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Stock Analysis

Description

Kansai Nerolac Paints Limited is primarily engaged in the manufacturing of paints and is a market leader in industrial coatings. It is a subsidiary of Kansai Paints Co. Ltd, Japan.

Key Growth Triggers

Currently no data available for Key Growth Triggers.

Order Book

Currently no data available for Order Book.

Key Red Flags

The company received a penalty order of ₹80,28,564/- from the Deputy Commissioner of State Tax, Mumbai, under Section 73 of the CGST Act, 2017, for partial disallowance of Input Tax Credit in FY 2021-22.
The company intends to file an appeal against the order, stating it possesses supporting records.
No material impact on the company's financials, operations, or other activities is anticipated.

Key Dates To Watch

29th December, 2025: Date of receipt of the GST penalty order.

Corporate Announcements

1st Apr 26

Impact Rating: 6

Kansai Nerolac Paints Limited has informed about the resignation of Executive Director Mr. Hirokazu Kotera, effective March 31, 2026. This action is as per directives from the promoter, Kansai Paint Co. Ltd., Japan.

30th Mar 26

Impact Rating: 6

Kansai Nerolac faces GST penalty orders totalling ₹2.99 crore for FY 2017-18 and FY 2019-20. The company plans to appeal, stating no material financial impact.

24th Mar 26

Impact Rating: 8

Kansai Nerolac Paints' trading window for designated insiders will be closed from March 25 to March 28, 2026, in line with SEBI regulations. This restriction is only for company personnel and their relatives, not for general investors.

23rd Mar 26

Impact Rating: 7

Kansai Nerolac Paints Limited announced its Board Meeting for May 6, 2026, to consider audited financial results for FY26 and recommend dividend. A trading window closure is in effect for insiders until May 8.

17th Mar 26

Impact Rating: 8

Kansai Nerolac Paints has received board approval to allot 1,33,538 equity shares, each with a face value of Re. 1, under the Restricted Stock Units Plan 2022.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Asian Paints	2753.95	65.71	264158.25	0.89	1018.23	20.45	8531.27	6.28	25.72	34378.17	18.04	4018.77	993.59	13.45	13.18	0.18
2.	Berger Paints	516.30	54.44	60198.82	0.72	206.38	-23.50	2827.49	1.91	24.90	11707.34	15.21	1105.49	206.29	9.56	13.39	0.11
3.	Kansai Nerolac	231.45	28.33	18713.21	1.08	136.94	5.21	1871.02	0.39	13.97	7541.03	12.58	661.07	136.94	2.92	8.21	0.03
4.	Akzo Nobel	3094.60	36.07	14092.94	3.23	1682.70	-14.84	834.90	-15.01	41.66	3902.60	14.63	390.47	83.37	6.26	14.76	0.03
5.	Indigo Paints	1213.20	39.81	5784.00	0.29	25.53	5.85	298.50	3.45	19.51	1288.05	18.06	145.25	25.53	5.33	11.15	0.02
6.	Sirca Paints	491.50	48.17	2791.38	0.31	18.10	36.30	131.17	24.38	19.98	435.04	19.40	57.93	18.10	6.27	12.27	0.10
7.	Shalimar Paints	67.15	–	562.14	0.00	-14.14	27.93	133.81	-7.55	-12.80	614.36	-5.95	-64.41	-14.14	1.96	-11.69	0.67
–	Median: 10 Co.	361.48	39.81	4287.69	0.52	21.82	5.53	216.16	3.5	19.75	951.2	14.92	101.59	21.82	4.25	11.71	0.11

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,814	1,717	1,605	2,071	1,846	1,815	1,662	2,050	1,864	1,842	1,740	2,087	1,871
Expenses	1,617	1,529	1,453	1,737	1,576	1,575	1,483	1,716	1,649	1,595	1,563	1,775	1,659
Operating Profit	197	188	152	334	270	240	179	334	215	247	178	312	212
Other Income	4	9	14	678	22	22	13	38	27	517	39	53	29
Profit before tax	157	153	122	966	244	213	143	323	192	707	164	310	184
Tax %	25%	26%	23%	23%	26%	26%	29%	25%	32%	26%	25%	26%	26%
Net Profit	117	112	94	744	180	158	102	241	130	526	123	231	137
EPS in Rs	1.45	1.39	1.16	9.20	2.23	1.95	1.26	2.98	1.61	6.51	1.53	2.86	1.69

