Shalimar Paints Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: March 8, 2025, 10:53 am

Market Cap	929 Cr.
Current Price	111
High / Low	185/97.0
Stock P/E
Book Value	41.4
Dividend Yield	0.00 %
ROCE	12.6 %
ROE	20.2 %
Face Value	2.00
PEG Ratio	0.00

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Shalimar Paints Ltd

Competitors of Shalimar Paints Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Sirca Paints India Ltd	1,446 Cr.	264	386/255	30.5	59.1	0.57 %	24.0 %	17.9 %	10.0
Shalimar Paints Ltd	929 Cr.	111	185/97.0		41.4	0.00 %	12.6 %	20.2 %	2.00
Kansai Nerolac Paints Ltd	19,051 Cr.	236	321/218	30.4	69.8	1.06 %	16.6 %	12.8 %	1.00
Berger Paints India Ltd	59,385 Cr.	509	630/438	52.1	48.0	0.69 %	27.5 %	23.5 %	1.00
Akzo Nobel India Ltd	14,980 Cr.	3,290	4,674/2,265	34.8	313	2.28 %	42.3 %	32.3 %	10.0
Industry Average	52,462.67 Cr	1,115.50		39.60	119.88	1.01%	26.75%	23.02%	4.17

All Competitor Stocks of Shalimar Paints Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	96	106	110	111	129	135	126	119	146	144	128	145	148
Expenses	102	105	113	115	130	141	130	139	153	167	150	158	164
Operating Profit	-6	0	-3	-5	-1	-6	-5	-20	-7	-22	-21	-13	-15
OPM %	-6%	0%	-3%	-4%	-0%	-4%	-4%	-17%	-5%	-16%	-16%	-9%	-10%
Other Income	3	-1	2	1	1	3	2	2	2	3	1	1	1
Interest	6	6	4	4	4	4	4	4	2	2	3	4	5
Depreciation	3	3	3	3	3	3	3	3	4	4	4	4	4
Profit before tax	-13	-9	-10	-11	-6	-10	-10	-26	-12	-26	-27	-20	-24
Tax %	0%	-6%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Net Profit	-13	-9	-10	-11	-6	-10	-10	-26	-12	-26	-27	-20	-24
EPS in Rs	-2.37	-1.23	-1.33	-1.49	-0.86	-1.33	-1.42	-3.55	-1.38	-3.16	-3.23	-2.34	-2.86

