India's Richest People 2026 edition · 2 directors · Source: Hurun India
- #852 Souvik Sengupta ₹3,500 Cr
- #852 Aaditya Sharda ₹3,500 Cr
Market Cap
₹679 Cr
SHALPAINTS · NSE
Share Price
₹81.31
+0.18% today
Revenue
₹576 Cr
FY 2025-26 · -4.0% YoY
EBITDA
−₹27.00 Cr
Margin -4.7%
Net Profit
−₹60.35 Cr
FY 2025-26 · +25.7% YoY
Debt / Equity
0.94
Interest cover -54.4x
Authorised capital
₹20 Cr
Registered with MCA
Paid-up capital
₹16.74 Cr
Issued & subscribed
About Shalimar Paints Ltd
Data last updated:
Shalimar Paints Ltd is a public limited company based in Gurugram, Haryana, India. It operates in the paint and coatings segment of the manufacturing sector. It was incorporated on 16 December 1902 and has been in existence for over 124 years.
Its director Souvik Sengupta is #852 among India's richest people (2026). Its director Aaditya Sharda is #852 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Haryana, under CIN L24222HR1902PLC065611. Its GSTIN is 06AAECS0547D1ZQ (Haryana). The company holds 33 GST registrations, of which 25 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 509874 and NSE: SHALPAINTS.
The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹16.74 Cr. It was formerly known as Shalimar Paint Colour and Varnish Company Pvt Ltd. It is led by directors including Kuldip Raina (Managing Director) and Rajeev Uberoi.
Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Stainless Centre 4th Floor Plot No. 50 Sector 32, Gurugram, Haryana, India – 122001.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹575.63 Cr, a decline of 4% compared to the previous year. For the same year it recorded a net loss of ₹60.35 Cr (net margin -10.5%) and EBITDA of -₹27 Cr (EBITDA margin -4.7%). The net worth stands at ₹251.18 Cr (down 20.1% YoY). Total assets are valued at ₹423.49 Cr (down 12.3% YoY).
The company has about 696 employees on its provident fund (EPFO) records. Its group structure includes 2 subsidiaries.
The company is associated with 1 brand: Shalimar Paints. As per MCA filings, the company has open charges of ₹257.61 Cr and satisfied charges of ₹434.01 Cr on record. Court records list 1,950 cases involving the company, including 1,737 filed by the company and 213 filed against it; 804 cases are pending. The company has 93 deals on record (85 market trades, 3 funding rounds, 2 secondary share transfers), with disclosed funding of ₹425.7 Cr; the latest was in August 2026. Its 8 peer companies in the Manufacturing industry (Paints), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 4 larger and 4 smaller; the largest is Grauer and Weil (India) Limited with revenue of ₹1,180.04 Cr. The company has 15 MSME Form 1 returns on record between 2016 and 2024, listing 1,244 overdue payments to 87 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website shalimarpaints.com.
Company details
CIN L24222HR1902PLC065611
Registration Number 065611
Incorporation Date 16 December 1902
ROC Haryana
Listing Status Listed - Listed on NSE (SHALPAINTS); Listed on BSE (509874)
Company Status Active
Date of Last AGM 26 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
CIN history
Shalimar Paints has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L24222HR1902PLC065611, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L24222HR1902PLC065611 | Current |
| L24222WB1902PLC001540 | Previous |
| U24222WB1902PLC001540 | Previous |
Recognitions & Rankings of Shalimar Paints
Contact details
Shalimar Paints Ltd's registered office is in Gurugram, Haryana. Its website is shalimarpaints.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressStainless Centre 4th Floor Plot No. 50 Sector 32, Gurugram, Haryana, India – 122001
- IndustryManufacturing, Paint & Coatings
To see the full contact details of Shalimar Paints Ltd, buy the company report.
Comprehensive company report
Shalimar Paints Ltd - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Secure checkout · GST invoice included
Brands
Shalimar Paints operates one associated brand: Shalimar Paints. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Protective coatings are manufactured for industrial applications in India. | shalimarpaints.com |
Business activity
The main business activity of Shalimar Paints is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Shalimar Paints Ltd, buy the company report.
