Shalimar Paints Ltd.

BSE: SHALPAINTS509874ISIN INE849C01026

Consumer Discretionary
Paints

Share price

₹79.39-1.24 (-1.54%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹96.66
52W low: ₹34.37
Off 52W high: -17.87%
1M return: +5.11%
3M return: -7.62%
6M return: +49.26%
1Y return: +2.90%
20D avg volume: 9,727
50 DMA: ₹80.38
200 DMA: ₹63.30

Key ratios Consolidated

Market cap: ₹664.58 Cr
Current price: ₹79.39
52W high / low: ₹96.66 / ₹34.37
Face value: ₹2.00
P/E: -7.56
P/B: 3.33
EPS (TTM): ₹-10.49
Book value / share: ₹23.86
ROE: —
ROCE: -15.10%
Operating margin: —
Net margin: —
Debt / equity: 0.63
Net debt: ₹149.89 Cr
Interest cover: -1.58
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 40.8 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	115.67	137.72	155.93	131.33	133.81	153.46	177.83	148.16	144.74	128.33	144.26	145.88
	0.77	0.89	0.88	0.77	3.31	1.56	6.76	0.83	1.39	0.86	2.64	1.60
	116.44	138.61	156.81	132.10	137.12	155.02	184.59	148.99	146.13	129.19	146.90	147.48
	148.99	159.87	164.64	154.15	151.26	171.69	194.11	172.97	165.75	156.23	173.32	159.02
	81.34	106.84	83.70	77.04	72.71	88.12	117.46	75.90	101.60	97.29	95.25	101.84
	6.24	6.16	6.85	9.80	9.34	9.88	4.55	6.03	13.02	9.05	7.90	7.54
	18.03	18.27	14.12	17.21	17.68	19.17	17.29	19.97	19.86	22.16	21.10	19.35
	5.29	4.91	5.65	7.05	6.49	6.15	4.87	5.41	4.39	2.88	2.17	2.49
	5.06	5.07	5.14	5.18	4.70	4.54	4.06	4.08	3.79	3.84	4.40	3.69
	30.40	33.90	38.61	34.74	33.71	35.80	40.28	34.90	31.94	33.93	35.01	32.92
	-32.55	-21.26	-7.83	-22.05	-14.14	-16.67	-9.52	-23.98	-19.62	-27.04	-26.42	-11.54
	0.00	0.00	0.00	-4.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	-32.55	-21.26	-7.83	-26.65	-14.14	-16.67	-9.52	-23.98	-19.62	-27.04	-26.42	-11.54
	0.00	0.00	-0.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	-32.55	-21.26	-7.39	-26.65	-14.14	-16.67	-9.52	-23.98	-19.62	-27.04	-26.42	-11.54
	-3.89	-2.54	-0.88	-3.18	-1.69	-1.99	-1.14	-2.86	-2.34	-3.23	-3.16	-1.40
Key metrics
	-22.20	-11.28	2.96	-14.42	-2.95	-5.98	-0.59	-14.49	-11.44	-20.32	-19.85	-5.36
	-19.20%	-8.20%	1.90%	-11.00%	-2.20%	-3.90%	-0.30%	-9.80%	-7.90%	-15.80%	-13.80%	-3.70%
	-28.10%	-15.40%	-4.70%	-20.30%	-10.60%	-10.90%	-5.40%	-16.20%	-13.60%	-21.10%	-18.30%	-7.90%
	-12.10%	—	-0.80%	—	-2.50%	—	-1.30%	—	—	—	—	—
	-13.60%	-10.30%	-12.30%	-11.40%	-7.60%	19.60%	23.30%	1.60%	—	—	—	—