Last Updated: February 28, 2025, 5:15 pm

Below is a detailed analysis of the quarterly data for Shalimar Paints Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is ₹148.00 Cr.. The value appears strong and on an upward trend. It has increased from 145.00 Cr. (Sep 2024) to ₹148.00 Cr., marking an increase of ₹3.00 Cr..
For Expenses, as of Dec 2024, the value is ₹164.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 158.00 Cr. (Sep 2024) to ₹164.00 Cr., marking an increase of ₹6.00 Cr..
For Operating Profit, as of Dec 2024, the value is ₹-15.00 Cr.. The value appears to be declining and may need further review. It has decreased from -13.00 Cr. (Sep 2024) to ₹-15.00 Cr., marking a decrease of 2.00 Cr..
For OPM %, as of Dec 2024, the value is -10.00%. The value appears to be declining and may need further review. It has decreased from -9.00% (Sep 2024) to -10.00%, marking a decrease of 1.00%.
For Other Income, as of Dec 2024, the value is ₹1.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 1.00 Cr..
For Interest, as of Dec 2024, the value is ₹5.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4.00 Cr. (Sep 2024) to ₹5.00 Cr., marking an increase of ₹1.00 Cr..
For Depreciation, as of Dec 2024, the value is ₹4.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 4.00 Cr..
For Profit before tax, as of Dec 2024, the value is ₹-24.00 Cr.. The value appears to be declining and may need further review. It has decreased from -20.00 Cr. (Sep 2024) to ₹-24.00 Cr., marking a decrease of 4.00 Cr..
For Tax %, as of Dec 2024, the value is 0.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 0.00%.
For Net Profit, as of Dec 2024, the value is ₹-24.00 Cr.. The value appears to be declining and may need further review. It has decreased from -20.00 Cr. (Sep 2024) to ₹-24.00 Cr., marking a decrease of 4.00 Cr..
For EPS in Rs, as of Dec 2024, the value is -2.86. The value appears to be declining and may need further review. It has decreased from ₹-2.34 (Sep 2024) to -2.86, marking a decrease of ₹0.52.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 2:54 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	478	465	416	384	350	271	288	344	326	358	484	535	565
Expenses	440	450	407	354	335	305	349	377	322	381	499	589	637
Operating Profit	38	15	9	30	14	-34	-61	-34	4	-22	-15	-54	-72
OPM %	8%	3%	2%	8%	4%	-13%	-21%	-10%	1%	-6%	-3%	-10%	-13%
Other Income	-2	6	2	1	1	1	-14	8	5	-3	7	8	6
Interest	17	21	21	22	23	26	25	20	19	22	16	13	15
Depreciation	4	4	5	5	8	8	9	11	13	13	13	15	16
Profit before tax	16	-4	-15	4	-15	-67	-109	-56	-24	-61	-36	-74	-97
Tax %	30%	-22%	-29%	-23%	-36%	-32%	-25%	-32%	110%	-1%	0%	0%
Net Profit	11	-3	-11	5	-10	-46	-82	-38	-50	-60	-36	-74	-97
EPS in Rs	1.95	-0.50	-1.87	0.93	-1.72	-8.10	-15.25	-7.03	-9.18	-8.36	-5.01	-8.82	-11.59
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-127.27%	-266.67%	145.45%	-300.00%	-360.00%	-78.26%	53.66%	-31.58%	-20.00%	40.00%	-105.56%
Change in YoY Net Profit Growth (%)	0.00%	-139.39%	412.12%	-445.45%	-60.00%	281.74%	131.92%	-85.24%	11.58%	60.00%	-145.56%

Shalimar Paints Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	1%
5 Years:	13%
3 Years:	18%
TTM:	8%

Compounded Profit Growth
10 Years:	%
5 Years:	-3%
3 Years:	-21%
TTM:	-70%

Stock Price CAGR
10 Years:	0%
5 Years:	7%
3 Years:	-7%
1 Year:	-38%

Return on Equity
10 Years:	-18%
5 Years:	-17%
3 Years:	-16%
Last Year:	-20%

Last Updated: Unknown

Balance Sheet

Last Updated: February 12, 2025, 2:53 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	4	4	4	4	4	4	11	11	11	14	14	17	17
Reserves	71	70	58	62	180	134	295	262	212	336	338	376	330
Borrowings	88	110	130	137	171	179	154	121	131	168	140	106	162
Other Liabilities	204	198	191	188	180	177	135	142	152	128	134	175	180
Total Liabilities	367	381	382	391	535	494	594	536	506	647	627	675	689
Fixed Assets	37	37	76	75	222	250	246	295	283	276	272	275	270
CWIP	8	18	1	6	14	1	24	0	0	0	2	35	52
Investments	0	0	0	0	3	0	0	0	0	0	0	0	0
Other Assets	321	327	305	311	296	244	325	241	222	371	353	365	367
Total Assets	367	381	382	391	535	494	594	536	506	647	627	675	689