Financials of Shalimar Paints Ltd
FY 2025-26 filings availableShalimar Paints Ltd reported revenue of ₹575.63 Cr (down 4% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹576 Cr
-4.0% YoY
EBITDA
−₹27.00 Cr
+53.2% YoY
Profit After Tax
−₹60.35 Cr
+25.6% YoY
Net Worth
₹251 Cr
-20.1% YoY
Total Assets
₹423 Cr
-12.3% YoY
Total Debt
₹165 Cr
+0.5% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 576 | 600 | 535 | 484 | 358 | 361 | 382 |
| Revenue growth | -4.0% | +12.1% | +10.6% | +35.1% | -0.7% | -5.5% | - |
| EBITDA | (27.00) | (57.68) | (54.17) | (14.75) | (29.80) | 1.63 | (40.57) |
| EBITDA margin | -4.7% | -9.6% | -10.1% | -3.1% | -8.3% | +0.5% | -10.6% |
| Profit before tax | (65.39) | (81.17) | (73.85) | (36.15) | (60.94) | (23.79) | (56.14) |
| Net profit | (60.35) | (81.17) | (75.20) | (36.14) | (52.94) | (50.06) | (44.80) |
| Net profit margin | -10.5% | -13.5% | -14.1% | -7.5% | -14.8% | -13.9% | -11.7% |
| EPS (₹) | (7.76) | (9.70) | (8.82) | (5.01) | (8.36) | (9.18) | (7.03) |
| Balance sheet | |||||||
| Total assets | 423 | 483 | 507 | 499 | 524 | 360 | 402 |
| Net worth | 251 | 314 | 393 | 353 | 351 | 223 | 273 |
| Total debt | 165 | 164 | 106 | 140 | 168 | 131 | 121 |
| Cash & bank | 47.09 | 45.47 | 56.18 | 23.42 | 162 | 7.70 | 4.58 |
| Net working capital | 90.52 | 138 | 185 | 222 | 246 | 55.45 | 59.06 |
| Cash flow | |||||||
| Cash from operations | 23.35 | (58.65) | 17.68 | (47.93) | (61.80) | 15.90 | (9.30) |
| Cash from investing | (0.52) | (15.65) | (51.35) | (83.78) | (5.75) | (4.94) | (27.90) |
| Cash from financing | (24.71) | 28.56 | 44.24 | (6.87) | 225 | (11.12) | (45.76) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 138 | 156 | 131 | 134 | 155 | 178 | 148 | 145 |
| Revenue growth (YoY) | -10.9% | -12.3% | -11.6% | -7.6% | +20.4% | - | - | - |
| Other income | 0.89 | 0.88 | 0.77 | 3.31 | 1.56 | 6.76 | 0.83 | 1.39 |
| EBITDA | (12.17) | 2.08 | (15.19) | (6.26) | (7.63) | (7.35) | (15.89) | (12.83) |
| EBITDA margin | -8.8% | +1.3% | -11.6% | -4.7% | -4.9% | -4.1% | -10.7% | -8.9% |
| Depreciation | 5.07 | 5.14 | 5.18 | 4.70 | 4.55 | 4.06 | 4.09 | 3.79 |
| Interest | 4.91 | 5.65 | 7.05 | 6.49 | 6.15 | 4.87 | 5.41 | 4.39 |
| Profit before tax | (21.26) | (7.83) | (26.65) | (14.14) | (16.77) | (9.52) | (24.56) | (19.62) |
| Tax | 0.00 | (0.44) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | (21.26) | (7.39) | (26.65) | (14.14) | (16.77) | (9.52) | (24.56) | (19.62) |
| EPS (₹) | (2.54) | (0.88) | (3.18) | (1.69) | (1.99) | (1.14) | (2.93) | (2.34) |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 569 | 599 | 535 | 484 | 358 | 361 | 382 |
| Revenue growth | -5.0% | +12.0% | +10.6% | +35.1% | -0.7% | -5.5% | - |
| EBITDA | (25.41) | (56.67) | (54.14) | (14.72) | (29.81) | 1.63 | (40.57) |
| EBITDA margin | -4.5% | -9.5% | -10.1% | -3.0% | -8.3% | +0.5% | -10.6% |
| Profit before tax | (63.34) | (80.11) | (73.75) | (36.10) | (60.56) | (23.42) | (55.85) |
| Net profit | (58.74) | (80.11) | (75.10) | (36.09) | (52.56) | (49.72) | (44.87) |
| Net profit margin | -10.3% | -13.4% | -14.0% | -7.5% | -14.7% | -13.8% | -11.8% |
| EPS (₹) | (7.57) | (9.57) | (8.81) | (5.00) | (8.30) | (9.12) | (6.98) |
| Balance sheet | |||||||
| Total assets | 410 | 468 | 491 | 483 | 508 | 344 | 386 |
| Net worth | 238 | 299 | 377 | 337 | 335 | 207 | 256 |
| Total debt | 165 | 164 | 106 | 140 | 168 | 131 | 122 |
| Cash & bank | 47.03 | 45.41 | 56.13 | 23.37 | 162 | 7.63 | 4.51 |
