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Swing Capital

Shalimar Paints Ltd

NSE: SHALPAINTS BSE: 509874

Incorporated in 1902, Shalimar Paints Ltd manufactures, sells and distributes paints, coatings and providing related services[1]

₹48.9
52W: ₹34.4 — ₹108
PE 0 · Book ₹32.2 · +52% vs book
Market Cap₹409 Cr
Stock P/E—Price to Earnings
ROCE13.2%Return on Capital
ROE23.7%Return on Equity
Div. Yield0%Face Value ₹2

Weaknesses

  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -18.6% over last 3 years.
  • −Promoters have pledged 70.5% of their holding.

Shareholding Pattern

Promoters74.96%
FIIs0.08%
DIIs0.03%
Public24.93%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75.72%75.72%75.72%74.96%▼0.874.96%74.96%74.96%74.96%
FIIs0.02%0%▼0.00%0.01%▲0.00%▼0.00.01%▲0.00.04%▲0.00.08%▲0.0
DIIs0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%
Public24.22%24.23%▲0.024.23%25%▲0.825.01%▲0.024.99%▼0.024.96%▼0.024.93%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales119146144128145148178153132130
Expenses139153167150158163185161138141
Operating Profit-20-7-22-21-13-15-7-8-6-11
OPM %-17%-5%-16%-16%-9%-10%-4%-5%-5%-8%
Net Profit-26-12-26-27-20-24-10-17-14-27
EPS ₹-3.55-1.37-3.15-3.23-2.34-2.86-1.14-1.99-1.66-3.18

AI Insights

Revenue Trend

TTM revenue at ₹594Cr, down 0.8% YoY. OPM at -5%.

Debt Position

Borrowings at ₹190Cr. Debt-to-equity ratio: 0.75x. Moderate leverage.

Capex Cycle

CWIP at ₹29Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.03% (-1.59pp change). FIIs: 0.08% (+0.00pp change). Promoters hold 74.96%.

Margin & Efficiency

ROCE declining from 7% (Mar 2014) to -13% (Mar 2025). Working capital days: -27.

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