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Last Updated: April 2, 2026, 3:38 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 509874 | NSE: SHALPAINTS

Shalimar Paints Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹94.05Undervalued by 129.95%vs CMP ₹40.90

P/E (15.0) × ROE (22.6%) × BV (₹34.00) × DY (2.00%)

Defaults: P/E=15

₹74.42Undervalued by 81.96%vs CMP ₹40.90
MoS: +45% (Strong)Confidence: 39/100 (Low)Models: 2 Under, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹99.8749%Under (+144.2%)
Net Asset ValueAssets₹34.0829%Over (-16.7%)
Revenue MultipleRevenue₹71.6322%Under (+75.1%)
Consensus (3 models)₹74.42100%Undervalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 6.2% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

52
Shalimar Paints Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health50/100 · Moderate
ROCE 12.8% GoodROE 22.6% ExcellentD/E 0.55 ModerateInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent
Smart Money60/100 · Moderate
FII holding up 0.03% (6mo) Slight increasePromoter holding at 75.0% Stable
Earnings Quality50/100 · Moderate
OPM contracting (-5% → -10%) DecliningWorking capital: -27 days (improving) Efficient
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +6% YoY Growing
Industry Rank40/100 · Moderate
ROCE 12.8% vs industry 23.0% Below peers3Y sales CAGR: 19% Moderate

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, 3:38 am

Market Cap 342 Cr.
Current Price 40.9
Intrinsic Value₹74.42
High / Low 119/34.4
Stock P/E
Book Value 34.0
Dividend Yield0.00 %
ROCE12.8 %
ROE22.6 %
Face Value 2.00
PEG Ratio0.00

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

View Share Price Target for Shalimar Paints Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Shalimar Paints Ltd 342 Cr. 40.9 119/34.4 34.00.00 %12.8 %22.6 % 2.00
Sirca Paints India Ltd 2,401 Cr. 423 539/23139.0 78.00.35 %20.0 %14.9 % 10.0
Akzo Nobel India Ltd 13,077 Cr. 2,872 3,916/2,64934.7 4953.48 %41.7 %32.2 % 10.0
Kansai Nerolac Paints Ltd 14,197 Cr. 176 275/15823.0 80.11.42 %13.0 %10.4 % 1.00
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 Shalimar Paints Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 129135126119146144128145148178155134131
Expenses 130141130139153167150158164185162140142
Operating Profit -1-6-5-20-7-22-21-13-16-7-8-6-11
OPM % -0%-4%-4%-17%-5%-16%-16%-9%-11%-4%-5%-5%-8%
Other Income 132223111723-4
Interest 4444223455667
Depreciation 3333444444555
Profit before tax -6-10-10-26-12-26-27-20-25-10-17-14-27
Tax % 0%0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit -6-10-10-26-12-26-27-20-25-10-17-14-27
EPS in Rs -0.86-1.33-1.42-3.55-1.38-3.16-3.23-2.34-2.93-1.14-2.00-1.69-3.18

Last Updated: March 3, 2026, 2:52 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 6:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 465416384350271288344326358484535599598
Expenses 450407354335305349377322381499589656629
Operating Profit 1593014-34-61-344-22-15-54-57-32
OPM % 3%2%8%4%-13%-21%-10%1%-6%-3%-10%-9%-5%
Other Income 62111-1485-378108
Interest 21212223262520192216131825
Depreciation 45588911131313151618
Profit before tax -4-154-15-67-109-56-24-61-36-74-80-67
Tax % -22%-29%-23%-36%-32%-25%-32%110%-1%0%0%0%
Net Profit -3-115-10-46-82-38-50-60-36-74-80-67
EPS in Rs -0.50-1.870.93-1.72-8.10-15.25-7.03-9.18-8.36-5.01-8.82-9.58-8.01
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-266.67%145.45%-300.00%-360.00%-78.26%53.66%-31.58%-20.00%40.00%-105.56%-8.11%
Change in YoY Net Profit Growth (%)0.00%412.12%-445.45%-60.00%281.74%131.92%-85.24%11.58%60.00%-145.56%97.45%

Shalimar 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:4%
5 Years:12%
3 Years:19%
TTM:16%
Compounded Profit Growth
10 Years:%
5 Years:-27%
3 Years:-21%
TTM:23%
Stock Price CAGR
10 Years:0%
5 Years:1%
3 Years:-25%
1 Year:-49%
Return on Equity
10 Years:-18%
5 Years:-18%
3 Years:-18%
Last Year:-23%

Last Updated: September 5, 2025, 1:26 pm

Balance Sheet

Last Updated: February 1, 2026, 1:53 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 444441111111414171717
Reserves 705862180134295262212336338376298268
Borrowings 110130137171179154121131168140106164190
Other Liabilities 198191188180177135142152128134170223214
Total Liabilities 381382391535494594536506647627670702688
Fixed Assets 377675222250246295283276272275303278
CWIP 1816141240002352729
Investments 0003000000000
Other Assets 327305311296244325241222371353360372381
Total Assets 381382391535494594536506647627670702688

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1038383436-94-916-62-4818-59
Cash from Investing Activity + -6-26-7-16-11-34-28-5-6-84-51-14
Cash from Financing Activity + -15-16-23-19-18198-46-11225-74427
Net Cash Flow -11-38-1770-83-0157-13911-46
Free Cash Flow 311292422-127-4214-65-59-38-83
CFO/OP 76%430%125%241%-104%153%28%443%275%322%-32%102%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-95.00-121.00-107.00-157.00-213.00-215.00-155.00-127.00-190.00-155.00-160.00-221.00