| Net working capital | 95.46 | 139 | 185 | 222 | 246 | 55.40 | 59.60 |
| Cash flow | |||||||
| Cash from operations | 26.97 | (58.63) | 17.72 | (47.92) | (61.48) | 15.61 | (9.55) |
| Cash from investing | (4.23) | (14.43) | (51.39) | (83.78) | (6.13) | (4.65) | (27.65) |
| Cash from financing | (24.62) | 27.31 | 44.24 | (6.87) | 225 | (11.12) | (45.76) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136 | 153 | 130 | 132 | 153 | 178 | 148 | 145 |
| Revenue growth (YoY) | -11.3% | -13.9% | -12.0% | -8.7% | +19.6% | - | - | - |
| Other income | 1.06 | 1.15 | 0.83 | 3.32 | 1.56 | 6.76 | 0.83 | 1.39 |
| Total expenses | 148 | 150 | 146 | 138 | 161 | 185 | 163 | 158 |
| EBITDA | (11.89) | 3.38 | (15.24) | (6.00) | (7.54) | (7.35) | (15.33) | (12.82) |
| EBITDA margin | -8.7% | +2.2% | -11.7% | -4.5% | -4.9% | -4.1% | -10.3% | -8.9% |
| Depreciation | 5.07 | 5.13 | 5.17 | 4.70 | 4.53 | 4.05 | 4.07 | 3.78 |
| Interest | 4.88 | 5.58 | 7.04 | 6.49 | 6.15 | 4.87 | 5.41 | 4.39 |
| Profit before tax | (20.78) | (6.18) | (26.62) | (13.87) | (16.66) | (9.51) | (23.98) | (19.60) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 138 | 156 | 131 | 134 | 155 | 178 | 148 | 145 |
| Revenue growth (YoY) | -10.9% | -12.3% | -11.6% | -7.6% | +20.4% | - | - | - |
| Other income | 0.89 | 0.88 | 0.77 | 3.31 | 1.56 | 6.76 | 0.83 | 1.39 |
| EBITDA | (12.17) | 2.08 | (15.19) | (6.26) | (7.63) | (7.35) | (15.89) | (12.83) |
| EBITDA margin | -8.8% | +1.3% | -11.6% | -4.7% | -4.9% | -4.1% | -10.7% | -8.9% |
| Depreciation | 5.07 | 5.14 | 5.18 | 4.70 | 4.55 | 4.06 | 4.09 | 3.79 |
| Interest | 4.91 | 5.65 | 7.05 | 6.49 | 6.15 | 4.87 | 5.41 | 4.39 |
| Profit before tax | (21.26) | (7.83) | (26.65) | (14.14) | (16.77) | (9.52) | (24.56) | (19.62) |
| Tax | 0.00 | (0.44) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | (21.26) | (7.39) | (26.65) | (14.14) | (16.77) | (9.52) | (24.56) | (19.62) |
| EPS (₹) | (2.54) | (0.88) | (3.18) | (1.69) | (1.99) | (1.14) | (2.93) | (2.34) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 576 | 600 | 535 | 484 | 358 | 361 | 382 |
| Revenue growth | -4.0% | +12.1% | +10.6% | +35.1% | -0.7% | -5.5% | - |
| Other income | 6.52 | 9.84 | 8.12 | 7.21 | 4.54 | 6.93 | 15.13 |
| Total expenses | 603 | 657 | 589 | 499 | 388 | 359 | 422 |
| Employee cost | 68.49 | 79.98 | 77.11 | 53.88 | 41.48 | 36.16 | 48.68 |
| EBITDA | (27.00) | (57.68) | (54.17) | (14.75) | (29.80) | 1.63 | (40.57) |
| EBITDA margin | -4.7% | -9.6% | -10.1% | -3.1% | -8.3% | +0.5% | -10.6% |
| Depreciation | 19.57 | 15.78 | 14.84 | 12.71 | 13.40 | 13.32 | 10.85 |
| Interest | 25.34 | 17.55 | 12.96 | 15.90 | 22.28 | 19.03 | 19.85 |
| Profit before tax | (65.39) | (81.17) | (73.85) | (36.15) | (60.94) | (23.79) | (56.14) |
| Tax | (0.44) | 0.00 | 0.00 | 0.00 | (0.59) | 26.08 | (17.97) |
| Net profit | (60.35) | (81.17) | (75.20) | (36.14) | (52.94) | (50.06) | (44.80) |
| Net profit margin | -10.5% | -13.5% | -14.1% | -7.5% | -14.8% | -13.9% | -11.7% |
| EPS (₹) | (7.76) | (9.70) | (8.82) | (5.01) | (8.36) | (9.18) | (7.03) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 16.74 | 16.74 | 16.74 | 14.44 | 14.44 | 10.86 | 10.86 |
| Reserves & surplus | 234 | 298 | 376 | 298 | 336 | 212 | 262 |
| Shareholders' funds (net worth) | 251 | 314 | 393 | 353 | 351 | 223 | 273 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 136 | 138 | 91.90 | 47.24 | 72.94 | 111 | 104 |
