Asian Paints Ltd.

NSE: ASIANPAINT · Paints

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52W Range₹2,115 – ₹2,986

Snapshot

Unlock Asian Paints Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Asian Paints Limited is a leading manufacturer and distributor of decorative and industrial paints, coatings, and home improvement products. The company operates through a diverse portfolio of brands and provides comprehensive home décor solutions, including modular kitchens, bath fittings, and furniture.

Business Model

The company generates revenue through the sale of paints, coatings, and home décor products via an extensive network of dealers, retail stores, and its proprietary online platform. It leverages a multi-brand strategy to cater to various market segments across India and international territories.

Growth Outlook

Growth is driven by the expansion of the home improvement segment and the strengthening of its decorative coatings market share. The company continues to invest in digital transformation and product innovation to maintain its leadership position.

Key Risks

  • Raw Material Price Volatility. Fluctuations in crude oil prices significantly impact the cost of key raw materials used in paint manufacturing.
  • Intense Market Competition. The company faces stiff competition from both established domestic players and multinational corporations in the paints and home décor sectors.
  • Economic Cyclicality. Demand for decorative paints and home improvement products is highly sensitive to real estate market trends and overall consumer spending power.
  • Supply Chain Disruptions. Reliance on a complex global supply chain for raw materials and distribution logistics poses risks to operational efficiency.

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Key Metrics

REVENUE

₹38,632 Cr

TTM · consolidated

+12.4%YoY

NET PROFIT

₹4,904 Cr

TTM · consolidated

+23.7%YoY

EPS

₹50.49

TTM · consolidated

+24.2%YoY

RETURN ON EQUITY

23.7%

TTM · consolidated

+3.5 ppYoY

RETURN ON CAPITAL EMPLOYED

27.2%

TTM · consolidated

+3.5 ppYoY

P/E

46.4×

Q2 FY27 · consolidated

46.4 vs 55.1x5Y avg

EV/EBITDA

27.7x

Q2 FY27 · consolidated

27.7 vs 33.3x5Y avg

EBITDA MARGIN

21.0%

TTM · consolidated

+1.1 ppYoY

NET PROFIT MARGIN

10.9%

Q2 FY27 · consolidated

-1.0 ppYoY

DEBT TO EQUITY

0.1x

Q2 FY27 · consolidated

+0.03xYoY

Peers · Paints

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Asian Paints Ltd.ASIANPAINT
₹2.23L Cr46.4×27.7512.4%21.0%23.7%27.2%-6.6%
Grasim Industries Ltd.GRASIM
₹2.03L Cr36.4×15.4520.5%15.0%11.3%4.6%+5.7%
Berger Paints India Ltd.BERGEPAINT
₹54,231 Cr44.9×26.935.2%16.5%18.6%22.6%-13.6%
Kansai Nerolac Paints LimitedKANSAINER
₹14,257 Cr24.2×12.325.2%13.9%9.0%12.3%-27.5%
JSW Dulux LimitedJSWDULUX
₹12,041 Cr———14.0%———
JSW Dulux LimitedAKZOINDIA
₹12,004 Cr6.9×19.42-11.3%16.8%103.8%113.3%—

As of Q2 FY27

Financials