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Last Updated on: 24 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Shalimar Paints Ltd

About the Company - Shalimar Paints Ltd

Shalimar Paints Ltd. is a Public Limited Listed company incorporated on 16/12/1902 and has its registered office in the State of West Bengal, 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. 358.10 Cr. and Equity Capital is Rs. 14.44 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Paints/VarnishesStainless Centre, 4th Floor, Gurgaon Haryana 122001askus@shalimarpaints.com
http://www.shalimarpaints.com
Management
NamePosition Held
Dr. Rajeev UberoiChairman
Mr. Ashok Kumar GuptaManaging Director
Mr. Abhyuday JindalDirector
Mr. Souvik Pulakesh SenguptaDirector
Mr. Vijay Kumar SharmaDirector
Mr. Sanjiv GargDirector
Ms. Shan JainDirector
Mr. Atul Rasiklal DesaiDirector

Shalimar Paints Ltd. Share Price Update

Share PriceValue
Today₹199.85
Previous Day₹199.50

Basic Stock Data of Shalimar Paints Ltd

Market Cap 1,645 Cr.
Current Price 196
High / Low226/133
Stock P/E
Book Value 37.9
Dividend Yield0.00 %
ROCE4.00 %
ROE10.3 %
Face Value 2.00

Data Source: screener.in

Competitors of Shalimar Paints Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Kansai Nerolac Paints Ltd 24,409 Cr. 302357/24737.7 65.70.60 %14.5 %10.7 % 1.00
Asian Paints Ltd 2,87,409 Cr. 2,9963,568/2,70052.7 1730.85 %34.4 %27.7 % 1.00
Berger Paints India Ltd 66,342 Cr. 569680/45858.7 41.50.47 %23.8 %20.4 % 1.00
Sirca Paints India Ltd 1,998 Cr. 365444/28841.3 52.10.41 %25.3 %18.8 % 10.0
Industry Average23.25 Cr309.547.683.080.58%24.5%19.4%3.25

Shalimar Paints Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales7793112659196106110111129136126119
Expenses72871137499102105113115130142130139
Operating Profit46-1-9-8-60-3-5-1-6-5-20
OPM %6%6%-1%-14%-9%-6%0%-3%-4%-0%-4%-4%-17%
Other Income007-203-1211322
Interest5555666444444
Depreciation3333333333333
Profit before tax-3-2-3-19-17-13-9-10-11-6-10-10-26
Tax %-10%-189%-798%0%0%0%6%0%0%0%0%0%0%
Net Profit-4-7-29-19-17-13-9-10-11-6-10-10-26
EPS in Rs-0.68-1.29-5.26-3.58-3.10-2.37-1.23-1.33-1.49-0.86-1.33-1.42-3.55

Shalimar Paints Ltd Quarterly Chart

Shalimar Paints Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales436478465416384350271288344326358486510
Expenses395440450407354335305349377322381500541
Operating Profit40381593014-34-61-344-22-15-31
OPM %9%8%3%2%8%4%-13%-21%-10%1%-6%-3%-6%
Other Income0-262111-1485-378
Interest15172121222326252019221616
Depreciation444558891113131313
Profit before tax2116-4-154-15-67-109-56-24-61-36-52
Tax %31%30%22%29%-23%36%32%25%32%-110%1%0%
Net Profit1411-3-115-10-46-82-38-50-60-36-52
EPS in Rs2.561.95-0.50-1.870.93-1.72-8.10-15.25-7.03-9.18-8.36-5.01-7.16
Dividend Payout %26%0%0%0%0%0%0%0%0%0%0%0%

Shalimar Paints Ltd Profit & Loss Yearly Chart

Shalimar Paints Ltd Growth

Compounded Sales Growth
10 Years:0%
5 Years:12%
3 Years:12%
TTM:16%
Compounded Profit Growth
10 Years:%
5 Years:4%
3 Years:6%
TTM:-74%
Stock Price CAGR
10 Years:14%
5 Years:26%
3 Years:29%
1 Year:32%
Return on Equity
10 Years:-17%
5 Years:-18%
3 Years:-16%
Last Year:-10%

Shalimar Paints Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital4444444111111141414
Reserves6071705862180134295262212336338303
Borrowings6988110130137171179154121131168140128
Other Liabilities171204198191188180177135142152128131125
Total Liabilities303367381382391535494594536506647624571
Fixed Assets3837377675222250246295283276272274
CWIP1818161412400026
Investments0000030000000
Other Assets264321327305311296244325241222371350292
Total Assets303367381382391535494594536506647624571

Shalimar Paints Ltd Reserves and Borrowings Chart

Shalimar Paints Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 15261038383436-94-916-62-48
Cash from Investing Activity -3-10-6-26-7-16-11-34-28-5-6-84
Cash from Financing Activity -9-13-15-16-23-19-18198-46-11225-7
Net Cash Flow32-11-38-1770-83-0157-139

Shalimar Paints Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days11611812513513613014212676898081
Inventory Days121136126126154139129118136146130116
Days Payable150169168187218193244162151183133102
Cash Conversion Cycle868583737275288261527795
Working Capital Days7485104101981186481565485150
ROCE %29%23%7%2%13%3%-12%-18%-10%-1%-7%-4%

