ASIANPAINT

Asian Paints Limited

India's largest paint company — decorative and industrial coatings, expanding into home décor

Consumer Discretionary›Consumer Durables›Consumer Durables›Paints

asianpaints.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2331.90
Market cap
2,23,498 Cr
Stock P/E
46.9
P/B
10.46
Dividend yield
1.1%
ROE (FY26)
19.6%
ROCE (FY26)
25.5%
Operating margin (FY26)
15.4%
Debt / equity (FY26)
0.11
OCF / EBITDA (FY26)
105.9%
OCF / EBITDA (3Y)
86.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Asian Paints makes and sells decorative paints, waterproofing and other coatings to households, builders and institutions in India, and also supplies industrial coatings and runs an international paints business.

Company snapshot

1stBy market cap

Ranked among 8 companies in Paints.

Segment mix

Reportable segments as of 2022-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 97.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Home Improvement
2.9%
232 Cr-2 Cr636 Cr
Paints
97.1%
7,664 Cr1,274 Cr17,556 Cr

What we see

Positives
  • ✓87% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales8,479 Cr9,103 Cr8,731 Cr8,970 Cr8,028 Cr8,549 Cr8,359 Cr8,939 Cr8,531 Cr8,867 Cr9,247 Cr10,542 Cr
Operating expenses (approx.)6,762 Cr7,047 Cr7,039 Cr7,276 Cr6,788 Cr6,913 Cr6,923 Cr7,314 Cr7,028 Cr7,086 Cr7,460 Cr8,373 Cr
EBITDA1,716 Cr2,056 Cr1,691 Cr1,694 Cr1,240 Cr1,637 Cr1,436 Cr1,625 Cr1,503 Cr1,781 Cr1,787 Cr2,169 Cr
OPM %20.2%22.6%19.4%18.9%15.4%19.1%17.2%18.2%17.6%20.1%19.3%20.6%
Other income165 Cr139 Cr187 Cr156 Cr174 Cr143 Cr100 Cr193 Cr199 Cr161 Cr171 Cr241 Cr
Interest51 Cr54 Cr54 Cr55 Cr63 Cr56 Cr53 Cr45 Cr44 Cr48 Cr59 Cr48 Cr
Depreciation209 Cr220 Cr226 Cr228 Cr242 Cr256 Cr301 Cr301 Cr305 Cr313 Cr310 Cr304 Cr
Profit before tax1,651 Cr1,968 Cr1,624 Cr1,604 Cr959 Cr1,518 Cr1,022 Cr1,509 Cr1,392 Cr1,489 Cr1,614 Cr2,096 Cr
Tax %25.4%25.0%21.5%26.0%27.7%25.7%31.4%26.0%26.8%27.9%26.6%25.6%
Net profit1,232 Cr1,475 Cr1,275 Cr1,187 Cr694 Cr1,128 Cr701 Cr1,117 Cr1,018 Cr1,074 Cr1,185 Cr1,559 Cr
EPS (₹)₹12.57₹15.10₹13.11₹12.20₹7.25₹11.58₹7.22₹11.47₹10.37₹11.06₹12.23₹16.06

