Kansai Nerolac Paints logo

Kansai Nerolac Paints

KANSAINER NSE

Key Fundamentals

SmallcapPaintsConsumer Goods
Market Cap
₹15,184 Cr
Volatility
Moderate
P/E Ratio
25.42
EBITDA
₹1,121 Cr
Return on Equity
8.61%
Debt to Equity
0.05
Book Value
₹83.01
EPS
₹8.39
52W High
₹264
52W Low
₹157.91

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.5%

Weaknesses

2
  • The company has delivered a poor sales growth of 9.67% over past five years.
  • Company has a low return on equity of 10.6% over last 3 years.

Growth Rate

Revenue Growth
2.96% higher than 3Y
Net Income Growth
-48.09% lower than 3Y
Cash Flow Change
33.02% higher than 3Y
ROE
-50.29% lower than 3Y
ROCE
-47.29% higher than 3Y
EBITDA Margin (Avg.)
0.66% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Kansai Nerolac Paints trades at a market cap of ₹15,184 Cr with a P/E of 26.2x and a dividend yield of 1.31%. The company is virtually debt-free but has seen muted sales growth of 2% CAGR over three years and a declining ROE trend from 12% (10-year average) to 9% last year, while the stock has delivered a negative 1-year return of -23%.

Bull Case 7
  • The company is almost debt-free, giving it significant financial flexibility and resilience during economic downturns with near-zero interest burden on the P&L.
  • Healthy dividend payout ratio of 34.5% with a current yield of 1.31%, providing consistent cash returns to shareholders in a sector where many peers retain most earnings.
  • 10-year compounded sales CAGR of 8% demonstrates the company's ability to grow revenue over longer economic cycles despite near-term headwinds.
  • P/B ratio of 2.3x is modest for a branded consumer goods company, suggesting the stock is not excessively priced relative to its book value compared to premium paint sector peers.
  • TTM sales growth has recovered to 5%, up from the 3-year CAGR of 2%, indicating a potential inflection point in top-line momentum.
  • Compounded profit CAGR of 7% over 3 years outpaces the 2% sales CAGR over the same period, suggesting margin expansion and improving operating leverage.
  • The stock has corrected -23% over the past year, which compresses valuation from prior peaks and reduces the downside risk embedded in the price for long-term holders.
Bear Case 8
  • Stock has delivered deeply negative returns across all timeframes: -23% over 1 year, -17% CAGR over 3 years, and -14% CAGR over 5 years, reflecting sustained erosion of investor confidence.
  • ROE has declined from a 10-year average of 12% to just 9% last year, indicating deteriorating capital efficiency and weakening profitability per unit of equity.
  • Sales growth of just 2% CAGR over 3 years and 9.67% over 5 years is poor for a consumer goods company operating in a large and growing Indian market.
  • 10-year compounded profit CAGR of only 2% is significantly below sales CAGR of 8% over the same period, pointing to long-term margin compression and cost pressures.
  • P/E of 26.2x is demanding given the single-digit earnings growth — TTM profit growth is just 1%, implying investors are paying a premium multiple for below-average growth.
  • 3-year ROE of 11% and 5-year ROE of 10% are below what is typically expected from an established branded consumer goods franchise with pricing power.
  • 5-year compounded profit CAGR of only 2% suggests the company has struggled to translate a 10% 5-year sales CAGR into bottom-line growth, raising questions about cost management.
  • Even the 10-year stock CAGR stands at -2%, meaning the stock has failed to create value for long-term shareholders over a full decade.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 1
  • GST penalty order ₹1.46 crore Aug 26

    Kansai Nerolac received a GST penalty order of ₹1,45,58,104 from the Joint Commissioner, Ahmedabad, related to disallowed ITC for FY18. The company plans to appeal the order.

