Shalimar Paints Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Shalimar Paints Ltd trades at ₹91.4, in a downtrend and 119 weeks into that stage. That is +42.3% against its own 200-day average. It sits at 100% of a 52-week range of ₹39 to ₹91. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 119 of stage 4, confirmed. At ₹91.4 it trades +42.3% versus its 200-day average and sits at 100% of its 52-week range (₹39–₹91).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved −21% while the NIFTY 500 moved +221% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Shalimar Paints Ltd trades at 173.6× P/E, at the pricey end of its own range (77th percentile). Its long-run median P/E is 150.5×, measured across 1.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 173.6× is at the pricey end of its own range (77th percentile), against a long-run median of 150.5× measured over 1.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Shalimar Paints Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Shalimar Paints Ltd reported ₹138 Cr of revenue in the Jun 26 quarter, −11.0% year on year. Over 10 years it has compounded at 4.1% a year. The last full year, FY26, came in at ₹576 Cr. The last four reported quarters add to ₹559 Cr.

FY26 revenue came in at ₹576 Cr (−3.8% on the year), capping 10 years at 4.1% compound. The latest quarter (Jun 26) printed ₹138 Cr, −11.0% year on year.

Pace check: the last four quarters averaged −10.6% growth against the decade's 4.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −10.7% over the last 4 quarters against +2.0%/yr over the last 8 — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Shalimar Paints Ltd's operating margin is −9.0% in the Jun 26 quarter, −4.1 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −21.0% to 8.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −9.0%, −4.1 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −21.0%–8.0%.

🚨 Why the margin moved: operating margin went −3.9 pp year on year while gross margin went −1.8 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Shalimar Paints Ltd posted a net loss of ₹21.0 Cr in the Jun 26 quarter. The full FY26 year was a loss of ₹65.0 Cr. That loss is 15.2% of the quarter's revenue. The same quarter a year earlier lost ₹17.0 Cr. 12 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−21.0 Cr, null year on year. On the full year, FY26 printed ₹−65.0 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Shalimar Paints Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹23.0 Cr of operating cash against ₹−65.0 Cr of profit. After ₹−10.0 Cr of capital spending, ₹33.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹23.0 Cr against reported profit of ₹−65.0 Cr, leaving free cash of ₹33.0 Cr after ₹−10.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 1.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Shalimar Paints Ltd's cash conversion cycle runs 18 days in FY26, down from 52 days in FY21. Capital spending ran ₹77.0 Cr over the last 3 years. At FY26 sales of ₹576 Cr each day of that cycle holds about ₹1.6 Cr, so roughly ₹28.0 Cr sits inside the business at any moment.

FY26: debtors at 88 days, inventory at 96 days — roughly 3.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 18 days, tighter than FY21's 52.

The full loop: cash goes out to suppliers and production on day 0; stock waits 96 days to sell; customers pay about 88 days after that; and suppliers themselves are paid at 166 days — netting out to the 18-day cycle.

In money terms: at FY26 sales of ₹576 Cr, each day of the cycle holds about ₹1.6 Cr — so the 18-day loop keeps roughly ₹28.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹77.0 Cr over the last 3 fiscal years against ₹51.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Shalimar Paints Ltd earns a ROCE of −8% in FY26. That is up from a trough of −18% in FY19. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −11.3% net margin on 0.90× asset turns.

FY26 ROCE is −8%, recovered from a FY19 trough of −18% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −11.3% net margin × 0.90× asset turns × 2.55× balance-sheet leverage ≈ −25.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Shalimar Paints Ltd carries ₹165 Cr of borrowings against ₹251 Cr of equity in FY26, a debt-to-equity of 0.66. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹131 Cr to ₹165 Cr. Capital spending ran ₹77.0 Cr across the last 3 of those years.

FY26: borrowings of ₹165 Cr against equity of ₹251 Cr — a debt-to-equity of 0.66. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹131 Cr to ₹165 Cr while capital spending ran ₹77.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Shalimar Paints Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −0.8 points over 8 quarters to 75.0%; Foreign institutions: +0.0 points over 8 quarters to 0.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Shalimar Paints Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions