Asian Paints Ltd

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Asian Paints Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Asian Paints Ltd

₹ 2,320 0.78%
30 Oct - close price
asianpaints.com BSE: 500820 NSE: ASIANPAINT F&O
About

Asian Paints is the largest home decor company in India. The 80+yr old company has major brands like Asian Paints, Apco, etc under its umbrella. The co. is into wall paints, wall coverings, waterproofing, texture painting, wall stickers, mechanized tools, adhesives, modular kitchens, sanitaryware, lightings, soft furnishings, and uPVC windows.

Key Points

Business Segments - FY26:[1]

Website BSE NSE F&O
  • Market Cap ₹ 2,22,534 Cr.
  • Current Price ₹ 2,320
  • High / Low ₹ 2,986 / 2,115
  • Stock P/E 45.6
  • Book Value ₹ 220
  • Dividend Yield 1.19 %
  • ROCE 27.8 %
  • ROE 22.0 %
  • Face Value ₹ 1.00
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Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 24.4%
  • Company has been maintaining a healthy dividend payout of 62.8%

Cons

  • Stock is trading at 10.5 times its book value
  • The company has delivered a poor sales growth of 10.7% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Paints

Part of BSE Sensex Nifty 50 BSE 500 BSE Consumer Durables BSE 100

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
7,342 7,913 7,577 7,976 6,967 7,418 7,192 7,868 7,356 7,624 7,920 9,183 8,454
5,757 6,016 6,023 6,380 5,843 5,909 5,867 6,348 5,997 5,995 6,250 7,172 7,014
Operating Profit 1,585 1,897 1,554 1,596 1,123 1,509 1,325 1,520 1,359 1,629 1,670 2,012 1,440
OPM % 22% 24% 21% 20% 16% 20% 18% 19% 18% 21% 21% 22% 17%
172 238 197 224 -19 227 -42 248 232 91 195 260 331
Interest 28 31 33 33 42 35 34 30 30 28 39 27 33
Depreciation 179 190 196 198 210 224 269 269 273 275 267 263 271
Profit before tax 1,551 1,914 1,522 1,589 853 1,476 980 1,468 1,288 1,417 1,559 1,982 1,468
Tax % 25% 25% 21% 25% 30% 25% 29% 25% 26% 28% 26% 25% 25%
1,160 1,444 1,209 1,189 597 1,104 695 1,100 956 1,027 1,161 1,478 1,096
EPS in Rs 12.10 15.05 12.61 12.40 6.23 11.51 7.24 11.46 9.96 10.70 12.10 15.41 11.42
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
11,110 11,830 12,647 14,168 16,392 17,194 18,517 25,189 30,078 31,227 29,553 30,769 33,182
9,095 9,415 9,973 11,242 12,885 13,335 14,024 20,601 24,258 24,183 23,996 24,585 26,431
Operating Profit 2,015 2,415 2,674 2,926 3,507 3,859 4,493 4,588 5,820 7,044 5,557 6,185 6,751
OPM % 18% 20% 21% 21% 21% 22% 24% 18% 19% 23% 19% 20% 20%
173 249 300 275 285 324 366 398 518 822 391 762 878
Interest 31 27 22 24 81 80 72 70 93 124 144 127 127
Depreciation 223 235 295 311 541 690 697 722 756 743 902 1,086 1,076
Profit before tax 1,934 2,403 2,657 2,866 3,170 3,413 4,090 4,194 5,490 6,999 4,902 5,734 6,425
Tax % 31% 32% 32% 34% 33% 22% 25% 25% 25% 24% 27% 26%
1,327 1,623 1,802 1,895 2,132 2,654 3,052 3,135 4,100 5,315 3,588 4,244 4,761
EPS in Rs 13.84 16.92 18.78 19.75 22.23 27.67 31.82 32.68 42.75 55.41 37.41 44.25 49.63
Dividend Payout % 44% 44% 55% 44% 47% 43% 56% 59% 60% 60% 66% 62%
Compounded Sales Growth
10 Years: 10%
5 Years: 11%
3 Years: 1%
TTM: 11%
Compounded Profit Growth
10 Years: 11%
5 Years: 8%
3 Years: 2%
TTM: 23%
Stock Price CAGR
10 Years: 8%
5 Years: -6%
3 Years: -8%
1 Year: -8%
Return on Equity
10 Years: 26%
5 Years: 25%
3 Years: 24%
Last Year: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 96 96 96 96 96 96 96 96 96 96 96 96 96
Reserves 4,134 5,830 6,999 7,702 8,747 9,357 11,993 13,253 15,490 18,193 18,892 20,686 21,010
40 36 39 11 614 663 648 714 892 1,280 1,199 2,369 2,874
3,004 2,764 3,224 3,778 4,226 3,471 4,843 5,845 6,052 6,467 6,489 6,934 7,294
Total Liabilities 7,274 8,725 10,358 11,588 13,683 13,588 17,581 19,908 22,530 26,036 26,675 30,084 31,274
1,965 2,629 2,605 2,569 5,221 4,961 4,763 4,554 4,643 5,494 8,001 7,742 8,641
CWIP 140 93 220 1,392 179 108 119 225 978 2,561 872 1,754 978
Investments 1,894 2,797 2,914 2,577 2,964 2,658 5,179 3,811 4,912 5,471 5,296 7,510 6,850
3,275 3,207 4,620 5,050 5,318 5,861 7,519 11,318 11,997 12,510 12,506 13,078 14,806
Total Assets 7,274 8,725 10,358 11,588 13,683 13,588 17,581 19,908 22,530 26,036 26,675 30,084 31,274