TL;DR: Limited news flow for Kansai Nerolac this period. The only development is a minor GST penalty of ₹1.46 crore related to FY18 ITC, which is immaterial relative to the company's scale and is being appealed. No significant positive or negative catalysts are visible in the current news cycle.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,157
1,957
1,919
1,769
2,133
1,951
1,922
1,817
2,162
1,954
1,982
1,954
2,374
Expenses
1,825
1,683
1,675
1,590
1,803
1,739
1,687
1,651
1,859
1,739
1,742
1,737
2,045
Operating Profit
332
273
244
179
330
212
235
166
303
215
240
216
328
OPM %
15%
14%
13%
10%
15%
11%
12%
9%
14%
11%
12%
11%
14%
Other Income
678
22
20
33
34
27
671
37
53
28
-10
11
55
Interest
7
8
7
7
7
7
9
8
7
8
9
8
8
Depreciation
47
47
48
48
48
49
53
52
53
54
60
61
63
PBT
956
240
208
157
308
183
844
144
295
182
161
158
312
Tax %
23%
27%
27%
27%
27%
34%
22%
29%
27%
27%
27%
31%
27%
Net Profit
734
175
152
114
225
120
662
102
216
133
117
110
228
EPS in Rs
9.13
2.19
1.91
1.44
2.86
1.52
8.42
1.34
2.73
1.67
1.5
1.39
2.86
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,505
3,767
4,053
4,658
5,424
5,280
5,074
6,369
7,543
7,801
7,823
8,052
8,263
Expenses
3,054
3,182
3,315
3,864
4,672
4,476
4,211
5,720
6,725
6,774
6,881
7,077
7,264
Operating Profit
451
585
737
794
753
804
863
649
818
1,028
942
975
1,000
OPM %
13%
16%
18%
17%
14%
15%
17%
10%
11%
13%
12%
12%
12%
Other Income
22
563
98
71
61
26
38
25
26
753
769
83
85
Interest
1
0
0
1
10
21
24
29
29
29
31
32
33
Depreciation
68
68
70
77
106
142
165
170
180
190
202
228
238
PBT
404
1,079
765
787
697
667
712
476
635
1,561
1,478
797
814
Tax %
32%
16%
33%
35%
36%
23%
26%
28%
26%
25%
25%
28%
—
Net Profit
275
902
510
514
448
516
526
343
468
1,176
1,109
576
589
EPS in Rs
3.39
11.15
6.29
6.36
5.6
6.44
6.55
4.44
5.86
14.66
14.14
7.29
7.42
Div. Payout %
28%
18%
32%
27%
31%
33%
53%
34%
31%
26%
27%
51%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
54
54
54
54
54
54
54
54
54
81
81
81
Reserves
1,548
2,456
2,761
3,078
3,362
3,706
3,999
4,078
4,480
5,502
6,342
6,633
Borrowings
51
46
29
35
108
242
173
203
160
276
296
303
Other Liabilities
720
685
793
962
994
881
1,307
1,374
1,613
1,551
1,497
1,695
Total Liabilities
2,373
3,240
3,636
4,130
4,518
4,884
5,533
5,709
6,306
7,410
8,217
8,711
Fixed Assets
916
937
957
1,036
1,465
1,906
1,912
1,996
2,108
2,182
2,246
2,404
CWIP
44
42
154
346
316
169
207
225
113
153
226
175
Investments
208
539
531
521
197
306
669
211
501
1,327
1,850
2,365
Other Assets
1,205
1,722
1,993
2,228
2,540
2,502
2,745
3,278
3,584
3,748
3,895
3,767
Total Assets
2,373
3,240
3,636
4,130
4,518
4,884
5,533
5,709
6,306
7,410
8,217
8,711
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
305
392
351
360
100
595
646
25
408
903
672
894
Investing
-239
144
-557
-162
89
-375
-453
250
-227
-590
-379
-383
Financing
-87
-92
-216
-192
-223
-141
-274
-309
-133
-249
-366
-403
Net Cash Flow
-21
444
-422
6
-34
79
-81
-35
49
64
-72
108
Free Cash Flow
215
304
134
17
-425
356
545
-193
287
666
347
682
CFO/OP
95
110
78
80
55
95
93
29
73
111
99
115
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
54
53
53
55
51
54
69
63
60
62
63
67
Inventory Days
95
90
123
107
132
127
158
153
134
136
133
119
Days Payable
56
85
98
90
82
75
120
92
79
88
88
91
Cash Conversion Cycle
93
58
78
72
101
106
107
123
115
110
109
95
Working Capital Days
51
48
80
64
73
74
82
91
81
77
82
69
ROCE %
25%
25%
26%
25%
20%
18%
17%
11%
14%
17%
13%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.34%Promot.74.96%FIIs4.03%Public7.79%DIIs11.88%As ofJun 2026

Documents

Frequently Asked Questions about Kansai Nerolac Paints

What does Kansai Nerolac Paints Ltd do?
Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1] The company is subsidiary of Kansai Paints Co. Ltd Japan, from whom it continuously gets sup...
Where is Kansai Nerolac Paints Ltd (KANSAINER) listed?
Kansai Nerolac Paints Ltd trades as KANSAINER on the NSE and under code 500165 on the BSE.
Which sector does Kansai Nerolac Paints Ltd belong to?
Kansai Nerolac Paints Ltd is classified under the Consumer Goods sector, in the Paints industry.
What is the market capitalisation of Kansai Nerolac Paints Ltd?
Kansai Nerolac Paints Ltd has a market capitalisation of ₹15,184 Cr, which places it in the Mid Cap band.
What is the PE ratio of Kansai Nerolac Paints Ltd?
Kansai Nerolac Paints Ltd trades at a PE ratio of 25.42, on earnings per share of ₹8.39, against a book value of ₹83.01 per share.
What is the 52-week high and low of Kansai Nerolac Paints Ltd?
Over the last 52 weeks Kansai Nerolac Paints Ltd has traded between ₹157.91 and ₹264.
Does Kansai Nerolac Paints Ltd pay dividends?
Kansai Nerolac Paints Ltd has a dividend yield of 1.31%.
What is the Return on Equity (ROE) of Kansai Nerolac Paints Ltd?
Kansai Nerolac Paints Ltd reported a return on equity of 8.61%. Its debt-to-equity ratio is 0.05.

Company Information

Having started its operations in 1920 as Gahagan Paints & Varnish in Mumbai, Kansai Nerolac Paints is principally engaged in the manufacturing of Paints and is a market leader in Industrial coatings. [1] The company is subsidiary of Kansai Paints Co. Ltd Japan, from whom it continuously gets support and guidance in improvement of quality standards and getting best technology upgrades.

Website nerolac.com
CEO Mr. Pravin Digambar Chaudhari B.E., MMS
Employees 3,859
Listed 1995-02-01
Face Value ₹ 1
Issued Size 80,85,20,964

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