Asian Paints logo

Asian Paints

ASIANPAINT NSE

Key Fundamentals

LargecapPaintsConsumer Goods
Market Cap
2.4L Cr
Volatility
Moderate
P/E Ratio
49.77
EBITDA
₹7,420 Cr
Return on Equity
19.96%
Debt to Equity
0.18
Book Value
₹222.81
EPS
₹52.96
52W High
₹2,985.7
52W Low
₹2,115

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 61.4%

Weaknesses

2
  • Stock is trading at 11.1 times its book value
  • The company has delivered a poor sales growth of 10.4% over past five years.

Growth Rate

Revenue Growth
5.31% higher than 3Y
Net Income Growth
18.47% higher than 3Y
Cash Flow Change
60.22% higher than 3Y
ROE
7.95% lower than 3Y
ROCE
1.79% higher than 3Y
EBITDA Margin (Avg.)
7.13% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Asian Paints Ltd commands a market cap of ₹2,35,502 Cr and trades at a PE of 49.2x and PB of 11.13x. The company has delivered 10% compounded sales and profit growth over the last decade, though recent 3-year sales CAGR has slowed to just 1%. ROE has moderated from a 5-year average of 25% to 22% in the last year.

Bull Case 7
  • Decade-long compounded sales growth of 10% demonstrates consistent revenue scaling over long periods
  • 10-year compounded profit growth of 10% shows sustained earnings expansion across business cycles
  • TTM profit growth of 27% signals a sharp recovery in earnings in the most recent period
  • TTM sales growth of 10% indicates a rebound in top-line momentum after a sluggish 3-year patch
  • 5-year average ROE of 25% reflects strong capital efficiency and high returns on shareholder equity
  • Healthy dividend payout ratio of 61.4% provides meaningful cash return to shareholders with a 1.1% dividend yield
  • 10-year stock CAGR of 8% shows the company has delivered positive long-term wealth creation despite recent weakness
Bear Case 8
  • PE of 49.2x is significantly elevated, implying the stock prices in substantial future growth that may not materialize
  • PB ratio of 11.13x means the stock trades at over 11 times book value, leaving little margin of safety
  • 3-year compounded sales growth of just 1% points to a prolonged period of near-flat revenue
  • 3-year compounded profit growth of only 2% suggests earnings stagnation over the medium term
  • ROE has declined from a 5-year average of 25% to 22% in the last year, indicating some compression in return efficiency
  • 1-year stock return of -2% and 3-year stock CAGR of -8% show the stock has destroyed value for recent investors
  • 5-year stock CAGR of -6% indicates prolonged underperformance relative to broader market indices
  • 5-year compounded sales growth of 10.4% is described as poor relative to the premium valuation the market assigns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Intense decorative paints competition Sep 7

    Well-funded new entrants including Aditya Birla Group and JSW Group are stepping up investments in decorative paints, intensifying pressure on Asian Paints' growth and margins.

  • Rising promoter share pledges Sep 12

    Multiple promoter pledge events in Aug-Sep 2026: Smiti Holding pledged 9.17L shares to Bajaj Finance (Sep 9), 6.67L to Barclays (Sep 3), and 10.42L to Jio Credit (Aug 26), raising total encumbered stake to 3.75% of share capital.

Positives 3
  • Leo Puri named chairman-designate Sep 7

    Board appointed Leo Puri as Additional Independent Director for a 5-year term (Sep 7, 2026 to Sep 6, 2031), effective as Chairman from Jan 23, 2027. Puri brings 4 decades of experience across JPMorgan Chase, Warburg Pincus, UTI AMC, and McKinsey.

  • Smiti Holding releases 3.42Cr pledge Aug 17

    Smiti Holding released its pledge on 3.42 crore equity shares reported on Aug 14, 2026, significantly reducing the promoter group's encumbered stake.

  • Promoter group increases stake Aug 20

    Geetanjali Trading acquired 2 lakh shares via open market purchase on Aug 18, 2026, raising its stake to 4.786%.

