Shalimar Paints Share Price Target 2026: Stock Analysis, Share Price Today, Bull Case and Bear Case After Q1 FY27

Shalimar Paints Rs 77.64 (6 Oct 2026 close). 52-week range Rs 35.21 to Rs 95.95. Q1 FY27 loss Rs 21.3 cr; Rs 10,440 cr Infra.Market share swap at Rs 85 a security.

The Shalimar Paints share price target for 2026 is Rs 72 to Rs 94 in the Univest base case, with the stock at Rs 77.64 at the 6 October 2026 close. That is 19.1 percent below its 52-week high of Rs 95.95 and 120.5 percent above its 52-week low of Rs 35.21, and the stock moved down 4.0 percent over the past year. Shalimar Paints is a Jindal-family-backed paints maker now controlled by Hella Infra Market, the parent of the Infra.Market building materials platform, which holds about 52.85 percent. Debt to equity is 0.66 and the company pays no dividend.

Three things changed since the last update: the board approved the Rs 10,440 crore share swap and a Rs 1,000 crore QIP on 13 August, Q1 FY27 results showed a loss of Rs 21.26 crore, and the stock fell from a Rs 95.95 high to Rs 77.64. This Shalimar Paints stock analysis covers the Shalimar Paints share price today, the Shalimar Paints share price target for 2026, 2027 and 2030, the Q1 FY27 numbers, catalysts and risks, key price levels and a Shalimar Paints buy or sell view.

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What Is the Shalimar Paints Share Price Target for 2026?

The 2026 target for Shalimar Paints shares is Rs 72 to Rs 94 in the Univest base case, which is -7.3% to +21.1% against the last close. The bull case is Rs 102 to Rs 128 and the bear case is Rs 42 to Rs 59. No brokerage price target was available on the sources we track as of 6 October 2026, so every range below is a Univest research scenario. Analyst consensus is used as a cross-check, not as the base.

Shalimar Paints Share Price Target Scenarios: Bull Case, Base Case and Bear Case

Scenario	Rs 85 Swap Price Reference	Target Multiple	Price Target (Rs)	Move vs Rs 77.64
Bull Case	Rs 85	1.2x to 1.5x	102 to 128	+31.4% to +64.9%
Base Case	Rs 85	0.85x to 1.1x	72 to 94	-7.3% to +21.1%
Bear Case	Rs 85	0.5x to 0.7x	42 to 59	-45.9% to -24.0%

Shalimar has negative earnings, so a PE or EPS valuation does not apply, and the stock is driven by the proposed swap. The ranges below are scenario multiples of the Rs 85 issue price set for the swap: a bear case where the deal stalls or dilution weighs, a base case near the issue price, and a bull case where the deal completes and the enlarged business is re-rated. They are not forecasts of the deal outcome. The PE multiple does not apply because earnings are negative, so the table expresses scenarios as multiples of the Rs 85 swap issue price in place of an EPS estimate, and these are Univest assumptions, not company guidance. Those assumptions set the Shalimar Paints share price target range around the current price.

Shalimar Paints Company Overview and Share Price Today as of 6 October 2026

Shalimar Paints share price today is Rs 77.64 on the NSE at the 6 October 2026 close, before the market opens on 7 October. The market capitalisation is Rs 653 crore, and the stock has no PE because earnings are negative, against an industry average of 42.9 times. The Univest base case Shalimar Paints share price target of Rs 72 to Rs 94 is -7.3% to +21.1% from here. The table below sets out the key numbers behind the Shalimar Paints share price target.