	-130.20%	-27.50%	22.40%	-11.10%	27.90%	38.40%	64.00%	-107.80%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	540.65	575.63	599.06	534.91	485.55	358.10
	3.31	6.52	9.84	8.12	7.21	4.63
	543.96	582.15	608.90	543.03	492.76	362.73
	627.65	642.94	689.06	616.88	528.91	416.21
	348.92	321.57	392.25	362.77	345.56	252.51
	29.05	36.82	32.65	30.80	24.48	17.86
	67.63	68.49	79.28	77.11	53.43	41.48
	22.90	25.34	17.55	12.96	15.90	22.17
	20.45	19.57	15.77	14.84	12.71	13.46
	137.65	142.90	141.05	124.21	90.27	70.58
	-83.69	-60.79	-80.16	-73.85	-36.15	-53.48
	-4.60	-4.60	0.00	0.00	0.00	-10.76
	-88.29	-65.39	-80.16	-73.85	-36.15	-64.24
	-0.44	0.44	0.00	0.00	0.00	0.00
	-87.85	-64.95	-80.16	-73.85	-36.15	-64.24
	-10.49	-7.76	-9.58	-9.52	-5.01	-11.46
Key metrics
	-44.94	-20.48	-46.84	-46.05	-7.54	-28.61
	-8.31%	-3.60%	-7.80%	-8.60%	-1.60%	-8.00%
	-16.25%	-11.30%	-13.40%	-13.80%	-7.40%	-17.90%
	—	-15.10%	-18.00%	—	—	—
	-11.84%	-3.90%	12.00%	10.20%	35.60%	—
	—	19.00%	-8.50%	-104.30%	43.70%	—
	—	31.40	-90.85	—	—	—
	—	-0.48	0.73	—	—	—
	—	0.63	0.48	—	—	—
	—	149.89	145.49	—	—	—
	—	40.8	54.6	—	—	—
Balance sheet
	—	640.56	702.28	—	—	—
	—	332.68	355.29	—	—	—
	—	7.14	7.06	—	—	—
	—	138.34	147.87	—	—	—
	—	102.14	133.87	—	—	—
	—	—	16.79	—	—	—
	—	293.74	299.08	—	—	—
	—	176.16	192.13	—	—	—
	—	375.97	354.91	—	—	—
	—	157.03	152.55	—	—	—
	—	157.03	135.06	—	—	—
	—	0.00	17.49	—	—	—
	—	251.18	314.98	—	—	—
Cash flow
	—	31.40	-58.61	—	—	—
	—	-9.21	-14.44	—	—	—
	—	-24.07	27.31	—	—	—
	—	0.00	32.24	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	114.52	136.19	153.06	130.40	132.11	153.46	177.83	148.16	144.74	128.33	144.26	145.88
	0.98	1.06	1.15	0.83	3.32	1.56	6.76	0.83	1.39	0.88	2.65	1.61
	115.50	137.25	154.21	131.23	135.43	155.02	184.59	148.99	146.13	129.21	146.91	147.49
	147.49	158.03	160.39	153.25	149.30	171.68	194.10	172.97	165.73	156.23	173.28	159.00
	81.28	106.59	82.03	75.37	73.01	88.12	117.46	75.90	101.60	97.29	95.25	101.84
	6.24	6.16	9.25	10.06	8.64	9.88	4.55	6.03	13.02	9.05	7.90	7.54
	17.79	17.94	13.71	16.82	17.34	19.17	17.29	19.97	19.86	22.16	21.10	19.35
	5.28	4.88	5.58	7.04	6.49	6.15	4.87	5.41	4.39	2.88	2.17	2.49
	5.04	5.07	5.13	5.17	4.70	4.53	4.05	4.08	3.78	3.84	4.39	3.69
	29.09	32.67	34.50	35.01	33.25	35.80	40.28	34.90	31.93	33.93	34.98	32.90
	-31.99	-20.78	-6.18	-22.02	-13.87	-16.66	-9.51	-23.98	-19.60	-27.02	-26.37	-11.51
