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Last Updated: April 2, 2026, 3:11 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500165 | NSE: KANSAINER

Kansai Nerolac Paints Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹155.46Overvalued by 11.67%vs CMP ₹176.00

P/E (23.0) × ROE (10.4%) × BV (₹80.10) × DY (1.42%)

₹127.12Overvalued by 27.77%vs CMP ₹176.00
MoS: -38.5% (Negative)Confidence: 63/100 (Moderate)Models: 2 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹171.4322%Fair (-2.6%)
Graham NumberEarnings₹114.2316%Over (-35.1%)
Earnings PowerEarnings₹101.2611%Over (-42.5%)
DCFCash Flow₹114.8913%Over (-34.7%)
Net Asset ValueAssets₹80.257%Over (-54.4%)
EV/EBITDAEnterprise₹166.769%Fair (-5.3%)
Earnings YieldEarnings₹72.407%Over (-58.9%)
ROCE CapitalReturns₹119.509%Over (-32.1%)
Revenue MultipleRevenue₹145.475%Over (-17.3%)
Consensus (9 models)₹127.12100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 10.3%

*Investments are subject to market risks

Investment Snapshot

56
Kansai Nerolac Paints Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 13.0% GoodROE 10.4% AverageD/E 0.04 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 75.0% Stable
Earnings Quality50/100 · Moderate
OPM stable around 13% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 2% YoY FlatProfit (4Q): -49% YoY Declining
Industry Rank50/100 · Moderate
P/E 23.0 vs industry 38.5 Cheaper than peersROCE 13.0% vs industry 23.0% Below peers3Y sales CAGR: 7% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:11 am

Market Cap 14,197 Cr.
Current Price 176
Intrinsic Value₹127.12
High / Low 275/158
Stock P/E23.0
Book Value 80.1
Dividend Yield1.42 %
ROCE13.0 %
ROE10.4 %
Face Value 1.00
PEG Ratio2.24

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Kansai Nerolac Paints Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Kansai Nerolac Paints Ltd 14,197 Cr. 176 275/15823.0 80.11.42 %13.0 %10.4 % 1.00
Akzo Nobel India Ltd 13,077 Cr. 2,872 3,916/2,64934.7 4953.48 %41.7 %32.2 % 10.0
Sirca Paints India Ltd 2,401 Cr. 423 539/23139.0 78.00.35 %20.0 %14.9 % 10.0
Shalimar Paints Ltd 342 Cr. 40.9 119/34.4 34.00.00 %12.8 %22.6 % 2.00
Berger Paints India Ltd 48,716 Cr. 418 605/39143.5 53.90.91 %24.9 %20.3 % 1.00
Industry Average48,705.17 Cr1,025.9838.50157.501.21%23.02%20.17%4.17

All Competitor Stocks of Kansai Nerolac Paints Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,8271,7342,1571,9571,9191,7692,1331,9511,9221,8172,1621,9541,982
Expenses 1,6311,5651,8251,6831,6751,5901,8031,7391,6871,6511,8591,7391,742
Operating Profit 195168332273244179330212235166303215240
OPM % 11%10%15%14%13%10%15%11%12%9%14%11%12%
Other Income 7106782220333427671375328-10
Interest 7778777798789
Depreciation 46464747484848495352535460
Profit before tax 149125956240208157308183844144295182161
Tax % 27%23%23%27%27%27%27%34%22%29%27%27%27%
Net Profit 10996734175152114225120662102216133117
EPS in Rs 1.361.169.132.191.911.442.861.528.421.342.731.671.50

Last Updated: February 5, 2026, 8:39 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 5:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,1203,5053,7674,0534,6585,4245,2805,0746,3697,5437,8017,8237,915
Expenses 2,7533,0543,1823,3153,8644,6724,4764,2115,7206,7256,7746,8816,991
Operating Profit 3674515857377947538048636498181,028942924
OPM % 12%13%16%18%17%14%15%17%10%11%13%12%12%
Other Income 102256398716126382526753769109
Interest 21-0-011021242929293132
Depreciation 6668687077106142165170180190202219
Profit before tax 3104041,0797657876976677124766351,5611,478782
Tax % 33%32%16%33%35%36%23%26%28%26%25%25%
Net Profit 2092759025105144485165263434681,1761,109568
EPS in Rs 2.573.3911.156.296.365.606.446.554.445.8614.6614.147.24
Dividend Payout % 29%28%18%32%27%31%33%53%34%31%26%27%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)31.58%228.00%-43.46%0.78%-12.84%15.18%1.94%-34.79%36.44%151.28%-5.70%
Change in YoY Net Profit Growth (%)0.00%196.42%-271.46%44.24%-13.62%28.02%-13.24%-36.73%71.23%114.84%-156.98%

