SHALPAINTS
Shalimar Paints financials
- Market cap
- ₹717 Cr
- Sector
- Consumer Durables
Quarterly results
Q1 FY27: revenue down 11.1%, net profit down 23.5% 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 | 145 | 148 | 178 | 153 | 132 −9% | 130 −12% | 153 −14% | 136 −11% |
| EBITDA | -13 | -15 | -7 | -8 | -6 +54% | -11 +27% | 3 +143% | -12 −50% |
| Net profit | -20 | -24 | -10 | -17 | -14 +30% | -27 −12% | -6 +40% | -21 −24% |
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 +16.3% 1Y
1Y: ₹73.72 on 10 Sept 2025 → ₹85.73. High ₹91.45 (17 Aug 2026), low ₹36.08 (30 Mar 2026).
Financials, as filed
Revenue grew 5.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to -3.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹485 Cr | ₹535 Cr | ₹599 Cr | ₹568 Cr |
| Operating profit | ₹-15 Cr | ₹-54 Cr | ₹-56 Cr | ₹-22 Cr |
| Operating margin | -3.1% | -10.1% | -9.3% | -3.9% |
| Interest | ₹16 Cr | ₹12 Cr | ₹17 Cr | ₹25 Cr |
| Depreciation | ₹12 Cr | ₹14 Cr | ₹16 Cr | ₹20 Cr |
| Net profit | ₹-37 Cr | ₹-74 Cr | ₹-81 Cr | ₹-64 Cr |
| Net margin | -7.5% | -13.8% | -13.5% | -11.3% |
| Cash from operations | ₹-48 Cr | ₹18 Cr | ₹-59 Cr | ₹27 Cr |
| Free cash flow | ₹-59 Cr | ₹-38 Cr | ₹-83 Cr | ₹17 Cr |
| ROCE | -4.0% | -13.0% | -13.0% | -8.0% |
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 | ₹11 Cr | ₹14 Cr | ₹14 Cr | ₹17 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹196 Cr | ₹320 Cr | ₹322 Cr | ₹361 Cr | ₹268 Cr | ₹221 Cr |
| Borrowings | ₹131 Cr | ₹168 Cr | ₹140 Cr | ₹106 Cr | ₹190 Cr | ₹165 Cr |
| Other liabilities | ₹152 Cr | ₹126 Cr | ₹132 Cr | ₹168 Cr | ₹214 Cr | ₹219 Cr |
| Total liabilities | ₹490 Cr | ₹628 Cr | ₹608 Cr | ₹651 Cr | ₹688 Cr | ₹622 Cr |
| Fixed assets | ₹256 Cr | ₹248 Cr | ₹245 Cr | ₹248 Cr | ₹278 Cr | ₹300 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹35 Cr | ₹29 Cr | ₹0 Cr |
| Investments | ₹1 Cr | ₹6 Cr | ₹6 Cr | ₹9 Cr | ₹0 Cr | ₹7 Cr |
| Other assets | ₹232 Cr | ₹374 Cr | ₹356 Cr | ₹360 Cr | ₹381 Cr | ₹315 Cr |
| Total assets | ₹490 Cr | ₹628 Cr | ₹608 Cr | ₹651 Cr | ₹688 Cr | ₹622 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
The ownership split has held steady since Jun 2025. The shareholder count grew 2% to 31,768.
- Promoters
- 75.0%
- FIIs
- 0.0%
- DIIs
- 0.0%
- Public
- 25.0%
Since Jun 2025
- Public −0.05 pp
- FIIs +0.04 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window promoters went from 39.9% to 75.0% — +35.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 39.9%, FIIs 0.0%, DIIs 2.0%, Public 58.0%.Dec '23: Promoters 31.9%, DIIs 0.1%, Public 68.0%.Mar '24: Promoters 75.7%, FIIs 0.1%, DIIs 0.0%, Public 24.1%.Jun '24: Promoters 75.7%, FIIs 0.0%, DIIs 0.0%, Public 24.2%.Sep '24: Promoters 75.7%, DIIs 0.0%, Public 24.2%.Dec '24: Promoters 75.7%, DIIs 0.0%, Public 24.2%.Mar '25: Promoters 75.0%, FIIs 0.0%, DIIs 0.0%, Public 25.0%.Jun '25: Promoters 75.0%, DIIs 0.0%, Public 25.0%.Sep '25: Promoters 75.0%, FIIs 0.0%, DIIs 0.0%, Public 25.0%.Dec '25: Promoters 75.0%, FIIs 0.0%, DIIs 0.0%, Public 25.0%.Mar '26: Promoters 75.0%, FIIs 0.1%, DIIs 0.0%, Public 24.9%.Jun '26: Promoters 75.0%, FIIs 0.0%, DIIs 0.0%, Public 25.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shalimar Paints Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hella Infra Market Limited | 52.85% | unchanged |
| Virtuous Tradecorp Private Limited | 12.62% | unchanged |
| JSL Limited | 3.20% | unchanged |
| Hexa Securities And Finance Co Ltd | 1.79% | unchanged |
| Nalwa Sons Investments Ltd | 1.64% | unchanged |
| Colorado Trading Co Pvt Ltd | 1.46% | unchanged |
| Nalwa Investments Limited | 0.32% | unchanged |
| Urvi Jindal | 0.20% | unchanged |
| Jindal Equipment Leasing And Consultancy Services Limited | 0.12% | unchanged |
| Deepika Jindal | 0.11% | unchanged |
| Sun Investments Pvt Ltd | 0.10% | unchanged |
| Stainless Investments Limited | 0.10% | unchanged |
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.
Learn to analyse Shalimar Paints Limited
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