Kansai Nerolac Paints Ltd

Kansai Nerolac Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Kansai Nerolac Paints Ltd

₹ 261 -1.57%
24 Dec 9:05 a.m.
nerolac.com BSE: 500165 NSE: KANSAINER
About

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.

Key Points

History[1][2] The company started its operations in 1920 as Gahagan Paints & Varnish in Mumbai manufacturing paints, and changed its name to Goodlass Nerolac Paints Pvt. Ltd.
In 1983, they entered into a technical collaboration agreement with Kansai Paint Co. Ltd., Japan, and Nihon Tokushu Tokyo Co. Ltd., Japan, and Kansai paint took over the company and now holds a 75% stake in the company.

Website BSE NSE
  • Market Cap ₹ 21,087 Cr.
  • Current Price ₹ 261
  • High / Low ₹ 357 / 252
  • Stock P/E 34.5
  • Book Value ₹ 69.8
  • Dividend Yield 0.96 %
  • ROCE 16.6 %
  • ROE 12.8 %
  • Face Value ₹ 1.00
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Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 31.0%

Cons

  • Stock is trading at 3.80 times its book value
  • Company has a low return on equity of 10.7% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Paints/Varnish Industry: Paints / Varnishes

Part of BSE 250 SmallCap Index Nifty 500 BSE MidCap BSE Consumer Discretionary BSE Allcap

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
1,620 1,810 1,537 2,051 1,931 1,827 1,734 2,157 1,957 1,919 1,769 2,133 1,951
1,457 1,598 1,453 1,796 1,732 1,631 1,565 1,825 1,683 1,675 1,590 1,803 1,739
Operating Profit 163 212 84 255 199 195 168 332 273 244 179 330 212
OPM % 10% 12% 5% 12% 10% 11% 10% 15% 14% 13% 10% 15% 11%
6 10 -1 5 4 7 10 678 22 20 33 34 27
Interest 7 7 8 8 6 7 7 7 8 7 7 7 7
Depreciation 42 43 43 43 45 46 46 47 47 48 48 48 49
Profit before tax 120 172 32 208 152 149 125 956 240 208 157 308 183
Tax % 27% 27% 40% 27% 27% 27% 23% 23% 27% 27% 27% 27% 34%
87 125 19 152 111 109 96 734 175 152 114 225 120
EPS in Rs 1.14 1.58 0.31 1.93 1.40 1.36 1.16 9.13 2.19 1.91 1.44 2.86 1.52
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
2,801 3,120 3,505 3,767 4,053 4,658 5,424 5,280 5,074 6,369 7,543 7,801 7,773
2,463 2,753 3,054 3,182 3,315 3,864 4,672 4,476 4,211 5,720 6,725 6,774 6,808
Operating Profit 338 367 451 585 737 794 753 804 863 649 818 1,028 965
OPM % 12% 12% 13% 16% 18% 17% 14% 15% 17% 10% 11% 13% 12%
132 10 22 563 98 71 61 26 38 25 26 753 113
Interest 1 2 1 0 0 1 10 21 24 29 29 29 29
Depreciation 47 66 68 68 70 77 106 142 165 170 180 190 193
Profit before tax 422 310 404 1,079 765 787 697 667 712 476 635 1,561 856
Tax % 30% 33% 32% 16% 33% 35% 36% 23% 26% 28% 26% 25%
294 209 275 902 510 514 448 516 526 343 468 1,176 611
EPS in Rs 3.63 2.57 3.39 11.15 6.29 6.36 5.60 6.44 6.55 4.44 5.86 14.66 7.73
Dividend Payout % 20% 29% 28% 18% 32% 27% 31% 33% 53% 37% 31% 26%
Compounded Sales Growth
10 Years: 10%
5 Years: 8%
3 Years: 15%
TTM: 1%
Compounded Profit Growth
10 Years: 12%
5 Years: 8%
3 Years: 8%
TTM: 1%
Stock Price CAGR
10 Years: 7%
5 Years: -5%
3 Years: -12%
1 Year: -18%
Return on Equity
10 Years: 14%
5 Years: 12%
3 Years: 11%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 54 54 54 54 54 54 54 54 54 54 54 81 81
Reserves 1,233 1,372 1,548 2,456 2,761 3,078 3,362 3,706 3,999 4,078 4,480 5,502 5,564
84 68 51 46 29 35 108 178 173 203 287 276 292
715 786 720 685 793 962 994 945 1,307 1,374 1,486 1,551 1,762
Total Liabilities 2,087 2,280 2,373 3,240 3,636 4,130 4,518 4,884 5,533 5,709 6,306 7,410 7,699
786 922 916 937 957 1,036 1,465 1,906 1,912 1,996 2,108 2,182 2,231
CWIP 123 48 44 42 154 346 316 169 207 225 113 153 179
Investments 53 49 208 539 531 521 197 306 669 211 501 1,327 1,210
1,124 1,261 1,205 1,722 1,993 2,228 2,540 2,502 2,745 3,278 3,584 3,748 4,079
Total Assets 2,087 2,280 2,373 3,240 3,636 4,130 4,518 4,884 5,533 5,709 6,306 7,410 7,699

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
220 195 305 392 351 360 100 595 646 25 408 903
-142 -113 -239 144 -557 -162 89 -376 -453 250 -227 -590
-77 -87 -87 -92 -216 -192 -223 -141 -274 -309 -133 -249
Net Cash Flow 0 -6 -21 444 -422 6 -34 78 -81 -35 49 64

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 56 55 54 53 53 55 51 54 69 63 60 62
Inventory Days 114 125 95 90 123 107 132 127 158 153 134 136
Days Payable 82 84 56 85 98 90 82 75 120 92 79 88
Cash Conversion Cycle 89 96 93 58 78 72 101 106 107 123 115 110
Working Capital Days 50 56 52 48 80 65 79 85 93 102 90 83
ROCE % 22% 25% 25% 26% 25% 20% 18% 18% 11% 14% 17%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99% 74.99%
3.57% 3.55% 3.28% 3.45% 3.32% 3.88% 4.21% 4.27% 4.28% 4.72% 5.09% 5.56%
13.21% 13.20% 13.39% 13.26% 13.34% 12.82% 12.29% 11.90% 11.84% 11.61% 10.72% 10.28%
8.23% 8.26% 8.34% 8.28% 8.34% 8.31% 8.49% 8.82% 8.88% 8.68% 9.18% 9.16%
No. of Shareholders 72,10976,90982,89283,34184,11383,76193,8711,11,1971,14,0471,14,0081,36,3271,44,151

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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