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,091	3,467	3,739	3,999	4,587	5,174	4,943	4,771	5,949	7,081	7,393	7,497	7,541
Expenses	2,729	3,023	3,159	3,268	3,797	4,432	4,162	3,927	5,302	6,287	6,370	6,523	6,592
Operating Profit	362	445	580	731	790	742	782	844	647	794	1,023	974	949
Other Income	10	22	563	98	72	62	27	28	21	31	735	621	638
Interest	0	0	0	0	0	0	5	8	10	10	12	15	16
Depreciation	65	68	68	69	76	90	120	149	154	165	180	194	205
Profit before tax	307	399	1,075	759	786	713	684	714	505	650	1,566	1,387	1,366
Net Profit	207	272	899	506	516	467	535	531	374	486	1,183	1,021	1,018
EPS in Rs	2.56	3.36	11.12	6.26	6.39	5.78	6.62	6.56	4.63	6.02	14.63	12.63	12.59
Dividend Payout %	29%	28%	18%	32%	27%	30%	32%	53%	32%	30%	26%	30%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	54	54	54	54	54	54	54	54	54	54	81	81	81
Reserves	1,369	1,543	2,449	2,751	3,071	3,371	3,733	4,023	4,117	4,553	5,572	6,285	6,352
Borrowings	57	42	42	29	18	10	63	98	109	119	149	171	178
Other Liabilities	775	705	667	763	924	872	742	1,063	1,116	1,348	1,423	1,432	1,523
Total Liabilities	2,255	2,343	3,211	3,597	4,068	4,306	4,592	5,238	5,396	6,075	7,225	7,969	8,133
Fixed Assets	910	905	926	947	1,007	1,316	1,709	1,777	1,876	1,995	2,074	2,160	2,227
Gross Block	1,336.42	1,399.34	1,481.12	1,573.39	1,707.58	2,106.76	2,618.40	2,849.13	3,083.02	3,351.03	3,578.70	3,829.41	–
Accumulated Depreciation	426.84	494.34	554.74	626.79	701.00	790.85	909.76	1,072.39	1,206.87	1,356.09	1,504.94	1,669.43	–
CWIP	48	44	42	142	343	315	164	206	224	113	152	226	189
Investments	56	216	547	553	546	304	455	770	300	653	1,459	1,907	1,796
Other Assets	1,241	1,179	1,696	1,956	2,172	2,371	2,264	2,485	2,995	3,315	3,540	3,677	3,922
Total Assets	2,255	2,343	3,211	3,597	4,068	4,306	4,592	5,238	5,396	6,075	7,225	7,969	8,133

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	189	302	390	345	377	110	621	655	59	386	895	647
Cash from Investing Activity	-112	-239	145	-567	-154	86	-344	-465	251	-274	-636	-372
Cash from Financing Activity	-82	-85	-91	-212	-206	-178	-192	-276	-324	-89	-187	-352
Net Cash Flow	-5	-21	444	-433	17	19	85	-86	-14	24	72	-77

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	54	52	51	52	54	48	50	65	59	58	60	62
Inventory Days	123	93	89	122	120	131	124	137	135	135	138	134
Days Payable	84	56	84	97	102	79	70	102	79	77	83	86
Cash Conversion Cycle	93	90	56	77	72	100	105	100	116	116	114	111
Working Capital Days	54	50	47	80	63	78	83	91	102	89	84	87
ROCE %	21%	25%	25%	26%	25%	21%	19%	18%	12%	14%	17%	14%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.99%	74.98%	74.98%	74.98%	74.98%
FIIs	3.32%	3.88%	4.21%	4.27%	4.28%	4.72%	5.09%	5.56%	5.36%	5.30%	5.40%	5.61%	5.17%
DIIs	13.34%	12.82%	12.29%	11.90%	11.84%	11.61%	10.72%	10.28%	10.24%	10.10%	10.20%	10.03%	10.41%
Public	8.34%	8.31%	8.49%	8.82%	8.88%	8.68%	9.18%	9.16%	9.40%	9.61%	9.41%	9.37%	9.43%