Below is a detailed analysis of the balance sheet data for Shalimar Paints Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹17.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹17.00 Cr..
For Reserves, as of Sep 2024, the value is ₹330.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹376.00 Cr. (Mar 2024) to ₹330.00 Cr., marking a decrease of 46.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹162.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from ₹106.00 Cr. (Mar 2024) to ₹162.00 Cr., marking an increase of 56.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹180.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹175.00 Cr. (Mar 2024) to ₹180.00 Cr., marking an increase of 5.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹689.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹675.00 Cr. (Mar 2024) to ₹689.00 Cr., marking an increase of 14.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹270.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹275.00 Cr. (Mar 2024) to ₹270.00 Cr., marking a decrease of 5.00 Cr..
For CWIP, as of Sep 2024, the value is ₹52.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹35.00 Cr. (Mar 2024) to ₹52.00 Cr., marking an increase of 17.00 Cr..
For Investments, as of Sep 2024, the value is ₹0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹0.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹367.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹365.00 Cr. (Mar 2024) to ₹367.00 Cr., marking an increase of 2.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹689.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹675.00 Cr. (Mar 2024) to ₹689.00 Cr., marking an increase of 14.00 Cr..

Notably, the Reserves (₹330.00 Cr.) exceed the Borrowings (162.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	26	10	38	38	34	36	-94	-9	16	-62	-48	18
Cash from Investing Activity +	-10	-6	-26	-7	-16	-11	-34	-28	-5	-6	-84	-51
Cash from Financing Activity +	-13	-15	-16	-23	-19	-18	198	-46	-11	225	-7	63
Net Cash Flow	2	-11	-3	8	-1	7	70	-83	-0	157	-139	29

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-50.00	-95.00	-121.00	-107.00	-157.00	-213.00	-215.00	-155.00	-127.00	-190.00	-155.00	-160.00

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

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	118	125	135	136	130	142	126	76	89	80	81	75
Inventory Days	136	126	126	154	139	129	118	136	146	130	120	114
Days Payable	169	168	187	218	193	244	162	151	183	133	102	127
Cash Conversion Cycle	85	83	73	72	75	28	82	61	52	77	98	62
Working Capital Days	85	104	101	98	118	64	81	56	54	85	152	91
ROCE %	23%	7%	2%	13%	3%	-12%	-18%	-10%	-1%	-7%	-4%	-13%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	39.92%	39.92%	39.93%	39.93%	39.93%	39.93%	39.93%	31.90%	75.72%	75.72%	75.72%	75.72%
FIIs	0.24%	0.01%	0.07%	0.06%	0.03%	0.08%	0.03%	0.00%	0.08%	0.02%	0.00%	0.00%
DIIs	1.88%	1.80%	1.62%	1.62%	1.62%	1.62%	2.04%	0.06%	0.03%	0.03%	0.03%	0.03%
Public	57.95%	58.26%	58.38%	58.39%	58.42%	58.36%	58.00%	68.04%	24.15%	24.22%	24.23%	24.23%
No. of Shareholders	25,728	23,739	23,032	23,429	22,150	21,752	21,556	23,240	24,333	26,503	30,009	31,100

