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Shalimar Paints Ltd
(SHALPAINTS)
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Rating:49Neutral
Price Target:
₹78.00
▲(12.86% Upside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak financial performance (continued losses, equity erosion, and negative free cash flow) despite some improvement in gross margin and loss narrowing. Technicals are a supporting factor with strong trend and positive momentum, but overbought readings add near-term risk. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Gross Margin Recovery
The sharp gross-margin recovery indicates improved pricing, product mix, and/or input-cost conditions, giving the company a stronger base for rebuilding profitability. Loss narrowing adds support, although sustained revenue growth and positive operating earnings are still needed to establish a durable turnaround.
Negative Factors
Revenue Contraction
Revenue contraction weakens operating leverage and makes it harder to absorb fixed manufacturing, distribution, and corporate costs. Because the decline followed multiple years of growth and occurred alongside continuing losses, it indicates that the company has not yet demonstrated durable demand expansion or a stable recovery trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross Margin Recovery
The sharp gross-margin recovery indicates improved pricing, product mix, and/or input-cost conditions, giving the company a stronger base for rebuilding profitability. Loss narrowing adds support, although sustained revenue growth and positive operating earnings are still needed to establish a durable turnaround.
Read all positive factors
Shalimar Paints Ltd (SHALPAINTS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹6.54B
Dividend Yield1.75%
Average Volume (3M)18.76K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-10.48%
EPS Growth0.50%
CountryIN
Employees581
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-7.74
Shares Outstanding83,711,180
10 Day Avg. Volume15,657
30 Day Avg. Volume18,756
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.20
Price to Sales (P/S)0.52
P/FCF Ratio-49.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Shalimar Paints Ltd Business Overview & Revenue Model
Company Description
Shalimar Paints Ltd. is an Indian enterprise primarily involved in the production, sale, and supply of various paint and coating solutions throughout the country. Its comprehensive product range includes decorative finishes suitable for both indoo...
How the Company Makes Money
Shalimar Paints Ltd primarily makes money by manufacturing and selling paints and coatings. Its revenue model is largely product-sales driven: (1) Decorative/architectural coatings revenue comes from selling interior and exterior wall paints and r...
Shalimar Paints Ltd Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.76B | 5.99B | 5.35B | 4.82B | 3.58B |
| Gross Profit | 1.01B | 686.00M | 1.42B | 1.23B | 861.59M |
| EBITDA | -204.80M | -468.40M | -487.30M | -75.40M | -286.70M |
| Net Income | -649.50M | -801.60M | -738.50M | -361.50M | -603.51M |
Balance Sheet | |||||
| Total Assets | 6.41B | 7.02B | 6.70B | 6.24B | 6.47B |
| Cash, Cash Equivalents and Short-Term Investments | 506.80M | 533.10M | 1.03B | 1.06B | 1.62B |
| Total Debt | 1.65B | 1.64B | 1.06B | 1.40B | 1.68B |
| Total Liabilities | 3.89B | 3.87B | 2.76B | 2.71B | 2.96B |
| Stockholders Equity | 2.51B | 3.15B | 3.93B | 3.53B | 3.51B |
Cash Flow | |||||
| Free Cash Flow | -60.80M | -1.05B | -395.30M | -591.30M | -648.70M |
| Operating Cash Flow | 41.00M | -723.20M | 176.80M | -479.30M | -618.05M |
| Investing Cash Flow | -39.30M | -178.40M | -513.50M | -837.80M | -57.49M |
| Financing Cash Flow | -20.50M | 444.20M | 628.10M | -68.70M | 2.25B |
Shalimar Paints Ltd Technical Analysis
Positive
69.11
Price Trends
80.17
Negative
66.19
Positive
61.38
Positive
Market Momentum
-0.49
Positive
47.37
Neutral
64.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SHALPAINTS, the sentiment is Positive. The current price of 69.11 is below the 20-day moving average (MA) of 80.99, below the 50-day MA of 80.17, and above the 200-day MA of 61.38, indicating a neutral trend. The MACD of -0.49 indicates Positive momentum. The RSI at 47.37 is Neutral, neither overbought nor oversold. The STOCH value of 64.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:SHALPAINTS.
Shalimar Paints Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹50.32B | 31.16 | ― | 0.47% | 9.51% | 13.64% | |
70 Outperform | ₹141.78B | 23.49 | ― | 1.43% | 5.24% | -47.04% | |
69 Neutral | ₹22.77B | 33.61 | ― | 0.50% | 24.10% | 22.46% | |
67 Neutral | ₹527.38B | 43.33 | ― | 0.88% | 5.22% | 6.57% | |
62 Neutral | ₹2.31T | 48.42 | ― | 1.14% | 9.78% | 32.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹6.54B | -9.47 | ― | 1.75% | -10.48% | 0.50% |
* General Sector Average
IN:SHALPAINTS
Shalimar Paints Ltd
78.13
-4.45
-5.39%
IN:ASIANPAINT
Asian Paints Ltd.
2,406.25
75.84
3.25%
IN:BERGEPAINT
Berger Paints India Limited
452.30
-75.76
-14.35%
IN:INDIGOPNTS
Indigo Paints Ltd
1,054.15
-21.49
-2.00%
IN:KANSAINER
Kansai Nerolac Paints Limited
175.30
-72.64
-29.30%
IN:SIRCA
Sirca Paints India Ltd.
400.90
-93.17
-18.86%
Shalimar Paints Ltd Corporate Events
Shalimar Paints Shareholders Clear Preferential Equity Issue at EGM
Sep 11, 2026
Shalimar Paints Ltd is an Indian coatings manufacturer operating in the decorative and industrial paints segment, serving residential, commercial and infrastructure markets. The company is listed on BSE and NSE, trading under the symbol SHALPAINTS...
Shalimar Paints Unveils Aggressive Fundraising and Strategic Tie-Up Plan with Hella Infra Market
Sep 4, 2026
Shalimar Paints Ltd’s board has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, while also appointing Kundan Sangwar as chief financial officer to strengthen its financial leadership....
Shalimar Paints Sets September 11 EGM With Remote E-Voting
Aug 19, 2026
Shalimar Paints Limited has scheduled an Extraordinary General Meeting (EGM) of its shareholders to be held via video conference on September 11, 2026, at 12:30 p.m. The meeting will consider four resolutions, underscoring an active phase of corpo...
Shalimar Paints Corrects Figures in Preferential Issue Board Outcome
Aug 19, 2026
Shalimar Paints has issued a revised outcome of its August 12, 2026 board meeting, correcting a calculation error in the aggregate consideration for a planned preferential issue of up to 81,12,02,664 CCPS at an issue price of ₹85 per share. ...
Shalimar Paints Publishes Notices for 124th AGM and E-Voting Details
Aug 19, 2026
Shalimar Paints Ltd. has published newspaper notices detailing the convening of its 124th Annual General Meeting, to be held on September 9, 2026, via video conferencing and other audio-visual means. The AGM notice, including e-voting information ...
Shalimar Paints Gets BSE, NSE Nod to Reclassify Minor Promoter Holdings as Public
Aug 3, 2026
Shalimar Paints Ltd has received approvals from BSE and the National Stock Exchange of India for the reclassification of certain shareholders from the promoter and promoter group category to the public category. The shareholders concerned, largely...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.