Shalimar Paints Limited

Persistent unprofitability: all eight recent quarters show net losses ranging ₹6–27 Cr with no evident path to profitability disclosed.

Operating margins severely negative at -3.89% average and reaching -8%+ in Dec 2025 and Jun 2026, despite stable revenue of ₹130–155 Cr, indicating structural operational challenges.

ROE of -22.94% shows shareholder capital is eroding; verify management's stated turnaround plan and timeline for return to profitability.

Promoter concentration at 74.96% and minimal institutional shareholding (FII 0.04%, DII 0.03%) limit independent governance oversight.

Operating margin recovery from deeply negative to positive shown in Mar 2026 (OPM 2.21%, 1.33%) versus -8%+ in adjacent quarters; sustained improvement would restore profitability.

Revenue base of ₹130–155 Cr held stable across unprofitable periods, indicating retained market demand; growth requires expansion beyond this range.

Indian paint industry tailwinds from housing sector recovery; verify construction activity trends, paint consumption growth rates, and whether Shalimar can capture gains.