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SHALPAINTS - Shalimar Paints

📊 NSE: SHALPAINTS 🏢 Paints / Varnishes 📅 Last Updated: 12/14/2025 13:07

📢 Recent Corporate Announcements

Shalimar Paints: Venugopal Chetlur Resigns as Whole-time Director, Retains COO Role

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Mar 2026, 01:30 PM

Shalimar Paints Limited has announced that Mr. Venugopal Chetlur has resigned from his position as a Whole-time Director effective March 4, 2026. The resignation is attributed to personal reasons; however, he will not be leaving the company entirely. Mr. Chetlur will continue to serve as the Chief Operating Officer (COO), maintaining his responsibility for the firm's operational management. This transition suggests a shift from a board-level role to a purely executive operational focus.

Mr. Venugopal Chetlur resigned as Whole-time Director effective close of business on March 4, 2026
The executive will continue to serve the company in the capacity of Chief Operating Officer (COO)
Mr. Chetlur remains responsible for the operational management of the company despite leaving the board
The change was disclosed under Regulation 30 of SEBI Listing Regulations following a board update

💡 Investors should consider this a neutral administrative change as operational leadership remains stable. Monitor for any future appointments to the board to fill the vacancy left by this transition.

Shalimar Paints: Venugopal Chetlur Resigns as Whole-time Director; Retains COO Role

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Mar 2026, 01:28 PM

Mr. Venugopal Chetlur has resigned from the position of Whole-time Director at Shalimar Paints effective March 4, 2026. While he is stepping off the Board of Directors due to personal reasons, he will continue to serve as the Chief Operating Officer (COO). This ensures that the company's daily operational management remains under his supervision, minimizing leadership disruption. The move represents a transition from a governance-focused role to a purely executive operational role.

Mr. Venugopal Chetlur (DIN: 08686707) resigned as Whole-time Director effective March 4, 2026.
He will continue his association with the company in the position of Chief Operating Officer (COO).
The resignation from the board was attributed to personal reasons rather than performance issues.
Operational management continuity is maintained as he remains responsible for company operations.

💡 Investors should view this as a neutral administrative change since the key executive remains in charge of operations. No immediate portfolio adjustment is necessary based on this board-level transition.

Shalimar Paints: Venugopal Chetlur Resigns as Executive Director, to Continue as COO

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Mar 2026, 01:24 PM

Mr. Venugopal Chetlur has resigned from his position as Whole-time Director of Shalimar Paints effective March 4, 2026, citing personal reasons. Despite stepping down from the Board of Directors, he will continue to serve the company as the Chief Operating Officer (COO). This move ensures continuity in operational management while changing the corporate governance structure. Investors should view this as a transition of roles rather than a complete exit of a key executive.

Mr. Venugopal Chetlur resigned as Whole-time Director effective close of business hours on March 4, 2026.
The resignation from the board is attributed to personal reasons.
He will remain with the company in the capacity of Chief Operating Officer (COO).
He will continue to look after the operational management of the company.

💡 No immediate action is required as the executive is staying with the company in an operational role. Monitor for any future appointments to the Board to fill the vacancy.

Shalimar Paints Q3 FY26 Results: EBITDA Losses Halved and Working Capital Cycle Improves by 15 Days

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 03:50 PM

Shalimar Paints reported significant operational improvements for the nine months ended December 31, 2025, despite flat topline growth. The company successfully reduced its EBITDA losses by 50% through enhanced operational efficiencies and a strategic shift toward high-margin products. New product launches were a key driver, contributing 5% to incremental business. Additionally, the company improved its liquidity position by reducing its working capital cycle by 15 days compared to the previous quarter.

EBITDA losses reduced by 50% through operational efficiencies and better product mix.
Working capital cycle improved by 15 days compared to the previous quarter.
New products contributed 5% to the incremental business during the nine-month period.
Topline growth remained at par with the previous year despite industrial domain challenges.
Product mix shifted towards high-margin emulsions and value-added products.

💡 Investors should view the halving of EBITDA losses and improved working capital as positive signs of a turnaround. Monitor the company's ability to translate these operational efficiencies into net profitability in the coming quarters.

Shalimar Paints Q3 FY26: EBITDA Losses Halved and Working Capital Cycle Improves by 15 Days

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 03:40 PM

Shalimar Paints reported its results for the nine months ended December 31, 2025, highlighting a significant focus on operational efficiency. While topline growth remained flat compared to the previous year due to industrial segment challenges, the company successfully reduced its EBITDA losses by 50%. Operational improvements were driven by a shift toward high-margin emulsions and a 15-day reduction in the working capital cycle. Additionally, new product launches are gaining traction, contributing 5% to incremental business.

