Key Financial Figures - Standalone Q2 FY27 (Quarter ended June 30, 2026)

  • Revenue from operations: ₹136.19 crore (Q2 FY26: ₹153.46 crore)
  • Other income: ₹1.06 crore (Q2 FY26: ₹1.56 crore)
  • Total income: ₹137.25 crore (Q2 FY26: ₹155.02 crore)
  • Total expenses: ₹158.03 crore (Q2 FY26: ₹171.68 crore)
  • Loss before exceptional items and tax: ₹(20.78) crore (Q2 FY26: ₹(16.66) crore)
  • Loss after tax: ₹(20.78) crore (Q2 FY26: ₹(16.66) crore)
  • Total comprehensive loss: ₹(19.21) crore (Q2 FY26: ₹(16.49) crore)
  • Basic and Diluted loss per share: ₹(2.48) (Q2 FY26: ₹(1.99))
  • Paid-up equity share capital: ₹16.74 crore (83.7 million shares of ₹2 each)
  • Accumulated losses: ₹562.94 crore as at June 30, 2026
  • Current liabilities exceeded current assets by ₹64.55 crore as at June 30, 2026

Key Financial Figures - Consolidated Q2 FY27

  • Revenue from operations: ₹137.72 crore
  • Other income: ₹0.89 crore
  • Total income: ₹138.61 crore
  • Total expenses: ₹159.87 crore
  • Loss before tax: ₹(21.26) crore
  • Loss after tax: ₹(21.26) crore
  • Total comprehensive loss: ₹(19.69) crore
  • Basic and Diluted loss per share: ₹(2.54)
  • Accumulated losses: ₹549.44 crore as at June 30, 2026
  • Current liabilities exceeded current assets by ₹69.45 crore as at June 30, 2026

Corporate Appointment

  • Mr. Kundan Sangwar appointed as Chief Financial Officer (Key Managerial Personnel) effective August 12, 2026
  • Mr. Sangwar has over 18 years of experience in corporate finance, treasury, and financial management
  • Appointment made in accordance with Section 203 of Companies Act, 2013 and SEBI LODR Regulations

Capital Restructuring Proposals

Authorized Share Capital Increase

  • Current authorized capital: ₹20 crore divided into 10 crore equity shares of ₹2 each
  • Proposed increase to ₹1000 crore comprising:
  • 300 crore equity shares of ₹2 each (₹600 crore)
  • 200 crore Non-Cumulative Non-Participating Compulsory Convertible Preference Shares (CCPS) of ₹2 each with 0.001% coupon rate (₹400 crore)
  • Requires amendment to Clause 5 of Memorandum of Association and shareholder approval

Preferential Issue 1 - Cash Consideration

  • Issue of up to 1,24,54,608 equity shares of ₹2 each at premium of ₹83 per share
  • Issue price: ₹85 per equity share
  • Total amount: ₹105,86,41,680 (₹105.86 crore)
  • To be allotted to 3 non-promoter allottees:
  • Hathor Corporate Advisors LLP: 4,151,536 shares (0.77% post-issue)
  • Plutus Capital Management LLP: 4,151,536 shares (0.77% post-issue)
  • Pro Fin Capital Services Ltd: 4,151,536 shares (0.77% post-issue)
  • Subject to shareholder approval

Preferential Issue 2 - Non-Cash Consideration

  • Issue of up to 41,70,21,987 equity shares of ₹2 each at premium of ₹83 per share
  • Issue price: ₹85 per equity share
  • Total amount: ₹35,44,68,68,895 (₹3,544.69 crore)
  • To be allotted to 185 allottees (promoters and non-promoters)
  • Major allottees include:
  • Nithin Kamath: 23,575,692 shares (4.38% post-issue)
  • NKSquared: 22,951,704 shares (4.26% post-issue)
  • Ashish Kacholia: 16,505,501 shares (3.07% post-issue)
  • Kordiya Ceramic Pvt Ltd: 19,444,285 shares (3.61% post-issue)
  • Silverline Homes Pvt Ltd: 15,073,850 shares (2.80% post-issue)
  • Subject to shareholder approval

Preferential Issue 3 - CCPS Non-Cash Consideration

  • Issue of up to 81,12,02,664 CCPS of ₹2 each at premium of ₹83 per share
  • Issue price: ₹85 per CCPS
  • Total amount: ₹68,95,22,17,869 (₹6,895.22 crore)
  • To be allotted to 196 allottees
  • Major allottees include:
  • Aaditya Sharda: 296,394,502 CCPS (36.54% post-issue)
  • Bizarro Advisory Limited: 145,932,777 CCPS (17.99% post-issue)
  • Silverline Homes Private Limited: 49,599,532 CCPS (6.11% post-issue)
  • Subject to shareholder approval

Qualified Institutions Placement

  • Proposal to raise up to ₹1000 crore through QIP of equity shares
  • Price and terms to be determined by Board at appropriate time

Strategic Investment

  • Board approved investment in equity shares and CCPS of Hella Infra Market Limited through swap ratio based on valuation reports
  • Investment expected to make Hella Infra Market an unlisted material subsidiary of Shalimar Paints
  • Board discussed potential unification of entities at appropriate stage subject to applicable laws and approvals

Other Board Approvals

  • Increase in investment limit under Section 186 of Companies Act, 2013
  • Approval of notice convening Annual General Meeting
  • Approval of notice convening Extraordinary General Meeting
  • Consideration of valuation reports for Shalimar Paints and Hella Infra Market Limited

Going Concern Assessment

Management believes the company will continue as a going concern based on:

  • Progress on monetization of assets and expected sales consideration realization
  • Expected growth opportunities
  • Continued financial support from Holding Company

Subsidiary Information

Consolidated results include:

  • Shalimar Adhunik Nirman Limited
  • IM Inicio Projects Private Limited (formerly Eastern Speciality Paints & Coatings Private Limited)

During previous year, IM Inicio acquired painting services business from Hella Infra Market Limited for ₹0.26 crore and assumed net liabilities of ₹0.20 crore.