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Swing Capital

Kansai Nerolac Paints Ltd

NSE: KANSAINER BSE: 500165

Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1]

₹217
52W: ₹158 — ₹267
PE 26.4 · Book ₹82.8 · +162% vs book
Market Cap₹17,540 Cr
Stock P/E26.4Price to Earnings
ROCE13.6%Return on Capital
ROE10.2%Return on Equity
Div. Yield1.15%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 34.8%

Weaknesses

  • −Stock is trading at 2.59 times its book value
  • −The company has delivered a poor sales growth of 10.2% over past five years.
  • −Company has a low return on equity of 11.1% over last 3 years.
  • −Working capital days have increased from 119 days to 185 days

Shareholding Pattern

Promoters74.96%
FIIs3.6%
DIIs11.9%
Public9.53%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.99%74.99%74.99%74.98%▼0.074.98%74.98%74.98%74.96%▼0.0
FIIs5.09%5.56%▲0.55.36%▼0.25.3%▼0.15.4%▲0.15.61%▲0.25.17%▼0.43.6%▼1.6
DIIs10.72%10.28%▼0.410.24%▼0.010.1%▼0.110.2%▲0.110.03%▼0.210.41%▲0.411.9%▲1.5
Public9.18%9.16%▼0.09.4%▲0.29.61%▲0.29.41%▼0.29.37%▼0.09.43%▲0.19.53%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,8151,6622,0501,8641,8421,7402,0871,8711,9071,873
Expenses1,5751,4831,7161,6491,5951,5631,7751,6591,6601,658
Operating Profit240179334215247178312212247215
OPM %13%11%16%12%13%10%15%11%13%11%
Net Profit158102241130526123231137131121
EPS ₹1.951.262.981.616.511.532.861.691.621.49

AI Insights

Revenue Trend

Mar 2026 revenue at ₹7,739Cr, up 3.2% YoY. OPM at 13%.

Debt Position

Borrowings at ₹217Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹169Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 11.9% (-0.39pp change). FIIs: 3.6% (-0.61pp change). Promoters hold 74.96%.

Margin & Efficiency

ROCE declining from 25% (Mar 2015) to 14% (Mar 2026). Working capital days: 185.

Valuation

PE 26.4x with 13.6% ROCE. Price is 162% above book value of ₹82.8. Dividend yield: 1.15%.

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