EBITDA losses reduced by 50% through operational efficiencies and cost optimization.
Working capital cycle improved by 15 days compared to the previous quarter.
New product launches contributed 5% to the company's incremental business.
Product mix improved with a higher share of high-margin products and emulsions.
Topline growth remained at par with the previous year despite industrial domain headwinds.

💡 Investors should watch for the company's ability to translate EBITDA loss reduction into net profitability. The improvement in working capital and product mix suggests a healthy turnaround strategy is in progress.

Shalimar Paints Shareholders Approve Reappointment of Ms. Shan Jain as Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Feb 2026, 06:43 PM

Shalimar Paints' shareholders have passed a special resolution to reappoint Ms. Shan Jain as an Independent Director. The voting, conducted via postal ballot, concluded with 99.945% of the 6.24 crore valid votes in favor of the resolution. While the promoter group and institutional investors were 100% in favor, there was minor dissent from public non-institutional shareholders, where 44.185% of their polled votes were against. This reappointment ensures continuity in the company's independent board oversight.

Special resolution for reappointment of Ms. Shan Jain passed with 99.945% majority.
Total of 6,24,36,324 votes were cast in favor out of 6,24,70,609 total valid votes.
Promoter group contributed 6,23,65,620 votes, showing unanimous support.
Public non-institutional segment saw 34,285 votes against the resolution, representing 44.185% of that category's polled votes.

💡 No action is required as this is a routine governance matter that ensures board stability and continuity. Investors should continue to monitor the board's strategic direction.

Shalimar Paints Files for Re-classification of 8 Promoter Group Members to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Jan 2026, 05:28 PM

Shalimar Paints has formally submitted an application to BSE and NSE for the re-classification of eight individuals from the 'Promoter/Promoter Group' to the 'Public' category. This regulatory move follows the Board of Directors' approval granted on January 13, 2026. The individuals involved, including members of the Jhunjhnuwala family, hold virtually no stake in the company. Specifically, seven out of the eight applicants hold zero shares, while one holds a negligible 0.0001% stake.

Application submitted to stock exchanges on January 17, 2026, under Regulation 31A of SEBI LODR.
Total of 8 individuals from the Promoter Group are seeking re-classification to the Public category.
7 out of the 8 individuals listed currently hold 0 shares in Shalimar Paints.
Ms. Hina Devi Goyal holds the only non-zero stake among the group at 60 shares (0.0001%).
The move is a procedural cleanup of the promoter list with no impact on company control or management.

💡 This is a routine administrative matter with no impact on the company's fundamentals or shareholding structure. Investors do not need to take any action.

Shalimar Paints Board Approves Re-classification of 8 Promoter Group Members to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 13 Jan 2026, 05:37 PM

The Board of Shalimar Paints has approved requests from eight members of the Promoter Group to be re-classified as Public shareholders. These members, primarily from the Jhunjhnuwala family, collectively hold a negligible stake of only 60 shares, representing 0.0001% of the company. Since their combined holding is less than 1%, shareholder approval is not required under SEBI Regulation 31A. This move is a routine administrative update and does not impact the company's management or control structure.

Board approved re-classification of 8 Promoter Group members to the Public category
Outgoing members hold a combined total of only 60 shares (0.0001% stake)
Shareholder approval is not required as the group holds less than 1% of total voting rights
The re-classified members confirmed they have no control or special rights in the company

💡 This is a technical regulatory update with no material impact on company fundamentals. No action is required from investors.

Shalimar Paints Board Approves Re-classification of 8 Promoter Group Members to Public Category

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 13 Jan 2026, 12:05 PM

The Board of Directors of Shalimar Paints has approved the re-classification of eight individuals from the 'Promoter Group' to the 'Public' category. These members, including several from the Jhunjhnuwala family, hold a negligible combined stake in the company. Specifically, seven of the eight members hold zero shares, while one member holds just 60 shares (0.0001%). This administrative change is subject to final approval from SEBI and the stock exchanges.

Board approved re-classification requests from 8 Promoter Group members to the Public category
Seven out of the eight members seeking re-classification currently hold 0 shares in the company
One member, Ms. Hina Devi Goyal, holds only 60 shares, representing a 0.0001% stake
The re-classification follows formal requests received between November 17 and November 28, 2025
Final implementation is pending regulatory approvals from SEBI and stock exchanges

💡 This is a routine regulatory update with no impact on the company's control structure or financial performance. No action is required from investors.

