StrengthTalking point
Profit outpacing revenue
Profit grew 18.5% while revenue grew 4.9%, so the company kept more of each rupee of revenue as profit.
Importance 63 / 95 · growth
Asian Paints · Research view
Asian Paints Ltd.
NSE: ASIANPAINTBSE: 500820ISIN INE021A01026Face value ₹1consolidated
₹2,406
−0.34% · 2026-10-01 · 52-wk ₹2,121–₹2,969
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 4 years (from ₹3,710 to ₹9,167) — one year is a weak guide to the earnings power.
Importance 57 / 95 · growth
Strength
Consistently free-cash-flow positive
Free cash flow has been positive in 5 of the last 5 years.
Importance 44 / 95 · cash quality
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Durables › Consumer Durables › Paints.
- Market cap
- ₹2.31 L cr
- FY2026 revenue
- ₹35,584 cr
- FY2026 net profit
- ₹4,395 cr
- Net worth
- ₹22,015 cr
- Total debt
- ₹2,293 cr
- EPS (basic)
- ₹45.12
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 8 consumer durables.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 18.5% while revenue grew 4.9%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +5.2%over 4 years
- Revenue growth
- +4.9%vs last year
- Net profit growth
- +18.5%vs last year
- Change in net profit since FY22
- −52%
Profit has swung sharply over 4 years (from ₹3,710 to ₹9,167) — one year is a weak guide to the earnings power.
Net profit rose 18.5% to ₹4,395 — but FY2025 was a depressed ₹3,710 (vs a ~₹5,558 historical norm), so this is a recovery. Profit has compounded -16.8% a year over 4 years.
Revenue has compounded at 5.2% a year over 4 years (₹29,101 → ₹35,584) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹1,559 cr, up 39.6% from ₹1,117 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹2,105 cr, up 38.8% from ₹1,517 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Strength
Q1 FY27 revenue was ₹10,542 cr, up 17.9% from ₹8,939 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 8,028 | — | 694 | — | 8.6% |
| Q3 FY25 | 8,549 | −6.1% | 1,128 | −23.5% | 13.2% |
| Q4 FY25 | 8,359 | −4.3% | 701 | −45.0% | 8.4% |
| Q1 FY26 | 8,939 | −0.3% | 1,117 | −5.9% | 12.5% |
| Q2 FY26 | 8,531 | +6.3% | 1,018 | +46.8% | 11.9% |
| Q3 FY26 | 8,867 | +3.7% | 1,074 | −4.8% | 12.1% |
| Q4 FY26 | 9,247 | +10.6% | 1,185 | +69.2% | 12.8% |
| Q1 FY27 | 10,542 | +17.9% | 1,559 | +39.6% | 14.8% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹37,187 crTTM
- EBITDA
- ₹8,012 crTTM
- EBIT
- ₹6,779 crTTM
- PBT
- ₹6,423 crTTM
- Net profit
- ₹4,837 crTTM
C. Corporate actions
23 Jun 2026DividendFinal Dividend - Rs. - 23.0000 — ₹23.00/share
18 Nov 2025DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
10 Jun 2025DividendFinal Dividend - Rs. - 20.5500 — ₹20.55/share
19 Nov 2024DividendInterim Dividend - Rs. - 4.2500 — ₹4.25/share
11 Jun 2024DividendFinal Dividend - Rs. - 28.1500 — ₹28.15/share
3 Nov 2023DividendInterim Dividend - Rs. - 5.1500 — ₹5.15/share
9 Jun 2023DividendFinal Dividend - Rs. - 21.2500 — ₹21.25/share
31 Oct 2022DividendInterim Dividend - Rs. - 4.4000 — ₹4.40/share
9 Jun 2022DividendFinal Dividend - Rs. - 15.5000 — ₹15.50/share
28 Oct 2021DividendInterim Dividend - Rs. - 3.6500 — ₹3.65/share
10 Jun 2021DividendFinal Dividend - Rs. - 14.5000 — ₹14.50/share
28 Oct 2020DividendInterim Dividend - Rs. - 3.3500 — ₹3.35/share
23 Jul 2020DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
3 Mar 2020DividendInterim Dividend - Rs. - 7.1500 — ₹7.15/share
30 Oct 2019DividendInterim Dividend - Rs. - 3.3500 — ₹3.35/share
13 Jun 2019DividendFinal Dividend - Rs. - 7.6500 — ₹7.65/share
29 Oct 2018DividendInterim Dividend - Rs. - 2.8500 — ₹2.85/share
14 Jun 2018DividendFinal Dividend - Rs. - 6.0500 — ₹6.05/share
31 Oct 2017DividendInterim Dividend - Rs. - 2.6500 — ₹2.65/share
15 Jun 2017DividendFinal Dividend - Rs. - 5.6500 — ₹5.65/share
15 Jun 2017DividendSpecial Dividend - Rs. - 2.0000 — ₹2.00/share
1 Nov 2016DividendInterim Dividend - Rs. - 2.6500 — ₹2.65/share
16 Jun 2016DividendFinal Dividend - Rs. - 5.3000 — ₹5.30/share
28 Oct 2015DividendInterim Dividend - Rs. - 2.2000 — ₹2.20/share
24 Jun 2015DividendFinal Dividend - Rs. - 4.3000 — ₹4.30/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE rose from 18.8% to 20.9% — but FY2025 was a depressed year, so this is a rebound rather than a step-up.
