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Consolidated Standalone

Kansai Nerolac Paint

₹278.6 0.9 | 0.3%

Market Cap ₹22517 Cr.

Stock P/E 19.0

P/B 4

Current Price ₹278.6

Book Value ₹ 69.1

Face Value 1

52W High ₹415

Dividend Yield 1.35%

52W Low ₹ 256

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Research Report on Kansai Nerolac Paints

Overview Inc. Year: 1920Industry: Paints

Kansai Nerolac Paints Ltd is an India-based paint organization. The Company is mainly engaged inside the production of paints. It gives a number of products, together with car coatings, powder coatings, overall performance coatings liquid and auto refinish. Its automotive coatings consist of cathodic electro deposition (CED) and acrylic cathodic electro deposition (ACED) primer, monocoat metallics, high mar resistant clear coats and heat resistant paints, amongst others. Its powder coatings include epoxy polyester powder, epoxy powder, natural polyester polyurethane, heat resistance powder, rebar coatings, pipe coating powders, superb durable powders and bonded metal powders. Its performance coatings liquid consists of floor coatings, pipe coatings, coil coatings, zinc-rich coatings, epoxy coatings and chlorinated rubber coatings, amongst others. Its auto refinishes includes polyurethane paints, polyester, nitrocellulose (NC) and NC acrylic-NAP, and body fillers, among others.

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Kansai Nerolac Paint Share Price

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Peer Comparison

Kansai Nerolac Paint Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 1810 1537 2051 1931 1827 1734 2157 1957 1919 1769
Other Income 10 -1 5 4 7 10 17 22 20 33
Total Income 1820 1536 2056 1935 1834 1743 2174 1979 1939 1802
Total Expenditure 1598 1453 1796 1732 1631 1565 1825 1683 1675 1590
Operating Profit 222 83 260 203 203 178 349 295 264 212
Interest 7 8 8 6 7 7 7 8 7 7
Depreciation 43 43 43 45 46 46 47 47 48 48
Exceptional Income / Expenses 0 0 0 0 0 0 661 0 0 0
Profit Before Tax 172 32 208 152 149 125 956 240 208 157
Provision for Tax 47 13 56 41 40 29 222 65 56 42
Profit After Tax 125 19 152 111 109 96 734 175 152 114
Adjustments 3 6 4 2 1 -2 4 2 2 2
Profit After Adjustments 128 25 156 114 110 94 738 177 154 116
Adjusted Earnings Per Share 1.6 0.3 1.9 1.4 1.4 1.2 9.1 2.2 1.9 1.4

Kansai Nerolac Paint Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 2867 3193 3587 3767 4053 4658 5424 5280 5074 6369 7543 7802
Other Income 16 10 22 28 98 71 61 26 38 25 26 92
Total Income 2883 3203 3609 3794 4151 4729 5485 5306 5112 6395 7569 7894
Total Expenditure 2529 2827 3136 3183 3315 3864 4672 4476 4211 5720 6725 6773
Operating Profit 354 376 473 611 835 865 813 830 901 675 844 1120
Interest 1 2 1 0 0 1 10 21 24 29 29 29
Depreciation 47 65 68 67 70 77 106 142 165 170 180 190
Exceptional Income / Expenses 116 0 0 535 0 0 0 0 0 0 0 661
Profit Before Tax 422 310 404 1079 765 787 697 667 712 476 635 1561
Provision for Tax 128 101 128 177 255 273 249 151 187 133 166 385
Profit After Tax 294 209 275 902 510 514 448 516 526 343 468 1175
Adjustments -0 -1 -1 -1 -1 1 5 5 4 16 5 10
Profit After Adjustments 293 208 274 901 509 514 453 521 530 359 474 1185
Adjusted Earnings Per Share 3.6 2.6 3.4 11.1 6.3 6.4 5.6 6.4 6.6 4.4 5.9 14.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 18% 13% 10% 10%
Operating Profit CAGR 25% 1% -0% 9%
PAT CAGR 36% -3% -2% 5%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 3% -10% 0% 13%
ROE Average 11% 11% 12% 19%
ROCE Average 15% 15% 17% 25%

Kansai Nerolac Paint Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 1287 1426 1601 2510 2815 3132 3416 3760 4053 4132 4534
Minority's Interest 3 4 5 6 15 16 20 22 36 19 27
Borrowings 67 57 46 29 18 10 4 23 17 11 5
Other Non-Current Liabilities 82 95 101 17 79 82 127 161 186 221 235
Total Current Liabilities 648 698 620 678 709 890 950 917 1241 1326 1507
Total Liabilities 2087 2280 2373 3240 3636 4130 4518 4884 5533 5709 6306
Fixed Assets 786 922 916 937 957 1035 1465 1906 1912 1996 2108
Other Non-Current Assets 202 107 130 118 289 510 733 489 443 483 395
Total Current Assets 1099 1251 1327 2185 2390 2585 2320 2489 3178 3230 3803
Total Assets 2087 2280 2373 3240 3636 4130 4518 4884 5533 5709 6306