| Unsecured loans | 28.51 | 25.70 | 13.98 | 92.83 | 94.68 | 20.15 | 16.91 |
| Total debt | 165 | 164 | 106 | 140 | 168 | 131 | 121 |
| Total liabilities | 423 | 483 | 507 | 499 | 524 | 360 | 402 |
| Assets | |||||||
| Gross block | 406 | 398 | 355 | 345 | 336 | 331 | 329 |
| Net block | 300 | 303 | 275 | 272 | 276 | 283 | 295 |
| Capital work in progress | 0.14 | 26.58 | 34.94 | 1.71 | 0.17 | 0.35 | 0.10 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventories | 102 | 134 | 116 | 117 | 95.33 | 88.81 | 86.62 |
| Sundry debtors | 138 | 147 | 111 | 108 | 78.49 | 79.69 | 71.50 |
| Cash & bank balances | 47.09 | 45.47 | 56.18 | 23.42 | 162 | 7.70 | 4.58 |
| Loans & advances | 17.98 | 28.08 | 61.40 | 99.70 | 29.78 | 24.61 | 30.90 |
| Total current assets | 306 | 355 | 345 | 347 | 366 | 201 | 194 |
| Total current liabilities | 215 | 217 | 160 | 126 | 120 | 145 | 135 |
| Net working capital | 90.52 | 138 | 185 | 222 | 246 | 55.45 | 59.06 |
| Total assets | 423 | 483 | 507 | 499 | 524 | 360 | 402 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | (23.83) | 21.91 | 11.34 | 160 | 2.65 | 2.81 | 85.76 |
| Net cash from operating activities | 23.35 | (58.65) | 17.68 | (47.93) | (61.80) | 15.90 | (9.30) |
| Net cash from investing activities | (0.52) | (15.65) | (51.35) | (83.78) | (5.75) | (4.94) | (27.90) |
| Net cash from financing activities | (24.71) | 28.56 | 44.24 | (6.87) | 225 | (11.12) | (45.76) |
| Net change in cash | (1.88) | (45.74) | 10.57 | (139) | 157 | (0.16) | (82.95) |
| Closing cash | 47.09 | 45.47 | 56.18 | 23.42 | 162 | 7.70 | 4.58 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -4.0% | +12.1% | +10.6% | +35.1% | -0.7% | -5.5% | - |
| EBITDA growth | +53.2% | -6.5% | -267.3% | +50.5% | -1928.2% | +104.0% | - |
| PBT growth | +19.4% | -9.9% | -104.3% | +40.7% | -156.2% | +57.6% | +48.6% |
| Net income growth | +25.7% | -7.9% | -108.1% | +31.7% | -5.8% | -11.7% | - |
| Revenue CAGR (3Y) | +6.0% | +18.8% | +14.0% | +8.2% | +3.7% | +5.6% | +3.0% |
| EBITDA CAGR (3Y) | +22.3% | +24.6% | - | -28.6% | -27.3% | - | - |
| Profitability & leverage | |||||||
| Net income margin | -11.3% | -13.5% | -13.8% | -7.5% | -16.9% | -13.8% | -10.0% |
| Return on capital employed | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Return on net worth | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 0.94 | 0.55 | 0.47 | 0.52 | 0.52 | 0.51 | 0.48 |
| Long-term debt / equity | 0.08 | 0.12 | 0.22 | 0.28 | 0.19 | 0.09 | 0.07 |
| Interest cover | -54.41 | -23.89 | -18.78 | -57.90 | -51.57 | -162.79 | -38.60 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.96 | 2.24 | 2.21 | 1.69 | 1.07 | 1.09 | 1.27 |
| Inventory turnover | 4.87 | 4.78 | 4.59 | 4.56 | 3.89 | 4.11 | 4.83 |
| Debtors turnover | 4.03 | 4.65 | 4.90 | 5.20 | 4.53 | 4.77 | 4.48 |
| EPS (₹) | (7.76) | (9.70) | (8.82) | (5.01) | (8.36) | (9.18) | (7.03) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 17.02 | 24.56 | 33.99 | 28.27 | 48.57 | 41.08 | 50.25 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136 | 153 | 130 | 132 | 153 | 178 | 148 | 145 |
| Revenue growth (YoY) | -11.3% | -13.9% | -12.0% | -8.7% | +19.6% | - | - | - |
| Other income | 1.06 | 1.15 | 0.83 | 3.32 | 1.56 | 6.76 | 0.83 | 1.39 |
| Total expenses | 148 | 150 | 146 | 138 | 161 | 185 | 163 | 158 |
| EBITDA | (11.89) | 3.38 | (15.24) | (6.00) | (7.54) | (7.35) | (15.33) | (12.82) |
| EBITDA margin | -8.7% | +2.2% | -11.7% | -4.5% | -4.9% | -4.1% | -10.3% | -8.9% |
