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Last Updated on: 30 May, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Shalimar Paints Ltd

Basic Stock Data

Last Updated: May 30, 2024, 6:17 am

Market Cap 1,292 Cr.
Current Price 154
High / Low226/144
Stock P/E
Book Value 47.0
Dividend Yield0.00 %
ROCE12.3 %
ROE19.8 %
Face Value 2.00
PEG Ratio0.00

Competitors of Shalimar Paints Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Berger Paints India Ltd 57,882 Cr. 497680/47851.2 41.50.54 %23.8 %20.4 % 1.00
Asian Paints Ltd 2,77,199 Cr. 2,8903,568/2,75050.8 1730.88 %34.4 %27.7 % 1.00
Sirca Paints India Ltd 1,793 Cr. 327444/28234.8 56.30.46 %24.1 %17.9 % 10.0
Kansai Nerolac Paints Ltd 22,089 Cr. 273357/25632.6 69.10.91 %17.5 %13.4 % 1.00
Industry Average89,740.75 Cr996.7542.3584.980.70%24.95%19.85%3.25

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales93112659196106110111129136126119146
Expenses871137499102105113115130142130139153
Operating Profit6-1-9-8-60-3-5-1-6-5-20-7
OPM %6%-1%-14%-9%-6%0%-3%-4%-0%-4%-4%-17%-5%
Other Income07-203-12113222
Interest5556664444442
Depreciation3333333333334
Profit before tax-2-3-19-17-13-9-10-11-6-10-10-26-12
Tax %-189%-798%0%0%0%6%0%0%0%0%0%0%0%
Net Profit-7-29-19-17-13-9-10-11-6-10-10-26-12
EPS in Rs-1.29-5.26-3.58-3.10-2.37-1.23-1.33-1.49-0.86-1.33-1.42-3.55-1.38

Last Updated: May 11, 2024, 1:57 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 27, 2024, 6:03 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales478465416384350271288344326358486535
Expenses440450407354335305349377322381500589
Operating Profit381593014-34-61-344-22-15-54
OPM %8%3%2%8%4%-13%-21%-10%1%-6%-3%-10%
Other Income-262111-1485-378
Interest172121222326252019221613
Depreciation44558891113131315
Profit before tax16-4-154-15-67-109-56-24-61-36-74
Tax %30%22%29%-23%36%32%25%32%-110%1%0%0%
Net Profit11-3-115-10-46-82-38-50-60-36-74
EPS in Rs1.95-0.50-1.870.93-1.72-8.10-15.25-7.03-9.18-8.36-5.01-8.82
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
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%

Growth

Compounded Sales Growth
10 Years:1%
5 Years:13%
3 Years:18%
TTM:10%
Compounded Profit Growth
10 Years:%
5 Years:-2%
3 Years:-19%
TTM:-104%
Stock Price CAGR
10 Years:9%
5 Years:13%
3 Years:10%
1 Year:0%
Return on Equity
10 Years:-18%
5 Years:-17%
3 Years:-16%
Last Year:-20%

Last Updated: May 25, 2024, 8:53 am

Sirca Paints India 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

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

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 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

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%

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

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

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

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: ₹142.38

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.

Overvalued: 7.54% compared to the current price ₹154

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

Intrinsic Value: ₹115.97

Calculation basis:

  • Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Overvalued: 24.70% compared to the current price ₹154

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

Last 5 Year EPS CAGR: -18.55%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (199.50 cr) compared to borrowings (136.25 cr), indicating strong financial stability.
  1. The stock has a low average ROCE of 2.08%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 89.17, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 72.42, which may not be favorable.
  4. The company has not shown consistent growth in sales (391.75) and profit (-36.75).

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: -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: 24.95%)
      • 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%: -10.31% (Industry Average ROE: 19.85%)
      • 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): -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.
    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: (Industry average Stock P/E: 42.35)
      • 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: 0.39
      • 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 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

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

FAQ

What is the latest fair value of Shalimar Paints Ltd?

The latest fair value of Shalimar Paints Ltd is ₹142.38.

What is the Market Cap of Shalimar Paints Ltd?

The Market Cap of Shalimar Paints Ltd is 1,292 Cr..

What is the current Stock Price of Shalimar Paints Ltd as on 30 May 2024?

The current stock price of Shalimar Paints Ltd as on 30 May 2024 is ₹154.

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

In FY 2024, the High / Low of Shalimar Paints Ltd stocks is 226/144.

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 47.0.

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 12.3 %.

What is the ROE of Shalimar Paints Ltd?

The ROE of Shalimar Paints Ltd is 19.8 %.

What is the Face Value of Shalimar Paints Ltd?

The Face Value of Shalimar Paints Ltd is 2.00.

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