Shalimar Paints Ltd Financial Efficiency Indicators Chart

Shalimar Paints Ltd Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Oct 2023
Promoters53.10%53.10%53.10%53.10%39.92%39.92%39.93%39.93%39.93%39.93%39.93%41.31%
FIIs0.42%0.25%0.26%0.60%0.24%0.01%0.07%0.06%0.03%0.08%0.03%0.17%
DIIs3.87%3.31%3.25%3.11%1.88%1.80%1.62%1.62%1.62%1.62%2.04%0.06%
Public42.62%43.35%43.40%43.19%57.95%58.26%58.38%58.39%58.42%58.36%58.00%58.47%
No. of Shareholders24,02829,52032,09227,66225,72823,73923,03223,42922,15021,75221,55621,530

Shalimar Paints Ltd Shareholding Pattern Chart

No. of Shalimar Paints Ltd Shareholders

This stock is not held by any mutual fund

Shalimar Paints Ltd ROCE Trend

Shalimar Paints Ltd EPS Trend

Shalimar Paints Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)-5.01-11.46-9.18-7.03-15.24
Diluted EPS (Rs.)-5.01-11.46-9.18-7.03-15.24
Cash EPS (Rs.)-3.25-7.03-6.73-5.03-13.66
Book Value[Excl.RevalReserv]/Share (Rs.)48.5151.5041.0850.2556.91
Book Value[Incl.RevalReserv]/Share (Rs.)48.5151.5041.0850.2556.91
Revenue From Operations / Share (Rs.)67.2349.5959.9563.3253.62
PBDIT / Share (Rs.)-1.04-2.471.99-5.97-11.19
PBIT / Share (Rs.)-2.80-4.33-0.45-7.97-12.77
PBT / Share (Rs.)-5.00-8.89-4.38-10.34-20.34
Net Profit / Share (Rs.)-5.00-8.89-9.18-7.03-15.24
NP After MI And SOA / Share (Rs.)-5.00-8.89-9.18-7.03-15.24
PBDIT Margin (%)-1.55-4.983.32-9.42-20.86
PBIT Margin (%)-4.16-8.74-0.76-12.57-23.82
PBT Margin (%)-7.44-17.93-7.30-16.33-37.94
Net Profit Margin (%)-7.44-17.93-15.31-11.10-28.42
NP After MI And SOA Margin (%)-7.44-17.93-15.31-11.10-28.42
Return on Networth / Equity (%)-10.31-17.27-22.35-13.99-26.77
Return on Capital Employeed (%)-5.38-6.71-0.98-14.43-20.72
Return On Assets (%)-5.79-9.61-9.91-7.12-13.79
Long Term Debt / Equity (X)0.040.220.100.060.05
Total Debt / Equity (X)0.390.380.550.430.47
Asset Turnover Ratio (%)0.750.610.630.610.53
Current Ratio (X)1.401.840.790.811.11
Quick Ratio (X)0.931.360.430.450.83
Inventory Turnover Ratio (X)3.282.712.262.772.67
Interest Coverage Ratio (X)-0.47-0.800.56-1.63-2.41
Interest Coverage Ratio (Post Tax) (X)-1.27-1.41-1.48-1.27-1.65
Enterprise Value (Cr.)1101.23820.41645.97381.75489.75
EV / Net Operating Revenue (X)2.272.291.981.111.70
EV / EBITDA (X)-146.03-45.9959.70-11.78-8.16
MarketCap / Net Operating Revenue (X)2.032.361.630.771.52
Price / BV (X)2.812.282.380.981.43
Price / Net Operating Revenue (X)2.032.361.630.771.52
EarningsYield-0.03-0.07-0.09-0.14-0.18

Shalimar Paints Ltd Profitability Ratios (%)

Shalimar Paints Ltd Liquidity Ratios

Shalimar Paints Ltd Liquidity Ratios (%)

Shalimar Paints Ltd Interest Coverage Ratios (X)

Shalimar Paints Ltd Valuation Ratios

Fair Value / Intrinsic Value of Shalimar Paints Ltd

Fair Value: ₹59.73

The stock is overvalued by 69.53% compared to the current price ₹196

*Investments are subject to market risks

Strength and Weakness of Shalimar Paints Ltd

StrengthWeakness
  1. The company has higher reserves (183.15 cr) compared to borrowings (132.77 cr), indicating strong financial stability.
  1. The stock is trading at a high valuation with an average P/B ratio of -5.66 and average Dividend Yield of -10.01%.
  2. The stock has a low average ROCE of 2.08%, which may not be favorable.
  3. The stock has a high average Working Capital Days of 89.17, which may not be favorable.
  4. The stock has a high average Cash Conversion Cycle of 72.42, which may not be favorable.
  5. The company has not shown consistent growth in sales (393.23) and profit (-30.62).

Should I Buy Shalimar Paints Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Shalimar Paints Ltd:
    1. Net Profit Margin: -7.44%
      • 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: -5.38% (Industry Average ROCE: 24.5%)
      • 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. Interest Coverage Ratio (Post Tax): -1.27
      • 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.
    4. 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.
    5. ✓ Stock P/E of N/A (Industry average Stock P/E: 47.45)
      • 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.
    6. ✓ Total Debt / Equity: 0.39
      • 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 suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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