Parameter	Value	Context
NSE Ticker	SHALPAINTS	BSE code 509874
Sector	Paints (reverse merger with Infra.Market)	Per Univest sector classification
Last Close (NSE)	Rs 77.64	6 Oct 2026 close
52-Week High	Rs 95.95	CMP is 19.1% below
52-Week Low	Rs 35.21	CMP is 120.5% above
1-Year Return	About -4%	Weekly close Rs 80.9 on 10 Oct 2025 to Rs 77.64
Market Capitalisation	Rs 653 crore	Micro cap paints company
Trailing P/E	Not applicable (loss)	Industry P/E about 42.89x
P/B Ratio	About 4.58x	Book value Rs 17.02 per share
EPS (TTM)	Rs -8.30	Trailing twelve months
Return on Equity	About -25.9%	Debt to equity 0.66
Dividend Yield	Nil	No dividend
12-Month Target (Base Case)	Rs 72 to Rs 94	Univest base case
Bull Case	Rs 102 to Rs 128	+31.4% to +64.9%
Bear Case	Rs 42 to Rs 59	-45.9% to -24.0%

Track live price, fundamentals and results for Shalimar Paints on the Univest Screener.

How Did Shalimar Paints Perform in Q1 FY27?

Shalimar Paints reported a Q1 FY27 consolidated net loss of Rs 21.26 crore against a loss of about Rs 17 crore a year ago, on revenue down 11 percent to Rs 138 crore from Rs 155 crore. FY26 revenue was Rs 576 crore, down 3.9 percent, with a loss of about Rs 65 crore. Together these Q1 FY27 numbers anchor the Shalimar Paints share price target.

Metric	Q1 FY27	Context
Consolidated Net Loss	Rs 21.26 crore	Against about Rs 17 crore a year ago
Consolidated Revenue	Rs 138 crore	Down 11% from Rs 155 crore
FY26 Revenue	Rs 576 crore	Down 3.9%
Swap Value	About Rs 10,440 crore	Non-cash; Rs 85 per security
New Shares and CCPS	41.70 crore and 81.12 crore	To Hella Infra Market holders
QIP Approved	Up to Rs 1,000 crore	Plus Rs 105.86 crore preferential

The board approved issuing up to 41.70 crore equity shares and 81.12 crore compulsorily convertible preference shares as consideration for Hella Infra Market equity and CCPS, with the final swap ratio set by valuation reports. Reports say Infra.Market was last valued near Rs 24,000 crore, Hella holders would own over 77 percent of the combined entity, and authorised capital rises from Rs 20 crore to Rs 600 crore. The FY27 outlook from management is the main input for these estimates. These numbers sit behind every range in the scenario table above, so they anchor the Shalimar Paints share price target.

Why Did Shalimar Paints Share Price Jump 120 Percent From Its March Low?

Shalimar Paints shares are about 120 percent above the Rs 35.21 low of the week of 30 March 2026. The stock rose 40.6 percent in the week of 20 July and jumped 20 percent on 3 August on volume more than five times the 15-day average.

The Infra.Market swap was announced nine days later, and NSE sought clarification on the move, which drew press scrutiny. The stock hit Rs 95.95 in the week of 17 August, closed that week at Rs 80.89 and is now 19 percent below the high at Rs 77.64. The Shalimar Paints share price target scenarios below account for that move.

Key Catalysts for the Shalimar Paints Share Price Target in 2026

4 catalysts matter most for the Shalimar Paints share price target, and sector tailwinds in Paints (reverse merger with Infra.Market) are part of the case. Together they decide whether the base case is reached.

1. Infra.Market Merger

A Rs 10,440 crore swap would make Hella Infra Market a subsidiary and bring a much larger business into the listed company. If it plays out, the Shalimar Paints share price target moves toward the top of the base range.

2. Capital Raise

The board approved a QIP of up to Rs 1,000 crore and a Rs 105.86 crore preferential allotment. Fresh capital funds growth. Strength here would support the upper end of the Shalimar Paints share price target.

3. Promoter Stake

Hella already holds about 52.85 percent. Its commitment gives the deal momentum. Delivery on this point keeps the Shalimar Paints share price target on track.

4. Paints Turnaround

A new CFO was appointed and authorised capital is being raised. Better funding could help the paints arm. Better news here would lift the Shalimar Paints share price target toward the bull case.

What Are the Key Risks to the Shalimar Paints Share Price Target?

The main risks are deal execution, dilution, losses in the paints business and scrutiny of trading before the announcement. Each can pull the Shalimar Paints share price target lower.