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	-9.52	-5.01	-11.46	-9.18	-7.03
Diluted EPS (Rs.)	-9.52	-5.01	-11.46	-9.18	-7.03
Cash EPS (Rs.)	-7.05	-3.25	-7.03	-6.73	-5.03
Book Value[Excl.RevalReserv]/Share (Rs.)	33.99	48.51	51.50	41.08	50.25
Book Value[Incl.RevalReserv]/Share (Rs.)	46.97	48.51	51.50	41.08	50.25
Revenue From Operations / Share (Rs.)	63.91	67.23	49.59	59.95	63.32
PBDIT / Share (Rs.)	-5.50	-1.04	-2.47	1.99	-5.97
PBIT / Share (Rs.)	-7.27	-2.80	-4.33	-0.45	-7.97
PBT / Share (Rs.)	-8.82	-5.00	-8.89	-4.38	-10.34
Net Profit / Share (Rs.)	-8.82	-5.00	-8.89	-9.18	-7.03
NP After MI And SOA / Share (Rs.)	-8.82	-5.00	-8.89	-9.18	-7.03
PBDIT Margin (%)	-8.60	-1.55	-4.98	3.32	-9.42
PBIT Margin (%)	-11.38	-4.16	-8.74	-0.76	-12.57
PBT Margin (%)	-13.80	-7.44	-17.93	-7.30	-16.33
Net Profit Margin (%)	-13.80	-7.44	-17.93	-15.31	-11.10
NP After MI And SOA Margin (%)	-13.80	-7.44	-17.93	-15.31	-11.10
Return on Networth / Equity (%)	-25.96	-10.31	-17.27	-22.35	-13.99
Return on Capital Employeed (%)	-14.31	-5.38	-6.71	-0.98	-14.43
Return On Assets (%)	-11.02	-5.79	-9.61	-9.91	-7.12
Long Term Debt / Equity (X)	0.07	0.04	0.22	0.10	0.06
Total Debt / Equity (X)	0.36	0.39	0.38	0.55	0.43
Asset Turnover Ratio (%)	0.82	0.75	0.61	0.63	0.61
Current Ratio (X)	1.41	1.40	1.84	0.79	0.81
Quick Ratio (X)	0.93	0.93	1.36	0.43	0.45
Inventory Turnover Ratio (X)	3.15	3.28	2.71	2.26	2.77
Interest Coverage Ratio (X)	-3.55	-0.47	-0.80	0.56	-1.63
Interest Coverage Ratio (Post Tax) (X)	-4.70	-1.27	-1.41	-1.48	-1.27
Enterprise Value (Cr.)	1441.04	1101.23	820.41	645.97	381.75
EV / Net Operating Revenue (X)	2.69	2.27	2.29	1.98	1.11
EV / EBITDA (X)	-31.29	-146.03	-45.99	59.70	-11.78
MarketCap / Net Operating Revenue (X)	2.61	2.03	2.36	1.63	0.77
Price / BV (X)	4.90	2.81	2.28	2.38	0.98
Price / Net Operating Revenue (X)	2.61	2.03	2.36	1.63	0.77
EarningsYield	-0.05	-0.03	-0.07	-0.09	-0.14

