketing, and distribution of a range of paints and coatings. The Company has a single operating segment, namely manufacturing and sale of paints. The Company’s products are classified based on Decorative Paints and Industrial Paints divisions. The Decorative Paints division offers a suite of decorative paints for interior and exterior surfaces including concrete, plasters, metals, among others. It also offers Enamels, Interior and water based decorative coatings. The Industrial Paints division offers a suite of Protective Coatings, Can Coatings, Marine Coatings, Pipeline Coatings, Protective, General Industrial and Packaging coating solutions, among others. Its segments include Shalimar Adhunik Nirman Limited and Eastern Speciality Paints & Coatings Private Limited. The Company has three manufacturing facilities in Chennai, Nashik, and Sikandrabad (Uttar Pradesh).
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Paints: 10 companies →Shalimar Paints against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)162.6 against a typical 35.7: pricier than most peers (1st = cheapest).10th of 10
- Sales growth−11% against a typical +13% from a year earlier.10th of 10
- Share price, 3 months+18.1% against a typical −9.1%.1st of 10
- Size₹ 651.1 Cr. market value against a typical ₹ 1,815.9 Cr. (1st = largest).7th of 10
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
No up-to-date rating
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CARE | Withdrawn | Negative | 2 Jun 2026 |
Every agency has withdrawn its rating.
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 2 Jun 2026 | Withdrawn | was CARE BB+ | — | CARE | ₹ 205.05 Cr. |
Research by Minerva Capital Research Solutions
Our research team's work on Shalimar PaintsAlso covered in
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 28 Oct 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 12 Aug 2026 | Financial Results/Fund Raising | To consider and approve the financial results for the period ended Jun 30, 2026 and Fund Raising |
| 28 May 2026 | Financial Results | To consider and approve the financial results for the period ended March 31, 2026 |
| 12 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 12 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 11 Aug 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
| 26 May 2025 | Financial Results/Fund Raising | To consider and approve the financial results for the period ended March 31, 2025 and Fund Raising |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 119 | 146 | 144 | 128 | 145 | 148 | 178 | 155 | 134 | 131 | 156 | 138 |
| Expenses | 139 | 153 | 167 | 150 | 158 | 164 | 185 | 162 | 140 | 142 | 154 | 150 |
| Operating Profit | −20 | −7 | −22 | −21 | −13 | −16 | −7 | −8 | −6 | −11 | 2 | −12 |
| OPM % | −17% | −4.8% | −16% | −16% | −9% | −11% | −4.1% | −4.9% | −4.7% | −8% | 1.3% | −9% |
| Other Income | 2 | 2 | 3 | 1 | 1 | 1 | 7 | 2 | 3 | −4 | 1 | 1 |
| Interest | 4 | 2 | 2 | 3 | 4 | 5 | 5 | 6 | 6 | 7 | 6 | 5 |
| Depreciation | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 |
| Profit before tax | −26 | −12 | −26 | −27 | −20 | −25 | −10 | −17 | −14 | −27 | −8 | −21 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | −6% | 0% |
| Net Profit | −26 | −12 | −26 | −27 | −20 | −25 | −10 | −17 | −14 | −27 | −7 | −21 |
| EPS in Rs | −3.55 | −1.38 | −3.16 | −3.23 | −2.34 | −2.93 | −1.14 | −2 | −1.69 | −3.18 | −0.88 | −2.54 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 4%
- 5 Years
- 12%
- 3 Years
- 6%
- TTM
- −11%
- 10 Years
- —
- 5 Years
- −5%
- 3 Years
- −31%
- TTM
- 8%
- 10 Years
- −6%
- 5 Years
- −4%
- 3 Years
- −21%
- TTM
- —
- 10 Years
- −19%
- 5 Years
- −18%
- 3 Years
- −21%
- TTM
- —
Peers
Listed companies in the same business.
| Shalimar Paints | ₹ 81.99 | ₹ 651 Cr. | 162.6x | 2.7x | −21% | — |
| Asian Paints | ₹ 2,305.00 | ₹ 2,21,095 Cr. | 58.1x | 12.1x | 21.2% | 12.4% |
| Solar Industries India | ₹ 18,320.00 | ₹ 1,65,778 Cr. | 99.6x | 26.6x | 31.4% | 17.7% |
| Pidilite Industries | ₹ 1,514.00 | ₹ 1,54,107 Cr. | 64.8x | 14.7x | 23.8% | 16.9% |
| SRF | ₹ 2,309.00 | ₹ 68,444 Cr. | 44.6x | 6.1x | 13.8% | 11.6% |
| Linde India | ₹ 5,697.00 | ₹ 48,586 Cr. | 110.5x | 14.2x | 13.6% | 21.7% |
Management
- Kuldip Raina
- Managing Director and Chief Executive Officer
- Venugopal Chetlur
- Chief Operating Officer
- Snehal Saboo
- Company Secretary and Compliance Officer
Prices are delayed and for information only. Nothing on this page is investment advice.