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Asian Paints Ltd.

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asianpaints.comBSE: 500820NSE: ASIANPAINT
Market Cap₹ 2,37,881 Cr.
Current Price
High / Low₹ 2,986 / 2,115
Stock P/E51.5
Book Value₹ 231
Price to Book10.02
Dividend Yield1.11 %
ROCE28.6 %
ROE21.4 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Paints: 98.6% • Home Improvement: 1.4%

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence
76%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 32.4%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 24.1%
  • Latest quarter profit grew 34.4% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.27x)
  • Company has been maintaining a healthy dividend payout of 62.2%

CONS

  • Total debt has risen sharply - up 2919.5% year on year
  • Stock is trading at 10.0x its book value
  • Company has delivered a poor profit growth of 6.8% over past five years
  • Recurring exceptional / one-off items are inflating headline profit
  • Rich enterprise valuation - EV/EBITDA of 29.3x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesChemicalsPaints
Part ofNIFTY 50NIFTY100 QUALTY30NIFTYLARGEMIDCAP250NIFTY100 LOWVOL30NIFTY CONSUMPTION
S.No.Name
1.ASIANPAINT2480.0049.92237881.051.111559.4539.6010541.9418.1228.2220.93
2.BERGEPAINT463.7544.4554073.380.86405.0128.563583.7511.9723.1417.28
3.KANSAINER190.8025.7115431.501.31228.415.952373.599.7912.4413.83
4.JSWDULUX3182.407.3814492.756.4779.70-12.42965.00-3.02125.8211.93
5.INDIGOPNTS1079.2532.025151.540.4641.7060.04369.6719.6918.3716.78
6.SIRCA431.4036.562450.040.4616.2114.09130.0013.8020.2818.62
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8,0857,3167,8837,5387,9446,9367,3847,1577,8497,3367,6027,8949,183
6,1145,7576,0166,0236,3805,8435,9095,8676,3485,9975,9986,2507,462
Operating Profit1,9711,5581,8671,5141,5641,0931,4751,2901,5001,3391,6041,6441,722
OPM %24.37%21.30%23.69%20.09%19.69%15.76%19.97%18.02%19.12%18.25%21.10%20.82%18.75%
217172238197224-19227-4224823291195260
Interest26283133334235343030283927
Depreciation172179190196198210224269269273275267263
Profit before Tax2,0181,5511,9141,5221,5898531,4769801,4681,2881,4151,5591,982
Tax %25.26%25.18%24.59%20.55%25.17%29.94%25.21%29.09%25.10%25.81%27.53%25.53%25.41%
Net Profit1,5081,1601,4441,2091,1895971,1046951,1009561,0251,1611,478
15.7312.1015.0612.6112.406.2311.527.2511.479.9710.7012.1115.42

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
12,72314,15416,39217,19418,51725,18930,07831,22729,55330,76932,015
10,04811,23012,88513,33714,02420,60124,25824,18323,99624,60625,707
Operating Profit2,6742,9233,5073,8574,4934,5885,8207,0445,5576,1646,308
OPM %21.02%20.65%21.39%22.43%24.26%18.21%19.35%22.56%18.80%20.03%19.70%
300278285324366398518822391783779
Interest22248178727093124144127124
Depreciation2953115416906977227567439021,0861,079
Profit before Tax2,6572,8663,1703,4134,0904,1945,4906,9994,9025,7346,244
Tax %32.18%33.88%32.74%22.24%25.38%25.26%25.31%24.06%26.80%25.98%26.00%
Net Profit1,8021,8952,1322,6543,0523,1354,1005,3153,5884,2444,620
EPS18.7819.7522.2327.6731.8232.6842.7655.4137.4144.25—
Dividend Payout %54.84%44.04%47.24%43.37%56.10%58.60%60.01%60.10%66.30%62.15%—

