Kansai Nerolac Paints Ltd. benchmarking: Performance to industry peers

Financial

	Kansai Nerolac Paint	JSW Dulux	Indigo Paints
Operational Metrics
Chemicals
Volume growth - Industrial Paints	n/a	n/a	n/a
Realization/Litre - Industrial Paints	n/a	n/a	n/a
Paints & Coatings
Capacity Utilization - Paints & Coatings	60.0 %	n/a	n/a
Volume Growth - Paints	12.0 %	n/a	13.8 %
Financials
5 yr Average ROE	13.39 %	38.67 %	11.77 %
5yr average Equity Multiplier	1.34	3.14	1.51
5yr Average Asset Turnover Ratio	1.05	0.81	0.89
5yr Avg Net Profit Margin	9.81 %	18.84 %	7.46 %
Price to Book	2.52	6.0	4.24
P/E	28.74	7.45	33.72
5yr Avg Cash Conversion Cycle	42.4 Days	-24.57 Days	-14.83 Days
Inventory Days	69.82 Days	59.45 Days	39.09 Days
Days Receivable	57.19 Days	60.23 Days	51.63 Days
Days Payable	80.17 Days	144.87 Days	151.19 Days
5yr Average Interest Coverage Ratio	33.8	72.42	63.62
5yr Avg ROCE	13.36 %	15.41 %	13.43 %
5yr Avg Operating Profit Margin	11.67 %	14.66 %	12.19 %
5 yr average Debt to Equity	0.03	0.0	0.06
5yr CAGR Net Profit	10.44 %	46.74 %	n/a
5yr Average Return on Assets	10.1 %	13.76 %	7.93 %
Shareholdings
Promoter Holding	74.96 %	61.2 %	53.88 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	-0.03 %	-13.56 %	-0.1 %
Change in Mutual Fund Holding (3 Yrs)	-1.44 %	12.62 %	22.15 %

	Kansai Nerolac Paint	JSW Dulux	Indigo Paints
Product Wise Break-Up	Product Wise Break-Up Decorative segment 55.0 Industrial & Commercial 45.0 Automotive segment 0 Coatings 0 Primers, Distempers and Others 0 Enamels and Wood Coatings 0 Emulsions 0 Cement Paints and Putty 0	Product Wise Break-Up Primers, Distempers and Others 0 Decorative segment 0 Coatings 100.0 Emulsions 0 Industrial & Commercial 0 Cement Paints and Putty 0 Enamels and Wood Coatings 0 Automotive segment 0	Product Wise Break-Up Distempers 22.0 Decorative segment 0 Coatings 0 Exterior & Interior Emulsions 45.0 Industrial & Commercial 0 Paints & Coatings 15.0 Enamels 18.0 Automotive segment 0
Segment Break-Up	Segment Break-Up Paints 100.0	-	-
Location Wise Break-Up	Location Wise Break-Up India 97.13 Asia Pacific 2.87 Rest of the World 0 Domestic 0	Location Wise Break-Up Domestic 0 India 93.86 Rest of the World 6.14 Asia Pacific 0	Location Wise Break-Up Domestic 99.75 India 0 Rest of the World 0 Asia Pacific 0 Others 0.25
Raw Material Break-Up	Raw Material Break-Up Pigments, Extenders and Resins 62.71 Solvents and Fatty Acids 31.43 Organic Acids 5.85 Others 0.01	-	-