	0.00	0.00	0.00	-4.60	0.00	0.00	0.00	—	—	—	—	—
	-31.99	-20.78	-6.18	-26.62	-13.87	-16.66	-9.51	-23.98	-19.60	-27.02	-26.37	-11.51
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	-31.99	-20.78	-6.18	-26.62	-13.87	-16.66	-9.51	-23.98	-19.60	-27.02	-26.37	-11.51
	-3.82	-2.48	-0.74	-3.18	-1.66	-1.99	-1.14	-2.86	-2.34	-3.23	-3.15	-1.40
Key metrics
	-21.67	-10.83	4.53	-14.41	-2.68	-5.98	-0.59	-14.49	-11.43	-20.30	-19.81	-5.33
	-18.90%	-8.00%	3.00%	-11.10%	-2.00%	-3.90%	-0.30%	-9.80%	-7.90%	-15.80%	-13.70%	-3.70%
	-27.90%	-15.30%	-4.00%	-20.40%	-10.50%	-10.90%	-5.30%	-16.20%	-13.50%	-21.10%	-18.30%	-7.90%
	-12.60%	—	-0.20%	—	-2.50%	—	-1.40%	—	—	—	—	—
	-13.30%	-11.30%	-13.90%	-12.00%	-8.70%	19.60%	23.30%	1.60%	—	—	—	—
	-130.60%	-24.70%	35.00%	-11.00%	29.20%	38.30%	63.90%	-108.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	534.17	569.03	599.06	534.91	485.55	358.10
	4.02	6.86	9.86	8.17	7.21	5.01
	538.19	575.89	608.92	543.08	492.76	363.11
	619.16	634.63	689.03	616.83	528.86	416.20
	345.27	318.53	392.25	362.77	345.56	252.51
	31.71	37.83	32.65	30.80	24.48	17.86
	66.26	67.04	79.28	77.11	53.43	41.48
	22.78	25.26	17.55	12.96	15.90	22.17
	20.41	19.53	15.75	14.82	12.69	13.44
	131.27	138.57	141.04	124.18	90.24	70.59
	-80.97	-58.74	-80.11	-73.75	-36.10	-53.09
	-4.60	-4.60	0.00	—	—	-10.76
	-85.57	-63.34	-80.11	-73.75	-36.10	-63.85
	0.00	0.00	0.00	—	—	—
	-85.57	-63.34	-80.11	-73.75	-36.10	-63.85
	-10.22	-7.57	-9.57	-9.51	-5.00	-11.39
Key metrics
	-42.38	-18.55	-46.81	-45.97	-7.51	-28.24
	-7.93%	-3.30%	-7.80%	-8.60%	-1.50%	-7.90%
	-16.02%	-11.10%	-13.40%	-13.80%	-7.40%	-17.80%
	—	-15.30%	-19.00%	—	—	—
	-12.65%	-5.00%	12.00%	10.20%	35.60%	—
	—	20.90%	-8.60%	-104.30%	43.50%	—
	—	31.62	-90.85	—	—	—
	—	-0.50	0.73	—	—	—
	—	0.66	0.51	—	—	—
	—	149.95	145.55	—	—	—
	—	39.8	54.6	—	—	—
Balance sheet
	—	621.84	683.96	—	—	—
	—	307.39	355.23	—	—	—
	—	7.08	7.00	—	—	—
	—	135.39	147.87	—	—	—
	—	102.14	133.87	—	—	—
	—	13.43	16.79	—	—	—
	—	293.58	271.94	—	—	—
	—	175.41	192.12	—	—	—
	—	372.87	354.84	—	—	—
	—	157.03	152.55	—	—	—
	—	157.03	135.06	—	—	—
	—	0.00	17.49	—	—	—
	—	237.66	299.21	—	—	—
Cash flow
	—	31.62	-58.63	—	—	—
	—	-11.45	-14.43	—	—	—
	—	-22.05	27.31	—	—	—
	—	0.00	32.22	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +5.43%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): -12.65%
Profit YoY (TTM): -33.66%