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 125135136130142126768980817690
Inventory Days 126126154139129118136146130120110112
Days Payable 168187218193244162151183133102134161
Cash Conversion Cycle 837372752882615277985241
Working Capital Days 2848-25-138-80-51-66-15830-27
ROCE %7%2%13%3%-12%-18%-10%-1%-7%-4%-13%-13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 39.93%39.93%39.93%31.90%75.72%75.72%75.72%75.72%74.96%74.96%74.96%74.96%
FIIs 0.03%0.08%0.03%0.00%0.08%0.02%0.00%0.00%0.01%0.00%0.01%0.04%
DIIs 1.62%1.62%2.04%0.06%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%
Public 58.42%58.36%58.00%68.04%24.15%24.22%24.23%24.23%25.00%25.01%24.99%24.96%
No. of Shareholders 22,15021,75221,55623,24024,33326,50330,00931,10029,91331,08632,65932,408

Shareholding Pattern Chart

No. of Shareholders

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

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) -9.58-9.52-5.01-11.46-9.18
Diluted EPS (Rs.) -9.58-9.52-5.01-11.46-9.18
Cash EPS (Rs.) -7.69-7.05-3.25-7.03-6.73
Book Value[Excl.RevalReserv]/Share (Rs.) 24.6433.9948.5151.5041.08
Book Value[Incl.RevalReserv]/Share (Rs.) 37.6346.9748.5151.5041.08
Revenue From Operations / Share (Rs.) 71.5763.9167.2349.5959.95
PBDIT / Share (Rs.) -5.60-5.50-1.04-2.471.99
PBIT / Share (Rs.) -7.48-7.27-2.80-4.33-0.45
PBT / Share (Rs.) -9.58-8.82-5.00-8.89-4.38
Net Profit / Share (Rs.) -9.58-8.82-5.00-8.89-9.18
NP After MI And SOA / Share (Rs.) -9.58-8.82-5.00-8.89-9.18
PBDIT Margin (%) -7.81-8.60-1.55-4.983.32
PBIT Margin (%) -10.45-11.38-4.16-8.74-0.76
PBT Margin (%) -13.38-13.80-7.44-17.93-7.30
Net Profit Margin (%) -13.38-13.80-7.44-17.93-15.31
NP After MI And SOA Margin (%) -13.38-13.80-7.44-17.93-15.31
Return on Networth / Equity (%) -38.86-25.96-10.31-17.27-22.35
Return on Capital Employeed (%) -18.02-14.31-5.38-6.71-0.98
Return On Assets (%) -11.41-11.02-5.79-9.61-9.91
Long Term Debt / Equity (X) 0.080.070.040.220.10
Total Debt / Equity (X) 0.730.360.390.380.55
Asset Turnover Ratio (%) 0.870.820.750.610.63
Current Ratio (X) 1.001.411.401.840.79
Quick Ratio (X) 0.620.930.931.360.43
Inventory Turnover Ratio (X) 4.793.153.282.712.26
Interest Coverage Ratio (X) -2.67-3.55-0.47-0.800.56
Interest Coverage Ratio (Post Tax) (X) -3.57-4.70-1.27-1.41-1.48
Enterprise Value (Cr.) 934.041441.041101.23820.41645.97
EV / Net Operating Revenue (X) 1.562.692.272.291.98
EV / EBITDA (X) -19.94-31.29-146.03-45.9959.70
MarketCap / Net Operating Revenue (X) 1.382.612.032.361.63
Price / BV (X) 4.014.902.812.282.38
Price / Net Operating Revenue (X) 1.382.612.032.361.63
EarningsYield -0.09-0.05-0.03-0.07-0.09

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Shalimar Paints Ltd. is a Public Limited Listed company incorporated on 16/12/1902 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L24222HR1902PLC065611 and registration number is 065611. Currently Company is involved in the business activities of Manufacture of paints and varnishes, enamels or lacquers. Company's Total Operating Revenue is Rs. 599.06 Cr. and Equity Capital is Rs. 16.74 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paints/VarnishesStainless Centre, 4th Floor, Gurgaon Haryana 122001Contact not found
Management
NamePosition Held
Dr. Rajeev UberoiChairman & Ind.Director
Mr. Kuldip RainaManaging Director & CEO
Mr. Venugopal ChetlurWhole Time Director & COO
Mr. Souvik Pulakesh SenguptaNon Executive Director
Mr. Aaditya Gajendra ShardaNon Executive Director
Mr. Vijay Kumar SharmaIndependent Director
Ms. Shan JainIndependent Director
Mr. Atul Rasiklal DesaiIndependent Director

FAQ

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

As of 12 April 2026, Shalimar Paints Ltd's intrinsic value is ₹74.42, which is 81.96% higher than the current market price of ₹40.90, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (22.6 %), book value (₹34.0), dividend yield (0.00 %), and 5-year EPS CAGR.

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

Shalimar Paints Ltd is trading at ₹40.90 as of 12 April 2026, with a FY2026-2027 high of ₹119 and low of ₹34.4. The stock is currently near its 52-week low. Market cap stands at ₹342 Cr..

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

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

Is Shalimar Paints Ltd financially healthy?

Key indicators for Shalimar Paints Ltd: ROCE of 12.8 % is moderate; ROE of 22.6 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Shalimar Paints Ltd profitable and how is the profit trend?

Shalimar Paints Ltd reported a net profit of ₹-80 Cr in Mar 2025 on revenue of ₹599 Cr. Compared to ₹-60 Cr in Mar 2022, the net profit shows a mixed trend.

Does Shalimar Paints Ltd pay dividends?

Shalimar Paints Ltd has a dividend yield of 0.00 % at the current price of ₹40.90. The company is currently not paying meaningful dividends.

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 Shalimar 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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