Asian Paints Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Paints: 97.4% • Home Improvement: 2.6%
AI Sector View
AI GENERATEDConsumer Durables
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.
PROS
- Company has a healthy return on capital (ROCE) of 32.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.4%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 39.6% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.29x)
- Company has been maintaining a healthy dividend payout of 61.0%
CONS
- Total debt has risen sharply - up 165.5% year on year
- Stock is trading at 9.7x its book value
- Company has delivered a poor profit growth of 6.5% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Rich enterprise valuation - EV/EBITDA of 28.1x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ASIANPAINT | 2470.00 | 49.72 | 236921.85 | 1.11 | 1559.45 | 39.60 | 10541.94 | 18.12 | 28.22 | 20.93 |
| BERGEPAINT | 458.35 | 43.93 | 53443.74 | 0.87 | 405.01 | 28.56 | 3583.75 | 11.97 | 23.14 | 17.28 |
| KANSAINER | 188.95 | 25.46 | 15281.88 | 1.32 | 228.41 | 5.95 | 2373.59 | 9.79 | 12.44 | 13.83 |
| JSWDULUX | 3155.90 | 7.32 | 14372.07 | 6.53 | 79.70 | -12.42 | 965.00 | -3.02 | 125.82 | 11.93 |
| INDIGOPNTS | 1089.85 | 32.33 | 5202.14 | 0.46 | 41.70 | 60.04 | 369.67 | 19.69 | 18.37 | 16.78 |
| SIRCA | 426.60 | 36.15 | 2422.78 | 0.47 | 16.21 | 14.09 | 130.00 | 13.80 | 20.28 | 18.62 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,154 | 8,452 | 9,075 | 8,701 | 8,943 | 8,003 | 8,522 | 8,330 | 8,924 | 8,514 | 8,850 | 9,228 | 10,542 | |
| 7,061 | 6,762 | 7,047 | 7,039 | 7,276 | 6,788 | 6,913 | 6,923 | 7,314 | 7,028 | 7,086 | 7,460 | 8,725 | |
| Operating Profit | 2,093 | 1,690 | 2,028 | 1,662 | 1,667 | 1,215 | 1,609 | 1,407 | 1,611 | 1,486 | 1,764 | 1,768 | 1,817 |
| OPM % | 22.86% | 19.99% | 22.35% | 19.10% | 18.64% | 15.18% | 18.88% | 16.89% | 18.05% | 17.45% | 19.93% | 19.16% | 17.23% |
| 197 | 165 | 139 | 187 | 156 | -7 | 143 | -83 | 193 | 199 | 3 | 171 | 241 | |
| Interest | 46 | 51 | 54 | 54 | 55 | 63 | 56 | 53 | 44 | 44 | 48 | 59 | 48 |
| Depreciation | 198 | 209 | 220 | 226 | 228 | 242 | 256 | 301 | 301 | 305 | 313 | 310 | 304 |
| Profit before Tax | 2,074 | 1,622 | 1,920 | 1,599 | 1,567 | 928 | 1,468 | 999 | 1,472 | 1,353 | 1,423 | 1,589 | 2,096 |
| Tax % | 25.56% | 25.81% | 25.66% | 21.82% | 26.60% | 28.60% | 26.54% | 32.17% | 26.60% | 27.59% | 29.17% | 26.98% | 25.59% |
| Net Profit | 1,575 | 1,232 | 0 | 0 | 1,187 | 694 | 1,128 | 701 | 1,117 | 1,018 | 1,074 | 1,185 | 1,559 |
| 16.17 | 12.57 | 15.10 | 13.11 | 12.20 | 7.25 | 11.58 | 7.22 | 11.47 | 10.37 | 11.06 | 12.23 | 16.06 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 15,168 | 16,844 | 19,248 | 20,211 | 21,713 | 29,101 | 34,489 | 35,495 | 33,906 | 35,584 | 37,134 | |
| 12,174 | 13,640 | 15,478 | 16,049 | 16,857 | 24,298 | 28,229 | 27,910 | 27,899 | 28,888 | 30,299 | |
| Operating Profit | 2,994 | 3,204 | 3,771 | 4,162 | 4,856 | 4,804 | 6,260 | 7,585 | 6,006 | 6,696 | 6,835 |
| OPM % | 19.74% | 19.02% | 19.59% | 20.59% | 22.36% | 16.51% | 18.15% | 21.37% | 17.71% | 18.82% | 18.41% |
| 262 | 221 | 233 | 304 | 303 | 264 | 338 | 688 | 210 | 566 | 614 | |
| Interest | 37 | 41 | 110 | 102 | 92 | 95 | 144 | 205 | 227 | 195 | 199 |