Consolidated

Sales CAGR 3Y: +5.84%
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): -11.84%
Profit YoY (TTM): -36.60%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 74.94%

Quarter	September 2026	June 2026
Promoter %	74.94%	74.94%

Holder	Type	Holding	Previous	Change
Hella Infra Market Limited	Promoter	52.85%	52.85%	0.00%
Virtuous Tradecorp Private Limited	Promoter Group	12.62%	12.62%	0.00%
JSL Limited	Promoter Group	3.20%	3.20%	0.00%
Hexa Securities and Finance Company Limited	Promoter Group	1.79%	1.79%	0.00%
Nalwa Sons Investments Limited	Promoter Group	1.64%	1.64%	0.00%
Colorado Trading Company Private Limited	Promoter Group	1.46%	1.46%	0.00%
Nalwa Investments Limited	Promoter Group	0.32%	0.32%	0.00%
Urvi Jindal	Promoter Group	0.20%	0.20%	0.00%
Jindal Equipment Leasing And Consultancy Services Limited	Promoter Group	0.12%	0.12%	0.00%
Deepika Jindal	Promoter Group	0.11%	0.11%	0.00%
Sun Investments Private Limited	Promoter Group	0.10%	0.10%	0.00%
PRJ Family Management Company Private Limited	Promoter Group	0.10%	0.10%	0.00%
Stainless Investments Limited	Promoter Group	0.10%	0.10%	0.00%
Abhinandan Tradex Limited	Promoter Group	0.07%	0.07%	0.00%
Mansarover Tradex Limited	Promoter Group	0.06%	0.06%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Asian Paints Ltd.	2,32,126	2,420.00	47.33	23.80%	+12.37% TTM	+23.70% TTM	-2.68%
Berger Paints India Ltd	56,534	484.85	46.42	20.00%	+5.22% TTM	+6.48% TTM	-9.80%
Kansai Nerolac Paints	15,761	194.85	26.77	11.80%	+5.24% TTM	-46.49% TTM	-21.61%
JSW Dulux Limited	12,023	264.00	0.61	89.60%	-11.34% TTM	+383.53% TTM	-18.54%
Indigo Paints Limited	4,107	860.45	27.13	16.30%	+11.95% TTM	+4.72% TTM	-13.68%
Sirca Paints India Limited	2,326	409.55	34.71	17.90%	+24.10% TTM	+26.31% TTM	-19.16%
Shalimar Paints Ltd.	665	79.39	-7.56	-15.10%	-11.84% TTM	-36.60% TTM	+2.90%
Kamdhenu Ventures Limited	127	3.87	-16.68	2.30%	-8.05% TTM	-232.47% TTM	-52.16%
Retina Paints Limited S	40	26.35	62.74	5.50%	—	—	-61.25%