Kansai Nerolac Paints Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:8%
5 Years:8%
3 Years:7%
TTM:1%
Compounded Profit Growth
10 Years:9%
5 Years:4%
3 Years:22%
TTM:-6%
Stock Price CAGR
10 Years:4%
5 Years:-6%
3 Years:-10%
1 Year:-22%
Return on Equity
10 Years:13%
5 Years:11%
3 Years:11%
Last Year:10%

Last Updated: September 5, 2025, 8:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:30 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 54545454545454545454818181
Reserves 1,3721,5482,4562,7613,0783,3623,7063,9994,0784,4805,5026,3426,392
Borrowings 6851462935108178173203287276296276
Other Liabilities 7867206857939629949451,3071,3741,4861,5511,4971,590
Total Liabilities 2,2802,3733,2403,6364,1304,5184,8845,5335,7096,3067,4108,2178,339
Fixed Assets 9229169379571,0361,4651,9061,9121,9962,1082,1822,2462,311
CWIP 484442154346316169207225113153226189
Investments 492085395315211973066692115011,3271,8501,730
Other Assets 1,2611,2051,7221,9932,2282,5402,5022,7453,2783,5843,7483,8954,109
Total Assets 2,2802,3733,2403,6364,1304,5184,8845,5335,7096,3067,4108,2178,339

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 19530539235136010059564625408903672
Cash from Investing Activity + -113-239144-557-16289-375-453250-227-590-379
Cash from Financing Activity + -87-87-92-216-192-223-141-274-309-133-249-366
Net Cash Flow -6-21444-4226-3479-81-354964-72
Free Cash Flow 7021530413417-425356545-193287666347
CFO/OP 76%95%110%78%80%55%95%93%29%73%111%99%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow299.00400.00539.00708.00759.00645.00626.00690.00446.00531.00-275.00646.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 555453535551546963606263
Inventory Days 1259590123107132127158153134136133
Days Payable 8456859890827512092798888
Cash Conversion Cycle 9693587872101106107123115110109
Working Capital Days 555148806473748291817782
ROCE %22%25%25%26%25%20%18%18%11%14%17%13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.99%74.99%74.99%74.99%74.99%74.99%74.99%74.99%74.98%74.98%74.98%74.98%
FIIs 3.88%4.21%4.27%4.28%4.72%5.09%5.56%5.36%5.30%5.40%5.61%5.17%
DIIs 12.82%12.29%11.90%11.84%11.61%10.72%10.28%10.24%10.10%10.20%10.03%10.41%
Public 8.31%8.49%8.82%8.88%8.68%9.18%9.16%9.40%9.61%9.41%9.37%9.43%
No. of Shareholders 83,76193,8711,11,1971,14,0471,14,0081,36,3271,44,1511,54,2771,63,2701,56,0071,49,9191,51,213

