Shalimar Paints Limited (SHALPAINTS)

Consumer Durables · Consumer Durables · NSE · Updated 22 July 2026

₹69.05 ↓ 28.23% (1Y)

🎯 Key Takeaways

Shalimar Paints Limited is in a critical financial and operational turnaround phase, marked by persistent losses, deteriorating credit ratings, and strained liquidity despite modest revenue growth. Management is actively restructuring operations and seeking external financing to sustain operations, signaling a pivotal inflection point in the company's trajectory.
Revenue grew 2.4% QoQ to ₹148 in Q3FY25.
⚠️ Persistent operational losses and negative cash flows despite revenue growth, exacerbated by high fixed costs and competitive pressures.

Market Cap

₹420

P/E Ratio

-4.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Shalimar Paints Limited is in a critical financial and operational turnaround phase, marked by persistent losses, deteriorating credit ratings, and strained liquidity despite modest revenue growth. Management is actively restructuring operations and seeking external financing to sustain operations, signaling a pivotal inflection point in the company's trajectory.

📰 What's Happening

In the latest quarter ending June 30, 2026, the company announced the closure of its trading window ahead of unaudited financial results, with the board meeting date to follow. Earlier, it reported a consolidated net loss of ₹80.11 crore for FY2026, up from ₹64.95 crore in FY2025, despite a 6% rise in total income to ₹608.92 crore. The standalone loss widened to ₹63.34 crore, with current liabilities exceeding assets by ₹65.48 crore. Management cited a one-time ₹4.60 crore charge from labor law changes and plans for asset monetization and ECLGS 5.0 financing to sustain operations. Shareholders approved the reappointment of Atul Rasiklal Desai as Independent Director and the appointment of Abhijeet Jhawar as Director via remote e-voting on June 15, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	136	126	119	146	144	128	145	148
Operating Profit	-3	-3	-18	-5	-20	-20	-11	-14
OPM %	-4.5%	-3.7%	-16.9%	-4.8%	-15.6%	-16.5%	-8.9%	-10.3%
Net Profit	-10	-10	-26	-12	-26	-27	-20	-24
EPS	₹-1.33	₹-1.42	₹-3.55	₹-1.40	₹-3.16	₹-3.23	₹-2.34	₹-2.86

Quarterly financials show a mixed but slightly improving operational trend: revenue has grown sequentially from ₹126 crore in Q1FY24 to ₹148 crore in Q3FY25, yet operating losses persist, with OPM remaining negative throughout. The most recent quarter (Q3FY25) recorded an operating loss of ₹14 crore (-10.3% margin), an improvement from the ₹20 crore loss in Q4FY24, suggesting some operational stabilization. However, net loss widened to ₹24 crore in Q3FY25 from ₹20 crore in Q2FY25, driven by higher other expenses and financial charges. The company continues to operate under significant margin pressure, though the pace of loss expansion has slowed in recent quarters.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance in the latest filings, but has consistently cited structural challenges including high fixed costs, intense competition, and liquidity constraints. The company is actively pursuing asset monetization and ECLGS 5.0 financing to maintain operations, indicating reliance on government-backed liquidity schemes amid limited internal cash generation. The resignation of CFO Sachin Naik on May 30, 2026, was attributed to career advancement, with no successor named yet, raising governance concerns during a period of financial stress.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Titan Company Limited	3.70 L Cr	77.6	34.3%	41.0%	0.88
Asian Paints Limited	2.50 L Cr	65.0	26.0%	19.8%	0.04
LG Electronics India Limited	1.07 L Cr	—	—	—	—
Havells India Limited	75,873	54.2	—	—	—
Dixon Technologies (India) Limited	66,754	75.9	—	—	—
Berger Paints (I) Limited	62,200	54.5	—	—	—
Voltas Limited	40,722	56.8	—	—	—
Kalyan Jewellers India Limited	36,461	54.6	—	—	—
Blue Star Limited	34,091	61.2	—	—	—
Amber Enterprises India Limited	29,854	164.3	8.4%	4.1%	0.62

🔗 Peer Stock Analyses

TITAN ASIANPAINT LGEINDIA HAVELLS DIXON

⚠️ Risk Factors

1. Persistent operational losses and negative cash flows despite revenue growth, exacerbated by high fixed costs and competitive pressures. 2. Severe liquidity constraints with current liabilities surpassing assets and reliance on ECLGS 5.0 for debt servicing. 3. Downgraded credit rating by CARE with a Negative outlook, reflecting weakened financial resilience. 4. Management instability following the resignation of the CFO, with no immediate successor named, potentially disrupting financial oversight.

📋 Recent Filings

🧠 Analyst's Read

Shalimar Paints is navigating a fragile phase marked by financial distress, governance changes, and rating downgrades, despite modest top-line growth. The company's ability to stabilize operations and manage liquidity through ECLGS and asset monetization will be critical to watch in the coming quarters. Investors should monitor upcoming financial disclosures, credit rating actions, and leadership transitions for early signs of recovery or further deterioration.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-22.

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