KANSAINER
Kansai Nerolac Paints share price & financials
- Price
- ₹201.28
- Market cap
- ₹17.2k Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Kansai Nerolac Paints Limited Q1 FY27
What went well
- Consolidated net revenue grew 9.8% YoY.
- Consolidated PBDIT grew 8.3% YoY.
- Industrial business achieved double-digit growth.
What to watch
- Industrial segment price increases lagged, leading to a 1.3% reduction in gross contribution.
- Geopolitical conflicts causing supply chain disruptions, high commodity prices, and rupee depreciation.
What Kansai Nerolac Paints Limited does
Kansai Nerolac Paints manufactures and sells paints and coatings across two broad businesses: Decorative paints for homes and buildings under the Nerolac brand, and Industrial coatings supplied to OEMs, including Automotive Coating (passenger vehicles, two/three-wheelers, commercial vehicles), Auto Refinish, Powder Coating (white goods, kitchen appliances, alloy wheels) and Performance/General Industrial Coatings (helmets, cans, coils, floors, construction and agricultural equipment, bridges). It is majority-owned by Japan's Kansai Paint Co., drawing on its parent's technology under the 'ONE KANSAI' initiative, and runs an in-house R&D network to develop new formulations. The company also operates newer allied businesses in construction chemicals, wood coatings and adhesives through its domestic subsidiary Nerofix.
Segments
- Decorative
- Industrial
- Manufacturing plants
- 9
- Installed manufacturing capacity
- 691.60 million litres (FY2025-26)
- Depots across India
- 112
- Regional Distribution Centres (RDCs)
- 8
- Permanent employees and workers
- 3,804
- Centralised R&D centre plus satellite R&D units
- 1 centralised (Navi Mumbai) + 5 satellite units (Lote x2, Hosur, Bawal, Sayakha)
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 3 delivered 5 missed 9 open- EBITDA Margin (FY26) delivered said Q4 FY25 Promised: 13 to 14. I think we stick to that. Q1 FY27: Promise for FY26 concluded and achieved in the previous quarter. No further updates.
- Constant Revenue Growth went quiet said Q3 FY25 Promised: 10% growth is what we would like to achieve constantly Q1 FY27: Consolidated revenue grew 9.8% YoY, very close to the target, but the 10% constant growth promise was not mentioned.
- TiO2 Inflation Impact revised up said Q1 FY26 Promised: contributing to about 1% to 1.3% of the inflation Q1 FY27: Promise related to a past event that did not materialize as feared. Concluded in previous quarters.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 10.2%, net profit up 4.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,864 | 1,842 | 1,740 | 2,087 | 1,871 +0% | 1,907 +4% | 1,873 +8% | 2,300 +10% |
| EBITDA | 215 | 247 | 178 | 312 | 212 −1% | 247 +0% | 215 +21% | 336 +8% |
| Net profit | 130 | 526 | 123 | 231 | 137 +5% | 131 −75% | 121 −2% | 242 +5% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −22.8% 1Y
1Y: ₹244.3 on 10 Sept 2025 → ₹188.6. High ₹256.85 (21 Oct 2025), low ₹159.07 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.8%
- 3 Aug
- Q4 FY26
- +3.8%
- 6 May
- Q3 FY26
- −0.1%
- 26 Feb
- Q2 FY26
- −0.2%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 0.9% a year over 3 years, FY23 to FY26. Operating margin widened to 12.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹7.5k Cr | ₹7.4k Cr | ₹7.5k Cr | ₹7.7k Cr |
| Operating profit | ₹817 Cr | ₹1.0k Cr | ₹974 Cr | ₹986 Cr |
| Operating margin | 10.8% | 13.8% | 13.0% | 12.7% |
| Interest | ₹28 Cr | ₹12 Cr | ₹15 Cr | ₹19 Cr |
| Depreciation | ₹180 Cr | ₹180 Cr | ₹193 Cr | ₹222 Cr |
| Net profit | ₹468 Cr | ₹1.2k Cr | ₹1.0k Cr | ₹620 Cr |
| Net margin | 6.2% | 16.0% | 13.6% | 8.0% |
| Cash from operations | ₹386 Cr | ₹895 Cr | ₹647 Cr | ₹885 Cr |