Rule ROE_IMPROVED_YOY · rebound
- EBITDA margin now
- 20.9%
- 5-year range
- 17.8–23.3%
- ROE FY2026
- 20.9%
- ROCE FY2026
- 27.4%
EBITDA margin has ranged from 17.8% to 23.3% over 4 years and sits at 20.9% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Free cash flow has been positive in 5 of the last 5 years.
Rule FCF_CONSISTENTLY_POSITIVE
Operating cash flowNet profit
- Total debt
- ₹2,293 cr
- Operating cash flow ÷ net profit
- 1.61×FY2026
- Free cash flow
- ₹5,604 cr
- Current ratio
- 2.21×
Section 08 · Relative position
How does it compare with peers?
Ranked against 8 consumer durables (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
ASIANPAINT · 4th of 7 · set median 4.9%
EBITDA margin
ASIANPAINT · 1st of 8 · set median 9.1%
Return on equity
ASIANPAINT · 5th of 8 · set median 21.4%
P/E ratio
ASIANPAINT · 4th of 8 · set median 53.6×
- P / E
- 47.7×TTM to Jun 26
- P / B
- 10.5×latest book
- P / S
- 6.2×TTM sales
- Earnings yield
- 2.1%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 52.5× · P/S 6.4× · ROE 20.9%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +3.0%
- 3-year return
- −23.9%
- 5-year return
- −24.3%
- From 52-wk high
- −18.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,610
- vs 200-day avg
- Below₹2,572
- RSI (14)
- 33.6neutral
- MACD histogram
- 0.4
- From 52-wk high
- −18.9%
- From 52-wk low
- +13.4%
- 30-day volatility
- 18.1%ann.
- 6-month return
- +8.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 4 years (from ₹3,710 to ₹9,167) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 57
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 29,101 | 34,489 | 35,495 | 33,906 | 35,584 |
| Total income | 29,481 | 34,875 | 36,183 | 34,478 | 36,307 |
| EBITDA | 5,184 | 6,646 | 8,273 | 6,579 | 7,420 |
| Profit before tax | 4,156 | 5,595 | 7,215 | 4,962 | 5,838 |
| Net profit | 9,167 | 4,195 | 5,558 | 3,710 | 4,395 |
| EPS (₹) | 95.6 | 42.8 | 57.0 | 38.3 | 45.1 |
| Net worth | 14,199 | 16,446 | 19,424 | 20,059 | 22,015 |
| Total debt | 776 | 972 | 1,107 | 864 | 2,293 |
| Operating cash flow | 986 | 4,193 | 6,104 | 4,424 | 7,088 |
| Free cash flow | 475 | 2,774 | 3,613 | 2,604 | 5,604 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 18.5 | 2.9 | -4.5 | 4.9 |
| Profit growth YoY | — | -54.2 | 32.5 | -33.3 | 18.5 |
| Profitability | |||||
| EBITDA margin % | 17.8 | 19.3 | 23.3 | 19.4 | 20.9 |
| Net margin % | 31.1 | 12.0 | 15.4 | 10.8 | 12.1 |
| Return on equity % | 64.6 | 27.4 | 31.0 | 18.8 | 20.9 |
| Return on capital % | 29.2 | 35.7 | 39.1 | 26.8 | 27.4 |
| Leverage & cash | |||||
| Debt to equity | 0.05 | 0.06 | 0.06 | 0.04 | 0.10 |
| Cash flow ÷ profit | 0.11 | 1.00 | 1.10 | 1.19 | 1.61 |
| Current ratio | 2.00 | 2.09 | 2.06 | 2.09 | 2.21 |