Asian Paints (ASIANPAINT)

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Asian Paints (ASIANPAINT) · mywealthgrid

About

Asian Paints is India's largest paints manufacturer, leveraging an unmatched dealer network and supply chain to serve the consumer discretionary sector. With market cap of ₹2,58,844.8 Cr and recent quarterly revenues of ₹9–10k Cr with net profit of ₹1.5k+ Cr, the company operates at significant scale with strong profitability.

Founded: 1942
Face value: ₹1

Market cap

₹2,31,072 Cr

P/E

48.5×

P/B

10.8×

Dividend yield

1.1%

ROE

21.2%

ROCE

26%

Debt / equity

0.11

OPM

18.8%

EPS (TTM)

₹49.7

Book value

₹222.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation with PE 54.32 leaves minimal room for earnings disappointment; verify margin sustainability given recent compression to 17.62% in Sep 2025 from 21%+ peaks
Operating margin declined to 17.62% in Sep 2025 from earlier 21%+ levels, signaling potential input cost or competitive pressure
Consumer discretionary exposure ties revenue to construction and real estate cycles; verify current demand momentum and inventory health
Raw material cost movements (pigments, resins, solvents) are typical for paint manufacturing; verify forward cost trends and margin guidance

Generated analysis · source review pending

Growth drivers

Operating margin stability at 18.82% average (reaching 21.91% in Jun 2026) shows operational control; verify if company can sustain margins through input-cost and competitive cycles
ROE of 21.22% and latest quarterly net profit of ₹1.5k Cr indicate efficient capital deployment; verify if capital intensity of growth aligns with market expansion opportunities
Market leadership as India's largest paints maker with unmatched dealer network (per description); verify if scale and distribution advantage translate to market-share gains in key categories

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,407.0-0.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24% (3-yr avg)
+High return on capital employed of 29.7%
+Comfortable interest coverage of 31.7×
+Dividend payout of 55.4% of profit

Cons

−Trading at 10.8× book value

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 75
Growth: 47
Valuation: 14

