---
title: "Retina Paints Ltd (543902) — Share Price, Financials & Analysis"
symbol: "543902"
company: "Retina Paints Ltd"
canonical: "https://tapetide.com/stocks/543902"
isin: "INE0NTC01019"
nse_symbol: "RETINAPAINTSLTD"
bse_code: "543902"
sector: "Consumer Goods"
industry: "Paints"
market_cap_cr: 55.2
generated_at: "2026-09-13T18:59:17.692Z"
---

# Retina Paints Ltd (543902)

Canonical page: https://tapetide.com/stocks/543902

## Company

- **NSE Symbol:** RETINAPAINTSLTD
- **BSE Code:** 543902
- **ISIN:** INE0NTC01019
- **Sector:** Consumer Goods
- **Industry:** Paints
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2023-05-03
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** retinapaints.com

## About

Incorporated in 2010, Retina Paints Ltd is in the business of manufacturing and selling of Paints[1]

## Latest Price

## Key Fundamentals

Observed at 2026-09-11T04:52:24.828173Z.

- **Market Cap:** ₹55.2 Cr
- **Classification:** SME
- **P/E (reported):** 85.7
- **EPS (reported):** ₹0.53
- **Book Value:** ₹22.68
- **Price to Book:** 1.59
- **Dividend Yield:** 0%
- **ROE:** 3.82%
- **ROCE:** 7.64%
- **Debt to Equity:** 0.53
- **Revenue (yearly):** ₹23.74 Cr
- **Net Income:** ₹0.78 Cr
- **EBITDA:** ₹2.81 Cr
- **52-Week High:** ₹77.95
- **52-Week Low:** ₹35.11
- **RSI (14):** 39.13

## Tapetide Score

- **Score:** 38 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Falling
- **Percentile:** 10.2 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 43.78 | 9% |
| growth | 63.01 | 9% |
| momentum | 12.57 | 12% |
| ownership | 50 | 24% |
| quality | 40.33 | 22% |
| valuation | 25.16 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 3.34% over last 3 years.
- Company has high debtors of 354 days.
- Promoter holding has decreased over last 3 years: -5.41%