After reviewing the key financial ratios for Shalimar Paints Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 24, the value is -9.52. This value is below the healthy minimum of 5. It has decreased from -5.01 (Mar 23) to -9.52, marking a decrease of 4.51.
For Diluted EPS (Rs.), as of Mar 24, the value is -9.52. This value is below the healthy minimum of 5. It has decreased from -5.01 (Mar 23) to -9.52, marking a decrease of 4.51.
For Cash EPS (Rs.), as of Mar 24, the value is -7.05. This value is below the healthy minimum of 3. It has decreased from -3.25 (Mar 23) to -7.05, marking a decrease of 3.80.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 33.99. It has decreased from 48.51 (Mar 23) to 33.99, marking a decrease of 14.52.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 46.97. It has decreased from 48.51 (Mar 23) to 46.97, marking a decrease of 1.54.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 63.91. It has decreased from 67.23 (Mar 23) to 63.91, marking a decrease of 3.32.
For PBDIT / Share (Rs.), as of Mar 24, the value is -5.50. This value is below the healthy minimum of 2. It has decreased from -1.04 (Mar 23) to -5.50, marking a decrease of 4.46.
For PBIT / Share (Rs.), as of Mar 24, the value is -7.27. This value is below the healthy minimum of 0. It has decreased from -2.80 (Mar 23) to -7.27, marking a decrease of 4.47.
For PBT / Share (Rs.), as of Mar 24, the value is -8.82. This value is below the healthy minimum of 0. It has decreased from -5.00 (Mar 23) to -8.82, marking a decrease of 3.82.
For Net Profit / Share (Rs.), as of Mar 24, the value is -8.82. This value is below the healthy minimum of 2. It has decreased from -5.00 (Mar 23) to -8.82, marking a decrease of 3.82.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is -8.82. This value is below the healthy minimum of 2. It has decreased from -5.00 (Mar 23) to -8.82, marking a decrease of 3.82.
For PBDIT Margin (%), as of Mar 24, the value is -8.60. This value is below the healthy minimum of 10. It has decreased from -1.55 (Mar 23) to -8.60, marking a decrease of 7.05.
For PBIT Margin (%), as of Mar 24, the value is -11.38. This value is below the healthy minimum of 10. It has decreased from -4.16 (Mar 23) to -11.38, marking a decrease of 7.22.
For PBT Margin (%), as of Mar 24, the value is -13.80. This value is below the healthy minimum of 10. It has decreased from -7.44 (Mar 23) to -13.80, marking a decrease of 6.36.
For Net Profit Margin (%), as of Mar 24, the value is -13.80. This value is below the healthy minimum of 5. It has decreased from -7.44 (Mar 23) to -13.80, marking a decrease of 6.36.
For NP After MI And SOA Margin (%), as of Mar 24, the value is -13.80. This value is below the healthy minimum of 8. It has decreased from -7.44 (Mar 23) to -13.80, marking a decrease of 6.36.
For Return on Networth / Equity (%), as of Mar 24, the value is -25.96. This value is below the healthy minimum of 15. It has decreased from -10.31 (Mar 23) to -25.96, marking a decrease of 15.65.
For Return on Capital Employeed (%), as of Mar 24, the value is -14.31. This value is below the healthy minimum of 10. It has decreased from -5.38 (Mar 23) to -14.31, marking a decrease of 8.93.
For Return On Assets (%), as of Mar 24, the value is -11.02. This value is below the healthy minimum of 5. It has decreased from -5.79 (Mar 23) to -11.02, marking a decrease of 5.23.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.07. This value is below the healthy minimum of 0.2. It has increased from 0.04 (Mar 23) to 0.07, marking an increase of 0.03.
For Total Debt / Equity (X), as of Mar 24, the value is 0.36. This value is within the healthy range. It has decreased from 0.39 (Mar 23) to 0.36, marking a decrease of 0.03.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.82. It has increased from 0.75 (Mar 23) to 0.82, marking an increase of 0.07.
For Current Ratio (X), as of Mar 24, the value is 1.41. This value is below the healthy minimum of 1.5. It has increased from 1.40 (Mar 23) to 1.41, marking an increase of 0.01.
For Quick Ratio (X), as of Mar 24, the value is 0.93. This value is below the healthy minimum of 1. There is no change compared to the previous period (Mar 23) which recorded 0.93.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 3.15. This value is below the healthy minimum of 4. It has decreased from 3.28 (Mar 23) to 3.15, marking a decrease of 0.13.
For Interest Coverage Ratio (X), as of Mar 24, the value is -3.55. This value is below the healthy minimum of 3. It has decreased from -0.47 (Mar 23) to -3.55, marking a decrease of 3.08.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is -4.70. This value is below the healthy minimum of 3. It has decreased from -1.27 (Mar 23) to -4.70, marking a decrease of 3.43.
For Enterprise Value (Cr.), as of Mar 24, the value is 1,441.04. It has increased from 1,101.23 (Mar 23) to 1,441.04, marking an increase of 339.81.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 2.69. This value is within the healthy range. It has increased from 2.27 (Mar 23) to 2.69, marking an increase of 0.42.
For EV / EBITDA (X), as of Mar 24, the value is -31.29. This value is below the healthy minimum of 5. It has increased from -146.03 (Mar 23) to -31.29, marking an increase of 114.74.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 2.61. This value is within the healthy range. It has increased from 2.03 (Mar 23) to 2.61, marking an increase of 0.58.
For Price / BV (X), as of Mar 24, the value is 4.90. This value exceeds the healthy maximum of 3. It has increased from 2.81 (Mar 23) to 4.90, marking an increase of 2.09.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 2.61. This value is within the healthy range. It has increased from 2.03 (Mar 23) to 2.61, marking an increase of 0.58.
For EarningsYield, as of Mar 24, the value is -0.05. This value is below the healthy minimum of 5. It has decreased from -0.03 (Mar 23) to -0.05, marking a decrease of 0.02.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Shalimar Paints Ltd as of March 10, 2025 is: ₹102.36