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,144 1,980 1,420 2,136 2,395 2,407 3,459 1,260 4,222 5,757 4,124 6,761
-292 -863 -584 -1,371 -833 -775 -436 -340 -1,397 -2,270 -746 -1,190
-728 -704 -956 -1,239 -1,089 -2,095 -583 -1,989 -2,185 -2,948 -3,416 -2,144
Net Cash Flow 124 413 -120 -474 473 -462 2,440 -1,069 640 540 -38 3,426
Free Cash Flow 809 1,305 810 787 1,343 2,118 3,266 873 3,014 3,573 2,646 5,567
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 86% 113% 85% 107% 94% 87% 100% 52% 97% 106% 98% 133%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 24 23 29 29 28 24 36 42 42 43 39 38
Inventory Days 122 106 141 117 117 127 133 143 120 121 143 116
Days Payable 89 88 107 99 94 79 120 95 69 77 76 75
Cash Conversion Cycle 57 42 62 47 51 72 49 91 93 88 106 79
Working Capital Days 7 14 30 25 20 39 41 67 62 57 58 43
ROCE % 49% 47% 41% 39% 37% 36% 36% 32% 36% 40% 27% 28%

Insights

In beta
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Decorative Business (India) Volume Growth
% YoY

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In-house Decorative Paint Manufacturing Capacity (India)
million KL per annum
Beautiful Homes Stores (Home Décor)
count
International Business Revenue Growth
% YoY
Retail Touchpoints in India
count
New Product Contribution as % of Revenue
% of revenue
Total Coatings (Decorative + Industrial) Volume Growth - India
% YoY
Decorative Business (India) Value Growth
% YoY

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Shareholding Pattern

Numbers in percentages

3 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.63% 52.65%
17.32% 15.89% 15.27% 15.28% 13.61% 12.23% 11.85% 11.64% 12.78% 12.11% 13.32% 13.76%
10.52% 11.61% 12.30% 13.10% 13.98% 15.51% 20.98% 21.50% 21.08% 21.74% 20.70% 20.50%
0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.07% 0.07% 0.07% 0.07% 0.00%
19.44% 19.78% 19.68% 18.88% 19.66% 19.51% 14.41% 14.09% 13.37% 13.39% 13.19% 13.03%
0.04% 0.04% 0.06% 0.05% 0.05% 0.05% 0.07% 0.06% 0.06% 0.06% 0.09% 0.08%
No. of Shareholders 9,75,31911,05,32611,11,6019,75,80711,92,87612,13,83611,71,14511,08,40410,00,99910,01,7999,59,2199,34,232

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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