Shalimar Paints Independent Director Abhijeet Jhawar resigns
Shalimar Paints (SHALPAINTS) said Abhijeet Jhawar, Independent Director, has resigned. The company is valued at about ₹673 crore.
What happened
In a filing with the BSE on 3 November 2026 at 08:59 PM, Shalimar Paints (SHALPAINTS) said that Abhijeet Jhawar, Independent Director, has resigned.
From the filing: "Abhijeet Jhawar, Non-Executive Non-Independent Director of the Company has tendered his resignation w.e.f close of business hours on Tuesday, November 03, ...."
Company snapshot
Shalimar Paints is a micro-cap company, with a market value of about ₹673 crore.
The stock last traded at ₹80.45, against a 52-week range of ₹35.21–₹95.95 (16.1% below the high).
Before this filing the shares had moved +0.2% over the month and +21.1% over three months. Average daily turnover over the last 20 sessions was about ₹0.91 crore.
Promoters held 74.96% at the end of Q2 FY27; 70.51% of promoter shares were pledged. Foreign institutions owned 0.01% and domestic institutions 0.03%.
| Quarter | Revenue | Net profit | EPS (₹) |
|---|---|---|---|
| Q2 FY26 | 134 | -14.1 | -1.69 |
| Q3 FY26 | 131 | -26.7 | -3.18 |
| Q4 FY26 | 156 | -7.4 | -0.88 |
| Q1 FY27 | 138 | -21.3 | -2.54 |
| Q2 FY27 | 116 | -32.6 | -3.89 |
What history shows
This is not the company's first management change disclosure: BCEIE has 5 earlier filings of this kind on record since May 2026.
After those filings, the stock gained 4.4% on average the next trading day and was down 2.5% on average after five days (4 filings with price data).
Market-wide, 4,237 management change filings with an impact score of 50 or more saw an average next-day move of −0.1%, with 44% rising.
Past reactions describe what happened before; they are not a forecast.
| Date | Filing | Next day | 5 days |
|---|---|---|---|
| 13 Aug 2026 | Disclosure Under Regulation 30(5) Of SEBI LODR, 2015 | +10.2% | −0.1% |
| 13 Aug 2026 | Management change | +10.2% | −0.1% |
| 30 May 2026 | Change in Management | −1.5% | −4.9% |
| 30 May 2026 | Resignation of Sachin Naik as Chief Financial Officer of the company… | −1.5% | −4.9% |
What to watch
- The appointment of a successor and any change in strategy or guidance.
In the news
Recent coverage elsewhere (links open the original publisher):
- We want paint talks to move from aesthetics to functionality: Shalimar Paints' CEO
- Shalimar Paints Launches Prastavana for Painter Wellbeing
- Shalimar Paints launches Prastavana to support painters’ health and skill development
- Shalimar Paints soars on stake sale buzz
- Shalimar Paints Q2 FY27 Results Due October 28, 2026
Source
Automatically written from the exchange filing and BCEIE data. Not investment advice. Check the original filing before acting on it.