Deal Execution

The swap needs shareholder and regulatory approvals and the final ratio is yet to be set. Delay or change would hit the stock. If it materialises, the Shalimar Paints share price target would slip toward the bear case.

Dilution

Hella holders would own over 77 percent of the combined entity. Minority holders face heavy dilution, press reports note. This is the main downside risk to the Shalimar Paints share price target.

Paints Losses

Q1 loss was Rs 21.26 crore and revenue fell 11 percent. The base business remains weak. A worsening here would cut the Shalimar Paints share price target toward the low end of the range.

Trading Scrutiny

The 20 percent jump on 3 August on heavy volume drew an NSE query. Regulatory action could follow, and swings can be sharp. Watch it closely, because it can pull the Shalimar Paints share price target lower quickly.

Shalimar Paints Stock Analysis: Support and Resistance Levels for the Share Price Target

Shalimar Paints stock analysis on weekly charts shows a range of Rs 71.16 to Rs 89 since mid-September, with the stock near the middle.

The first support level is Rs 74.50 to Rs 74.76, the lows of the weeks of 21 September and 5 October. Below that, Rs 71.16 is the low of the week of 28 September.

The first resistance level is Rs 80 to Rs 82.36, the highs of the weeks of 5 October, 28 September and 21 September. Above that, Rs 89 is the high of the week of 14 September and Rs 95.95 is the August high. These levels come from weekly price action, are not trade recommendations, and frame the near-term Shalimar Paints share price target.

Shalimar Paints Share Price Target 2026, 2027 and 2030: Short, Medium and Long Term

Short-Term Shalimar Paints Share Price Target (3 to 6 Months)

In the near term the stock is likely to trade between Rs 71 and Rs 82. A close above Rs 82.40 would put Rs 89 in play, while a weekly close under Rs 71 would open a slide toward Rs 60. Deal approvals are the main trigger. This range anchors the near-term Shalimar Paints share price target.

12-Month and 2027 Shalimar Paints Share Price Target

The 12-month target price is Rs 72 to Rs 94, valued on 0.85 to 1.1 times FY28 swap issue price of Rs 85. The range across scenarios runs from Rs 42 in the bear case to Rs 128 in the bull case.

Long-Term Shalimar Paints Share Price Target for FY29 to 2030

For FY29 to 2030 the Univest scenario range is Rs 72 to Rs 130. This assumes swap issue price of Rs 90 in FY29 and Rs 100 in FY30 and a multiple of 0.8 to 1.3 times. It needs the share swap to complete at the planned terms, regulators and shareholders to approve it and the enlarged business to deliver profit. This is the long-term Shalimar Paints share price target in the Univest scenarios.

Bull Case and Bear Case for Shalimar Paints Share Price Target

Bull Case Rs 102 to Rs 128

The bull case of Rs 102 to Rs 128 for the Shalimar Paints share price target needs swap issue price of Rs 85 and the market to pay 1.2 to 1.5 times for it. It is +31.4% to +64.9% from the last close.

Bear Case Rs 42 to Rs 59

The bear case of Rs 42 to Rs 59 for the Shalimar Paints share price target equals 0.5 to 0.7 times FY28 swap issue price of Rs 85 and sits above the Rs 35.21 low. It is -45.9% to -24.0% from the last close.

Is Shalimar Paints a Good Buy at Rs 77.64? Shalimar Paints Buy or Sell View

Whether Shalimar Paints is a buy at Rs 77.64 depends on horizon and risk appetite. The base case sits between 7 percent below and 21 percent above the current price, the stock is 19 percent below its August high, and the open question is deal completion. The Shalimar Paints share price target range is the starting point for that decision.

Long-term holders may focus on deal approvals, the swap ratio and dilution, and treat Rs 71 as the level to watch. Short-term traders may prefer to wait for a close above Rs 82.40. Check institutional holding in the September quarter filing for signs of accumulation or selling. Consult a SEBI-registered advisor before acting, since this Shalimar Paints buy or sell view is educational.

How to Invest in Shalimar Paints Shares

Step 1: Check the live price, valuation and the latest Shalimar Paints share price target range on the Univest Screener.

