Asian Paints
Asian Paints
Consumer Goods F&OKey Fundamentals
LargecapPaintsConsumer GoodsTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 61.4%
Weaknesses
2- Stock is trading at 10.8 times its book value
- The company has delivered a poor sales growth of 10.4% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
Asian Paints is a large-cap consumer company with a market capitalisation of about ₹2,32,721 crore. Its return on equity has held at 22-25% over 1, 3, 5 and 10 years, and it pays out 61.4% of profits as dividends. Growth has been weak, though: sales compounded at 1% and profit at 2% over the last 3 years, and the stock returned -10% CAGR over 3 years. Trailing twelve-month (TTM) sales growth of 10% and profit growth of 27% suggest some recovery, while the stock still trades at 47.6x earnings and 10.77x book value.
- Return on equity has been steady at 25% over both 5 and 10 years and 24% over 3 years. That points to a durable competitive position (brand, dealer network, supply chain) that has lasted through several business cycles.
- TTM profit growth of 27% is well above the 3-year profit CAGR of 2%. This suggests margins and earnings may be recovering after a weak period.
- TTM sales growth of 10% is a clear improvement over the 3-year sales CAGR of 1%. It suggests demand may be recovering in the decorative and industrial paint segments.
- The company pays out 61.4% of profits as dividends, giving a dividend yield of 1.15%. A high payout while still keeping ROE at 22% shows the business generates strong cash without needing much capital.
- Over 10 years, sales and profit both compounded at 10% a year. That long-term record shows the company can grow steadily across economic cycles.
- The stock has fallen at a 10% CAGR over 3 years and 7% CAGR over 5 years while ROE stayed above 22%. Much of the earlier valuation premium has already come down, so there is more room if growth sustainably returns.
- With a market cap of about ₹2,32,721 crore, the company has the scale to invest in capacity, distribution and marketing. That scale helps defend its market share in a category that grows with housing, repainting cycles and urbanisation.
- The stock trades at 47.6x earnings, an earnings yield of about 2.1%. That valuation assumes strong future growth, while the 3-year profit CAGR is only 2%.
- The price-to-book ratio of 10.77x (about 11x) is high in absolute terms. It leaves little room for error if ROE keeps slipping from 25% towards the latest 22%.
- Sales grew at only 1% a year over 3 years and 10.4% a year over 5 years. This shows a clear slowdown in the core business compared with its history.
- ROE fell to 22% last year from a 5-year and 10-year average of 25%. The drop suggests pressure on returns, possibly from competition, higher spending on promotions or weaker demand.
- The stock has returned -10% CAGR over 3 years and -7% CAGR over 5 years. Its 10-year CAGR of 7% is also modest for a premium-valued consumer company, so shareholders have seen little return for a long time.
- The 27% TTM profit growth comes after 3 years of 2% profit CAGR, so part of it may reflect a low base or lower input costs. Whether it lasts is not yet proven.
- The dividend yield of 1.15% is low compared with typical risk-free returns in India. Income alone does little to cushion a possible fall in the valuation multiple from 47.6x earnings.
- New large competitors have entered the Indian decorative paints market, adding capacity. This could keep weighing on pricing and market share, as the 1% 3-year sales CAGR may already reflect.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Smiti Holding keeps pledging shares Sep 19
Promoter Smiti Holding pledged 26.79 lakh shares on Sep 16-17, 2026, which took its total encumbered stake to 4.03%. Earlier it pledged 9.17 lakh shares (0.10% of capital) to Bajaj Finance on Sep 9, and on Sep 3 it released 8.52 lakh shares from Citicorp and pledged 6.67 lakh to Barclays.
- Deep-pocketed rivals squeeze margins Sep 7
Well-funded new entrants such as the Aditya Birla Group and JSW Group have increased their spending on decorative paints. This is putting more pressure on Asian Paints' growth and margins.
- Satyen Gandhi pledges 2.5 lakh shares Sep 5
Promoter Satyen A. Gandhi pledged 2,50,000 shares to Julius Baer Capital as loan collateral on Sep 3, 2026. That raises his total encumbered holding to 18,91,500 shares.
- Input cost inflation Sep 25
Higher costs for raw materials, packaging and logistics are forcing a price increase. A hike during intense competition could hurt volume growth.
- Leo Puri named chairman-designate Sep 7
Leo Puri has joined as Additional and Independent Director for a five-year term (Sep 7, 2026 to Sep 6, 2031). He becomes Chairman on Jan 23, 2027, succeeding R. Seshasayee, and brings 40 years of experience from JPMorgan, UTI AMC, Warburg Pincus and McKinsey.
- Dahej VAE emulsion plant goes live Sep 18
Production has started at the new 1.5 lakh TPA Vinyl Acetate Ethylene Emulsion plant in Dahej. The plant makes a key paint input in-house, which should help with supply security and costs.
- ~3% price hike from Nov 1 Sep 25
The company plans to raise prices by about 3% from Nov 1, 2026 to pass on higher input costs. This shows it still has some pricing power to protect margins.
- Investor meets at UBS, Jefferies Sep 7
Asian Paints attended the UBS India Summit in Mumbai on Sep 10 and the Jefferies 5th India Forum in Gurugram on Sep 16, 2026. In both filings it said no unpublished price-sensitive information would be shared.
- Smiti Holding inter-se share transfer Sep 19
Smiti Holding received 1,64,000 shares through an inter-se promoter transfer on Sep 17, 2026, done via the block deal window. Total promoter holding does not change.
- Shubhlakshmi Dani appointed director Sep 9
Shareholders approved Ms. Shubhlakshmi Dani as Non-Executive Director by postal ballot. Promoters voted 100% in favour, while some public institutions voted against.
- Insider trading plan approved Sep 9
The company approved a trading plan for GM Subrahmanya Shreepathi to sell 192 shares between Jan 11 and Jan 15, 2027 under SEBI PIT Regulations. The amount is too small to matter.
TL;DR: Asian Paints is moving on strategy: Leo Puri is lined up as chairman, the 1.5 lakh TPA Dahej VAE plant improves backward integration, and a planned ~3% price hike shows it still has pricing power. The main risks are tougher competition from the Aditya Birla and JSW groups, rising input costs, and promoters steadily pledging more shares, with Smiti Holding's encumbrance now at 4.03%. The near-term trend is mixed and tilting cautious. Watch how the November price hike affects volumes and whether promoter pledging keeps rising.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | 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 | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Asian Paints
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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.
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