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Asian Paints

ASIANPAINT NSE
₹2,418.30 −19.50 (−0.80%)
P/E
47.93
View as Markdown
MCP
Close 4 Nov 2026 ₹2,418.30 −184.60 −7.09% 1Y
Start ₹2,602.90

Key Fundamentals

LargecapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
26.30%
Debt to Equity
0.21
EPS (TTM)
₹50.45
Book Value
₹226.59
Market Cap
—
P/E (TTM)
47.93
P/B
10.67
ROE
21.80%
Dividend Yield
0.24%
EBITDA
₹7,420 Cr
52W High
₹2,985.70
52W Low
₹2,115.00
Day Range
₹2,413.20 – ₹2,442.60
Volume
13,54,097

Peer Comparison

Consumer Discretionary › Consumer Durables › Paints

Asian Paints peer comparison
Asian Paints (this company)
₹2,418.3047.93₹2,32,001 Cr10.670.24%21.80%26.30%₹38,632 Cr₹4,903 Cr
Berger Paints
₹485.1046.47₹55,927 Cr8.180.83%17.30%21.60%₹12,263 Cr₹1,217 Cr
Kansai Nerolac Paints
₹195.3226.32₹15,207 Cr2.351.34%8.82%12.00%₹8,263 Cr₹588 Cr
JSW Dulux
₹263.70—₹11,895 Cr4.9079.15%19.30%23.00%₹3,578 Cr₹1,963 Cr
Indigo Paints
₹859.8525.40₹4,116 Cr3.470.58%13.40%17.90%₹1,385 Cr₹161 Cr
Sirca Paints
₹408.6534.60₹2,345 Cr4.880.49%15.80%20.30%₹508 Cr₹67 Cr
Shalimar Paints
₹78.28—₹665 Cr7.200.00%−21.40%−7.93%₹559 Cr−₹69 Cr
Median 7 companies₹408.6534.60₹11,895 Cr4.900.58%15.80%20.30%₹3,578 Cr₹588 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
79
Strong
Returns, margins, earnings quality 22% weight
Valuation
47
Average
Cheap vs sector & own history 24% weight
Growth
38
Weak
Sales & profit trajectory 9% weight
Financial Health
73
Strong
Solvency, leverage, coverage 9% weight
Momentum
27
Poor
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 10.2 times its book value
  • The company has delivered a poor sales growth of 10.4% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish937
OscillatorsNeutral333
Moving AveragesStrong Bearish604

Key readings

RSI (14)
56.64
Neutral
MACD (12,26,9)
−16.34
Bullish
SMA (50)
2,429.17
Bearish
SMA (200)
2,513.24
Bearish

As of

Analyst Rating

Based on 33 analysts
BUY58%

19 of 33 analysts rate Buy, 8 Hold, 6 Sell.

As of

BUY
19
58%
HOLD
8
24%
SELL
6
18%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+9.57%
5Y+10.38%
3Y+1.05%
1Y+4.95%
TTM+12.38%

Net profit

Net profit growth by window
10Y+9.32%
5Y+6.51%
3Y+1.56%
1Y+18.46%
TTM+23.69%

Operating cash flow

Operating cash flow growth by window
10Y+12.19%
5Y+13.99%
3Y+19.12%
1Y+60.22%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.26 pp
5Y−3.53 pp
3Y+0.68 pp
1Y+1.12 pp
TTM+0.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹15,062 Cr
Mar 2018₹16,825 Cr
Mar 2019₹19,240 Cr
Mar 2020₹20,211 Cr
Mar 2021₹21,713 Cr
Mar 2022₹29,101 Cr
Mar 2023₹34,489 Cr
Mar 2024₹35,495 Cr
Mar 2025₹33,906 Cr
Mar 2026₹35,584 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,016 Cr
Mar 2018₹2,098 Cr
Mar 2019₹2,208 Cr
Mar 2020₹2,774 Cr
Mar 2021₹3,207 Cr
Mar 2022₹3,085 Cr
Mar 2023₹4,195 Cr
Mar 2024₹5,558 Cr
Mar 2025₹3,710 Cr
Mar 2026₹4,395 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹1,948 Cr +6.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Asian Paints Ltd trades at ₹2,344.3 as of 2026-11-02 with a market capitalisation of ₹2,26,610 crore. The stock commands a trailing PE of 46.47x and a price-to-book of 10.35x, reflecting premium valuations, while TTM profit growth has rebounded to 23% after a subdued 2% compounded profit growth over three years. The balance sheet remains conservatively leveraged at a debt-to-equity ratio of 0.18.