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -25.9% | -756.35% | -329.88% |
| ebitda margin growth | -22.45% | 0.77% | 31.18% |
| net income growth | -40% | 29% | 67% |
| revenue growth | 13.05% | 33% | 31% |
| roce | 8.68% | 41.22% | 7.39% |
| roe | 13.69% | 3.2% | -19.75% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 5.02 | 5.92 | 5.16 | 6.5 | 5.83 | 14.8 | 8 | 15.74 |
| Expenses | 4.38 | 5.75 | 6.88 | 8.43 | 4.81 | 13.01 | 6.9 | 14.03 |
| Operating Profit | 0.64 | 0.17 | -1.72 | -1.93 | 1.02 | 1.79 | 1.1 | 1.71 |
| OPM % | 12.75 | 2.87 | -33.33 | -29.69 | 17.5 | 12.09 | 13.75 | 10.86 |
| Other Income | 0.01 | 0.29 | 0.11 | 5.56 | 0.13 | 0.25 | 0.01 | 0.1 |
| Interest | 0.37 | 0.02 | 0.29 | 0.4 | 0.47 | 0.46 | 0.56 | 0.83 |
| Depreciation | 0.05 | 0.26 | 0.37 | -0.07 | 0.19 | 0.22 | 0.27 | 0.31 |
| Profit before tax | 0.23 | 0.18 | -2.27 | 3.3 | 0.49 | 1.36 | 0.28 | 0.67 |
| Tax % | 26.09 | 27.78 | -5.29 | 12.73 | 26.53 | 30.15 | 32.14 | 35.82 |
| Net Profit | 0.17 | 0.13 | -2.15 | 2.89 | 0.35 | 0.95 | 0.2 | 0.44 |
| EPS in Rs | 0.92 | 0.13 | -1.54 | 2.07 | 0.25 | 0.62 | 0.13 | 0.29 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 6.04 | 6.13 | 6.56 | 10.04 | 11.66 | 20.62 | 23.74 |
| Expenses | 5.69 | 5.62 | 5.98 | 9.22 | 15.24 | 17.66 | 20.93 |
| Operating Profit | 0.35 | 0.51 | 0.58 | 0.82 | -3.58 | 2.96 | 2.81 |
| OPM % | 5.79 | 8.32 | 8.84 | 8.17 | -30.7 | 14.35 | 11.84 |
| Other Income | -0.02 | 0 | 0.09 | 0.3 | 5.67 | 0.39 | 0.12 |
| Interest | 0.18 | 0.36 | 0.34 | 0.4 | 0.76 | 1.09 | 1.39 |
| Depreciation | 0.07 | 0.06 | 0.1 | 0.31 | 0.3 | 0.41 | 0.58 |
| Profit before tax | 0.08 | 0.09 | 0.23 | 0.41 | 1.03 | 1.85 | 0.96 |
| Tax % | 37.5 | 44.44 | 34.78 | 26.83 | 29.13 | 29.73 | 34.38 |
| Net Profit | 0.05 | 0.05 | 0.16 | 0.3 | 0.74 | 1.3 | 0.64 |
| EPS in Rs | 0.69 | 0.69 | 0.86 | 0.29 | 0.53 | 0.85 | 0.42 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.72 | 0.72 | 1.85 | 10.24 | 13.94 | 15.34 | 15.34 |
| Reserves | 0.19 | 0.23 | 0.52 | 2.24 | 8.16 | 18.81 | 19.45 |
| Borrowings | 3.19 | 6.14 | 5.88 | 4.29 | 6.89 | 9.85 | 18.39 |
| Other Liabilities | 2.6 | 2.77 | 3.37 | 3.3 | 5.46 | 10.09 | 9.87 |
| Total Liabilities | 6.7 | 9.86 | 11.62 | 20.07 | 34.45 | 54.09 | 63.05 |
| Fixed Assets | 0.27 | 0.5 | 1.85 | 9.57 | 11.52 | 12.58 | 15.26 |
| CWIP | 0.22 | 2.54 | 1.88 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0.18 | 0.18 |
| Other Assets | 6.21 | 6.82 | 7.89 | 10.5 | 22.93 | 41.33 | 47.61 |
| Total Assets | 6.7 | 9.86 | 11.62 | 20.07 | 34.45 | 54.09 | 63.05 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -1.45 | -2.51 | -0.25 | -1.26 | -8.57 | -10.79 | -4.26 |
| Cash from Investing Activity | -0.2 | -0.29 | -0.13 | -6.16 | -2.09 | -1.52 | -3.26 |
| Cash from Financing Activity | 1.62 | 2.74 | 0.54 | 7.54 | 10.65 | 12.27 | 8.08 |
| Net Cash Flow | -0.02 | -0.06 | 0.15 | 0.13 | -0.01 | -0.03 | 0.57 |
| Free Cash Flow | -1.66 | -2.81 | -0.38 | -7.42 | -10.81 | -12.25 | -7.52 |
| CFO/OP | -406 | -484 | -29 | -143 | 237 | -357 | -136 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 172.83 | 219.71 | 205.31 | 151.6 | 356.55 | 418.63 | 354.24 |
| Inventory Days | 242.62 | 248.16 | 292.89 | 225.48 | 462.65 | 230.55 | 438.76 |
| Days Payable | 209.34 | 201.81 | 211.88 | 151.3 | 230.99 | 203.5 | 143.73 |
| Cash Conversion Cycle | 206.11 | 266.06 | 286.32 | 225.78 | 588.21 | 445.69 | 649.26 |
| Working Capital Days | 122.67 | 135.16 | 132.42 | 169.05 | 398.18 | 416.86 | 408.51 |
| ROCE % | — | 8.04 | 7.43 | 6.47 | 7.78 | 8.06 | 4.84 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 59.28% | 59.28% | 59.28% | 53.87% | 53.87% | 53.87% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 24.24% | 25.42% | 25.39% | 31.49% | 41.7% | 39.46% |
| Others | 16.48% | 15.3% | 15.33% | 14.64% | 4.43% | 6.67% |
| No. of Shareholders | 342 | 338 | 342 | 369 | 401 | 405 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 7 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 37.99 | Buy |
| EMA (10) | 38.07 | Buy |
| SMA (20) | 39.6 | Sell |
| EMA (20) | 38.96 | Sell |
| SMA (50) | 40.45 | Sell |
| EMA (50) | 41.08 | Sell |
| SMA (100) | 45.37 | Sell |
| EMA (100) | 44.96 | Sell |
| SMA (200) | 53.7 | Sell |
| EMA (200) | 50.54 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 47.87 | Neutral |
| MACD (12,26,9) | -1.1 | Sell |
| Stochastic (14,3,3) | 20.71 | Neutral |
| ADX (14) | 19.44 | Neutral |
| Williams %R (14) | -63.52 | Neutral |
| ATR (14) | 2.97 | High Volatility |
| ROC (12) | -7.31 | Sell |
| Stoch RSI (14) | 66.72 | Neutral |
| UO (7,14,28) | 50.73 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-08 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=463eb9a3-e669-4a0e-9433-f84cc0ea32ed.pdf) |
| 2026-09-07 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1578db2b-eb19-4575-8ecb-c75dfe5dd44f.pdf) |
| 2026-09-07 | [Notice Of 16Th Annual General Meeting To Be Held On Wednesday 30Th September 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fef66d52-849a-46a3-aa09-f143fe170100.pdf) |
| 2026-09-05 | [Board Meeting Outcome for Outcome Of 106Th Board Meeting Held On 05Th September 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f4dec57a-f046-4f42-ac63-3cf547bbea8d.pdf) |
| 2026-07-15 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9067a0a2-d221-46b9-8b91-57fd24dbcb0a.pdf) |
