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Model Note · ASIAN PAINTS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASIAN PAINTS LIMITED Discounted cash flow · base FY26
ASIAN PAINTS LIMITED
Value per share, this model₹591
CMP 2026-09-10₹2,472.50
Difference(76.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASIAN PAINTS LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
5% a year
FY26 4.9% · 5-yr CAGR 10.4%
EBITDA margin
18.4%
FY26 18.4% · 5-yr average 18.1%
Depreciation · capex, % of revenue
3.5% · 4.2%, fading to 1.2× depreciation
FY26 3.5% · 4.2%
Working capital, % of added revenue · tax
17.8% · 27.6%
65 working-capital days · effective 27.6%
Discount rate
11.00%
1-yr beta 1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,620 · ₹0 · ₹0 cr
FY26 net debt ₹1,620 cr
Shares
95.92 crore
95.92 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
35,584
37,363
39,231
41,192
43,252
45,415
growth %
4.9
5.0
5.0
5.0
5.0
5.0
EBITDA
6,538
6,875
7,218
7,579
7,958
8,356
Depreciation
(1,229)
(1,308)
(1,373)
(1,442)
(1,514)
(1,590)
NOPAT
3,844
4,031
4,232
4,444
4,666
4,899
less capex
(1,487)
(1,569)
(1,648)
(1,730)
(1,817)
(1,907)
less working-capital build
—
(317)
(333)
(349)
(367)
(385)
Free cash flow to firm
—
3,452
3,625
3,806
3,996
4,196
Present value
3,277
3,100
2,932
2,774
2,624
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ASIAN PAINTS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
14,706
PV of the terminal value (75% of EV)
43,580
Enterprise value
58,286
less net debt
(1,620)
less non-controlling interest
0
add non-operating investments
0
Equity value
56,666
÷ 95.92 crore shares
₹591
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
611
656
710
777
860
10.5%
563
601
645
698
764
11.0%
522
554
591
634
687
11.5%
487
514
545
581
624
12.0%
456
479
506
536
572
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