Step 2: Open a demat and trading account with a SEBI-registered broker such as Univest before acting on any Shalimar Paints share price target.

Step 3: Search for SHALPAINTS on the NSE or 509874 on the BSE in your trading app.

Step 4: Place a limit order near your planned entry and size the position so a fall to Rs 42 is bearable.

Step 5: Track deal approvals, swap ratio and Q2 FY27 results and set price alerts on the Univest App to follow any change in the Shalimar Paints share price target.

Conclusion

Shalimar Paints closed at Rs 77.64 against a Univest base case share price target of Rs 72 to Rs 94, a bull case of Rs 102 to Rs 128 and a bear case of Rs 42 to Rs 59. Q1 FY27 showed a loss of Rs 21.26 crore, while a Rs 10,440 crore share swap with Infra.Market is proposed. The main risks are deal execution, dilution and trading scrutiny.

The stock is 19.1 percent below its 52-week high, so the base case sits between 7 percent below and 21 percent above the current price. The triggers to watch are deal approvals, swap ratio and Q2 FY27 results and the Rs 71 and Rs 82.40 levels. Re-check the Shalimar Paints share price target after each quarterly result. Investors with a long horizon and tolerance for volatility can track these triggers, while others may prefer to size positions carefully.

Download the Univest iOS App or Univest Android App to track Shalimar Paints live price and get daily stock recommendations.

FAQs on Shalimar Paints Share Price Target 2026

What is the Shalimar Paints share price target for 2026?

Ans. The Shalimar Paints share price target for 2026 is Rs 72 to Rs 94 in the Univest base case, with a bull case of Rs 102 to Rs 128 and a bear case of Rs 42 to Rs 59. No brokerage target was available on the sources we track as of 6 October 2026, so these are Univest research scenarios. These are estimates and can change after the Q2 FY27 results.

What is the Shalimar Paints share price target for 2027?

Ans. The Shalimar Paints share price target for 2027 is Rs 72 to Rs 94 in the base case, valued on 0.85 to 1.1 times FY28 swap issue price of Rs 85. The scenario range runs from Rs 42 to Rs 128.

Is Shalimar Paints a good buy at Rs 77.64?

Ans. Whether Shalimar Paints is a good buy at Rs 77.64 depends on your horizon, risk appetite and how you read the Shalimar Paints share price target. The stock trades on the proposed swap, but the paints business is loss-making and dilution would be heavy, so it is high risk. Consult a SEBI-registered advisor before investing.

What are the key risks to the Shalimar Paints share price target?

Ans. The key risks to the Shalimar Paints share price target are deal execution, dilution, paints losses and trading scrutiny. The swap needs shareholder and regulatory approvals and the final ratio is yet to be set. Delay or change would hit the stock.

What are the key catalysts for the Shalimar Paints share price target?

Ans. The key catalysts for the Shalimar Paints share price target are infra.market merger, capital raise, promoter stake and paints turnaround. A Rs 10,440 crore swap would make Hella Infra Market a subsidiary and bring a much larger business into the listed company.

Where can I track Shalimar Paints share price today and Shalimar Paints share price target updates?

Ans. You can track the live Shalimar Paints share price, results and any change to the Shalimar Paints share price target on the Univest Screener and the Univest App. Download the Univest iOS App or Univest Android App for research from SEBI-registered analysts.

What are Shalimar Paints's 52-week high and low?

Ans. Shalimar Paints's 52-week high is Rs 95.95 and its 52-week low is Rs 35.21, based on weekly NSE data. At Rs 77.64 the stock is 19.1 percent below the high and 120.5 percent above the low. Both levels frame the Shalimar Paints share price target.

How to buy Shalimar Paints shares?

Ans. Open a demat account with a SEBI-registered broker such as Univest, search for SHALPAINTS on the NSE or 509874 on the BSE, and place a limit order near your entry price, using the Shalimar Paints share price target range as a guide. Size the position so a fall to Rs 42 is bearable, and check the live price on the Univest Screener first.