Shalimar Paints Limited, established on December 16, 1902, is engaged in manufacturing and selling decorative paints and industrial coatings. The company was founded by two British entrepreneurs, A.N. Turner and A.C. Wright, as Shalimar Paints Colour & Varnish Ltd. In the same year, they set up a large-scale manufacturing plant in Howrah, West Bengal, which was the first such plant in South East Asia. It is one of the oldest paint companies in India and is headquartered in Kolkata.
The company has witnessed significant transformation over its 120-year journey. In 1928, Pinchin Johnson & Associates of the UK bought control from the British entrepreneurs. In 1963, the company's name was changed to Shalimar Paints Ltd after Turner Morisson & Co stepped in as new management. In 1989, just before the liberalization of the economy, Shalimar again changed hands, with Indian promoters taking control for the first time. Shalimar was acquired by the O.P. Jindal Group, with interests in steel, and the Hong-Kong based S.S. Jhunjhunwala Group, which ran businesses in real estate and hospitality.
Shalimar Paints Ltd. is an India-based company engaged in the manufacturing, selling, and distribution of paints and coatings, and providing related services. The company operates in various lines of business such as industrial paints, decorative paints, automotive paints, protective coatings, powder coatings, and wood coatings. Its primary segment is Paints.
The company's product offerings include:
- Interior wall paints
- Exterior wall paints
- Distempers
- Primers
- Putty
- Heavy-duty protective coatings
- GI coatings
- Packaging coatings
- Wood finishes
Its popular brands include Shalimar Paints, Shalimar Superlac, Shalimar Synthetic Enamel, Shalimar Weathercoat, and Shalimar Woodguard. Brands in exterior emulsions include Weather Pro, Xtra Tough, and Super Shaktiman. It also offers a range of interior emulsions with brands such as Signature, Stay Clean, Superlac Advance, and No. 1 Silk.
The Company currently has 3 manufacturing facilities, located in Chennai, Nashik, and Sikandrabad (Uttar Pradesh). With growing demand from the Northern region, Shalimar Paints set up its third manufacturing facility in Sikandrabad, U.P. in 2002. Both decorative and industrial paint products are manufactured at these plants. Today, it has a combined production capacity of 57,000 tonnes of paint per annum.
The company has maintained its commitment to innovation and quality. It pioneered industrial coatings technology in India with several industry firsts, such as high-build zinc coatings, radiation-resistant coatings for nuclear power plants, and polyurethane paint for fighter aircraft and railway coaches, among others. Recognizing the importance of R&D, the company set up its first R&D centre in Howrah, West Bengal, in 1902. This centre holds the distinction of being the first Indian in-house R&D unit to be recognized by the Department of Scientific & Industrial Research (DSIR), Govt. of India, in 1979.
Shalimar Paints has over 50 depots, 3 manufacturing facilities, 1 state-of-the-art R&D Center, and serves more than 12,000 dealers across the country. For greater distribution efficiency and improved customer service, the company has 4 redistribution centers – located in the East (Howrah), West (Bhiwandi), North (Sikandrabad), and South (Chennai) zones of the country. Apart from India, the Company has catered to consumers from Nepal, UAE, Bhutan, and Seychelles.
- Full Year (FY2024-25):
- Net loss reported at ₹80.16 crore, an increase from ₹73.85 crore in the previous year (FY2023-24).
- Sales rose by 11.99% to ₹599.06 crore in FY2024-25, compared to ₹534.91 crore in FY2023-24.
- Quarter Ended March 2025:
- Net loss reported at ₹9.52 crore, an improvement from ₹26.42 crore in the corresponding quarter of the previous year (March 2024).
- Sales rose by 23.27% to ₹177.83 crore in Q4 FY2024-25, compared to ₹144.26 crore in Q4 FY2023-24.
- Return on Equity: The company has experienced a low return on equity of -17.8% over the last 3 years.
- Promoter Holding: Promoters have pledged 57.7% of their holding.
- Credit Rating: Shalimar Paints has been downgraded to CARE BB+; Negative due to losses, liquidity stress, and competition. Its Non-Convertible Debentures (NCDs) are rated CARE BB+.
- Market Capitalization: ₹806.22 Cr (as of 19th June 2025)
- 52-Week High: ₹162.80
- 52-Week Low: ₹92.10
- P/E Ratio: -10.06
- P/B Ratio: 2.05
- MD & CEO Appointment: Mr. Kuldip Raina was appointed as MD & CEO of the Company in April 2025.
- Fund Raising: The Board approved raising ₹70 crore via Non-Convertible Debentures on May 26, 2025.
Shalimar Paints has been associated with iconic Indian landmarks. Prestigious buildings and structures such as the Howrah Bridge, Rashtrapati Bhawan, Salt Lake Stadium, All India Institute of Medical Sciences, and many others, continue to be painted with Shalimar Paints. The company has built a legacy of serving prestigious projects and maintaining quality standards for over a century.
Shalimar Paints has been one of the earliest adopters of Corporate Social Responsibility (CSR) in India. Under its CSR philosophy 'Paint the Change - Colors of Change,' the company aims to bring positive transformation that betters the quality of people's lives.
The company continues to focus on expanding its market presence, particularly in rural markets, while managing financial challenges and working towards sustainable growth in the highly competitive Indian paint industry.