Neutral 4
  • Analyst meets at Jefferies, UBS Sep 7

    Asian Paints confirmed participation in UBS India Summit on Sep 10 and Jefferies 5th India Forum on Sep 16, 2026. No unpublished price-sensitive information to be shared.

  • Shubhlakshmi Dani appointed director Sep 9

    Shareholders approved Ms. Shubhlakshmi Dani as Non-Executive Director via postal ballot, with 100% promoter support though some institutional dissent.

  • Insider trading plan approved Sep 9

    Asian Paints approved a trading plan for GM Subrahmanya Shreepathi to sell 192 shares between Jan 11-15, 2027 under SEBI PIT Regulations.

  • Promoter Satyen Gandhi pledges shares Sep 5

    Satyen A. Gandhi pledged 2.5 lakh shares to Julius Baer Capital on Sep 3, 2026, raising his total encumbered stake to 18,91,500 shares.

TL;DR: Asian Paints is undergoing a notable leadership transition with Leo Puri, a seasoned finance and strategy veteran, set to take the chairman's chair in January 2027 — a move that signals strategic intent amid fierce competitive pressures from Aditya Birla Group and JSW Group entering decorative paints. Promoter pledging activity has been elevated through Aug-Sep 2026, though the large 3.42Cr share de-pledge in August partially offsets that concern. The key risk remains margin compression from new competition, while the leadership refresh and active investor engagement suggest management is positioning for a more aggressive strategic response going forward.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
9,182
8,479
9,103
8,731
8,970
8,028
8,549
8,359
8,939
8,531
8,867
9,247
10,542
Expenses
7,061
6,762
7,047
7,039
7,276
6,788
6,913
6,923
7,314
7,028
7,086
7,460
8,373
Operating Profit
2,121
1,716
2,056
1,691
1,694
1,240
1,637
1,436
1,625
1,503
1,781
1,787
2,169
OPM %
23%
20%
23%
19%
19%
15%
19%
17%
18%
18%
20%
19%
21%
Other Income
228
194
186
212
193
25
193
-60
229
237
69
197
279
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
PBT
2,105
1,651
1,968
1,624
1,604
959
1,518
1,022
1,509
1,392
1,489
1,614
2,096
Tax %
25%
25%
25%
21%
26%
28%
26%
31%
26%
27%
28%
27%
26%
Net Profit
1,575
1,232
1,475
1,275
1,187
694
1,128
701
1,117
1,018
1,074
1,185
1,559
EPS in Rs
16.16
12.57
15.09
13.1
12.2
7.24
11.58
7.22
11.47
10.36
11.05
12.22
16.05
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
13,615
14,271
15,062
16,825
19,240
20,211
21,713
29,101
34,489
35,495
33,906
35,584
37,187
Expenses
11,372
11,546
12,068
13,621
15,475
16,049
16,857
24,298
28,229
27,910
27,899
28,884
29,947
Operating Profit
2,243
2,725
2,994
3,204
3,765
4,162
4,856
4,804
6,260
7,585
6,006
6,700
7,240
OPM %
16%
19%
20%
19%
20%
21%
22%
17%
18%
21%
18%
19%
19%
Other Income
142
213
338
336
274
350
332
296
431
821
350
728
782
Interest
42
49
37
41
110
102
92
95
144
205
227
195
199
Depreciation
266
276
335
360
622
780
791
816
858
853
1,026
1,229
1,232
PBT
2,077
2,614
2,960
3,138
3,306
3,629
4,304
4,188
5,689
7,348
5,103
6,003
6,590
Tax %
31%
32%
32%
33%
33%
24%
26%
26%
26%
24%
27%
27%
—
Net Profit
1,427
1,803
2,016
2,098
2,208
2,774
3,207
3,085
4,195
5,558
3,710
4,395
4,837
EPS in Rs
14.54
18.19
20.22
21.26
22.48
28.2
32.73
31.59
42.81
56.92
38.23
45.09
49.68
Div. Payout %
42%
41%
51%
41%
47%
43%
55%
61%
60%
58%
65%
61%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
96
96
96
96
96
96
96
96
96
96
96
96
Reserves
4,646
6,429
7,508
8,314
9,375
10,034
12,710
13,716
15,896
18,632
19,304
21,276
Borrowings
418
323
560
533
1,320
1,118
1,093
1,587
1,933
2,474
2,290
3,929
Other Liabilities
3,754
3,711
4,241
4,820
5,459
4,889
6,456
7,560
7,854
8,698
8,665
9,218
Total Liabilities
8,914
10,559
12,405
13,763
16,249
16,138
20,355
22,958
25,779
29,901
30,355
34,519
Fixed Assets
2,660
3,416
3,304
3,732
6,497
6,272
5,859
5,519
5,770
7,147
9,220
9,640
CWIP
196
107
258
1,405
210
140
183
426
1,020
2,698
1,254
1,849
Investments
1,588
2,712
2,652
2,141
2,569
2,019
4,737
3,248
4,262
4,588
4,725
7,062
Other Assets
4,471
4,324
6,192
6,485
6,974
7,707
9,577
13,765
14,728
15,468
15,156
15,968
Total Assets
8,914
10,559
12,405
13,763
16,249
16,138
20,355
22,958
25,779
29,901
30,355
34,519
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,188
2,243
1,527
2,113
2,470
3,038
3,683
986
4,193
6,104
4,424
7,088
Investing
-465
-866
-681
-1,556
-918
-518
-541
-317
-1,282
-2,548
-941
-1,328
Financing
-576
-849
-756
-1,379
-1,117
-2,871
-650
-1,808
-2,140
-2,982
-3,753
-2,377
Net Cash Flow
147
528
90
-822
434
-351
2,492
-1,138
771
573
-270
3,383
Free Cash Flow
750
1,441
860
705
1,336
2,661
3,422
475
2,774
3,613
2,604
5,604
CFO/OP
81
112
82
100
92
97
98
45
91
105
97
129
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
32
30
35
38
36
32
44
49
49
50
46
46
Inventory Days
123
108
138
117
119
127
134
142
121
122
142
118
Days Payable
84
84
101
95
90
80
119
96
71
79
81
79
Cash Conversion Cycle
70
54
72
60
65
79
59
94
99
93
107
84
Working Capital Days
11
15
22
22
16
34
37
57
54
49
52
38
ROCE %
42%
42%
38%
36%
33%
33%
34%
29%
34%
38%
26%
26%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.18%Promot.52.63%Public11.10%FIIs13.32%DIIs20.77%As ofJun 2026
9.52% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Asian Paints