| Depreciation | 335 | 360 | 622 | 780 | 791 | 816 | 858 | 853 | 1,026 | 1,229 | 1,232 |
| Profit before Tax | 2,934 | 3,068 | 3,312 | 3,634 | 4,304 | 4,188 | 5,689 | 7,348 | 5,103 | 6,003 | 6,461 |
| Tax % | 32.15% | 33.92% | 33.15% | 23.52% | 25.50% | 26.34% | 26.25% | 24.36% | 27.30% | 26.80% | 27.14% |
| Net Profit | 1,990 | 2,028 | 2,214 | 2,779 | 3,207 | 3,085 | 4,195 | 5,558 | 3,710 | 4,395 | 4,708 |
| EPS | 20.22 | 21.26 | 22.48 | 28.20 | 32.73 | 31.59 | 42.82 | 56.92 | 38.23 | 45.09 | — |
| Dividend Payout % | 50.94% | 40.93% | 46.72% | 42.55% | 54.54% | 60.61% | 59.91% | 58.50% | 64.87% | 60.98% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 10%
- 5 Years:
- 7%
- 3 Years:
- 2%
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:
- 22%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 |
| Minority Interest | 375 | 328 | 361 | 404 | 423 | 388 | 454 | 695 | 659 | 643 |
| 7,508 | 8,314 | 9,375 | 10,034 | 12,710 | 13,702 | 15,870 | 18,584 | 19,247 | 21,210 | |
| 571 | 542 | 1,175 | 952 | 918 | 1,369 | 1,766 | 2,446 | 2,097 | 3,726 | |
| Trade Payables | 1,923 | 2,160 | 2,394 | 2,137 | 3,379 | 4,164 | 3,635 | 3,831 | 3,848 | 3,863 |
| 1,932 | 2,324 | 2,848 | 2,516 | 2,830 | 3,240 | 3,959 | 4,248 | 4,408 | 4,980 | |
| Total Liabilities | 12,405 | 13,763 | 16,249 | 16,138 | 20,355 | 22,958 | 25,779 | 29,901 | 30,355 | 34,519 |
| 3,304 | 3,732 | 6,497 | 6,272 | 5,859 | 5,519 | 5,770 | 7,147 | 9,220 | 9,640 | |
| Capital Work in Progress | 258 | 1,405 | 210 | 140 | 183 | 426 | 1,020 | 2,698 | 1,254 | 1,849 |
| 2,652 | 2,141 | 2,569 | 2,019 | 4,737 | 3,248 | 4,262 | 4,588 | 4,725 | 7,062 | |
| 2,627 | 2,658 | 3,150 | 3,390 | 3,799 | 6,153 | 6,211 | 5,923 | 6,719 | 5,744 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,889 | 4,314 | 4,462 | |
| Cash & Bank | 801 | 405 | 445 | 783 | 611 | 864 | 844 | 1,084 | 782 | 1,074 |
| 2,764 | 3,422 | 3,379 | 3,534 | 5,168 | 6,748 | 7,673 | 3,571 | 3,341 | 4,689 | |
| Total Assets | 12,405 | 13,763 | 16,249 | 16,138 | 20,355 | 22,958 | 25,779 | 29,901 | 30,355 | 34,519 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,453 | 3,194 | 3,452 | 4,049 | 4,763 | 2,162 | 5,688 | 6,104 | 4,424 | 7,088 | |
| Cash from Investing | -656 | -1,599 | -944 | -521 | -548 | -322 | -1,275 | -2,518 | -874 | -1,334 |
| Cash from Financing | -756 | -1,379 | -1,117 | -2,871 | -650 | -1,808 | -2,140 | -2,982 | -3,753 | -2,377 |
| 115 | -865 | 408 | -355 | 2,485 | -1,143 | 779 | 603 | -203 | 3,378 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Asian Paints Limited has informed the Exchange about Credit Rating
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 - 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 - Asian Paints Limited has informed the Exchange regarding Change in Director(s) of the company.
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 - Asian Paints Limited has informed the Exchange regarding Trading Plan pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
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 - 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 - The Company through its representatives, will be participating in the conference as per enclosed communication
News
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