Shalimar Paints Submits Q3 FY26 SEBI Regulation 74(5) Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 03:50 PM

Shalimar Paints Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, all share dematerialization requests were processed and confirmed to depositories. The Registrar, Beetal Financial & Computer Services, verified that physical certificates were mutilated and cancelled within the 15-day limit. This routine disclosure ensures that the company's electronic share records are accurately maintained and listed on stock exchanges.

Compliance certificate issued for the quarter ended December 31, 2025.
Dematerialization requests processed and confirmed within the 15-day regulatory timeframe.
Physical certificates were mutilated and cancelled after due verification by depository participants.
Registrar confirmed that the name of depositories has been substituted in the register of members.

💡 No action is required as this is a standard administrative filing. Investors should monitor upcoming quarterly earnings for fundamental changes.

Shalimar Paints Seeks Shareholder Approval for Reappointment of Independent Director Shan Jain

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Jan 2026, 02:50 PM

Shalimar Paints has issued a postal ballot notice to seek shareholder approval for the reappointment of Ms. Shan Jain as an Independent Director. The proposed reappointment is for a second term of three years, effective from February 13, 2026, to February 12, 2029. Shareholders as of the cut-off date of January 02, 2026, are eligible to vote via the remote e-voting facility. The voting period is scheduled from January 08, 2026, to February 06, 2026, with results expected within two working days of the conclusion.

Proposal to reappoint Ms. Shan Jain as an Independent Director for a second 3-year term starting February 13, 2026.
The resolution is classified as a Special Resolution, requiring a 75% majority for approval.
Remote e-voting period runs from January 08, 2026, to February 06, 2026.
Eligibility for voting is based on the shareholding as of the cut-off date of January 02, 2026.
Voting results will be announced within two working days from the conclusion of the e-voting process.

💡 Investors should review the director's performance and the company's governance standards before casting their vote during the e-voting period. This is a routine governance matter and is unlikely to have a significant immediate impact on the stock price.

Shalimar Paints Re-appoints Ms. Shan Jain as Independent Director for 3-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Jan 2026, 05:37 PM

Shalimar Paints has approved the re-appointment of Ms. Shan Jain as an Independent Director for a second term of three consecutive years, effective from February 13, 2026, to February 12, 2029. Ms. Jain brings over 33 years of extensive experience in marketing and brand strategy, having worked with global giants like Unilever, GSK, and Nestlé. The appointment is subject to shareholder approval and ensures continuity in the company's strategic brand-led transformation efforts. Her expertise in data-backed decision-making and corporate governance remains a key asset for the board.

Re-appointment of Ms. Shan Jain for a second term of 3 years starting February 13, 2026.
Ms. Jain has over 33 years of experience in building brands and growth-led communication strategies.
She has held senior leadership roles at Mindshare (WPP), Madison Media, and Publicis.
The director is not liable to retire by rotation and the appointment is subject to shareholder approval.

💡 This is a routine management update ensuring board continuity; no immediate action is required. Investors should look for improvements in brand positioning and marketing efficiency as a result of her continued guidance.

Shalimar Paints to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 04:15 PM

Shalimar Paints Limited has announced the closure of its trading window for all designated persons starting January 01, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are officially declared to the stock exchanges. The specific date for the board meeting to approve these results will be communicated in due course.

Trading window closure effective from Thursday, January 01, 2026
Closure pertains to Unaudited Financial Results for the quarter and nine months ending December 31, 2025
Window to reopen 48 hours after the declaration of standalone and consolidated results
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 and company code of conduct

💡 This is a routine regulatory announcement with no direct impact on company fundamentals. Investors should wait for the announcement of the board meeting date to track the actual Q3 financial performance.

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💰 Financial Performance

Revenue Growth by Segment

The company reported an overall revenue growth of 12% in FY25, reaching INR 599.06 Cr. In Q1 FY24, the Industrial segment grew by 28% while the Decorative segment grew by 7% YoY.

Profitability Margins

Gross margins stood at 27% in FY25, a decline from 28% in FY24 due to higher input costs. Net profit margin was -13.37% in FY25 compared to -13.79% in FY24, reflecting sustained losses.

EBITDA Margin

EBITDA margin was -7.81% (Negative INR 46.81 Cr) in FY25, compared to -8.59% (Negative INR 45.97 Cr) in FY24. The company targets a positive EBITDA of 5% to 7% in the medium term.

