Shalimar Paints Limited (SHALPAINTS) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of Shalimar Paints Limited stock ₹19.84, price ₹80.87, upside -75.5%, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.
How to read this chart
60‑month range ₹36.08 – ₹217.75 · fair‑value band ₹14.80 – ₹29.61 · the ₹80.87 price screens above the ₹19.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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Shalimar Paints Limited engages in the manufacture and sale of paints and coatings in India and internationally.
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It provides decorative paints for interior and exterior surfaces, concrete, plasters, metals; fibre reinforced elastomeric coating; undercoat and topcoat for metal and wood; and marine coatings.
The company also offers emulsions, enamels, distemper, primer, epoxy, aluminum, and zinc rich coatings, as well as putty, cement-based, finishes, floors, and waterproofing paint products and solutions. It offers its products under the Shalimar brand name.
In addition, the company provides a tinting system under the Color Space brand name. Shalimar Paints Limited was incorporated in 1902 and is based in Thane, India.
Stock analysis
Shalimar Paints Limited (SHALPAINTS) currently trades at ₹80.87, while our model-based Fair Value estimate is ₹19.84, 75.5% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: ₹14.80 (bear) to ₹29.61 (bull), the price of ₹80.87 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Shalimar Paints Limited reported revenue of ₹5.8B in FY2026 versus ₹3.6B in FY2022, a compound +12.6%/yr. Reported net income was −₹650M in FY2026.
Key figures
Market cap ₹6.8B (≈ $71.1M) Micro · P/S ratio 1.22 · EPS (TTM) ₹−8.29 · Net margin −12.4% · Return on equity −22.9% · Return on assets (EBIT) −7.4% · Operating margin −12.5% · Revenue (TTM) ₹5.6B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 124% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −75%, SHALPAINTS screens richer than that median.
Fair Value models
Bear₹14.80Fair Value ₹19.84Bull₹29.61
Price ₹80.87 · Upside -75.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.34/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−3.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
Start year 2021 (pandemic). Over 10 years: +3.6% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−3.0% (2021) → −7.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
Compare Shalimar Paints Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 705 stocks
Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−75.5% · Bottom 25%
Profitability
Return on assets−10.1% · Bottom 25%
Net margin (12 months)−12.4% · Bottom 25%
Operating margin (12 months)−12.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−10.3% · Bottom 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/B2.69× · Pricier than median
P/S (12 months)1.21× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 65
PAST (return on equity)0· sector 27
HEALTH (low debt)100· sector 95
DIVIDEND (yield)0· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Shalimar Paints Limited (SHALPAINTS) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of ₹19.84 versus a price of ₹80.87, about −75% upside (overvalued).
What is the fair value of SHALPAINTS?
Our model-based fair value for Shalimar Paints Limited is ₹19.84 (as of Oct 28, 2026), built from audited fundamentals. The current price: ₹80.87.
What is the quality score of SHALPAINTS?
Shalimar Paints Limited has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Shalimar Paints Limited (SHALPAINTS)?
Our model-based price target is the fair value of ₹19.84 (as of Oct 28, 2026) from 1 valuation models. Cautious scenario ₹14.80, optimistic scenario ₹29.61. It is a calculation from audited fundamentals, not an analyst target.
What is the Shalimar Paints Limited stock forecast for 2026?
Our models put fair value at ₹19.84, about −75% upside versus a price of ₹80.87 (overvalued). Cautious scenario ₹14.80, optimistic scenario ₹29.61. The calculation is refreshed regularly with new filings.
What is the revenue of Shalimar Paints Limited (SHALPAINTS)?
Shalimar Paints Limited reported trailing-twelve-month revenue of about ₹5.6B (latest available figure, as of Oct 28, 2026).
What is the intrinsic value of Shalimar Paints Limited (SHALPAINTS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shalimar Paints Limited it is ₹19.84 per share (as of Oct 28, 2026), against a price of ₹80.87. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Shalimar Paints Limited stock overvalued or undervalued in 2026?
As of Oct 28, 2026, SHALPAINTS trades above its calculated fair value: price ₹80.87, fair value ₹19.84, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SHALPAINTS?
No. The price is what the market pays today (₹80.87); the fair value is what the company's own numbers justify (₹19.84). For Shalimar Paints Limited the two are ₹61.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shalimar Paints Limited worth?
The market values Shalimar Paints Limited at about ₹6.8B (market capitalisation, as of Oct 28, 2026). Per share that is ₹80.87; our models calculate a fair value of ₹19.84 per share.
What do the bullish and bearish scenarios say about SHALPAINTS?
Our models span a range for Shalimar Paints Limited: cautious scenario ₹14.80, base ₹19.84, optimistic ₹29.61 per share (as of Oct 28, 2026, price ₹80.87). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Shalimar Paints Limited (SHALPAINTS)?
Balance-sheet figures for Shalimar Paints Limited (as of Oct 28, 2026): return on equity −22.9%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is SHALPAINTS from its 52-week high?
Shalimar Paints Limited trades at ₹80.87, about 12% below its 52-week high of ₹91.45 and 124% above the low of ₹36.08 (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of ₹19.84 is for.
Which stocks are comparable to Shalimar Paints Limited?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Givaudan SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Shalimar Paints Limited stock attractive at the current price?
The data as of Oct 28, 2026: price ₹80.87, calculated fair value ₹19.84 (−75%), Quality Score 41/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SHALPAINTS calculated?
We run Shalimar Paints Limited through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹19.84, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Shalimar Paints Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Shalimar Paints Limited (SHALPAINTS)?
The closing price on Oct 29, 2026 was ₹80.87. Our model-based fair value is ₹19.84, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shalimar Paints Limited right now?
The price sits above even our optimistic bull case (₹29.61). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹14.80 to ₹29.61) leaves room in how you read the outcome.
Key figures of Shalimar Paints Limited
How large is the market capitalisation of Shalimar Paints Limited (SHALPAINTS)?
The market capitalisation of Shalimar Paints Limited is ₹6.8B (≈ $71.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Shalimar Paints Limited (SHALPAINTS)?
The price-to-sales ratio of Shalimar Paints Limited is 1.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shalimar Paints Limited (SHALPAINTS)?
Earnings per share at Shalimar Paints Limited are ₹−8.29. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Shalimar Paints Limited (SHALPAINTS)?
The net margin of Shalimar Paints Limited is −12.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Shalimar Paints Limited (SHALPAINTS)?
The return on equity (ROE) of Shalimar Paints Limited is −22.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Shalimar Paints Limited (SHALPAINTS)?
On an EBIT basis the return on assets of Shalimar Paints Limited is −7.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Shalimar Paints Limited (SHALPAINTS)?
The operating margin of Shalimar Paints Limited is −12.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shalimar Paints Limited (SHALPAINTS)?
Revenue at Shalimar Paints Limited is growing −10.3% versus a year earlier (3y avg +6.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Shalimar Paints Limited (SHALPAINTS) generate?
The free cash flow of Shalimar Paints Limited is −₹60.8M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Shalimar Paints Limited (SHALPAINTS) carry?
The net debt of Shalimar Paints Limited is ₹1.2B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 28, 2026