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Shalimar Paints

₹128 -2.8 | 2.1%

Market Cap ₹1072 Cr.

Stock P/E -14.5

P/B 4.8

Current Price ₹128

Book Value ₹ 26.6

Face Value 2

52W High ₹225.7

Dividend Yield 0%

52W Low ₹ 97

Edit Ratio

Shalimar Paints Research see more...

Overview Inc. Year: 1902Industry: Paints

Shalimar Paints Ltd is engaged in manufacturing paints, varnishes, enamels or lacquers. The Company's product categories encompass indoors walls, exterior walls, steel surfaces, wooden surfaces and flooring. Its product classes provide emulsions, distempers, primers, putty and cement-based. It is present in coatings and speciality chemical compounds segments which operates in polymer chemistry and surface chemistry groups, which cater to oil and gasoline, personal care and agrochemical industries. In the industrial segment, it offers Single Pack DT-Primer cum Topcoat, Solvent less Epoxy Costing for pipe industries; Quick drying Single pack Paint for cylinder industries, Low Cost Zinc Silicate for tasks, High Build Quick Drying Coal Tar Epoxy, and Black and Clear Bitumen Varnish and Stoving Paint for hair clip. Its decorative section gives products in the interior and exterior paint category, inclusive of Signature, Superlac Stay Clean and Weather Pro+.

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Shalimar Paints Share Price

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Peer Comparison

Shalimar Paints Quarterly Results

#(Fig in Cr.) Jun 2017 Sep 2017 Dec 2017 Mar 2018
Net Sales 80 71 66 60
Other Income 0 0 0 0
Total Income 81 71 67 60
Total Expenditure 86 80 75 70
Operating Profit -6 -9 -8 -10
Interest 6 6 7 7
Depreciation 1 1 2 4
Exceptional Income / Expenses 0 0 0 0
Profit Before Tax -12 -16 -17 -22
Provision for Tax -3 -6 -7 -6
Profit After Tax -10 -10 -10 -16
Adjustments 10 10 10 16
Profit After Adjustments 0 0 0 0
Adjusted Earnings Per Share -3.7 -3.7 -3.9 -6.4

Shalimar Paints Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 483 433 403 350 271 288 344 326 358 484 535 277
Other Income 6 2 1 2 1 2 2 8 5 7 8 0
Total Income 489 435 404 352 272 290 346 333 363 491 543 279
Total Expenditure 468 424 373 336 305 349 378 322 381 499 589 311
Operating Profit 21 11 32 16 -33 -59 -32 11 -17 -8 -46 -33
Interest 21 21 22 23 26 25 20 19 22 16 13 26
Depreciation 4 5 5 8 8 9 11 13 13 13 15 8
Exceptional Income / Expenses 0 0 0 0 0 -16 7 -2 -7 0 0 0
Profit Before Tax -4 -15 4 -15 -67 -109 -56 -23 -61 -36 -74 -67
Provision for Tax -1 -4 -1 -5 -22 -27 -18 26 -1 0 0 -22
Profit After Tax -3 -11 5 -10 -45 -82 -38 -49 -60 -36 -74 -46
Adjustments 0 0 0 0 0 0 0 0 0 0 0 46
Profit After Adjustments -3 -11 5 -10 -45 -82 -38 -49 -60 -36 -74 0
Adjusted Earnings Per Share -1.1 -4 2 -3.6 -18.2 -15.2 -7 -9.1 -8.3 -5 -8.8 -17.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 11% 18% 13% 1%
Operating Profit CAGR 0% NAN% 0% NAN%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -29% 4% 9% 2%
ROE Average -32% -23% -21% -18%
ROCE Average -16% -10% -8% -4%

Shalimar Paints Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 73 62 66 167 121 288 256 207 335 337 377
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 13 18 34 24 25 18 18 24 82 15 20
Other Non-Current Liabilities 10 5 5 26 4 -22 -40 -16 6 6 10
Total Current Liabilities 285 294 283 324 350 287 262 277 205 248 243
Total Liabilities 381 380 387 540 500 572 497 493 628 605 651
Fixed Assets 31 71 67 194 222 218 267 256 248 245 248
Other Non-Current Assets 25 9 19 31 11 38 10 11 14 16 59
Total Current Assets 325 300 301 314 266 315 219 226 366 344 345
Total Assets 381 380 387 540 500 572 497 493 628 605 651

Shalimar Paints Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 15 4 1 9 8 16 86 3 3 160 21
Cash Flow from Operating Activities 10 38 36 34 36 -94 -10 16 -61 -48 18
Cash Flow from Investing Activities -6 -26 -5 -16 -10 -33 -28 -5 -6 -84 -51
Cash Flow from Financing Activities -15 -16 -23 -19 -18 198 -46 -11 225 -7 63
Net Cash Inflow / Outflow -11 -4 8 -1 7 70 -83 -0 157 -139 29
Closing Cash & Cash Equivalent 4 1 9 8 16 86 3 3 160 21 50

