NSE: ASIANPAINT · BSE: 500820
ASIAN PAINTS LIMITED
Makes and sells decorative and industrial paints, and runs a smaller home improvement business. The Paints segment accounted for 97.4% of segment revenue and ₹28,349.54 cr as of the 2022-03-31 period, while Home Improvement (kitchen, bath, décor) made up 2.6% at ₹758.36 cr in the same period. Distribution is being widened — 6,000 new retail touchpoints were added, and new products contributed 16% of revenue. To secure raw material supply, a Dahej VAM-VAE project is being built with 150,000 MT VAE and 100,000 MT VAM capacity, with first-phase commissioning targeted next quarter; the PPG industrial coatings joint venture was also extended by 15 years. The biggest cost line is materials at 43.2% of revenue, which is crude-linked and triggered about 12% calibrated price hikes in FY26 to offset West Asia-driven input cost pressure. Other operating costs break down as 17.1% other opex, 7.9% employee costs, 3.5% depreciation and 4.2% capex. The domestic paint industry is structurally seen as under-penetrated at about 4 kg per capita consumption against 13-15 kg globally, though competitive intensity from new entrants has risen. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paints (97%), Home Improvement (3%). Brand-led, distribution-heavy decorative paints with smaller home improvement extension
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29,101 | 34,489 | 35,495 | 33,906 | 35,584 |
| EBITDA (ex other income) | 4,688 | 6,211 | 7,585 | 5,643 | 6,538 |
| margin % | 16.1 | 18.0 | 21.4 | 16.6 | 18.4 |
| Owners' profit | 3,031 | 4,106 | 5,460 | 3,667 | 4,325 |
| EPS, as reported (₹) | 31.59 | 42.83 | 56.95 | 38.25 | 45.12 |
| ROE % · ROCE % | 64.6 · 27.6 | 25.5 · 32.1 | 28.6 · 34.6 | 18.5 · 23.3 | 20.0 · 23.8 |
| Debt / equity (x) | 0.05 | 0.06 | 0.06 | 0.04 | 0.10 |
| Cash from operations | 986 | 4,193 | 6,104 | 4,424 | 7,088 |
| Capex | (551) | (1,446) | (2,496) | (1,830) | (1,487) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,028 | 8,549 | 8,359 | 8,939 | 8,531 | 8,867 | 9,247 | 10,542 |
| Profit before tax | 928 | 1,468 | 999 | 1,472 | 1,353 | 1,423 | 1,589 | 2,058 |
| Net profit | 694 | 1,128 | 701 | 1,117 | 1,018 | 1,074 | 1,185 | 1,559 |
| EPS (₹) | 7.25 | 11.58 | 7.22 | 11.47 | 10.37 | 11.06 | 12.23 | 16.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED ◆ | 2,18,410 | 45.8 | 9.92 | 30.3 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 54,097 | 44.4 | 7.81 | 28.9 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,815 | 24.7 | 2.21 | 13.9 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED | 4,906 | 30.5 | 4.25 | 18.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,323 | 34.3 | 4.89 | 22.4 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED | 1,285 | 0.7 | 0.52 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD | 691 | — | 2.75 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 125 | — | 0.70 | 12.9 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.8 | 34.3 | 6 of 7 | 17% |
| P/B | 9.9 | 3.5 | 8 of 8 | 0% |
| ROCE | 23.0 | 16.5 | 2 of 8 | 86% |
| ROE | 20.0 | 13.2 | 2 of 8 | 86% |
| Debt / Equity | 0.1 | 0.1 | 6 of 8 | 29% |
| EBITDA margin | 22.9 | 17.1 | 1 of 8 | 100% |
| Revenue growth | 17.9 | 10.9 | 2 of 8 | 86% |
| Profit growth | 39.6 | 10.0 | 2 of 8 | 86% |
| Market cap | 218410 | 2323 | 1 of 9 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Postal Ballot notice for appointment of Leo Puri as Independent Director | compliance | minimal | — | — |
| 7 Oct 2026 · Postal ballot to appoint Leo Puri as Independent Director for five years | management changes | medium | — | — |
| 6 Oct 2026 · Board to consider Q2 FY27 results and interim dividend on 29 Oct 2026 | results | low | — | — |
| 6 Oct 2026 · Board meet on 29 Oct for Q2 results and interim dividend | results | low | — | — |
| 6 Oct 2026 · Board meeting on 29 Oct to consider Q2 results and interim dividend | results | medium | — | — |
| 19 Sept 2026 · Inter-se transfer of 164000 Asian Paints shares among promoter group entities | ownership changes | high | — | — |
| 19 Sept 2026 · Smiti Holding acquires 1,64,000 Asian Paints shares via inter-se promoter transfer | ownership changes | medium | — | — |
| 19 Sept 2026 · Smiti Holding creates fresh pledges on Asian Paints shares | ownership changes | critical | — | — |
| 18 Sept 2026 · Asian Paints receives Leader category ESG rating of 72 from Niche99 | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.