Capital Expenditure

The company is investing in new R&D facilities, plant upgrades, and warehousing, though specific total INR Cr figures for the full year are not disclosed. Q1 FY24 saw INR 0.59 Cr spent on supply chain turnaround.

Credit Rating & Borrowing

Ratings were downgraded in June 2025 to 'CARE BB+; Negative' from 'CARE BBB-; Negative'. Finance costs increased by 35.4% to INR 17.55 Cr in FY25 from INR 12.96 Cr in FY24.

⚙️ Operational Drivers

Raw Materials

Raw materials are primarily crude oil derivatives and pigments; specific names like titanium dioxide or solvents are implied by 'crude prices' which dictate the volatility of 73% of total material costs.

Import Sources

Global markets for crude-linked derivatives; the company notes dependency on imported raw materials which subjects them to geopolitical and exchange rate risks.

Capacity Expansion

Current capacity not specified in MT; however, the company is expanding its reach by adding 2,000 new dealers over five quarters and increasing its warehouse and sales depot count to improve market penetration.

Raw Material Costs

Raw material costs (COGS) represented approximately 73% of net sales in FY25. Gross margins compressed by 100 basis points (from 28% to 27%) due to higher input costs.

Manufacturing Efficiency

Inventory turnover ratio improved slightly to 3.48 times in FY25 from 3.37 times in FY24, indicating marginal improvement in stock management despite higher closing inventory.

Logistics & Distribution

Distribution reach improved by adding 646 new dealers in Q1 FY24 alone. Dealer-contributed sales account for approximately 14% to 15% of total revenue.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

The company aims to cross INR 1,000 Cr revenue in 3-4 years by increasing marketing spend from <2% to >5% of topline, expanding the dealer network (2,000+ added), and focusing on high-growth water-based emulsions and industrial B2B verticals.

Products & Services

Decorative paints (emulsions, water-based products), Industrial coatings, and integrated application services for industrial projects.

Brand Portfolio

Shalimar Paints.

New Products/Services

Healthy shift toward water-based products and specific emulsion portfolios which contributed to the 12% revenue growth in FY25.

Market Expansion

Aggressive expansion in the Industrial segment through an integrated supply-and-apply model and increasing dealer reach in the Decorative segment.

Market Share & Ranking

The company acknowledges a low market share but is growing faster than the industry average (14% vs industry in Q1 FY24) to acquire more share.

Strategic Alliances

Promoter support from Hella Infra Market Private Limited (Hella), Virtuous Tradecorp, and JSL Limited, involving significant equity infusions.

🌍 External Factors

Industry Trends

The industry is shifting toward water-based emulsions and integrated service models. While the decorative market is dealer-heavy, the industrial segment is moving toward B2B direct supply and application support.

Competitive Landscape

Faces intense competition from large organized players with superior pricing power and 40%+ gross margins.

Competitive Moat

Brand legacy (established 1902) and a growing dealer network of 2,000+ new additions provide a moderate moat, though it is currently challenged by weak profitability and high competitive intensity.

Macro Economic Sensitivity

Highly sensitive to crude oil price volatility and inflationary trends which compress operating margins.

Consumer Behavior

Growing preference for water-based and emulsion products over traditional solvent-based paints.

Geopolitical Risks

Global uncertainties impact the supply chain for imported raw materials, leading to production delays or cost escalations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to pollution norms and manufacturing standards typical for chemical/paint industries; specific impact costs not disclosed.

Taxation Policy Impact

Not disclosed; the company reported a loss before tax of INR 80.11 Cr with no tax expense for FY25.

Legal Contingencies

Hella Infra Market Limited (promoter) pledged 80,50,747 equity shares in favor of Catalyst Trusteeship Limited in late 2025 as per SEBI Takeover Regulations.

⚠️ Risk Analysis

Key Uncertainties

Inability to turnaround operations to profitability (PBILDT margin below 2% is a negative rating factor). Promoter Hella's deteriorating credit profile poses a liquidity risk.

Third Party Dependencies

High dependency on promoter fund infusions for debt servicing and liquidity; absence of timely support is a key negative factor.

Technology Obsolescence Risk

Risk of falling behind in R&D compared to larger competitors; currently mitigating through new R&D investments and product mix shifts.

Credit & Counterparty Risk

Worsening credit cycles in the manufacturing sector impacted the Industrial segment in H2 FY25, leading to fluctuating consumption and dispatch delays.