Shareholding Pattern Chart

No. of Shareholders

Kansai Nerolac Paints Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Multi Cap Fund 10,512,367 0.5 241.9810,360,9172026-01-26 01:59:261.46%
ICICI Prudential Smallcap Fund 2,750,000 0.78 63.32,731,0722026-02-22 09:45:060.69%
Sundaram Business Cycle Fund 1,427,147 1.96 32.85N/AN/AN/A
Bajaj Finserv Large and Mid Cap Fund 1,021,521 1.03 23.51376,6892026-02-22 09:45:06171.18%
Sundaram Value Fund 612,000 1.01 14.09N/AN/AN/A
Canara Robeco Manufacturing Fund 567,325 0.87 13.06N/AN/AN/A
Canara Robeco Manufacturing Fund 567,325 0.87 13.06N/AN/AN/A
ICICI Prudential Childrens Fund 400,000 0.67 9.21N/AN/AN/A
ICICI Prudential Bharat Consumption Fund 200,913 0.15 4.6220,0002026-02-22 05:28:52904.57%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 14.1414.668.796.669.83
Diluted EPS (Rs.) 14.1214.658.786.669.83
Cash EPS (Rs.) 16.2216.9012.039.5212.82
Book Value[Excl.RevalReserv]/Share (Rs.) 79.4669.2684.6277.0475.88
Book Value[Incl.RevalReserv]/Share (Rs.) 79.4669.2684.6277.0475.88
Revenue From Operations / Share (Rs.) 96.7796.50139.97118.1994.16
PBDIT / Share (Rs.) 13.3813.8515.6612.5216.73
PBIT / Share (Rs.) 10.8811.4912.329.3713.66
PBT / Share (Rs.) 18.2819.3111.788.8413.22
Net Profit / Share (Rs.) 13.7214.558.696.379.76
NP After MI And SOA / Share (Rs.) 14.1414.668.796.669.83
PBDIT Margin (%) 13.8214.3511.1810.5917.76
PBIT Margin (%) 11.2411.918.807.9214.50
PBT Margin (%) 18.8920.018.417.4714.04
Net Profit Margin (%) 14.1815.076.215.3810.36
NP After MI And SOA Margin (%) 14.6115.196.275.6310.43
Return on Networth / Equity (%) 17.7921.2310.448.6813.07
Return on Capital Employeed (%) 13.0015.7713.8311.5217.14
Return On Assets (%) 13.9015.997.506.289.57
Total Debt / Equity (X) 0.010.020.030.040.04
Asset Turnover Ratio (%) 1.001.141.261.090.92
Current Ratio (X) 3.693.122.522.442.56
Quick Ratio (X) 2.542.011.381.211.60
Inventory Turnover Ratio (X) 4.672.672.912.942.57
Dividend Payout Ratio (NP) (%) 26.5212.2711.3778.8344.76
Dividend Payout Ratio (CP) (%) 22.5410.578.2453.5134.11
Earning Retention Ratio (%) 73.4887.7388.6321.1755.24
Cash Earning Retention Ratio (%) 77.4689.4391.7646.4965.89
Interest Coverage Ratio (X) 34.6138.3329.1023.6037.97
Interest Coverage Ratio (Post Tax) (X) 16.3518.6217.1513.0023.14
Enterprise Value (Cr.) 18612.4421077.0820861.3825293.7032447.63
EV / Net Operating Revenue (X) 2.382.702.773.976.39
EV / EBITDA (X) 17.2118.8224.7237.4835.99
MarketCap / Net Operating Revenue (X) 2.402.722.763.956.38
Retention Ratios (%) 73.4787.7288.6221.1655.23
Price / BV (X) 2.933.804.596.097.99
Price / Net Operating Revenue (X) 2.402.722.763.956.38
EarningsYield 0.060.050.020.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Kansai Nerolac Paints Ltd. is a Public Limited Listed company incorporated on 02/09/1920 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24202MH1920PLC000825 and registration number is 000825. Currently Company is involved in the business activities of Manufacture of paints and varnishes, enamels or lacquers. Company's Total Operating Revenue is Rs. 7496.71 Cr. and Equity Capital is Rs. 80.84 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paints/Varnishes28th Floor, A-wing, Marathon Futurex, Mumbai Maharashtra 400013Contact not found
Management
NamePosition Held
Mr. Bhaskar BhatChairman & Ind.Dire (Non-Exe)
Mr. Pravin ChaudhariManaging Director
Mr. Hirokazu KoteraExecutive Director
Mr. Gen YokotaNon Executive Director
Mr. Takashi TomiokaNon Executive Director
Ms. Sonia SinghInd. Non-Executive Director
Mr. Uday S BhansaliInd. Non-Executive Director

FAQ

What is the intrinsic value of Kansai Nerolac Paints Ltd and is it undervalued?

As of 17 April 2026, Kansai Nerolac Paints Ltd's intrinsic value is ₹127.12, which is 27.77% lower than the current market price of ₹176.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.4 %), book value (₹80.1), dividend yield (1.42 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Kansai Nerolac Paints Ltd?

Kansai Nerolac Paints Ltd is trading at ₹176.00 as of 17 April 2026, with a FY2026-2027 high of ₹275 and low of ₹158. The stock is currently near its 52-week low. Market cap stands at ₹14,197 Cr..

How does Kansai Nerolac Paints Ltd's P/E ratio compare to its industry?

Kansai Nerolac Paints Ltd has a P/E ratio of 23.0, which is below the industry average of 38.50. This is broadly in line with or below the industry average.

Is Kansai Nerolac Paints Ltd financially healthy?

Key indicators for Kansai Nerolac Paints Ltd: ROCE of 13.0 % is moderate. Dividend yield is 1.42 %.

Is Kansai Nerolac Paints Ltd profitable and how is the profit trend?

Kansai Nerolac Paints Ltd reported a net profit of ₹1,109 Cr in Mar 2025 on revenue of ₹7,823 Cr. Compared to ₹343 Cr in Mar 2022, the net profit shows an improving trend.

Does Kansai Nerolac Paints Ltd pay dividends?

Kansai Nerolac Paints Ltd has a dividend yield of 1.42 % at the current price of ₹176.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Kansai Nerolac Paints Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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