Shalimar Paints Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) -1.06 -4.02 2 -3.65 -18.23 -15.21 -6.98 -9.12 -8.3 -5 -8.81
CEPS(Rs) 0.33 -2.21 3.91 -0.56 -15.07 -13.57 -4.98 -6.67 -6.45 -3.24 -7.04
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 26.77 22.33 23.93 63.09 48.48 53.73 47.18 38.1 46.36 26.37 31.87
Core EBITDA Margin(%) 2.52 1.69 6.26 3.43 -10.89 -19.21 -8.86 1 -5.54 -2.7 -8.64
EBIT Margin(%) 3.01 1.11 5.51 1.93 -13.11 -26.1 -9.43 -1.14 -9.47 -3.7 -9.7
Pre Tax Margin(%) -0.62 -2.85 0.9 -3.8 -21.42 -33.9 -14.63 -6.49 -14.98 -6.61 -11.77
PAT Margin (%) -0.48 -2.03 1.1 -2.44 -14.51 -25.4 -9.92 -13.72 -14.84 -6.61 -11.77
Cash Profit Margin (%) 0.15 -1.12 2.15 -0.38 -11.99 -22.67 -7.08 -10.04 -11.53 -4.29 -9.4
ROA(%) -0.75 -2.78 1.38 -2.07 -8.74 -15.22 -7.09 -10.01 -10.7 -5.85 -11.74
ROE(%) -3.92 -16.37 8.66 -8.38 -31.64 -39.89 -13.91 -21.38 -22.14 -13.75 -32.26
ROCE(%) 10.2 3.15 13.61 2.83 -12.87 -22.63 -8.8 -1.16 -9.13 -4.66 -16.46
Receivable days 99.27 109.68 112.73 124.07 134.39 116.39 81.5 76.5 71.43 62.17 63.3
Inventory Days 80.05 79.59 82.37 94.22 97.09 82.59 75.51 88.76 83.16 69.82 67
Payable days 170.42 186.81 209.33 200.48 211.95 196.23 152.22 170.41 142.28 101.09 110.48
PER(x) 0 0 39.79 0 0 0 0 0 0 0 0
Price/Book(x) 1.98 4.54 3.33 1.89 2.17 1.51 1.04 2.56 2.53 5.18 5.23
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.51 0.91 0.84 1.35 1.55 1.73 1.12 2.01 2.37 2.28 2.69
EV/Core EBITDA(x) 11.63 37.47 10.73 30.07 -12.7 -8.37 -11.95 58.44 -48.65 -146.61 -31.35
Net Sales Growth(%) -3.76 -10.26 -7 -13.19 -22.47 6.06 19.55 -5.32 10.02 35.07 10.56
EBIT Growth(%) -46.11 -66.59 355.99 -71.29 -640.14 -104.27 57.07 88.53 -826.5 47.2 -200.94
PAT Growth(%) -125.37 -278.66 149.84 -282.22 -372.48 -79.61 53.57 -30.68 -21.16 39.8 -104.29
EPS Growth(%) -125.37 -278.66 149.79 -282.22 -399.94 16.59 54.13 -30.68 8.9 39.79 -76.22
Debt/Equity(x) 1.56 2.21 2.17 1.03 1.48 0.53 0.47 0.63 0.5 0.73 0.39
Current Ratio(x) 1.14 1.02 1.06 0.97 0.76 1.1 0.84 0.81 1.79 1.39 1.42
Quick Ratio(x) 0.71 0.66 0.67 0.69 0.55 0.85 0.51 0.49 1.32 0.93 0.94
Interest Cover(x) 0.83 0.28 1.19 0.34 -1.58 -3.35 -1.81 -0.21 -1.72 -1.27 -4.69
Total Debt/Mcap(x) 0.79 0.49 0.65 0.54 0.58 0.35 0.45 0.25 0.2 0.14 0.07

Shalimar Paints Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 39.92 39.92 39.92 39.92 39.92 39.92 31.9 75.73 75.73 75.73
FII 0.01 0.07 0.06 0.03 0.08 0.03 0 0.08 0.02 0
DII 1.8 1.62 1.62 1.62 1.62 2.04 0.06 0.03 0.03 0.03
Public 58.26 58.39 58.39 58.42 58.37 58.01 68.04 24.16 24.22 24.24
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of -23% over the last 3 years.
  • Debtor days have increased from 101.09 to 110.48days.
  • Stock is trading at 4.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Shalimar Paints News

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