| Depreciation | 5.07 | 5.13 | 5.17 | 4.70 | 4.53 | 4.05 | 4.07 | 3.78 |
| Interest | 4.88 | 5.58 | 7.04 | 6.49 | 6.15 | 4.87 | 5.41 | 4.39 |
| Profit before tax | (20.78) | (6.18) | (26.62) | (13.87) | (16.66) | (9.51) | (23.98) | (19.60) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 569 | 599 | 535 | 484 | 358 | 361 | 382 |
| Revenue growth | -5.0% | +12.0% | +10.6% | +35.1% | -0.7% | -5.5% | - |
| Other income | 6.86 | 9.86 | 8.17 | 7.21 | 4.93 | 7.28 | 15.41 |
| Total expenses | 594 | 656 | 589 | 499 | 388 | 359 | 422 |
| Employee cost | 67.04 | 79.28 | 77.11 | 53.87 | 41.48 | 36.16 | 48.68 |
| EBITDA | (25.41) | (56.67) | (54.14) | (14.72) | (29.81) | 1.63 | (40.57) |
| EBITDA margin | -4.5% | -9.5% | -10.1% | -3.0% | -8.3% | +0.5% | -10.6% |
| Depreciation | 19.53 | 15.75 | 14.82 | 12.69 | 13.38 | 13.30 | 10.84 |
| Interest | 25.26 | 17.55 | 12.96 | 15.90 | 22.30 | 19.03 | 19.85 |
| Profit before tax | (63.34) | (80.11) | (73.75) | (36.10) | (60.56) | (23.42) | (55.85) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | (0.59) | 26.08 | (17.97) |
| Net profit | (58.74) | (80.11) | (75.10) | (36.09) | (52.56) | (49.72) | (44.87) |
| Net profit margin | -10.3% | -13.4% | -14.0% | -7.5% | -14.7% | -13.8% | -11.8% |
| EPS (₹) | (7.57) | (9.57) | (8.81) | (5.00) | (8.30) | (9.12) | (6.98) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 16.74 | 16.74 | 16.74 | 14.44 | 14.44 | 10.86 | 10.86 |
| Reserves & surplus | 221 | 282 | 361 | 282 | 320 | 196 | 246 |
| Shareholders' funds (net worth) | 238 | 299 | 377 | 337 | 335 | 207 | 256 |
| Secured loans | 136 | 138 | 91.90 | 47.24 | 72.94 | 111 | 104 |
| Unsecured loans | 28.51 | 25.70 | 13.98 | 92.83 | 94.68 | 20.15 | 17.50 |
| Total debt | 165 | 164 | 106 | 140 | 168 | 131 | 122 |
| Total liabilities | 410 | 468 | 491 | 483 | 508 | 344 | 386 |
| Assets | |||||||
| Gross block | 406 | 371 | 328 | 318 | 309 | 304 | 302 |
| Net block | 300 | 276 | 248 | 245 | 248 | 256 | 267 |
| Capital work in progress | 0.14 | 26.58 | 34.94 | 1.71 | 0.17 | 0.35 | 0.10 |
| Investments | 6.97 | 8.90 | 8.88 | 5.87 | 5.86 | 0.86 | 0.82 |
| Inventories | 102 | 134 | 116 | 117 | 95.34 | 88.81 | 86.62 |
| Sundry debtors | 135 | 148 | 111 | 108 | 78.49 | 79.69 | 71.50 |
| Cash & bank balances | 47.03 | 45.41 | 56.13 | 23.37 | 162 | 7.63 | 4.51 |
| Loans & advances | 22.83 | 28.08 | 61.40 | 99.70 | 29.77 | 24.60 | 30.89 |
| Total current assets | 307 | 355 | 345 | 347 | 366 | 201 | 194 |
| Total current liabilities | 212 | 216 | 160 | 126 | 120 | 145 | 134 |
| Net working capital | 95.46 | 139 | 185 | 222 | 246 | 55.40 | 59.60 |
| Total assets | 410 | 468 | 491 | 483 | 508 | 344 | 386 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | (23.89) | 21.86 | 11.29 | 160 | 2.65 | 2.75 | 85.71 |
| Net cash from operating activities | 26.97 | (58.63) | 17.72 | (47.92) | (61.48) | 15.61 | (9.55) |
| Net cash from investing activities | (4.23) | (14.43) | (51.39) | (83.78) | (6.13) | (4.65) | (27.65) |
| Net cash from financing activities | (24.62) | 27.31 | 44.24 | (6.87) | 225 | (11.12) | (45.76) |
| Net change in cash | (1.88) | (45.75) | 10.57 | (139) | 157 | (0.16) | (82.95) |
| Closing cash | 47.03 | 45.41 | 56.13 | 23.37 | 162 | 7.63 | 4.51 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -5.0% | +12.0% | +10.6% | +35.1% | -0.7% | -5.5% | - |
| EBITDA growth | +55.2% | -4.7% | -267.8% | +50.6% | -1928.8% | +104.0% | - |