| Free cash flow | ₹276 Cr | ₹663 Cr | ₹324 Cr | ₹674 Cr |
| ROCE | 14.0% | 17.0% | 14.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹54 Cr | ₹54 Cr | ₹54 Cr | ₹81 Cr | ₹81 Cr | ₹81 Cr |
| Reserves | ₹4.0k Cr | ₹4.1k Cr | ₹4.6k Cr | ₹5.6k Cr | ₹6.4k Cr | ₹6.6k Cr |
| Borrowings | ₹98 Cr | ₹109 Cr | ₹119 Cr | ₹149 Cr | ₹276 Cr | ₹217 Cr |
| Other liabilities | ₹1.1k Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.6k Cr |
| Total liabilities | ₹5.2k Cr | ₹5.4k Cr | ₹6.1k Cr | ₹7.2k Cr | ₹8.3k Cr | ₹8.5k Cr |
| Fixed assets | ₹1.8k Cr | ₹1.9k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.3k Cr |
| Capital work in progress | ₹206 Cr | ₹224 Cr | ₹113 Cr | ₹152 Cr | ₹189 Cr | ₹174 Cr |
| Investments | ₹770 Cr | ₹300 Cr | ₹653 Cr | ₹1.5k Cr | ₹1.7k Cr | ₹2.4k Cr |
| Other assets | ₹2.5k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹3.5k Cr | ₹4.1k Cr | ₹3.6k Cr |
| Total assets | ₹5.2k Cr | ₹5.4k Cr | ₹6.1k Cr | ₹7.2k Cr | ₹8.3k Cr | ₹8.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.68 pp while FIIs trimmed −1.38 pp. The shareholder count shrank 7% to 1,45,779.
- Promoters
- 75.0%
- FIIs
- 4.0%
- DIIs
- 11.9%
- Public
- 9.1%
Since Jun 2025
- DIIs +1.68 pp
- FIIs −1.38 pp
- Public −0.27 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 4.3%, DIIs 11.9%, Public 8.8%.Dec '23: Promoters 75.0%, FIIs 4.3%, DIIs 11.8%, Public 8.9%.Mar '24: Promoters 75.0%, FIIs 4.7%, DIIs 11.6%, Public 8.7%.Jun '24: Promoters 75.0%, FIIs 5.1%, DIIs 10.7%, Public 9.2%.Sep '24: Promoters 75.0%, FIIs 5.6%, DIIs 10.3%, Public 9.2%.Dec '24: Promoters 75.0%, FIIs 5.4%, DIIs 10.2%, Public 9.4%.Mar '25: Promoters 75.0%, FIIs 5.3%, DIIs 10.1%, Public 9.6%.Jun '25: Promoters 75.0%, FIIs 5.4%, DIIs 10.2%, Public 9.4%.Sep '25: Promoters 75.0%, FIIs 5.6%, DIIs 10.0%, Public 9.4%.Dec '25: Promoters 75.0%, FIIs 5.2%, DIIs 10.4%, Public 9.4%.Mar '26: Promoters 75.0%, FIIs 3.6%, DIIs 11.9%, Public 9.5%.Jun '26: Promoters 75.0%, FIIs 4.0%, DIIs 11.9%, Public 9.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd. Mutual fund +0.69 pp 2.67% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kansai Nerolac Paints Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kansai Paint Company Limited | 74.96% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.58% | unchanged |
| Nippon Life India Trustee Ltd. Mutual fund | 2.67% | +0.69 pp |
| ICICI Prudential Life Insurance Company Limited Insurer | 1.04% | −0.10 pp |
| ICICI Prudential Smallcap Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in KANSAINER
Filings to Aug 2026
0 new, 1 added, 1 trimmed, 0 sold out — net +0.29 L shares (+0.1%).
- Held by funds
- ₹476 Cr
- 9 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹337 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹337 Cr | +1.94 L | Jan '23 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹39 Cr | held | Jun '26 |
| SBI Consumption Opportunities Fund SBI Mutual Fund | ₹29 Cr | held | Mar '26 |
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹25 Cr | held | May '26 |
| Nippon India MNC Fund Nippon India Mutual Fund | ₹17 Cr | −1.65 L | Apr '26 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹15 Cr | held | Mar '26 |
| SBI Long Term Advantage Fund - Series V SBI Mutual Fund | ₹7 Cr | held | Mar '26 |
| SBI Long Term Advantage Fund - Series VI SBI Mutual Fund | ₹5 Cr | held | Mar '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 1 trimmed — net +28,794 shares (+0.1%)
- Funds are sitting on
- -15%
- vs est. average cost
- Held by funds
- ₹476 Cr
- 9 schemes · ≈ 2.9% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹337 Cr · 0.6% of that fund
Shares held by these funds +198%
Aug '23 2.47 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Kansai Nerolac Paints Limited
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