Shalimar Paints Q2 FY27 Results & Earnings Intelligence
SHALPAINTSStructural risk assessment following Q2-FY27 | 30 Sep 26 earnings.
₹115.7 Cr
-16.0% QoQ
₹-32.5 Cr
-442.5% YoY•-53.1% QoQ
₹-32.5 Cr
-132.5% YoY•-53.1% QoQ
35/ 100
+23 pts QoQ
The Quarter at a Glance
Consolidated Financials| Metric | Q2-FY27 | 30 Sep 26 | Q2-FY26 | 30 Sep 25 | YoY Δ | Q1-FY27 | 30 Jun 26 | QoQ Δ |
|---|---|---|---|---|---|
| Revenue from Operations | ₹115.7 Cr | N/A | N/A | ₹137.7 Cr | -16.0% |
| Revenue (Total Income) | ₹116.4 Cr | ₹134.0 Cr | -13.1% | ₹138.6 Cr | -16.0% |
| Operating Profit (EBITDA) | ₹-32.5 Cr | ₹-6.0 Cr | -442.5% | ₹-21.3 Cr | -53.1% |
| Profit Before Tax (PBT) | ₹-32.5 Cr | ₹-14.0 Cr | -132.5% | ₹-21.3 Cr | -53.1% |
| EBIT Margin | -27.95% | -4.48% | -2348 bps | -15.34% | -1262 bps |
| Net Profit (PAT) | ₹-32.5 Cr | ₹-14.0 Cr | -132.5% | ₹-21.3 Cr | -53.1% |
| Interest Expense | ₹5.3 Cr | ₹6.0 Cr | -11.8% | ₹4.9 Cr | +7.7% |
| Operating Cash Flow | ₹-4.4 Cr | N/A | N/A | N/A | N/A |
| Basic EPS (₹/share) | ₹-3.89 | N/A | N/A | ₹-2.54 | -53.1% |
Sources:Official BSE/NSE Disclosures & Financial Filings
Core operating EBITDA margin of -27.9% reflects operating leverage, gross spread absorption, and input cost discipline against revenue.
Sentinel Executive Summary
Core Earnings Synthesis"Shalimar Paints Limited currently sits within Flagium's Watch category. However, recent periods have introduced early signs of competitive and operating pressure, leverage and funding pressure. With both revenue and profit contracting, triggers like 'Receivables-Revenue Divergence', 'Universal Inventory Divergence' amplify the structural risk. While not currently existential, persistent friction suggests that structural risk is rising."
Shalimar Paints Limited registered a drop in both quarterly revenue and net profit, reflecting challenging industry-wide demand trends. A 'Watch' risk classification and 7 active flags indicate that operating headwinds are beginning to translate into structural pressure.
🟢 Key Operational & Structural Positives
- ✓Net Profit Expansion: Profit after tax moved +132.5% YoY and +53.1% QoQ, settling at ₹-32.5 Cr.
- ✓Earnings per Share: Basic EPS grew +53.1% QoQ, landing at ₹-3.89/share.
⚠️ Key Areas of Watch & Margin Pressures
- ⚠Resolution of 'Receivables-Revenue Divergence': SHALPAINTS: Trade Receivables growth outpaced Revenue by +63.3 pp (DSRI: 4.13x).
- ⚠Resolution of 'Low Interest Coverage': SHALPAINTS: Low Interest Coverage Ratio of -5.15x in FY2027 Q2 (Threshold: 2.5x).
- ⚠Resolution of 'Inventory Stress': Inventory growth (13.9%) significantly outpaced revenue growth (-79.8%).
Flagium Risk Signals
Automated Forensic SignalsReceivables-Revenue Divergence • Universal Inventory Divergence • Low Interest Coverage • Inventory Stress
SHALPAINTS: Trade Receivables growth outpaced Revenue by +63.3 pp (DSRI: 4.13x).
SHALPAINTS: Inventory growth outpaced Revenue growth by +93.7 pp (Inventory holding ratio increased +463.6%).
SHALPAINTS: Low Interest Coverage Ratio of -5.15x in FY2027 Q2 (Threshold: 2.5x).
Inventory growth (13.9%) significantly outpaced revenue growth (-79.8%).
Working capital expansion detected: Receivable days increased by 313.0%.
SHALPAINTS: EBITDA margin compressed by 2286 bps YoY.
Expenses are consistently growing faster than revenues, creating operational pressure.
🎙️ Shalimar Paints (SHALPAINTS) Q2 FY27 Concall Intelligence
Management Commentary, Concall Takeaways & Key Discussion Themes
No earnings call transcript was available
for this reporting period.
What to do next
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