| PBT growth | +20.9% | -8.6% | -104.3% | +40.4% | -158.6% | +58.1% | +48.7% |
| Net income growth | +26.7% | -6.7% | -108.1% | +31.3% | -5.7% | -10.8% | - |
| Revenue CAGR (3Y) | +5.6% | +18.7% | +14.0% | +8.2% | +3.7% | +5.6% | +3.0% |
| EBITDA CAGR (3Y) | +20.0% | +23.9% | - | -28.7% | -27.2% | - | - |
| Profitability & leverage | |||||||
| Net income margin | -11.1% | -13.4% | -13.8% | -7.5% | -16.7% | -13.7% | -9.9% |
| Return on capital employed | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Return on net worth | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 1.03 | 0.59 | 0.50 | 0.55 | 0.55 | 0.54 | 0.50 |
| Long-term debt / equity | 0.09 | 0.13 | 0.23 | 0.30 | 0.20 | 0.09 | 0.07 |
| Interest cover | -56.21 | -24.23 | -18.79 | -58.01 | -51.63 | -163.07 | -38.61 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.03 | 2.49 | 2.50 | 1.87 | 1.17 | 1.19 | 1.40 |
| Inventory turnover | 4.82 | 4.69 | 4.49 | 4.56 | 3.89 | 4.11 | 4.83 |
| Debtors turnover | 4.02 | 4.65 | 4.92 | 5.20 | 4.53 | 4.77 | 4.48 |
| EPS (₹) | (7.57) | (9.57) | (8.81) | (5.00) | (8.30) | (9.12) | (6.98) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 15.41 | 22.76 | 32.10 | 26.06 | 46.37 | 38.12 | 47.22 |
To see the full year-wise statements and ratios of Shalimar Paints Ltd, buy the company report.
Board of directors of Shalimar Paints Ltd
Shalimar Paints has 8 current directors and 36 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Rajeev Uberoi Also directs: Jindal Stainless Limited, Il&Fs Transportation Networks Limited, The Investment Trust of India Limited and 5 more | Director | 11 May 2021 | 5 Years 5 Months | Current |
| Vijay Kumar Sharma Also directs: Jindal Stainless Steelway Limited, Jindal Lifestyle Limited, Pacific Metallic Trading Company Private Limited and 4 more | Director | 23 Jul 2024 | 2 Years 2 Months | Current |
| Souvik Pulakesh Sengupta | Director | 24 Feb 2022 | 4 Years 7 Months | Current |
| Shan Jain | Director | 13 Feb 2023 | 3 Years 8 Months | Current |
| Kuldip Raina | Managing Director | 10 Apr 2025 | 1 Years 6 Months | Current |
| Aaditya Gajendra Sharda | Director | 11 Apr 2024 | 2 Years 6 Months | Current |
Showing 6 of 8 current directors. View all directors
Peer comparison
Shalimar Paints Ltd is compared with the 8 companies closest to it by revenue in the Manufacturing industry (Paints), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Grauer and Weil (India) Limited | ₹1,180.04 Cr (FY 2025) | 7.0% | Mumbai, Maharashtra, India | |||
| Axalta Coating Systems India Private Limited | ₹1,097.81 Cr (FY 2025) | 8.0% | New Delhi, Delhi, India | |||
| Jotun India Private Limited | ₹1,078.74 Cr (FY 2025) | 11.0% | Mumbai, Maharashtra, India | |||
| Esdee Paints Limited | ₹1,041.23 Cr (FY 2025) | -1.0% | Mumbai, Maharashtra, India | |||
| Shalimar Paints Ltdthis company | ₹575.63 Cr (FY 2026) | -₹60.35 Cr | -10.5% | -4.0% | 696 | Gurugram, Haryana, India |
| Sheenlac Paints Limited | ₹559.52 Cr (FY 2025) | -3.0% | Chennai, Tamil Nadu, India | |||
| KCC Paint (India) Private Limited | ₹483.94 Cr (FY 2025) | 9.0% | Kancheepuram, Tamil Nadu, India | |||
| MRF Corp Limited | ₹476.3 Cr (FY 2025) | -2.0% | Chennai, Tamil Nadu, India | |||
| Valspar (India) Coatings Corporation Private Limited | ₹472.86 Cr (FY 2025) | -2.0% | Bangalore, Karnataka, India |
To see the full peer comparison of Shalimar Paints Ltd, buy the company report.