Bull Case 7
  • TTM profit growth has accelerated sharply to 23%, a significant improvement over the 3-year compounded profit growth of just 2%, signalling an earnings recovery cycle.
  • ROCE stands at 24.41% as of 2026-11-02, indicating efficient capital deployment well above typical cost-of-capital benchmarks for Indian corporates.
  • Debt-to-equity ratio of 0.18 reflects a near debt-free balance sheet, providing financial flexibility for capacity expansion and acquisitions without dilution risk.
  • The company has maintained a healthy dividend payout ratio of 61.4%, demonstrating consistent capital return discipline and management confidence in cash flow sustainability.
  • 10-year compounded sales growth of 10% and 10-year compounded profit growth of 10% demonstrate a durable long-term franchise with consistent double-digit earnings expansion over a full economic cycle.
  • TTM revenue growth has picked up to 12%, outpacing the 3-year compounded sales growth of 1%, suggesting a demand recovery and improved pricing power in the decorative paints segment.
  • 10-year average ROE of 25% underscores the company's structural ability to generate superior returns on shareholder equity across different demand environments.
Bear Case 7
  • Price-to-book of 10.35x is exceptionally elevated; even with high ROE, any compression in return ratios could trigger a sharp de-rating.
  • Five-year compounded sales growth of only 10.4% is modest for a stock commanding such premium multiples, suggesting limited top-line momentum relative to valuation.
  • Three-year compounded profit growth of just 2% highlights a prolonged period of earnings stagnation, raising questions about whether the TTM rebound is sustainable or one-off.
  • Stock CAGR has been negative across one-year (-8%), three-year (-8%) and five-year (-6%) horizons, meaning shareholders have experienced capital erosion over multiple timeframes.
  • Dividend yield of 0.25% as of 2026-11-02 is negligible, offering minimal income cushion during periods of price weakness despite the high payout ratio.
  • Last year ROE of 22% has dipped from the 10-year average of 25%, indicating a potential structural moderation in profitability as competitive intensity rises from new entrants in the decorative paints market.
  • Three-year compounded sales growth of merely 1% points to a period where volume and price gains essentially stalled, raising demand sustainability concerns in the core domestic paints business.

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

AI News Digest

9h ago

TL;DR: Asian Paints is delivering solid double-digit revenue growth (16.9% in Q2) and healthy volume momentum at 6-8%, but margin compression is the central risk — Q2 PBDIT margin of 15.6% sits well below the 18-20% full-year guidance, driven by raw material inflation outpacing calibrated price hikes. The newly operational VAE plant and cost initiatives offer a path to margin recovery in H2, but competitive intensity, international profitability weakness, and TiO2 inflation remain headwinds. The coming festive and wedding quarters will be critical in determining whether the volume-over-margin strategy delivers the sharp H2 rebound needed to meet full-year targets.

Headwinds 5
  • PBDIT margin contracts 202 bps Oct 29

    Consolidated PBDIT margin fell to 15.6% from 17.7% YoY in Q2 FY27, well below the company's full-year guidance of 18-20%, implying the second half must deliver a sharp recovery.

  • International profits drop 31% Oct 29

    Despite 29.5% revenue growth to ₹1,096 crore, international PBT fell 31% to ₹53 crore with margins dropping to 4.8%, led by a 59% profit decline in Africa and Middle East weakness.

  • TiO2 and input cost inflation Oct 29

    Titanium dioxide prices began rising at end of June, and material costs rose ~25% in Q1 and ~3% in Q2, outpacing cumulative price hikes of ~12%, pushing standalone gross margin down to 40.3% from 43.8% QoQ.

Positives 6
  • Revenue up 16.9% YoY in Q2 Oct 29

    Consolidated revenue rose 16.9% to ₹9,954 crore, with domestic decorative value growth of 14.5%, industrial coatings up 31.8%, and H1 FY27 volume growth of 8%.

