Announcement
Announcement under Regulation 30 (LODR)-Meeting Updates 11 Sep - EGM approved preferential issues, CCPS issuance, and QIP up to Rs. 1,000 crore.
Source: Bse
Shalimar Paints Limited (SHALPAINTS)
Small CapIndustrials stocks · Small cap · NSE
Shalimar Paints Limited operates in Defence / Aerospace, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result04 Sept, 09:07 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 -4.2% / mo · MACD +
Stock trend: 55
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHALPAINTSD candles · FIT view+63.0%Latest close ₹81.68 on 2026-10-19
Bar
+2.5%
RSI
55
MACD hist
0.52
52W pos
77%
2026-10-19O ₹79.65H ₹82.90L ₹79.15C ₹81.68Vol 1.1L 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
SHALPAINTSNifty India ManufacturingNifty 500
- SHALPAINTS
- +39.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +44.5 pp
Chart stats
19 Oct 2026- From 52W high
- -14.9%
- 52W range position
- 77%
- ATR (14)
- 5.0%
- Volume vs 20D
- 1.04x
- Avg traded value
- ₹0.8 Cr
- 20D price channel
- ₹71.2 - ₹84
₹96
₹35.2 - ₹96
₹4.1
Latest completed session
20-session average
43.0% 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 is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED16
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -11.0% · PAT NDF YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence52
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
Bad · 0/100Rev -11% YoY · margin compression
Filed 04 Sept 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹138 Cr | -11.0% | -11.5% |
| EBITDA | ₹-12 Cr | -50.0% | -700.0% |
| Operating margin | -9.0% | -410 bps | -1030 bps |
| PAT | ₹-21 Cr | NDF | NDF |
| PAT margin | -15.2% | -425 bps | -1073 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 2.51
- EV/EBITDA
- —
- Market Cap
- 629.00Cr
Profitability
- ROE
- -21.40%
- ROCE
- -7.93%
- ROA
- -10.76%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- -5.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -31.00%
Balance Sheet
- Debt/Equity
- 0.66
- Interest Coverage
- -1.12×
- Altman Z
- 2.35
- Book Value
- 30.00
Cash Flow
- FCF Yield
- 3.50%
- FCF Positive Y
- 6/5
- OCF
- 23.00 Cr
- EPS TTM
- -8.29
Shareholding
- Promoter Hold
- 74.96%
- Promoter Pledge
- 70.50%
- Momentum 52W
- 65%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 138-11.5% vs prev
Net Profit
₹ CrLatest: -21.0-200.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 15% off 52W high · 132% 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
84
RS percentile
Stage 2 UptrendEstablished S2
1M return
+1.0%
3M return
+39.0%
6M return
+56.4%
1Y return
+5.6%
RS 1D
+1
RS 20D
+1
Sector rank
#2
Industry rank
#6
Stage evidence
- Price is 30.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
05 Aug 2026
S2 age
52 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 110.49+2.05%
RS vs Nifty 500110
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth4/25
Quality0/20
Balance Sheet3/15
Cash Flow6/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
16
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
16/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 3.5%.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 3/15 to the score.
Main drags
- Promoter pledge is 70.5%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
—
PB
2.5
EV/EBITDA
—
ROE
-21.4%
ROCE
-7.9%
FCF Yield
3.5%
Debt/Equity
0.7
MoS
—
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
16
Previous: 16
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
16
16
16
16
16
16
16
16
16
16
16
16
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
—
Growth-justified P/E
5.1
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — 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
SHAHALLOYS
Small
Shah Alloys Limited
Defence / Aerospace
match 158
43
23.6
-55.5%
+58%
WATCHLIST
VAISHALI
Small
Vaishali Pharma Limited
Defence / Aerospace
match 155
24
24.2
6.0%
+44%
OVERVALUED
KAUSHALYA
Small
Kaushalya Infrastructure Development Corporation Limited
Defence / Aerospace
match 154
14
—
0.4%
—
OVERVALUED
UNIMECH
Small
Unimech Aerospace and Manufacturing Limited
Defence / Aerospace
match 145
28
130.0
8.0%
-202%
OVERVALUED
MTARTECH
Micro
Mtar Technologies Limited
Defence / Aerospace
match 139
32
175.0
12.4%
-321%
WATCHLIST
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
Issuer presentation review pending
Shalimar Paints Limited operates in Defence / Aerospace, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
52Limited 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 10th percentile of the scored universe and 8th percentile within Industrials. Main check: financial discipline is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
60 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
10th percentile
overall median 67 · Industrials: 8th pctile, median 68 · Small: 12th pctile, median 66
Evidence depth
Financial-only
60 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
43
weak · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
22
weak · capital discipline
Results
43
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸FCF yield is positive at 3.1%.
- ▸6 years of positive FCF.
Trust risks
- ▸Promoters have pledged 70.5% of holding.
- ▸ROCE is low at -7.9%.
- ▸ROE is low at -21.4%.
- ▸ROCE trend is -13.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Shalimar 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 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Preferential Issue 13 Aug - Aug 12 board approved Q1 results, appointed CFO, and proposed ₹1,000 crore QIP and large preferential fundraise.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
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.