Auditor
Shalimar Paints Ltd is audited by Walker Chandiok & Co LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Walker Chandiok & Co LLP | FY 2024 | 001076N/N500013 |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 75.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.10% and retail and other public shareholders hold 25.00%.
Sep 2026
QUARTER
75.00% Promoters
0.10% DII (Domestic Institutional)
25.00% Retail & Others
Promoter holding - history
Now 75.00% · Sep 2026High 75.00% · Dec 2025Low 75.00% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 75.00% | 75.00% | 75.00% | 75.00% |
| Public | 25.00% | 25.00% | 25.00% | 25.00% |
Charges & borrowings
Open charges
₹257.61 Cr
Satisfied charges
₹434.01 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 23 Jun 2026 | 101317597 | Others | ₹2.38 Cr | Open | |
| 04 Jun 2026 | 101313500 | State Bank of India | ₹11.85 Cr | Open | |
| 03 Jun 2026 | 101315362 | Others | ₹3.38 Cr | Open | |
| 12 Oct 2022 | 100624257 | Others | ₹33 Cr | Open | |
| 26 Sep 2003 | 90256198 | State Bank of India | ₹207 Cr | Open |
To see the full charge records of Shalimar Paints Ltd, buy the company report.
Total charge records: 33 View all charges
Deals & funding
Shalimar Paints Ltd has 93 deals on record (85 market trades, 3 funding rounds, 2 secondary share transfers), with disclosed funding of ₹425.7 Cr; the latest was in August 2026.
Total deals
93
Market trades
85
Funding rounds
3
Secondary share transfers
2
Rights issues
2
Disclosed funding
₹425.7 Cr
Deals on record (5 of 93)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Aug 2026 | Market trade | ₹9.47 Cr | Buyer: Junomoneta Finsol Private Limited , NK Securities Research Private Limited Seller: Junomoneta Finsol Private Limited , NK Securities Research Private Limited |
| Jan 2024 | Market trade | ₹12.79 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Jan 2024 | Market trade | ₹12.02 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Dec 2023 | Market trade | ₹8.22 Cr | Buyer: F3 Advisors Private Limited Seller: F3 Advisors Private Limited |
| Dec 2023 | Market trade | ₹185.52 Cr | Buyer: Hella Infra Market Private Limited, Graviton Research Capital LLP , Rajasthan Global Securities Private Limited Seller: 4 individuals |
To see the full deal history of Shalimar Paints Ltd, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Shalimar Paints Ltd has 1,950 court cases on record: 1,737 filed by Shalimar Paints, 213 filed against it. 804 cases are pending and 1,146 are disposed.
Total cases
1,950
Filed by the company
1,737
Filed against the company
213
Pending
804
Disposed
1,146
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 1,691 | 135 | 771 |
| High courts | 241 | 70 | 33 |
| Supreme Court | 10 | 6 | 0 |
| NCLT | 8 | 2 | 0 |
Cases on record (5 of 1,950)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, New Delhi, Delhi | Execution petition | Filed against the company by M/S Phelps and Company Pvt Ltd | Pending |
| District court, Central, Delhi | Cheque dishonour complaint | Filed by the company against M/S Arun Traders | Pending |
| District court, South East, Delhi | Civil suit | Filed against the company by Welsher Solutions Pvt. Ltd. | Pending |
| High Court of Delhi | Court case (O.M.P. (COMM)) | Filed against the company by United India Insurance Co. Ltd | Pending |
| District court, Gurugram, Haryana | Arbitration matter | Filed against the company by Kalyan Herbals Pvt Ltd | Disposed |
To see the full case history of Shalimar Paints Ltd, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Shalimar Paints Ltd was last rated by Care on 03 Mar 2023.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 03 Mar 2023 |
To see the full credit ratings and regulatory alerts of Shalimar Paints Ltd, buy the company report.
MSME payment delays
Shalimar Paints Ltd has 15 MSME Form 1 returns on record between 2016 and 2024, listing 1,244 overdue payments to 87 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 87)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| Uniform Synthetics Private Limited | |||
| Abcd Drums and Barrels Industries | |||
| Ecokem Technologies Private Limited |
To see the full MSME payment records of Shalimar Paints Ltd, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Shalimar Paints has 2 subsidiary companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
2
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Shalimar Adhunik Nirman Limited | U24220DL2007PLC168944 | |
| Eastern Speciality Paints & Coatings Private Limited | U24240HR2009PTC066208 |
To see the full group structure of Shalimar Paints Ltd, buy the company report.
Employees & EPFO
Shalimar Paints Ltd has a workforce of 696 employees on its EPFO records as of Aug 18, 2025, across 8 active EPFO establishments.
