Opelina Sustainable Services Private Limited has completed the sale of its entire equity stake in shalimar paints Limited, filing the requisite disclosure with stock exchanges on February 19, 2026. The transaction represents a complete divestment of the company's holding in the paint manufacturer.

Transaction Details

The sale involved 500 equity shares of Shalimar Paints Limited, executed through open market transactions on February 17, 2026. Following the completion of this sale, Opelina Sustainable Services' shareholding in Shalimar Paints has been reduced to zero.

Regulatory Compliance

The disclosure was made under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Opelina Sustainable Services filed the necessary documentation with both BSE Limited and National Stock Exchange of India Limited, where Shalimar Paints shares are listed.

Company Information

Opelina Sustainable Services Private Limited, registered in Raigarh, Chattisgarh, operates as part of the promoter group of Shalimar Paints Limited. The disclosure was signed by Kailash Chand Jain, Wholetime Director & CFO of Opelina Sustainable Services.

Shalimar Paints Capital Structure

Shalimar Paints Limited maintains an equity share capital of Rs. 8,37,11,178, comprising 8,37,11,178 equity shares of Rs. 2.00 each. The company's shares are traded on BSE Limited under scrip code 509874 and on National Stock Exchange under the symbol SHALPAINTS.

Promoter Group Holdings

The promoter group of Shalimar Paints includes various individuals, HUFs, and corporate entities. Major promoter group companies include Hella Infra Market Limited holding 52.85% and Virtuous Tradecorp Private Limited holding 12.62% of the total share capital as of February 13, 2026.

Shalimar Paints Limited has announced its unaudited financial results for the third quarter ended December 31, 2025, reporting a standalone net loss of ₹26.62 crore compared to ₹23.98 crore in the corresponding quarter of the previous year. The company's revenue from operations declined by 12.00% to ₹130.40 crore from ₹148.16 crore in Q3FY25.

Financial Performance Overview

The paint manufacturer's quarterly performance reflected challenging market conditions with both revenue contraction and widening losses. The company's total income, including other income, stood at ₹131.23 crore compared to ₹148.99 crore in the same quarter last year.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, Shalimar Paints reported a standalone net loss of ₹57.16 crore compared to ₹70.60 crore in the corresponding period of FY25, showing an improvement of 19.03%. Revenue from operations for the nine-month period was ₹415.97 crore, marginally lower than ₹421.23 crore in the previous year.

Exceptional Items Impact

The company reported exceptional expenses of ₹4.60 crore during Q3FY26, primarily related to the implementation of new labour codes by the Government of India. These codes, effective from November 21, 2025, resulted in increased gratuity liability of ₹4.29 crore and compensated absences liability of ₹0.31 crore due to revised wage definitions.

Operational Highlights

Despite the challenging financial performance, the company highlighted several positive operational developments for the nine-month period:

• Topline growth maintained at par with previous year despite pipeline business impact in industrial domain
• New products contributed 5% incremental business
• Improvement in product mix towards high margin products and emulsions
• EBITDA losses reduced to half through operational efficiencies
• Working capital cycle improved by 15 days over the last quarter

Board Meeting and Regulatory Compliance

The Board of Directors meeting was held on February 12, 2026, from 12:20 p.m. to 03:30 p.m., where the unaudited financial results were considered and approved. The results have been uploaded on stock exchange websites and the company's official website at www.shalimarpaints.com , ensuring compliance with SEBI listing regulations.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹26.65 crore for Q3FY26 compared to ₹24.56 crore in Q3FY25. Consolidated revenue from operations stood at ₹131.33 crore versus ₹148.48 crore in the corresponding quarter of the previous year.