Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Sep - Intimation regarding allotment of Equity Shares pursuant to exercise of Restricted Stock Units is enclosed herewith.
Source: Bse
Kansai Nerolac Paints Limited (KANSAINER)
Micro CapChemicals stocks · Micro cap · NSE
Kansai Nerolac Paints is a leading Indian paint manufacturer, ranked 2nd in consumer paint brands and a leader in industrial paints, leveraging Japanese technology. It focuses on creating healthy and beautiful environments through protective and inspiring solutions, with a vision to design solutions that protect, inspire, and touch lives everyday.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result03 Aug, 09:57 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -6.6% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KANSAINERD candles · FIT view-8.0%Latest close ₹181.46 on 2026-10-19
Bar
-1.2%
RSI
47
MACD hist
0.86
52W pos
22%
2026-10-19O ₹183.74H ₹186.38L ₹179.10C ₹181.46Vol 3.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KANSAINERNifty ChemicalsNifty 500
- KANSAINER
- -9.8%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -4.2 pp
Chart stats
19 Oct 2026- From 52W high
- -31.3%
- 52W range position
- 22%
- ATR (14)
- 3.3%
- Volume vs 20D
- 1.23x
- Avg traded value
- ₹5.6 Cr
- 20D price channel
- ₹173.1 - ₹194.5
₹264
₹157.9 - ₹264
₹5.9
Latest completed session
20-session average
38.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +9.8% · PAT +5.6% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-176.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +10% YoY · PAT +6% YoY · +21% QoQ
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,374 Cr | +9.8% | +21.5% |
| EBITDA | ₹328 Cr | +8.3% | +51.9% |
| Operating margin | 14.0% | +0 bps | +300 bps |
| PAT | ₹228 Cr | +5.6% | +107.3% |
| PAT margin | 9.6% | -39 bps | +397 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.50
- P/B
- 2.17
- EV/EBITDA
- 11.97
- Market Cap
- 14521.00Cr
Profitability
- ROE
- 8.82%
- ROCE
- 12.00%
- ROA
- 6.76%
- Dividend Y
- 1.39%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 30.30×
- Altman Z
- 7.03
- Book Value
- 83.00
Cash Flow
- FCF Yield
- 3.52%
- FCF Positive Y
- 11/5
- OCF
- 894.00 Cr
- EPS TTM
- 7.42
Shareholding
- Promoter Hold
- 74.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 7,739+3.2% vs prev
Net Profit
₹ CrLatest: 620-39.3% vs prev
Return on Equity
%Latest: 9.3-42.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.0% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 31% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
32
RS percentile
Stage 4 Downtrend
1M return
-1.4%
3M return
-9.8%
6M return
-11.1%
1Y return
-27.3%
RS 1D
+1
RS 20D
+2
Sector rank
#14
Industry rank
#44
Stage evidence
- Price is 8.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 75.83-1.02%
RS vs Nifty 50076
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth6/25
Quality1/20
Balance Sheet13/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 13/15 to the score.
Main drags
- Fair-value margin of safety is negative at -176.4%.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
22.5
PB
2.2
EV/EBITDA
12.0
ROE
8.8%
ROCE
12.0%
FCF Yield
3.5%
Debt/Equity
0.1
MoS
-176.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-176.4%
Previous: -176.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹117.72
-54.2% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹65.67
-176.4% MoS
PEG
7.03
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PRIVISCL
Micro
Privi Speciality Chemicals Limited
Fertilizers & Agrochemicals
match 169
66
38.0
26.0%
+18%
UNDERVALUED
SUDARSCHEM
Micro
Sudarshan Chemical Industries Limited
Fertilizers & Agrochemicals
match 167
24
89.6
0.5%
-8507%
OVERVALUED
NEOGEN
Micro
Neogen Chemicals Limited
Fertilizers & Agrochemicals
match 165
9
216.0
3.6%
-2868%
OVERVALUED
PCBL
Large
PCBL Chemical Limited
Fertilizers & Agrochemicals
match 163
28
45.0
5.6%
-906%
OVERVALUED
SHARDACROP
Micro
Sharda Cropchem Limited
Fertilizers & Agrochemicals
match 162
93
10.4
23.2%
+78%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-09T19:53:36.568Z
Management commentary snapshot
Q4 FY26 consolidated net revenue grew 7.5% YoY, with PBDIT (Operating) up 30.6% YoY, driven by strong industrial demand. Full-year FY26 consolidated net revenue grew 2.9% YoY, with PBDIT (Operating) up 3.4% YoY, indicating a weaker annual performance despite Q4 recovery.