Employee count
696
Active EPFO establishments
8
Employee growth
4.5%
GST
Shalimar Paints has 33 GST registrations: 25 active and 8 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
33
Active
25
Cancelled / inactive
8
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 06AAECS0547D1ZQ | Haryana | Active | 01 Jul 2017 |
| 06AAECS0547D2ZP | Haryana | Active | 17 Aug 2017 |
| 03AAECS0547D1ZW | Punjab | Active | 01 Jul 2017 |
| 05AAECS0547D1ZS | Uttarakhand | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Shalimar Paints Ltd, buy the company report.
Recent activity
Shalimar Paints Ltd has 70 board changes on record since 1989: 40 appointments and 30 cessations. The latest: Abhijeet Jhawar was appointed as Director on 12 May 2026.
Charges
A charge registered on 01 Sep 2021 via Charge ID 100508235 with Others was fully satisfied on 02 Jul 2026.
Charges
A charge with Others amounted to Rs. 2.38 Cr with Charge ID 101317597 was registered on 23 Jun 2026.
Charges
A charge with State Bank Of India amounted to Rs. 11.85 Cr with Charge ID 101313500 was registered on 04 Jun 2026.
Charges
A charge with Others amounted to Rs. 3.38 Cr with Charge ID 101315362 was registered on 03 Jun 2026.
Appointed
Abhijeet Jhawar was appointed as Director.
Charges
A charge registered on 25 Mar 2021 via Charge ID 100434136 with Others was fully satisfied on 16 Apr 2026.
Charges
A charge with Others of Rs. 33.00 Cr registered on 12 Oct 2022 with Charge ID 100624257 was modified on 09 Apr 2026.
Filing
Shalimar Paints Ltd has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Haryana.
Charges
A charge registered on 12 Jan 2024 via Charge ID 100854192 with Others was fully satisfied on 09 Jan 2026.
Charges
A charge registered on 22 Jan 2019 via Charge ID 100259516 with Others was fully satisfied on 26 Nov 2025.
Charges
A charge registered on 22 Jan 2019 via Charge ID 100259519 with Others was fully satisfied on 26 Nov 2025.
Charges
A charge registered on 16 Oct 2021 via Charge ID 100508163 with State Bank Of India was fully satisfied on 06 Nov 2025.
134 earlier events are in the company report.
News
From our blog
Frequently asked questions
Shalimar Paints is an active public limited company based in Gurugram, Haryana, India. The company works in paint and coatings, within the manufacturing industry. It was incorporated on 16 December 1902 (124+ years old) and is registered under CIN L24222HR1902PLC065611. Listed on BSE: 509874 and NSE: SHALPAINTS.
Shalimar Paints reported revenue of ₹575.63 Cr for FY 2025-26 (down 4% YoY) based on consolidated financials.
Shalimar Paints has 8 current directors:
- Kuldip Raina - Managing Director
- Rajeev Uberoi - Director
- Vijay Kumar Sharma - Director
- Souvik Pulakesh Sengupta - Director
- Shan Jain - Director
- Aaditya Gajendra Sharda - Director
- Atul Rasiklal Desai - Director
- Abhijeet Jhawar - Director
The latest financial statements of Shalimar Paints on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Shalimar Paints is 06AAECS0547D1ZQ, registered in Haryana. The company has 33 GST registrations in all, of which 25 are active and 8 are cancelled or inactive. Other active GSTINs include 06AAECS0547D2ZP (Haryana), 03AAECS0547D1ZW (Punjab), 05AAECS0547D1ZS (Uttarakhand).
The CIN (Corporate Identification Number) of Shalimar Paints is L24222HR1902PLC065611. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Shalimar Paints is a listed company as per MCA records. Its shares are listed on both BSE (code: 509874) and NSE (symbol: SHALPAINTS).
Shalimar Paints has 1,950 court cases on record: 1,737 filed by the company and 213 filed against it. 804 are pending. Most are in the district courts.
Shalimar Paints was incorporated on 16 December 1902, making it 124+ years old. It is registered with the Registrar of Companies, Haryana.
Shalimar Paints has 93 deals on record (85 market trades, 3 funding rounds, 2 secondary share transfers), with disclosed funding of ₹425.7 Cr; the latest was in August 2026.
The peers of Shalimar Paints by revenue are Grauer and Weil (India) Limited, Axalta Coating Systems India Private Limited, Jotun India Private Limited, Esdee Paints Limited, Sheenlac Paints Limited and 3 more, all in the Manufacturing industry (Paints), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Abhijeet Jhawar was appointed as Director on 12 May 2026. Kuldip Raina was appointed as Managing Director on 10 Apr 2025. Sanjiv Garg ceased to be Director on 09 Aug 2024. Shalimar Paints has 70 board changes on record in total.