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Titan CompanyTITANTITAN	₹4,01,897 Cr	₹4,13,275 Cr	₹92,417 Cr	₹9,415 Cr	9.5%	₹5,760 Cr	5.8%	45.4%	37.1%	127
Asian PaintsASIANPAINTASIANPAINT	₹2,31,072 Cr	₹2,33,365 Cr	₹37,187 Cr	₹7,240 Cr	18.8%	₹4,765 Cr	12.4%	26%	21.2%	80
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Dixon TechnologiesDIXONDIXON	₹77,216 Cr	₹77,684 Cr	₹51,585 Cr	₹1,847 Cr	3.8%	₹1,877 Cr	3.4%	41.1%	37.4%	-7
Havells IndiaHAVELLSHAVELLS	₹65,520 Cr	₹65,520 Cr	₹23,591 Cr	₹2,150 Cr	9.8%	₹1,633 Cr	7.5%	23.6%	19%	50
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Metro Brands LimitedMETROBRANDMETROBRAND	₹22,721 Cr	₹22,721 Cr	₹2,311 Cr	₹719 Cr	30.3%	₹339 Cr	14.5%	21.4%	22.2%	188
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14,183	17,262	19,350	20,211	21,713	29,101	34,489	35,495	33,906	35,584
COGS	—	9,691	11,342	11,383	12,097	18,301	21,157	20,090	19,516	20,002
Gross profit	—	7,571	8,008	8,828	9,616	10,801	13,332	15,405	14,390	15,582
	—	4,328	4,442	4,615	4,731	5,965	6,978	7,687	8,243	8,720
	—	3,243	3,565	4,213	4,884	4,835	6,354	7,718	6,147	6,862
OPM %	—	18.8%	18.4%	20.8%	22.5%	16.6%	18.4%	21.7%	18.1%	19.3%
Depreciation	—	360	431	781	791	816	858	853	1,026	1,229
Interest	—	35	51	102	92	95	144	205	227	195
	—	291	227	299	303	264	338	688	210	566
Profit before tax	2,077	3,138	3,311	3,629	4,304	4,188	5,689	7,348	5,103	6,003
Tax	—	1,041	1,099	855	1,098	-4,980	1,494	1,790	1,393	1,609
Tax %	—	33.2%	33.2%	23.6%	25.5%	-118.9%	26.3%	24.4%	27.3%	26.8%
	1,427	2,098	2,212	2,774	3,207	9,167	4,195	5,558	3,710	4,395
PAT margin %	10.1%	12.2%	11.4%	13.7%	14.8%	31.5%	12.2%	15.7%	10.9%	12.4%
EPS (₹)	—	21.3	22.5	28.2	32.7	31.6	42.8	57	38.3	45.1
EPS adjusted (₹)	14.5	21.3	22.5	28.2	32.7	31.6	42.8	56.9	38.2	45.1
	—	40.9%	46.6%	42.6%	54.5%	60.6%	59.9%	58.5%	64.8%	60.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	5,452	6,429	8,314	8,269	9,375	12,710	13,716	15,896	18,632	19,304	21,276
Minority interest	—	—	—	—	—	423	388	454	695	659	643
	410	304	521	520	616	349	776	972	1,107	864	2,293
	3,378	3,732	4,852	5,389	6,192	6,792	8,010	8,380	9,393	9,449	10,226
Total equity & liabilities	9,336	10,561	13,783	14,274	16,278	20,370	22,984	25,798	29,924	30,371	34,534
	2,657	3,416	3,732	3,513	5,625	5,859	5,519	5,770	7,147	9,220	9,640
CWIP	196	107	1,405	1,405	210	183	426	1,020	2,698	1,254	1,849
Investments	1,457	1,860	2,141	2,140	2,569	4,737	3,248	4,262	4,588	4,725	7,062
	5,026	5,178	6,505	7,216	7,874	9,591	13,791	14,746	15,491	15,172	15,984
Total assets	9,336	10,561	13,783	14,274	16,278	20,370	22,984	25,798	29,924	30,371	34,534

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2022 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Paints	28,349.54	4,377.36	—	8,005.92
Home Improvement	758.36	-6.94	—	285.92

SegmentFigure

Home Improvement · revenue

₹ crore by fiscal year

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41.4%	43.7%	44.3%	37.1%	38.7%	43.4%	42.4%	43.8%
EBITDA margin %	18.2%	20.6%	22.4%	16.5%	18.2%	21.4%	17.7%	18.8%
EBIT margin %	16%	16.7%	18.7%	13.7%	15.7%	19%	14.7%	15.4%
PAT margin %	11.4%	13.7%	14.8%	31.5%	12.2%	15.7%	10.9%	12.4%
Working capital
Receivable days	33	35	44	49	49	50	46	46
Inventory days	86	101	115	123	107	108	126	105
Payable days	1	2	102	83	63	70	72	70
NWC days	117	134	56	88	94	88	100	80
Leverage
Current ratio	1.5	1.47	2.03	2	2.09	2.06	2.09	2.21
Debt to EBITDA	0.15	0.15	0.07	0.16	0.16	0.15	0.14	0.34
Debt to equity	0.06	0.07	0.03	0.06	0.06	0.06	0.04	0.11
Interest coverage	65.1	36	47.7	45.8	40.1	36.2	24.5	31.7
Asset turnover	1.36	1.24	1.07	1.27	1.34	1.19	1.12	1.03
Return ratios
Return on assets %	15.5%	17%	15.7%	39.9%	16.3%	18.6%	12.2%	12.7%
Return on capital employed %	35%	35.5%	34.2%	29.3%	34.7%	37.7%	25.4%	26%
Return on equity %	26.4%	29.3%	25%	66.4%	26.2%	29.7%	19.1%	20.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%
	17.65%	17.32%	15.89%	15.27%	15.28%	13.61%	12.22%	11.85%	11.64%	12.78%	12.11%	13.32%
	10.05%	10.58%	11.66%	12.36%	13.16%	14.06%	15.58%	21.04%	21.51%	21.07%	21.74%	20.7%
	0%	0%	0%	0%	0%	0%	0%	0%	0.07%	0.07%	0.07%	0.07%
	19.64%	19.44%	19.79%	19.69%	18.88%	19.65%	19.53%	14.42%	14.09%	13.39%	13.4%	13.2%
No. of shareholders	—	—	—	—	—	—	—	—	11,08,404	10,00,999	10,01,799	9,59,219

