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Stock Analysis

Description

Asian Paints Limited is a leading Indian company in the home decor and paints sector, with a diversified product portfolio. Its operations extend globally, including international manufacturing facilities.

Key Growth Triggers

The company is expanding its product offerings and geographical presence through strategic initiatives such as international manufacturing facilities and joint ventures in specialty segments like white cement.

Order Book

Currently no data available for Order Book.

Key Red Flags

While the dilution in JV stake is a structural change, no immediate red flags are indicated as it's a partner-driven sweat equity issuance.

Key Dates To Watch

No specific upcoming dates are highlighted in this particular disclosure.

Corporate Announcements

31st Mar 26

Impact Rating: 7

Asian Paints Limited announced the effective date for its Scheme of Amalgamation with subsidiary AP Polymers is March 31, 2026. The NCLT order has been filed, leading to the dissolution of the subsidiary.

24th Mar 26

Impact Rating: 5

Asian Paints is amalgamating its subsidiary Nova Surface-Care Centre with Harind Chemicals and Pharmaceuticals to optimize operations and reduce administrative burdens. The company anticipates no material effect on its financial performance from this merger, pending regulatory approvals.

19th Mar 26

Impact Rating: 8

Geetanjali, part of Asian Paints' promoter group, got approval for a trading plan to pledge 12.5 lakh shares and acquire 4 lakh shares between July-August 2026.

19th Mar 26

Impact Rating: 7

Smiti Holding disclosed pledging 2,65,000 shares to Tata Capital and 3,41,000 shares to Citicorp Finance on March 17, 2026, for loans, increasing its total encumbered Asian Paints shares to 3.99%.

18th Mar 26

Impact Rating: 8

Promoter Sattva Holding disclosed creation of encumbrance on 8.75 lakh and release of 28.50 lakh Asian Paints shares, citing loan collateral. Filed March 18, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Asian Paints	2756.90	66.44	264441.23	0.89	955.56	29.59	7356.29	5.59	27.26	29834.98	19.15	3976.45	955.56	13.83	14.65	0.08
2.	Berger Paints	517.65	54.56	60356.23	0.72	206.38	-23.50	2827.49	1.91	24.90	11707.34	15.21	1105.49	206.29	9.60	13.39	0.11
3.	Kansai Nerolac	231.10	28.72	18684.90	1.08	133.31	9.89	1954.18	0.14	13.03	7854.75	11.70	651.00	134.93	2.90	7.57	0.04
4.	Akzo Nobel	3094.90	36.09	14094.30	3.22	1682.70	-14.84	834.90	-15.01	41.66	3902.60	14.63	390.47	83.37	6.23	14.76	0.03
5.	Indigo Paints	1245.80	40.89	5939.42	0.29	25.53	5.85	298.50	3.45	19.51	1288.05	18.06	145.25	25.53	5.47	11.15	0.02
6.	Sirca Paints	489.00	47.93	2777.18	0.31	18.10	36.30	131.17	24.38	19.98	435.04	19.40	57.93	18.10	6.24	12.27	0.10
7.	Shalimar Paints	71.00	–	594.36	0.00	-14.14	27.93	133.81	-7.55	-12.80	614.36	-5.95	-64.41	-14.14	2.06	-11.69	0.67
–	Median: 10 Co.	360.05	40.89	4358.3	0.52	21.82	7.87	216.16	3.5	19.75	951.2	14.92	101.59	21.82	4.33	11.71	0.09

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	7,344	7,522	7,626	8,114	7,342	7,913	7,577	7,976	6,967	7,418	7,192	7,868	7,356
Expenses	6,229	6,027	5,878	6,114	5,757	6,016	6,023	6,380	5,843	5,909	5,868	6,348	5,997
Operating Profit	1,116	1,495	1,748	2,000	1,585	1,897	1,554	1,596	1,123	1,509	1,324	1,520	1,359
Other Income	117	162	125	217	172	238	197	224	-19	227	-42	248	232
Profit before tax	1,020	1,443	1,654	2,018	1,551	1,914	1,522	1,589	853	1,476	979	1,468	1,288
Tax %	25%	25%	25%	25%	25%	25%	21%	25%	30%	25%	29%	25%	26%
Net Profit	763	1,086	1,234	1,508	1,160	1,444	1,209	1,189	597	1,104	694	1,100	956
EPS in Rs	7.96	11.32	12.86	15.73	12.10	15.05	12.61	12.40	6.23	11.51	7.24	11.46	9.96

