Shalimar Paints filed its Business Responsibility and Sustainability Report (BRSR) for the financial year ending March 31, 2026, with the Bombay Stock Exchange and National Stock Exchange on August 18, 2026. The filing, prepared on a standalone basis, outlines the company’s performance against the nine principles of the National Guidelines on Responsible Business Conduct (NGRBC).

The company reported a turnover of ₹5,661,658,161 and a net worth of ₹2,376,573,333 for FY26. Despite these figures, Shalimar Paints stated it does not fall under the mandatory Corporate Social Responsibility (CSR) obligations under Section 135 of the Companies Act, 2013.

Workforce and Governance

As of the end of FY26, the entity employed 581 permanent and non-permanent employees, with males constituting 95.53% of this group. Additionally, there were 479 workers, of whom 98.54% were male. The board comprises seven directors, including one female director (14.29%), while key management personnel includes one female member (50%).

The turnover rate for permanent employees stood at 48.02% in FY26, down from 51.02% in FY25. For permanent workers, the turnover rate was 26.27%, compared to 5.10% in the previous year. No differently abled employees or workers were recorded during the period.

Environmental Metrics

The company disclosed significant energy consumption data for FY26. Total energy consumed reached 18,140,863,159 kJ, comprising 208,056,960 kJ from renewable sources and 16,060,293,559 kJ from non-renewable sources. This resulted in an energy intensity per rupee of turnover of 3,20,416 kJ/₹, up from 2,00,000 kJ/₹ in FY25.

Water withdrawal totaled 25,741 kilolitres, primarily from groundwater (22,016 kL) and third-party sources (3,724 kL). Total water consumption was 25,065 kL, with water intensity per rupee of turnover decreasing to 0.44 kL/₹ from 1.11 kL/₹ in FY25.

Greenhouse gas emissions for Scope 1 and Scope 2 totaled 1,576.58 T CO2e (469.69 T CO2e for Scope 1 and 1,106.89 T CO2e for Scope 2). The emission intensity per rupee of turnover was 0.02 T CO2e/L INR, down from 0.04 T CO2e/L INR in FY25.

Waste Management and Safety

Total waste generated increased to 180.22 metric tonnes in FY26 from 27.22 metric tonnes in FY25. This included 29.45 metric tonnes of plastic waste, 54.97 metric tonnes of other hazardous waste, and 95.80 metric tonnes of other non-hazardous waste. Of the total waste generated, 4.88 metric tonnes were recycled, while 175.33 metric tonnes were disposed of through incineration and other operations.

Safety metrics showed a Lost Time Injury Frequency Rate (LTIFR) of 6.24 for employees and 14.36 for workers. There was one recordable work-related injury for employees and 19 for workers. No fatalities or high-consequence injuries were reported.

What the Numbers Show

The data reveals a divergence between waste generation volumes and recycling efforts. While total waste generated surged to 180.22 metric tonnes in FY26—more than six times the FY25 level—the volume of waste recycled dropped sharply to 4.88 metric tonnes from 64.51 metric tonnes. This indicates that the majority of the increased waste stream (approximately 97%) was directed toward disposal operations rather than recovery, highlighting a shift in waste management outcomes despite stable or improved resource intensity metrics like water usage.

Shalimar Paints Limited has formally appointed Mr. Kundan Sangwar as Chief Financial Officer (CFO), designating him as Key Managerial Personnel. The Board of Directors approved the appointment in its meeting held on August 12, 2026. This resolution updates the company’s authorization framework for determining the materiality of events or information under Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Authorization Update

The company notified stock exchanges of the change in authorized personnel responsible for disclosing material information. Mr. Kuldip Raina, Managing Director and Chief Executive Officer, retains his authorization. Mr. Kundan Sangwar joins him in this capacity, reflecting his new role as CFO. Ms. Snehal Saboo, Company Secretary and Compliance Officer, also remains an authorized signatory for these disclosures.

Capital Raise Plans

To support expansion into the building materials sector, the company previously approved an investment in Hella Infra Market Limited. The Board sanctioned a preferential allotment of up to 12,454,608 equity shares at ₹85 per share, aggregating to ₹1,058.6 crore. This cash infusion targets non-promoter allottees and requires shareholder approval at an Extraordinary General Meeting (EGM).

Additionally, the company approved a Qualified Institutional Placement (QIP) of up to ₹1,000 crore. The proceeds from these capital raises are intended to provide immediate growth capital and reinforce the enlarged company’s access to public markets.

Share Capital Restructuring

The authorized share capital will increase significantly to facilitate these transactions. The current limit of ₹20 crore is proposed to be raised to ₹1,000 crore. This new structure comprises 300 crore equity shares and 200 crore Non-Cumulative Non-Participating CCPS, each with a face value of ₹2. The CCPS carry a nominal coupon rate of 0.001%.

The board also approved preferential issues for consideration other than cash, involving substantial equity and CCPS allotments to promoters and non-promoters as part of the broader restructuring and investment framework.