Kansai Nerolac Paints
- P/E
- 26.32
Key Fundamentals
SmallcapConsumer DurablesConsumer DiscretionaryPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 12.00%
- Debt to Equity
- 0.05
- EPS (TTM)
- ₹7.42
- Book Value
- ₹83.00
- Market Cap
- —
- P/E (TTM)
- 26.32
- P/B
- 2.35
- ROE
- 8.82%
- Dividend Yield
- 1.34%
- EBITDA
- ₹1,121 Cr
- 52W High
- ₹264.00
- 52W Low
- ₹157.91
- Day Range
- ₹185.01 – ₹197.99
- Volume
- 7,00,482
Peer Comparison
Consumer Discretionary › Consumer Goods › Paints
| ₹2,418.30 | 47.93 | ₹2,32,001 Cr | 10.67 | 0.24% | 21.80% | 26.30% | ₹38,632 Cr | ₹4,903 Cr | |
| ₹485.10 | 46.47 | ₹55,927 Cr | 8.18 | 0.83% | 17.30% | 21.60% | ₹12,263 Cr | ₹1,217 Cr | |
| Kansai Nerolac Paints (this company) | ₹195.32 | 26.32 | ₹15,207 Cr | 2.35 | 1.34% | 8.82% | 12.00% | ₹8,263 Cr | ₹588 Cr |
| ₹263.70 | — | ₹11,895 Cr | 4.90 | 79.15% | 19.30% | 23.00% | ₹3,578 Cr | ₹1,963 Cr | |
| ₹859.85 | 25.40 | ₹4,116 Cr | 3.47 | 0.58% | 13.40% | 17.90% | ₹1,385 Cr | ₹161 Cr | |
| ₹408.65 | 34.60 | ₹2,345 Cr | 4.88 | 0.49% | 15.80% | 20.30% | ₹508 Cr | ₹67 Cr | |
| ₹78.28 | — | ₹665 Cr | 7.20 | 0.00% | −21.40% | −7.93% | ₹559 Cr | −₹69 Cr | |
| Median 7 companies | ₹408.65 | 34.60 | ₹11,895 Cr | 4.90 | 0.58% | 15.80% | 20.30% | ₹3,578 Cr | ₹588 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 52
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 77
- Strong
- Cheap vs sector & own history 24% weight
- Growth
- 24
- Poor
- Sales & profit trajectory 9% weight
- Financial Health
- 81
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 28
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 53
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
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.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 5 | 5 | 9 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bullish | 3 | 0 | 7 |
Oscillators
Neutral
Overall
Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 62.47
- Neutral
- MACD (12,26,9)
- 0.13
- Bullish
- SMA (50)
- 185.79
- Bullish
- SMA (200)
- 199.95
- Bearish
As of
Analyst Rating
10 of 16 analysts rate Buy, 3 Hold, 3 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +7.89% |
|---|---|
| 5Y | +9.68% |
| 3Y | +2.20% |
| 1Y | +2.93% |
| TTM | +5.25% |
Net profit
| 10Y | −4.39% |
|---|---|
| 5Y | +1.83% |
| 3Y | +7.17% |
| 1Y | −48.06% |
| TTM | −46.55% |
Operating cash flow
| 10Y | +8.59% |
|---|---|
| 5Y | +6.71% |
| 3Y | +29.89% |
| 1Y | +33.04% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −3.42 pp |
|---|---|
| 5Y | −4.90 pp |
| 3Y | +1.27 pp |
| 1Y | +0.07 pp |
| TTM | +0.42 pp |
Revenue by year
| Mar 2017 | ₹4,053 Cr |
|---|---|
| Mar 2018 | ₹4,658 Cr |
| Mar 2019 | ₹5,424 Cr |
| Mar 2020 | ₹5,280 Cr |
| Mar 2021 | ₹5,074 Cr |
| Mar 2022 | ₹6,369 Cr |
| Mar 2023 | ₹7,543 Cr |
| Mar 2024 | ₹7,801 Cr |
| Mar 2025 | ₹7,823 Cr |
| Mar 2026 | ₹8,052 Cr |
Net profit by year
| Mar 2017 | ₹510 Cr |
|---|---|
| Mar 2018 | ₹514 Cr |
| Mar 2019 | ₹448 Cr |
| Mar 2020 | ₹516 Cr |
| Mar 2021 | ₹526 Cr |
| Mar 2022 | ₹343 Cr |
| Mar 2023 | ₹468 Cr |
| Mar 2024 | ₹1,176 Cr |
| Mar 2025 | ₹1,109 Cr |
| Mar 2026 | ₹576 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Kansai Nerolac Paints Ltd trades at ₹195.32 as of 2026-11-04 with a market cap of ₹15,206.66 crore, a P/E (TTM) of 26.32, and a near debt-free balance sheet (debt-to-equity of 0.05). The stock sits 26% below its 52-week high of ₹264 and has delivered a 10-year compounded profit growth of just 2%, reflecting persistent earnings pressure despite moderate top-line expansion.