Filings & corporate actions

Recent announcements

We wish to inform you that, Mr. Abhijeet Jhawar, Non-Executive Non-Independent Director of the Company has tendered his resignation w.e.f close of business hours on November 03, 2026, due ....3 Nov 2026 · Company Update / Change in Management
We wish to inform you that, Mr. Abhijeet Jhawar, Non-Executive Non-Independent Director of the Company has tendered his resignation from the close of business hours on Tuesday, November ....3 Nov 2026 · Company Update / Change in Directorate
We wish to inform you that, Mr. Abhijeet Jhawar, Non-Executive Non-Independent Director of the Company has tendered his resignation w.e.f close of business hours on Tuesday, November 03, ....3 Nov 2026 · Company Update / Resignation of Director
PFA Outcome of Board Meeting held on October 28, 202628 Oct 2026 · Board Meeting / Outcome of Board Meeting
PFA Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended September 30, 202628 Oct 2026 · Result / Financial Results
Shalimar Paints Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/10/2026 ,inter alia, to consider and approve Unaudited financial results ....22 Oct 2026 · Board Meeting / Board Meeting
PFA Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for the Quarter ended September 30, 2026.8 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
This is to inform you that, the Trading Window for dealing in securities of the Company by the Designated Persons will remain closed from Thursday, October 01, 2026, till the end of 48 ....24 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
PFA Voting Results and Scrutinizer Report for the EGM held on September 11, 2026.11 Sep 2026 · AGM/EGM / EGM
PFA proceedings of the EGM held on September 11, 2026.11 Sep 2026 · Company Update / Meeting Updates
PFA proceedings of the EGM held on September 11, 2026.11 Sep 2026 · AGM/EGM / EGM
PFA Voting Results and Scrutinizers Report for the AGM held on September 09, 2026.10 Sep 2026 · AGM/EGM / AGM
Please find attached proceedings of AGM held on September 09, 2026.9 Sep 2026 · Company Update / Meeting Updates
Please find attached Outcome of AGM held on September 09, 2026.9 Sep 2026 · AGM/EGM / AGM
PFA Newspaper Publication with respect to Corrigendum issued to the Notice of Extra Ordinary General Meeting No. 01/2026-2027 scheduled to be held on Friday, September 11, 20264 Sep 2026 · Company Update / Newspaper Publication
PFA herewith the Corrigendum to the Notice of the Extra Ordinary General Meeting No. 01/2026-2027 scheduled to be held on Friday, September 11, 2026, at 12:30 p.m.3 Sep 2026 · AGM/EGM / EGM
PFA Newspaper publication regarding Dispatch of EGM Notice and E-voting details to the Shareholders on August 19, 2026.20 Aug 2026 · Company Update / Newspaper Publication
PFA Newspaper Publication of AGM Notice.19 Aug 2026 · Company Update / Newspaper Publication
PFA Notice of EGM No. 01/2026-2027 of the Company to be held on September 11, 2026.19 Aug 2026 · AGM/EGM / EGM
PFA herewith, the revised outcome of Board Meeting held on August 12, 2026.19 Aug 2026 · Company Update / General
We wish to inform you that, the Company has dispatched Letter to physical shareholders who have not registered their Email addresses with the Company or RTA or Depository Participants providing ....18 Aug 2026 · Company Update / General
PFA Business Responsibility and Sustainability Report for FY 2025-26.18 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
PFA Annual Report for the FY 2025-2618 Aug 2026 · Others / Reg. 34 (1) Annual Report
PFA herewith Notice of 124th Annual General Meeting and Annual Report for FY 2025-2618 Aug 2026 · AGM/EGM / AGM
PFA disclosure under Reg 30(5) of SEBI LODR, 201513 Aug 2026 · Company Update / General
We wish to inform you that, the Board of Directors at its meeting held on August 12, 2026, has approved appointment of Mr. Kundan Sangwar as Chief Financial Officer of the Company.13 Aug 2026 · Company Update / Change in Management
We wish to inform you that, the Board of Directors of the Company at its meeting held on August 12, 2026, has approved Increase in Authorised Capital and subsequent change in MOA of the Company13 Aug 2026 · Company Update / Amendments to Memorandum & Articles of Association
We wish to inform you that, the Board of Directors at its meeting held on August 12, 2026, has approved Fund Raise by way of QIP.13 Aug 2026 · Company Update / Qualified Institutional Placement
We wish to inform you that, the Board of Directors at its meeting held on August 12, 2026, has approved Preferential Issue.13 Aug 2026 · Company Update / Preferential Issue
PFA Outcome of Board Meeting held on August 12, 2026.12 Aug 2026 · Board Meeting / Outcome of Board Meeting
PFA Unaudited Financial Results for the Quarter ended June 30, 2026.12 Aug 2026 · Result / Financial Results
Shalimar Paints Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/08/2026 ,inter alia, to consider and approve Unaudited Financial Results ....9 Aug 2026 · Board Meeting / Board Meeting
PFA letter in continuation to our communication dated August 04, 2026, on the captioned subject.6 Aug 2026 · Company Update / General
Pursuant to Regulation 30 of SEBI LODR, we wish to inform you that, Shalimar Adhunik Nirman Limited, Subsidiary of the Company has entered into an Agreement to Sell its property situated at Gurugram.5 Aug 2026 · Company Update / General
Please find attached Clarification letter w.r.t Volume Movement on shares of the Company.4 Aug 2026 · Company Update / General
The Exchange has sought clarification from Shalimar Paints Ltd on August 4, 2026, with reference to Movement in Volume.<BR><BR>The reply is awaited.4 Aug 2026 · Company Update / Clarification
Please find attached No objection Letter dated August 03, 2026, received from Stock Exchange for Re-classification from ''Promoter/Promoter Group'' category to the ''Public'' category.3 Aug 2026 · Company Update / General
Please find attached herewith the Certificate issued by M/s. Beetal Financial & Computer Services Private Limited, Registrar and Transfer Agent of the Company, confirming compliance under ....8 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
This is to inform you that, pursuant to the "Code of Conduct to Regulate, Monitor and Reporting of Trading by Insiders", the Trading Window for dealing in Securities of the Company by Designated ....24 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Please find attached Scrutinizers Report for the Postal Ballot concluded on June 13, 2026.15 Jun 2026 · AGM/EGM / Postal Ballot

Board meetings

28 Oct 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results