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	9,936	11,110	11,830	12,647	14,168	16,392	17,194	18,517	25,189	30,078	31,227	29,553	29,835
Expenses	8,216	9,095	9,415	9,973	11,242	12,885	13,337	14,024	20,601	24,258	24,183	24,000	24,123
Operating Profit	1,719	2,015	2,415	2,674	2,926	3,507	3,857	4,493	4,588	5,820	7,044	5,552	5,712
Other Income	225	173	249	300	275	285	324	366	398	518	822	391	665
Interest	29	31	27	22	24	81	78	72	70	93	124	144	129
Depreciation	212	223	235	295	311	541	690	697	722	756	743	902	1,036
Profit before tax	1,703	1,934	2,403	2,657	2,866	3,170	3,413	4,090	4,194	5,490	6,999	4,897	5,211
Net Profit	1,169	1,327	1,623	1,802	1,895	2,132	2,654	3,053	3,135	4,100	5,315	3,585	3,854
EPS in Rs	12.19	13.84	16.92	18.78	19.75	22.23	27.67	31.82	32.68	42.75	55.41	37.37	40.17
Dividend Payout %	43%	44%	44%	55%	44%	47%	43%	56%	59%	60%	60%	66%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	96	96	96	96	96	96	96	96	96	96	96	96	96
Reserves	3,505	4,134	5,830	6,999	7,702	8,747	9,357	11,995	13,253	15,490	18,193	18,888	18,954
Borrowings	48	40	36	39	11	614	663	648	714	892	1,280	1,199	1,572
Other Liabilities	3,071	3,004	2,764	3,224	3,778	4,226	3,471	4,843	5,845	6,052	6,467	6,471	6,039
Total Liabilities	6,720	7,274	8,725	10,358	11,588	13,683	13,588	17,583	19,908	22,530	26,036	26,653	26,661
Fixed Assets	2,012	1,965	2,629	2,605	2,569	5,221	4,961	4,603	4,554	4,643	5,494	7,931	7,771
Gross Block	2,981	3,103	2,863	3,131	3,401	6,586	6,850	6,988	7,289	8,078	9,456	12,444	–
Accumulated Depreciation	969	1,137	234	526	832	1,364	1,889	2,386	2,736	3,436	3,962	4,513	–
CWIP	38	140	93	220	1,392	179	108	110	225	978	2,561	386	317
Investments	1,671	1,894	2,797	2,914	2,577	2,964	2,658	5,341	3,811	4,912	5,471	6,044	6,890
Other Assets	2,999	3,275	3,207	4,620	5,050	5,318	5,861	7,529	11,318	11,997	12,510	12,293	11,683
Total Assets	6,720	7,274	8,725	10,358	11,588	13,683	13,588	17,583	19,908	22,530	26,036	26,653	26,661

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,371	1,144	1,980	1,420	2,136	2,395	2,813	3,460	1,260	4,222	5,757	4,166
Cash from Investing Activity	-618	-292	-863	-584	-1,371	-833	-775	-437	-340	-1,397	-2,270	-832
Cash from Financing Activity	-560	-728	-704	-956	-1,239	-1,089	-2,501	-583	-1,989	-2,185	-2,948	-3,416
Net Cash Flow	194	124	413	-120	-474	473	-462	2,440	-1,069	640	540	-82

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	26	24	23	29	29	28	24	36	42	42	43	39
Inventory Days	121	122	106	141	117	117	127	133	143	120	121	143
Days Payable	109	89	88	107	99	94	79	120	95	69	77	76
Cash Conversion Cycle	38	57	42	62	47	51	72	49	91	93	88	106
Working Capital Days	-2	7	14	30	25	20	39	41	67	62	57	59
ROCE %	50%	49%	47%	41%	39%	37%	36%	36%	32%	36%	40%	27%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%
FIIs	18.11%	17.02%	17.48%	17.65%	17.32%	15.89%	15.27%	15.28%	13.61%	12.23%	11.85%	11.64%
DIIs	9.16%	9.96%	10.01%	10.01%	10.52%	11.61%	12.30%	13.10%	13.98%	15.51%	20.98%	21.50%
Public	20.02%	20.32%	19.82%	19.64%	19.44%	19.78%	19.68%	18.88%	19.66%	19.51%	14.41%	14.09%