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 10, 2025, Shalimar Paints Ltd is Overvalued by 7.78% compared to the current share price 111.00

Default values used*: Default value of 15 for Stock P/E is used

Intrinsic Value of Shalimar Paints Ltd as of March 10, 2025 is: 80.09

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 10, 2025, Shalimar Paints Ltd is Overvalued by 27.85% compared to the current share price 111.00

Default values used*: Default value of 15 for Stock P/E is used

Last 5 Year EPS CAGR: -21.76%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has higher reserves (209.54 cr) compared to borrowings (138.23 cr), indicating strong financial stability.	The stock has a low average ROCE of -1.42%, which may not be favorable. The stock has a high average Working Capital Days of 90.75, which may not be favorable. The stock has a high average Cash Conversion Cycle of 70.67, which may not be favorable. The company has not shown consistent growth in sales (404.92) and profit (-41.38).

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Shalimar Paints Ltd:
1. Net Profit Margin: -13.8%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: -14.31% (Industry Average ROCE: 26.75%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: -25.96% (Industry Average ROE: 23.02%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): -4.7
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.93
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 0 (Industry average Stock P/E: 39.6)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.36
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

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. 534.91 Cr. and Equity Capital is Rs. 16.74 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Paints/Varnishes	Stainless Centre, 4th Floor, Gurgaon Haryana 122001	askus@shalimarpaints.com http://www.shalimarpaints.com

Management
Name	Position Held
Dr. Rajeev Uberoi	Chairman & Ind.Director
Mr. Souvik Pulakesh Sengupta	Non Executive Director
Mr. Vijay Kumar Sharma	Independent Director
Mr. Sanjiv Garg	Independent Director
Ms. Shan Jain	Independent Director
Mr. Atul Rasiklal Desai	Independent Director
Mr. Aaditya Gajendra Sharda	Non Executive Director
Mr. Venugopal Chetlur	Whole Time Director & COO

FAQ

What is the latest intrinsic value of Shalimar Paints Ltd?

The latest intrinsic value of Shalimar Paints Ltd as on 09 March 2025 is ₹102.36, which is 7.78% lower than the current market price of 111.00, indicating the stock is overvalued by 7.78%. The intrinsic value of Shalimar Paints Ltd is calculated using PE ratio method. The stock has a market capitalization of ₹929 Cr. and recorded a high/low of ₹185/97.0 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹330 Cr and total liabilities of ₹689 Cr.

What is the Market Cap of Shalimar Paints Ltd?

The Market Cap of Shalimar Paints Ltd is 929 Cr..

What is the current Stock Price of Shalimar Paints Ltd as on 09 March 2025?

The current stock price of Shalimar Paints Ltd as on 09 March 2025 is ₹111.

What is the High / Low of Shalimar Paints Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Shalimar Paints Ltd stocks is ₹185/97.0.

What is the Stock P/E of Shalimar Paints Ltd?

The Stock P/E of Shalimar Paints Ltd is .

What is the Book Value of Shalimar Paints Ltd?

The Book Value of Shalimar Paints Ltd is 41.4.

What is the Dividend Yield of Shalimar Paints Ltd?

The Dividend Yield of Shalimar Paints Ltd is 0.00 %.

What is the ROCE of Shalimar Paints Ltd?

The ROCE of Shalimar Paints Ltd is 12.6 %.

What is the ROE of Shalimar Paints Ltd?

The ROE of Shalimar Paints Ltd is 20.2 %.

What is the Face Value of Shalimar Paints Ltd?

The Face Value of Shalimar Paints Ltd is 2.00.