- The company is virtually debt-free with a debt-to-equity ratio of just 0.05, providing significant financial flexibility and resilience through economic cycles.
- Kansai Nerolac has maintained a healthy dividend payout of 34.5%, and at the current price of ₹195.32 the dividend yield stands at 1.34%, offering a reasonable income stream relative to the sector.
- Compounded sales growth over 5 years stands at 10%, indicating the company has been able to grow its top line at a respectable pace over the medium term.
- The stock is trading at ₹195.32, roughly 26% below its 52-week high of ₹264 and only about 24% above its 52-week low of ₹157.91, which may represent a more reasonable entry zone compared to recent peaks.
- The price-to-book ratio of 2.35 is modest for a branded consumer goods company, suggesting the market is not assigning an excessive premium to the asset base.
- TTM sales growth of 5% shows a sequential recovery from the 3-year compounded sales growth of 2%, hinting at potential stabilisation in revenue momentum.
- ROCE of 11.76% indicates the company still generates returns above typical cost-of-debt levels, aided by its nearly unleveraged capital structure.
- Compounded profit growth over 10 years is only 2%, and TTM profit growth has slowed further to 1%, reflecting persistent margin and earnings headwinds.
- The stock has delivered a negative 1-year return of -28% and a 10-year stock CAGR of -3%, meaning long-term shareholders have experienced capital erosion.
- Return on equity stands at 8.61% currently and has trended down from a 10-year average of 12% to 9% last year, signalling deteriorating capital efficiency.
- Three-year compounded sales growth of just 2% points to stagnating revenue in recent periods despite the broader decorative paints market expanding.
- The P/E (TTM) of 26.32 paired with an EPS of only ₹7.42 and 1% TTM profit growth suggests the stock is priced for growth that has not materialised.
- Five-year stock CAGR of -15% and three-year stock CAGR of -18% reflect sustained underperformance, indicating the market has been re-rating the company downward.
- Five-year compounded profit growth of 2% significantly lags five-year compounded sales growth of 10%, indicating margin compression over the medium term.
- ROE of 10.6% over the last 3 years is low for a branded consumer goods franchise, limiting the company's ability to compound intrinsic value for shareholders.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: A quiet period for Kansai Nerolac with only a routine corporate governance update on KMP authorization. No material business developments, earnings surprises, or risk factors emerged from recent news flow. Investors should watch for upcoming quarterly results and any demand or raw material cost signals in the decorative paints sector for directional cues.
- KMP authorization update Nov 04
Kansai Nerolac updated KMP disclosure authorization effective December 1, 2026. MD Pravin D. Chaudhari, CFO Yash Ahuja, and CS Rukmini Subramanian are now authorized for materiality checks and stock exchange disclosures under SEBI LODR Regulation 30(5).
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 (₹) | 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 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (₹) | 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% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Kansai Nerolac Paints insights
65 extracted metrics across FY01–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT
- Q4 FY26 concall · Mar 2026Transcript PPT
- Q3 FY26 concall · Feb 2026Transcript PPT
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- 21 Aug 2026
- 22 Dec 2025
- 21 Aug 2025
- 27 May 2025
- 5 Jun 2024
- General announcements 26 Oct 2026
Frequently Asked Questions about Kansai Nerolac Paints
What does Kansai Nerolac Paints Ltd do?
Where is Kansai Nerolac Paints Ltd (KANSAINER) listed?
Which sector does Kansai Nerolac Paints Ltd belong to?
What is the PE ratio of Kansai Nerolac Paints Ltd?
What is the 52-week high and low of Kansai Nerolac Paints Ltd?
Does Kansai Nerolac Paints Ltd pay dividends?
What is the Return on Equity (ROE) of Kansai Nerolac Paints Ltd?
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. 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.
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