SHALIMAR PAINTS LTD.-$

Shalimar Paints Ltd announced the appointment of Mr. Michael Glover as an Additional Director (Non-Executive Independent Director) effective November 11, 2026. The company's Board of Directors also noted the resignation of its statutory auditors, M/s. Walker Chandiok & Co. LLP, due to potential conflicts arising from a proposed share swap transaction with Hella Infra Market Limited. M/s. Sen & Ray, Chartered Accountants, have been recommended as the new statutory auditors, subject to shareholder approval. The resignation of the previous auditors was accepted after the Audit Committee concurred with their stated reasons.

Shalimar Paints Ltd announced the appointment of Mr. Michael Glover as an Additional Director (Non-Executive Independent Director) effective November 11, 2026. Concurrently, the company's statutory auditors, M/s. Walker Chandiok & Co. LLP, have resigned due to potential conflicts arising from a proposed share swap transaction where Shalimar Paints is expected to become the holding company of Hella Infra Market Limited. The Audit Committee has concurred with the auditors' reasons. M/s. Sen & Ray, Chartered Accountants, have been recommended as the new statutory auditors, subject to shareholder approval, to fill the casual vacancy.

Shalimar Paints Ltd announced changes to its statutory auditors and board of directors during a board meeting held on November 11, 2026. M/s. Walker Chandiok & Co. LLP resigned as statutory auditors due to potential audit scope limitations arising from the company's proposed share swap transaction with Hella Infra Market Limited. The Audit Committee concurred with the reasons for resignation. Subsequently, the Board, on the recommendation of the Audit Committee, appointed M/s. Sen & Ray, Chartered Accountants, to fill the casual vacancy until the ensuing AGM. Additionally, Mr. Michael Glover was recommended for appointment as an Additional Director (Non-Executive Independent Director), subject to shareholder approval.

Shalimar Paints Ltd announced the outcome of its Board Meeting held on November 11, 2026. The Board accepted the resignation of its statutory auditors, M/s. Walker Chandiok & Co. LLP, due to potential conflicts arising from a proposed share swap transaction. The auditors cited an inability to achieve requisite group audit coverage. The Board also recommended the appointment of M/s. Sen & Ray, Chartered Accountants, as the new statutory auditors, subject to shareholder approval. Additionally, Mr. Michael Glover was recommended for appointment as an Additional Director (Non-Executive Independent Director).

Shalimar Paints Limited announced the resignation of its statutory auditors, M/s. Walker Chandiok & Co. LLP, effective November 11, 2026. The auditors cited their inability to provide adequate group audit coverage following Shalimar Paints' proposed share swap transaction with Hella Infra Market Limited, which would make Shalimar Paints the holding company. The auditors confirmed they had completed the Limited Review Report for the quarter ended September 30, 2026, and there were no concerns raised regarding the company's management. The resignation will be placed before the Audit Committee and the Board of Directors for noting.

Mr. Abhijeet Jhawar, a Non-Executive Non-Independent Director of Shalimar Paints Ltd, has tendered his resignation from the board. The resignation is effective from the close of business hours on November 03, 2026, and is due to personal reasons. The company has provided the necessary disclosures as per SEBI regulations.

Mr. Abhijeet Jhawar, Non-Executive Non-Independent Director of Shalimar Paints Limited, has resigned from his position effective November 3, 2026, citing personal reasons. The company has filed the necessary disclosures as per SEBI Listing Regulations. Mr. Jhawar expressed gratitude for his tenure on the board.

Shalimar Paints Limited announced the resignation of Mr. Abhijeet Jhawar from his position as Non-Executive Non-Independent Director, effective November 03, 2026. The resignation is due to personal reasons. The company has provided the necessary disclosures as per SEBI Listing Regulations.

Shalimar Paints Limited announced the outcome of its Board Meeting held on October 28, 2026. The Board considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended September 30, 2026. The company also released performance highlights for the same period. The financial results, along with the Limited Review Report from the statutory auditors, have been uploaded to the stock exchange websites and the company's website.

Shalimar Paints' consolidated loss widened to ₹32.55 Cr in Q2 FY27 from ₹14.14 Cr a year ago and ₹21.26 Cr last quarter, even as revenue fell 13.6% YoY to ₹115.67 Cr (₹133.81 Cr) and 16.0% QoQ (₹137.72 Cr). There were no exceptional items in either the current or year-ago quarter and tax was nil throughout, so the deterioration is entirely operational, not one-off driven. Standalone tracked closely — a ₹31.99 Cr loss on ₹114.52 Cr revenue — with the two consolidated subsidiaries adding just ₹1.29 Cr of revenue and ₹0.61 Cr of incremental loss. The margin trajectory confirms compression rather than a one-off hit: net margin (on total income) fell to -27.96% from -10.31% YoY and -15.34% QoQ, while operating margin (EBIT excluding other income, on revenue) slid to -19.86% from -4.68% YoY and -8.84% QoQ. Total expenses fell just 1.5% YoY to ₹148.99 Cr (₹151.26 Cr) and 6.8% QoQ against a 13.6%/16.0% revenue decline, so cost reduction hasn't kept pace with the volume drop. Cost of materials consumed actually rose to ₹81.34 Cr from ₹72.71 Cr YoY (+11.9%) despite lower revenue, a key driver of the squeeze, partly offset by lower employee costs (₹16.03 Cr vs ₹17.68 Cr) and other expenses (₹30.40 Cr vs ₹33.71 Cr). There is no management guidance on record and no usable analyst consensus — Shalimar Paints carries minimal institutional coverage, with tracked analysts submitting no revenue or earnings estimates, so both vsGuidance and vsStreet are unknown. Ahead of results the company closed its insider trading window (Sep 24) and had earlier held an EGM (Sep 11) for preferential issues and a QIP, a capital-raising move set against a balance sheet where current liabilities (₹403.85 Cr) run more than 2x total equity (₹199.73 Cr) and cash fell to ₹2.00 Cr from ₹7.14 Cr at FY26-end. Management's own highlights lean on mix and pricing, not volume: decorative paint's share of the business rose 5 percentage points (expected to add ~3% to margins going forward), average selling prices rose 18% YoY in decorative and 13% in industrial paints, and debtors fell 13% on better collections. None of this shows up in the reported numbers yet — operating margin nearly halved sequentially (-8.84% to -19.86%) and the loss widened both YoY and QoQ — so any ASP/mix benefit has yet to offset the revenue decline. The quarter also saw ₹73.43 Cr (Howrah) and ₹27.13 Cr (Gurugram, held by a subsidiary) of property reclassified as held-for-sale, with the Gurugram sale agreement executed during the quarter — a likely near-term liquidity lever given the cash and leverage position.