Promoter holding up 0 percentage points since Sep 2023.

89 deals · 31 Aug 2021 – 17 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Sept 2026	JALAJ A DANI	Block	NSE	Sell	1,64,000	₹2,440.00	₹40.02 Cr
17 Sept 2026	SMITI HOLDING AND TRADING COMPANY PRIVATE LIMITED	Block	NSE	Buy	1,64,000	₹2,440.00	₹40.02 Cr
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MUTB400045794	Block	NSE	Buy	1,00,248	₹2,661.20	₹26.68 Cr
24 Jun 2026	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	1,00,248	₹2,661.20	₹26.68 Cr
23 Feb 2026	UPNISHAD HOLDINGS PRIVATE LIMITED	Block	BSE	Buy	3,25,000	₹2,410.00	₹78.33 Cr
23 Feb 2026	SMITI HOLDING AND TRADING COMPANY PRIVATE LIMITED	Block	BSE	Sell	3,25,000	₹2,410.00	₹78.33 Cr
8 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	1,80,537	₹2,327.00	₹42.01 Cr
8 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	1,80,537	₹2,327.00	₹42.01 Cr
7 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	1,80,538	₹2,368.00	₹42.75 Cr
7 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	1,80,538	₹2,368.00	₹42.75 Cr

1–10 of 89

1 / 9

Mr. Ramaswami SeshasayeeNon-Executive - Independent Director-Chairperson
Mr. Manish Mahendra ChoksiNon-Executive - Non Independent Director
Mr. Amit SyngleExecutive Director-CEO-MD
Mr. Malav Ashwin DaniNon-Executive - Non Independent Director
Ms. Amrita Amar VakilNon-Executive - Non Independent Director
Mr. Ashish Ashwin ChoksiNon-Executive - Non Independent Director
Ms. Nehal Abhay VakilNon-Executive - Non Independent Director
Mr. Milind Shripad SarwateNon-Executive - Independent Director
Ms. Ireena VittalNon-Executive - Independent Director
Mr. Soumitra BhattacharyaNon-Executive - Independent Director
Mr. Gopichand KatragaddaNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹2,402.6 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹2,404.6	-21.4	-0.9%	₹2,404.6	26,425	-9	1,996	250
23 Nov 2026	₹2,410.9	-28.3	-1.2%	₹2,410.9	2,142	+106	126	250
29 Dec 2026	₹2,446.7	-4.2	-0.2%	₹2,440.5	2	+2	2	250

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

182

across 21 fund houses

Held by these funds

7.32%

of the company's equity

All mutual funds

10.09%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

182 schemes · 21 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	87.72 L	2,327.67	1.09%	0.914%	+46,128
Large Cap Fund	SBI Mutual Fund	74 L	1,963.66	3.56%	0.771%	-0
BSE Sensex ETF	SBI Mutual Fund	60.28 L	1,553.24	1.27%	0.628%	+59,750
Aggressive Hybrid FundNEW	SBI Mutual Fund	55 L	1,459.48	1.65%	0.573%	—
Large Cap Fund	ICICI Prudential Mutual Fund	46.72 L	1,239.87	1.55%	0.487%	-6.15 L
Large and Midcap Fund	SBI Mutual Fund	38.44 L	1,020.04	2.41%	0.4%	-0
Value Fund	ICICI Prudential Mutual Fund	30.18 L	800.75	1.33%	0.314%	-40,643
ETF NIFTY 50 BEES	Nippon India Mutual Fund	27.53 L	730.45	1.09%	0.287%	+55,295