Kansai Nerolac Paint Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 61 61 55 34 478 55 61 26 104 24 -12
Cash Flow from Operating Activities 220 195 305 392 351 360 100 595 646 25 408
Cash Flow from Investing Activities -142 -113 -239 144 -557 -163 88 -376 -453 250 -227
Cash Flow from Financing Activities -77 -87 -87 -92 -216 -192 -223 -141 -274 -309 -133
Net Cash Inflow / Outflow 0 -6 -21 444 -422 6 -35 78 -81 -35 49
Closing Cash & Cash Equivalent 61 55 34 478 55 61 26 104 24 -12 37

Kansai Nerolac Paint Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 3.63 2.57 3.39 11.15 6.29 6.36 5.6 6.45 6.55 4.44 5.86
CEPS(Rs) 4.22 3.38 4.25 11.99 7.18 7.31 6.85 8.14 8.55 6.35 8.02
DPS(Rs) 1.1 1.1 1.4 3.05 3 2.6 2.6 3.15 5.25 2.25 2.7
Book NAV/Share(Rs) 15.92 17.64 19.81 31.05 34.82 38.75 42.26 46.52 50.14 51.12 56.04
Core EBITDA Margin(%) 9.97 9.73 10.61 12.55 14.75 14.99 12.57 13.65 15 9 9.6
EBIT Margin(%) 12.48 8.27 9.51 23.2 15.3 14.87 11.81 11.67 12.79 7 7.79
Pre Tax Margin(%) 12.46 8.22 9.49 23.2 15.3 14.86 11.64 11.32 12.38 6.6 7.45
PAT Margin (%) 8.67 5.54 6.47 19.39 10.2 9.7 7.48 8.75 9.13 4.76 5.5
Cash Profit Margin (%) 10.07 7.26 8.08 20.84 11.6 11.16 9.26 11.17 12.01 7.11 7.61
ROA(%) 18.57 9.56 11.83 32.14 14.84 13.23 10.35 10.97 10.09 6.1 7.8
ROE(%) 30.12 15.38 18.18 43.88 19.16 17.28 13.67 14.37 13.46 8.38 10.82
ROCE(%) 39.72 21.76 25.71 51.29 28.35 26.21 21.12 18.43 18.03 11.8 14.71
Receivable days 34.49 43.52 42.22 41.63 41.45 44.56 44.47 47.78 55.28 51.86 49.93
Inventory Days 38.74 58.43 52.09 44.65 46.93 52.8 59.17 65.64 69.96 71.53 71.94
Payable days 65 79.3 65.74 76.03 96.98 92.68 82.89 81.04 99.24 88.47 75.33
PER(x) 22.75 30.3 42.51 16.84 40.03 52.82 54.43 39.94 61.1 70.16 43.92
Price/Book(x) 5.18 4.42 7.28 6.04 7.24 8.67 7.21 5.53 7.99 6.09 4.59
Dividend Yield(%) 0.89 0.94 0.65 1.08 0.79 0.52 0.57 0.82 0.87 0.48 0.7
EV/Net Sales(x) 2.33 1.98 3.25 3.91 4.97 5.76 4.54 3.94 6.39 3.97 2.76
EV/Core EBITDA(x) 18.91 16.77 24.68 24.11 24.1 31.04 30.32 25.06 35.96 37.46 24.69
Net Sales Growth(%) 105.2 11.38 12.33 5.02 7.58 14.94 16.45 -2.66 -3.9 25.52 18.42
EBIT Growth(%) 191.31 -26.25 29.78 166.86 -29.09 2.92 -10.27 -2.67 7.02 -31.4 31.46
PAT Growth(%) 189.67 -28.93 31.88 227.78 -43.45 0.72 -12.86 15.22 1.93 -34.73 36.52
EPS Growth(%) 185.37 -29.06 31.78 228.76 -43.52 1.09 -11.99 15.08 1.68 -32.26 31.97
Debt/Equity(x) 0.07 0.05 0.03 0.02 0.01 0.01 0.03 0.05 0.04 0.05 0.04
Current Ratio(x) 1.7 1.79 2.14 3.22 3.37 2.9 2.44 2.71 2.56 2.44 2.52
Quick Ratio(x) 0.85 0.85 1.25 2.36 2.38 1.97 1.27 1.61 1.6 1.21 1.38
Interest Cover(x) 621.42 174.09 439.59 0 0 1175.57 70.89 32.9 31.01 17.66 22.89
Total Debt/Mcap(x) 0.01 0.01 0 0 0 0 0 0.01 0.01 0.01 0.01

Kansai Nerolac Paint Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99
FII 3.57 3.55 3.28 3.45 3.32 3.88 4.21 4.28 4.28 4.72
DII 13.21 13.2 13.39 13.27 13.34 12.81 12.3 11.9 11.84 11.6
Public 8.23 8.26 8.34 8.29 8.35 8.31 8.5 8.83 8.89 8.68
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 88.47 to 75.33days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Stock is trading at 4 times its book value.
  • The company has delivered a poor profit growth of -1% over past five 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.

Kansai Nerolac Paint News

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