What does Asian Paints Ltd do?
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...
Where is Asian Paints Ltd (ASIANPAINT) listed?
Asian Paints Ltd trades as ASIANPAINT on the NSE and under code 500820 on the BSE.
Which sector does Asian Paints Ltd belong to?
Asian Paints Ltd is classified under the Consumer Goods sector, in the Paints industry.
What is the market capitalisation of Asian Paints Ltd?
Asian Paints Ltd has a market capitalisation of ₹2,35,502 Cr, which places it in the Large Cap band.
What is the PE ratio of Asian Paints Ltd?
Asian Paints Ltd trades at a PE ratio of 49.77, on earnings per share of ₹52.96, against a book value of ₹222.81 per share.
What is the 52-week high and low of Asian Paints Ltd?
Over the last 52 weeks Asian Paints Ltd has traded between ₹2,115 and ₹2,985.7.
Does Asian Paints Ltd pay dividends?
Asian Paints Ltd has a dividend yield of 1.10%.
What is the Return on Equity (ROE) of Asian Paints Ltd?
Asian Paints Ltd reported a return on equity of 19.96%. Its debt-to-equity ratio is 0.18.

Company Information

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.

Website asianpaints.com
CEO Mr. Amit Syngle
Employees 11,111
Listed 1995-05-31
Face Value ₹ 1
Issued Size 95,91,97,790

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