While Q4 FY26 showed strong operational recovery with robust PBDIT growth, the full-year performance was modest. The company faces significant external headwinds from crude oil prices, rupee depreciation, and supply chain disruptions, which could pressure margins and demand visibility. The focus on new products and B2B projects in decorative, and premiumization in industrial, are positive, but execution against macro challenges is key.
Growth engines
New Decorative Products
Launched Excel Sheen, Excel Everlast (14/20-year warranty), Beauty Gold Washable+, Perma No Heat, Soldier Rain Raksha.
Decorative New Business
Robust growth witnessed in Construction Chemicals, Water Proofing, and Premium Wood Finish, increasing saliency.
Decorative Projects (B2B)
Expanded presence to 80+ towns, high double-digit growth, and increased saliency.
Automotive Segment Demand
Healthy demand in Passenger Vehicles, high double-digit growth in 2W+3W, and strong double-digit demand in Commercial Vehicles & Tractors.
Tailwinds
Government Infrastructure Focus
Government focus on infrastructure development.
Automotive Sector Demand
Healthy demand witnessed in automotive, supported by new models and SUVs.
Construction Activity Momentum
As per RBI, construction activity is expected to sustain momentum.
Rural Demand Support
Strong harvest season supported demand for Commercial Vehicles & Tractors.
Headwinds
Crude Oil Price Increase
Significant crude oil price increase.
Rupee Depreciation
Significant rupee depreciation leading to import cost surge.
West Asia Crisis
West Asia Crisis causing supply chain disruptions.
Material Inflation & Price Increase
Steep material inflation leading to paint price increases.
Risk radar
General Economic Conditions
Future results could differ materially from current views due to general economic conditions.
Foreign Exchange Fluctuations
Foreign exchange fluctuations are a potential risk.
Competitive Pressures
Competitive product and pricing pressures are potential risks.
Regulatory Developments
Regulatory developments could cause actual results to differ materially.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document explicitly provides YoY growth for Q4 and the full fiscal year, which is standard for paint companies due to seasonality and long-term trend analysis.
Sector KPIs management disclosed
Consolidated Net Revenue Growth (Q4 FY26)
7.5% YoY
Consolidated PBDIT (Operating) Growth (Q4 FY26)
30.6% YoY
Consolidated PBT (Before Exceptional Items) Growth (Q4 FY26)
23.2% YoY
Standalone Net Revenue Growth (FY26)
3.2% YoY
Management forward view
Construction Activity Outlook
As per RBI, construction activity is expected to sustain momentum.
Demand Visibility
Demand visibility remains uncertain due to the inflationary scenario.
Material Inflation Impact
Paint price increases are expected on account of steep material inflation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Net Revenue Growth | Q4 FY26: 7.5% YoY; FY26: 2.9% YoY | Sustained growth momentum in decorative and industrial segments amidst price increases. |
| Consolidated PBDIT (Operating) Margin | Q4 FY26: 11.1%; FY26: 12.1% | Ability to maintain or expand margins despite raw material inflation and rupee depreciation. |
| Working Capital Days | Inventories 109 NOD, Debtors 50 NOD (FY26) | Efficiency in managing inventory and receivables to optimize cash flow. |
| Raw Material Price Trends | Significant crude oil price increase, high commodity prices. | Stabilization or reduction in crude oil and other commodity prices. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 85th percentile within Chemicals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
121 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Chemicals: 85th pctile, median 73 · Micro: 81st pctile, median 73
Evidence depth
Financial-only
121 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸11 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Kansai Nerolac Paints Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Jun - Newspaper publication with respect to Notice of Hearing of Petition in the Scheme of Amalgamation of Nerofix Private Limited with Kansai Nerolac Paints Limited in …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Newspaper publication regarding special window for re-lodgement of transfer requests of physical shares is enclosed herewith.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 May - Newspaper publication regarding ''''Saksham Niveshak - Second 100 Days Campaign'''', launched by Investor Education and Protection Fund Authority is enclosed herewith.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.