  • Softer crude lifts paint stocks Nov 03

    Asian Paints gained 2.68% to ₹2,407.20 as Sensex surged 1,029 points, with lower crude oil prices easing input cost pressures for paint manufacturers.

  • Dividend raised to ₹5.75/share Oct 29

    Board declared an interim dividend of ₹5.75 per share, up from ₹4.50 a year earlier, signalling confidence despite margin pressure; balance sheet remains debt-free with a current ratio of 2.46.

Neutral 2
  • Leo Puri director appointment Oct 07

    Asian Paints issued a postal ballot for appointing Leo Puri as Independent Director for a five-year term, with voting opening October 8, 2026.

  • Trading window closed Oct 06

    Insider trading window was closed from September 18 to November 2, 2026 ahead of Q2 FY27 results and interim dividend declaration with November 4 as the record date.

Quarterly Results

₹ Cr
ASIANPAINT quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
8,479
9,103
8,731
8,970
8,028
8,549
8,359
8,939
8,531
8,867
9,247
10,542
9,977
Expenses
6,762
7,047
7,039
7,276
6,788
6,913
6,923
7,314
7,028
7,086
7,460
8,373
8,419
Operating Profit
1,716
2,056
1,691
1,694
1,240
1,637
1,436
1,625
1,503
1,781
1,787
2,169
1,557
OPM %
20%
23%
19%
19%
15%
19%
17%
18%
18%
20%
19%
21%
16%
Other Income
194
186
212
193
25
193
−60
229
237
69
197
279
290
Interest
51
54
54
55
63
56
53
44
44
48
59
48
55
Depreciation
209
220
226
228
242
256
301
301
305
313
310
304
314
PBT
1,651
1,968
1,624
1,604
959
1,518
1,022
1,509
1,392
1,489
1,614
2,096
1,478
Tax %
25%
25%
21%
26%
28%
26%
31%
26%
27%
28%
27%
26%
27%
Net Profit
1,232
1,475
1,275
1,187
694
1,128
701
1,117
1,018
1,074
1,185
1,559
1,085
EPS (₹)
12.57
15.09
13.1
12.2
7.24
11.58
7.22
11.47
10.36
11.05
12.22
16.05
11.13

Profit & Loss

₹ Cr
ASIANPAINT profit and loss, annual, ₹ crore
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
38,632
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
31,339
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
7,293
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
835
Interest
42
49
37
41
110
102
92
95
144
205
227
195
210
Depreciation
266
276
335
360
622
780
791
816
858
853
1,026
1,229
1,241
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
6,677
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
4,904
EPS (₹)
14.54
18.19
20.22
21.26
22.48
28.2
32.73
31.59
42.81
56.92
38.23
45.09
50.45
Div. Payout %
42%
41%
51%
41%
47%
43%
55%
61%
60%
58%
65%
61%
—

Balance Sheet

₹ Cr
ASIANPAINT balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
96
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
21,639
Borrowings
418
323
560
533
1,320
1,118
1,093
1,587
1,933
2,474
2,290
3,929
4,596
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
9,885
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
36,215
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
10,634
CWIP
196
107
258
1,405
210
140
183
426
1,020
2,698
1,254
1,849
1,040
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
6,389
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
18,152
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
36,215

Cash Flow

₹ Cr
ASIANPAINT cash flow, annual, ₹ crore
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/EBITDA
81
112
82
100
92
97
98
45
91
105
97
129

Ratios

ASIANPAINT financial ratios, annual
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

Log in to view Asian Paints insights

65 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.65%
  • DIIs 20.50%
  • FIIs 13.76%
  • Public 10.98%
  • Others 2.12%

10.35% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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 Discretionary sector, in the Consumer Durables industry.
What is the PE ratio of Asian Paints Ltd?
Asian Paints Ltd trades at a PE ratio of 47.93 as of 4 Nov 2026, on earnings per share of ₹50.45, against a book value of ₹226.59 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 as of 4 Nov 2026.
Does Asian Paints Ltd pay dividends?
Asian Paints Ltd has a dividend yield of 0.24%.
What is the Return on Equity (ROE) of Asian Paints Ltd?
Asian Paints Ltd reported a return on equity of 21.80%. Its debt-to-equity ratio is 0.21.

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 31 May 1995
Face Value ₹1

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