| 2026-05-28 | [Board Meeting Outcome for Outcome Of Board Meeting Held On 28Th May 2026 For Audited Financial Statements For The Half Year And Financial Year Ended March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=83d847ee-2231-4d71-a9ba-d726527e2b83.pdf) |
| 2026-05-28 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=402c4332-c574-4b7a-8251-e684bd7394be.pdf) |
| 2026-05-21 | [Board Meeting Intimation for Board Meeting Intimation For Considering The Audited Standalone Financial Results Of The Company For The Half Year/Year Ended 31St March 2026; Considering Any Other Business Matters.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c07b79ab-1837-48f4-8b44-91bff718148c.pdf) |
| 2026-04-29 | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6d434be4-8337-448b-bad1-6659d67e835f.pdf) |
| 2026-04-15 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1d1a9715-9e3c-49c2-9b76-82136b6793b6.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-05-28 | [Audited Financial Results For The Half Year And Year Ended On 31St Of March 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a4140a4a-e78e-4f16-a5d8-be3908db1b6c.pdf) |
| 2025-11-14 | [Unaudited Financial Results For The Half Year Ended On 30-09-2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1d009d49-3443-44d1-bbd8-dc0ec71da700.pdf) |
| 2025-05-30 | [Audited Financial Results For The Half Year And Year Ended 31St March 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3896b2e4-df88-4b91-8e49-dede9de1bf01.pdf) |
| 2024-11-11 | [Financial Results For The Half Year Ended 30.09.2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=09ff1c4d-95cd-4e7a-8665-badf26faccf5.pdf) |
| 2024-05-30 | [Audited Financial Results For The Half Year And Year Ended 31St March 2024.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2bf50966-53f8-4a30-bba4-49003155b386.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 29 Apr - Retina Paints confirms it is not a Large Corporate as of 31 March 2026; borrowing was Rs. 8.63 crore. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 29 Apr - Retina Paints confirms it is not a Large Corporate as of 31 March 2026; borrowing was Rs. 8.63 crore.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6d434be4-8337-448b-bad1-6659d67e835f.pdf) |
| 29 Apr - Retina Paints confirms it is not a Large Corporate as of 31 March 2026; borrowing was Rs. 8.63 crore. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 29 Apr - Retina Paints confirms it is not a Large Corporate as of 31 March 2026; borrowing was Rs. 8.63 crore.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/6d434be4-8337-448b-bad1-6659d67e835f.pdf) |
| 15 Nov 2025 - Nov 15, 2025: Retina Paints approved Rs.6.00 crore corporate guarantee for Retina Retail's Union Bank cash credit. | [Board Meeting Outcome for For Giving Corporate Guarantee 15 Nov 2025 - Nov 15, 2025: Retina Paints approved Rs.6.00 crore corporate guarantee for Retina Retail's Union Bank cash credit.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8248665a-8890-4bcf-a5fd-e22120852875.pdf) |
| 15 Nov 2025 - Board approved corporate guarantee up to Rs.6.00 crore to Union Bank for Retina Retail's cash credit, dated 15-Nov-2025. | [Providing Corporate Guarantee 15 Nov 2025 - Board approved corporate guarantee up to Rs.6.00 crore to Union Bank for Retina Retail's cash credit, dated 15-Nov-2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6303669f-86ae-46d6-a68a-e333e4962cc9.pdf) |
| 15 Apr - Submitted Regulation 74(5) compliance certificate for quarter ended 31 March 2026. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 15 Apr - Submitted Regulation 74(5) compliance certificate for quarter ended 31 March 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1d1a9715-9e3c-49c2-9b76-82136b6793b6.pdf) |
| 14 Nov 2025 - Unaudited H1 FY2026 results (30-09-2025): Revenue ₹80,015.64k, PAT ₹1,990.04k; limited review. | [Board Meeting Outcome for Unaudited Financial Results For The Half Year Ended 30.09.20245 14 Nov 2025 - Unaudited H1 FY2026 results (30-09-2025): Revenue ₹80,015.64k, PAT ₹1,990.04k; limited review.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b6fd4d3c-12f4-419a-8ed2-6254437c2d35.pdf) |
| 14 Nov 2025 - Standalone unaudited H1 results ended 30 Sep 2025: Revenue Rs80,015.64k; Profit after tax Rs1,990.04k. | [Unaudited Financial Results For The Half Year Ended On 30-09-2025 14 Nov 2025 - Standalone unaudited H1 results ended 30 Sep 2025: Revenue Rs80,015.64k; Profit after tax Rs1,990.04k.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1d009d49-3443-44d1-bbd8-dc0ec71da700.pdf) |
| 13 Jan - Regulation 74(5) certificate: RTA confirms all shares dematerialized for quarter ended 31.12.2025. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 13 Jan - Regulation 74(5) certificate: RTA confirms all shares dematerialized for quarter ended 31.12.2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/43533ac1-fb65-429f-a45d-9a934ed72663.pdf) |
| — | [Closure of Trading Window 25 Mar](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5e751cd7-7633-4b16-bb4e-9a1d381f20ce.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/31ba9039-4338-4ad5-a09e-28f78246bb9e.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/abf5888e-c582-4d00-bc38-86042b1b3814.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e0e6125d-93e0-446a-a5e5-88bb2fbc4d00.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:59:17.692Z.