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales17,262 Cr19,350 Cr20,211 Cr21,713 Cr29,101 Cr34,489 Cr35,495 Cr33,906 Cr35,584 CrSign in free for the trailing twelve months
Operating expenses (approx.)14,065 Cr15,825 Cr16,049 Cr16,857 Cr24,298 Cr28,229 Cr27,910 Cr27,899 Cr28,888 CrSign in free for the trailing twelve months
EBITDA3,198 Cr3,525 Cr4,162 Cr4,856 Cr4,804 Cr6,260 Cr7,585 Cr6,006 Cr6,696 CrSign in free for the trailing twelve months
OPM %18.5%18.2%20.6%22.4%16.5%18.2%21.4%17.7%18.8%Sign in free for the trailing twelve months
Other income221 Cr227 Cr304 Cr303 Cr380 Cr386 Cr688 Cr573 Cr724 CrSign in free for the trailing twelve months
Interest35 Cr51 Cr102 Cr92 Cr95 Cr144 Cr205 Cr227 Cr195 CrSign in free for the trailing twelve months
Depreciation360 Cr431 Cr781 Cr791 Cr816 Cr858 Cr853 Cr1,026 Cr1,229 CrSign in free for the trailing twelve months
Profit before tax3,139 Cr3,311 Cr3,628 Cr4,304 Cr4,188 Cr5,689 Cr7,348 Cr5,103 Cr6,003 CrSign in free for the trailing twelve months
Tax %33.2%33.2%23.5%25.5%-118.9%26.3%24.4%27.3%26.8%Sign in free for the trailing twelve months
Net profit2,098 Cr2,212 Cr2,774 Cr3,207 Cr3,085 Cr4,195 Cr5,558 Cr3,710 Cr4,395 CrSign in free for the trailing twelve months
EPS (₹)₹21.26₹22.51₹28.20₹32.73₹31.59₹42.83₹56.95₹38.25₹45.12Sign in free for the trailing twelve months
Dividend payout %———15.6%57.1%46.1%45.9%84.6%55.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital96 Cr96 Cr96 Cr96 Cr96 Cr96 Cr96 Cr96 Cr96 Cr
Reserves7,702 Cr9,424 Cr10,034 Cr12,710 Cr13,716 Cr15,896 Cr18,632 Cr19,304 Cr21,276 Cr
Borrowings10 Cr616 Cr340 Cr340 Cr776 Cr972 Cr1,107 Cr864 Cr2,293 Cr
Other liabilities3,780 Cr5,163 Cr5,281 Cr6,800 Cr8,010 Cr8,380 Cr9,393 Cr9,449 Cr10,226 Cr
Total liabilities11,588 Cr15,661 Cr16,155 Cr20,370 Cr22,984 Cr25,798 Cr29,924 Cr30,371 Cr34,534 Cr
Fixed assets (net)2,477 Cr5,256 Cr5,685 Cr5,322 Cr5,090 Cr5,355 Cr6,302 Cr8,631 Cr9,165 Cr
CWIP1,392 Cr210 Cr140 Cr183 Cr426 Cr1,020 Cr2,698 Cr1,254 Cr1,849 Cr
Investments2,577 Cr2,570 Cr2,019 Cr4,737 Cr3,248 Cr4,262 Cr4,588 Cr4,725 Cr7,062 Cr
Loans & advances—16 Cr19 Cr18 Cr0 Cr0 Cr0 Cr0 Cr0.46 Cr
Inventories2,178 Cr3,150 Cr3,390 Cr3,799 Cr6,153 Cr6,211 Cr5,923 Cr6,719 Cr5,744 Cr
Trade receivables1,138 Cr1,907 Cr1,795 Cr2,602 Cr3,871 Cr4,637 Cr4,889 Cr4,314 Cr4,462 Cr
Cash & bank107 Cr276 Cr564 Cr346 Cr622 Cr523 Cr829 Cr445 Cr673 Cr
Other assets1,718 Cr2,277 Cr2,543 Cr3,363 Cr3,574 Cr3,791 Cr4,694 Cr4,283 Cr5,580 Cr
Total assets11,588 Cr15,661 Cr16,155 Cr20,370 Cr22,984 Cr25,798 Cr29,924 Cr30,371 Cr34,534 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—2,214 Cr2,632 Cr3,683 Cr986 Cr4,193 Cr6,104 Cr4,424 Cr7,088 Cr
Cash from investing—-924 Cr-521 Cr-548 Cr-322 Cr-1,275 Cr-2,518 Cr-874 Cr-1,334 Cr
Cash from financing—-883 Cr-2,465 Cr-650 Cr-1,808 Cr-2,140 Cr-2,982 Cr-3,753 Cr-2,377 Cr
Net cash flow—408 Cr-355 Cr2,492 Cr-1,138 Cr771 Cr573 Cr-270 Cr3,383 Cr
Free cash flow (OCF − Capex)—1,063 Cr2,228 Cr3,395 Cr436 Cr2,748 Cr3,608 Cr2,594 Cr5,601 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %37.0%32.0%34.3%32.4%28.6%33.5%36.8%25.5%25.5%
ROE %24.3%21.9%25.7%23.7%21.3%25.0%28.1%18.3%19.6%
Debtor days283632444849504646
Inventory days112111123134138130136155136
Days payable9584771199376888991
Cash conversion cycle45627858931039811290
OCF / EBITDA %—62.8%63.2%75.9%20.5%67.0%80.5%73.7%105.9%
OCF / EBITDA % (3 years)———68.0%52.8%55.7%60.5%74.2%86.8%
Debt / equity0.00130.060.030.030.060.060.060.040.11
Current ratio1.621.521.732.032.002.092.062.092.21
Net debt / EBITDA0.000.10-0.05-0.00130.030.070.040.070.24