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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED ◆ | 2,37,162 | 49.7 | 10.77 | 32.9 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 53,461 | 43.9 | 7.71 | 28.6 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 15,267 | 25.4 | 2.28 | 14.3 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED | 14,366 | 7.3 | 5.86 | 5.8 | 80.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Crisil reaffirms AAA/Stable rating on Asian Paints bank facilities | credit debt | medium | — | — |
| 11 Sept 2026 · Trading window closed from Sept 18 ahead of Q2/H1 FY27 results | compliance | minimal | — | — |
| 9 Sept 2026 · Asian Paints shareholders approve Shubhlakshmi Dani as Non-Executive Director | management changes | medium | — | — |
| 9 Sept 2026 · Postal ballot: Shubhlakshmi Dani appointed as Non-Executive Director | management changes | medium | — | — |
| 9 Sept 2026 · Shubhlakshmi Dani appointed Non-Executive Director via Postal Ballot, 95.49% in favour | management changes | medium | — | — |
| 9 Sept 2026 · Insider Trading Plan: GM proposes to sell 192 Asian Paints shares in January 2027 | compliance | low | — | — |
| 7 Sept 2026 · Leo Puri appointed independent director and chairman from January 2027 | management changes | high | — | — |
| 7 Sept 2026 · Asian Paints appoints Leo Puri as Independent Director and future Chairman | management changes | medium | — | — |
| 7 Sept 2026 · Asian Paints to attend Jefferies 5th India Forum on Sept 16 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Asian Paints promoter Satyen Gandhi pledges 2.5 lakh shares as collateral | ownership changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 89.2 |
| 8.3 |
| 14.6 |
| INDIGO PAINTS LIMITED | 5,166 | 32.1 | 4.48 | 19.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,425 | 35.8 | 5.10 | 23.4 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 719 | — | 2.86 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 142 | — | 0.80 | 14.5 | 0.1 | 0.3 | — | (4.2) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.7 | 35.8 | 6 of 7 | 17% |
| P/B | 10.8 | 4.8 | 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 | 237162 | 5166 | 1 of 9 | 100% |
| A rating (BUY / ADD / REDUCE / SELL) |
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