1–8 of 182

1 / 23

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

54 announcementsExport CSV

19 Sept 2026, 3:22 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	41.4%	43.7%	44.3%	37.1%	38.7%	43.4%	42.4%	43.8%
EBITDA margin %	18.2%	20.6%	22.4%	16.5%	18.2%	21.4%	17.7%	18.8%
EBIT margin %	16%	16.7%	18.7%	13.7%	15.7%	19%	14.7%	15.4%
PAT margin %	11.4%	13.7%	14.8%	31.5%	12.2%	15.7%	10.9%	12.4%
Working capital
Receivable days	33	35	44	49	49	50	46	46
Inventory days	86	101	115	123	107	108	126	105
Payable days	1	2	102	83	63	70	72	70
NWC days	117	134	56	88	94	88	100	80
Leverage
Current ratio	1.5	1.47	2.03	2	2.09	2.06	2.09	2.21
Debt to EBITDA	0.15	0.15	0.07	0.16	0.16	0.15	0.14	0.34
Debt to equity	0.06	0.07	0.03	0.06	0.06	0.06	0.04	0.11
Interest coverage	65.1	36	47.7	45.8	40.1	36.2	24.5	31.7
Asset turnover	1.36	1.24	1.07	1.27	1.34	1.19	1.12	1.03
Return ratios
Return on assets %	15.5%	17%	15.7%	39.9%	16.3%	18.6%	12.2%	12.7%
Return on capital employed %	35%	35.5%	34.2%	29.3%	34.7%	37.7%	25.4%	26%
Return on equity %	26.4%	29.3%	25%	66.4%	26.2%	29.7%	19.1%	20.6%

38

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	2,240	₹0.0	0	0	0
0	0	0	₹0.0	2,260	₹0.0	0	0	0
0	0	0	₹0.0	2,280	₹0.0	0	0	0
0	0	0	₹0.0	2,300	₹0.0	0	0	0
0	0	0	₹0.0	2,320	₹0.0	0	0	0
0	0	0	₹0.0	2,340	₹0.0	0	0	0
0	0	0	₹0.0	2,360	₹0.0	0	0	0
0	0	0	₹0.0	2,380	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
19 Sept 2026, 3:22 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
19 Sept 2026, 3:21 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
19 Sept 2026, 1:51 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
18 Sept 2026, 6:41 pm	Company Update General	ESG Rating	PDF
17 Sept 2026, 9:48 pm	Company Update General	Commencement Of Commercial Production At The VAE Manufacturing Facility At Dahej, Gujarat	PDF
12 Sept 2026, 10:31 am	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
11 Sept 2026, 8:31 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
11 Sept 2026, 4:18 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,243	1,527	2,113	2,470	3,038	3,683	986	4,193	6,104	4,424	7,088
	-866	-656	-1,599	-944	-521	-548	-322	-1,275	-2,518	-874	-1,334
	-849	-756	-1,379	-1,117	-2,871	-650	-1,808	-2,140	-2,983	-3,753	-2,377
Net cash flow	528	115	-865	408	-355	2,485	-1,143	779	603	-203	3,378
Free cash flow	1,426	843	687	1,319	2,635	3,395	436	2,748	3,608	2,594	5,601
CFO / Operating profit %	—	—	66.1%	70.1%	73%	75.9%	20.5%	67%	80.5%	73.7%	105.9%

Asian Paints

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Home Improvement · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Dividends40

Board meetings1

Stock splits1

Option chain38

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Home Improvement · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

40

1

1

38