COMPOUNDED SALES GROWTH

10 Years:
10%
5 Years:
11%
3 Years:
1%

COMPOUNDED PROFIT GROWTH

10 Years:
10%
5 Years:
7%
3 Years:
1%

STOCK PRICE CAGR

10 Years:
8%
5 Years:
-6%
3 Years:
-9%
1 Year:
-3%

RETURN ON EQUITY

10 Years:
26%
5 Years:
25%
3 Years:
24%
Last Year:
21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jun 23

₹ 23

Rs.23.0000 per share(2300%)Final Dividend

2025

Nov 18

₹ 4.50

Interim Dividend

2025

Jun 10

₹ 20.55

Rs.20.5500 per share(2055%)Final Dividend

2024

Nov 19

₹ 4.25

Interim Dividend

2024

Jun 11

₹ 28.15

Rs.28.1500 per share(2815%)Final Dividend

2023

Nov 3

₹ 5.15

Interim Dividend

2023

Jun 9

₹ 21.25

Rs.21.2500 per share(2125%)Final Dividend

2022

Oct 31

₹ 4.40

Interim Dividend

2022

Jun 9

₹ 15.50

Rs.15.5000 per share(1550%)Final Dividend

2021

Oct 28

₹ 3.65

Interim Dividend

2021

Jun 10

₹ 14.50

Rs.14.5000 per share(1450%)Final Dividend

2020

Oct 28

₹ 3.35

Rs.3.3500 per share(335%)Interim Dividend

2020

Mar 3

Second Interim Dividend

2018

Oct 29

Interim Dividend

2018

Jun 14

₹ 6.05

Rs.6.0500 per share(605%)Final Dividend

2017

Oct 31

₹ 2.65

Interim Dividend

2017

Jun 15

₹ 5.65

Rs.5.6500 per share(565%)Final Dividend

2017

Jun 15

₹ 2

2016

Nov 1

₹ 2.65

Interim Dividend

2016

Jun 16

₹ 5.30

Rs.5.3000 per share(530%)Final Dividend

2015

Oct 28

₹ 2.20

Interim Dividend

2015

Oct 23

₹ 2.20

Rs.2.2000 per share(220%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital96969696969696969696
6,9997,7028,7479,35711,99313,24015,46318,14418,83520,620
45154925264955387591,0921,0252,216
Trade Payables1,6711,8522,0621,7602,8143,4973,0463,2553,1243,114
1,5471,9242,2861,8492,1822,5373,1663,4483,5964,038
Total Liabilities10,35811,58813,68313,58817,58119,90822,53026,03626,67530,084
2,6052,5695,2214,9614,7634,5544,6435,4948,0017,742
Capital Work in Progress2201,3921791081192259782,5618721,754
2,9142,5772,9642,6585,1793,8114,9125,4715,2967,510
2,1942,1782,5852,8273,1255,2785,3225,1565,8484,825
00000003,7003,1983,228
Cash & Bank206121168376135309363350204446
2,2202,7512,5662,6574,2605,7326,3133,3043,2564,579
Total Assets10,35811,58813,68313,58817,58119,90822,53026,03626,67530,084

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
2,2633,1223,3093,7464,4742,3695,6365,7574,1246,761
Cash from Investing-585-1,371-833-775-436-340-1,397-2,270-746-1,190
Cash from Financing-956-1,239-1,089-2,501-583-1,989-2,185-2,948-3,416-2,144
-121-474473-4622,440-1,069640540-383,426

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
52.6352.6352.6352.6352.6352.6352.6352.6352.63
15.2715.2813.6112.2311.8511.6412.7812.1113.32
12.3013.1013.9815.5120.9821.5021.0821.7420.70
Government0.000.000.000.000.000.000.000.000.00
19.7418.9319.7119.5714.4814.1613.4513.4513.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Credit Rating

2026-09-11 - Asian Paints Limited has informed the Exchange about Credit Rating

2026-09-11
Trading Window

2026-09-11 - Asian Paints Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-09-09
Appointment

2026-09-09 - Asian Paints Limited has informed the Exchange regarding shareholders' approval for appointment of Ms Shubhlakshmi Dani as Non- Executive Director of the company w.e.f. July 29, 2026.

2026-09-09
Change in Director(s)

2026-09-09 - Asian Paints Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-09-09
Shareholders meeting

2026-09-09 - Please find enclosed the following: 1. Voting result pursuant to Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 108 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014; and 2. Scrutinizer s Report dated 9th September 2026 on remote e-voting

2026-09-09
Trading Plan under PIT

2026-09-09 - Asian Paints Limited has informed the Exchange regarding Trading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-09-07
Appointment

2026-09-07 - Asian Paints Limited has informed the Exchange regarding Appointment of Mr Leo Puri as Chairman of the company w.e.f. January 23, 2027.

2026-09-07
Appointment

2026-09-07 - Asian Paints Limited has informed the Exchange regarding Appointment of Mr Leo Puri as Non- Executive Independent Director of the company w.e.f. September 07, 2026.

2026-09-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - The Company through its representatives, will be participating in the conference as per enclosed communication

News

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