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Asian Paints Ltd.
(ASIANPAINT)
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Rating:62Neutral
Price Target:
₹2,758.00
▼(-3.06% Downside)
Action:Downgraded
Date:08/30/26
The score is supported primarily by strong financial resilience (low leverage and generally solid cash generation, with a sharp FY2026 FCF rebound). Offsetting this, technicals are currently bearish (below key moving averages with negative MACD), and valuation is stretched (high P/E with only a modest dividend yield), which together keep the overall score in the low-60s.
Positive Factors
Conservative Balance Sheet
Very low leverage gives Asian Paints financial flexibility to fund capacity, innovation and distribution while reducing sensitivity to interest costs. Steady growth in equity and assets further supports resilience through cyclical demand conditions.
Negative Factors
Margin Compression
The substantial margin decline indicates that pricing, product mix or input-cost pressures have recently reduced earnings quality. Sustained compression would limit operating leverage and make future profit growth more dependent on revenue recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage gives Asian Paints financial flexibility to fund capacity, innovation and distribution while reducing sensitivity to interest costs. Steady growth in equity and assets further supports resilience through cyclical demand conditions.
Read all positive factors
Asian Paints Ltd. (ASIANPAINT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.37T
Dividend Yield1.11%
Average Volume (3M)32.14K
Price to Earnings (P/E)49.7
Beta (1Y)0.90
Revenue Growth9.78%
EPS Growth32.48%
CountryIN
Employees11,162
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)49.71
Shares Outstanding959,197,750
10 Day Avg. Volume20,883
30 Day Avg. Volume32,140
Financial Highlights & Ratios
PEG Ratio2.75
Price to Book (P/B)9.98
Price to Sales (P/S)6.01
P/FCF Ratio38.10
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹3,160.00Price Target Upside11.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)53.88
Revenue Forecast (FY)₹409.53B
Asian Paints Ltd. Business Overview & Revenue Model
Company Description
Asian Paints Limited, along with its subsidiaries, specializes in the production, sale, and distribution of a diverse range of paints and coatings. These offerings cater to both decorative and industrial applications, serving markets across India ...
How the Company Makes Money
Asian Paints primarily makes money by selling paints and coatings products, with revenue largely driven by volume and value growth in its paints portfolio. Its key revenue streams include: (1) Decorative paints and associated products sold mainly ...
Asian Paints Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 371.31B | 355.16B | 338.59B | 354.38B | 344.30B | 289.82B |
| Gross Profit | 153.03B | 155.15B | 141.50B | 151.76B | 131.12B | 105.48B |
| EBITDA | 79.56B | 74.28B | 56.04B | 72.33B | 60.20B | 45.39B |
| Net Income | 47.65B | 43.25B | 36.67B | 54.60B | 41.06B | 30.31B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 345.34B | 303.71B | 299.24B | 257.98B | 229.84B |
| Cash, Cash Equivalents and Short-Term Investments | 86.02B | 91.82B | 46.88B | 54.26B | 46.31B | 40.25B |
| Total Debt | 0.00 | 39.29B | 22.90B | 24.74B | 19.33B | 15.87B |
| Total Liabilities | -220.15B | 125.20B | 103.12B | 105.00B | 93.52B | 87.85B |
| Stockholders Equity | 220.15B | 213.72B | 194.00B | 187.28B | 159.92B | 138.12B |
Cash Flow | ||||||
| Free Cash Flow | 27.74B | 56.01B | 25.94B | 36.08B | 27.48B | 4.36B |
| Operating Cash Flow | 34.82B | 70.88B | 44.24B | 61.04B | 41.93B | 9.86B |
| Investing Cash Flow | -448.30M | -13.34B | -8.74B | -25.18B | -12.75B | -3.22B |
| Financing Cash Flow | -18.86B | -23.77B | -37.53B | -29.82B | -21.40B | -18.08B |
Asian Paints Ltd. Technical Analysis
Negative
2845.20
Price Trends
2656.17
Negative
2630.89
Negative
2578.71
Negative
Market Momentum
-56.01
Positive
22.86
Positive
12.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ASIANPAINT, the sentiment is Negative. The current price of 2845.2 is above the 20-day moving average (MA) of 2574.69, above the 50-day MA of 2656.17, and above the 200-day MA of 2578.71, indicating a bearish trend. The MACD of -56.01 indicates Positive momentum. The RSI at 22.86 is Positive, neither overbought nor oversold. The STOCH value of 12.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ASIANPAINT.
Asian Paints Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹52.02B | 32.27 | ― | 0.46% | 9.51% | 13.64% | |
70 Outperform | ₹143.72B | 6.89 | ― | 8.04% | -11.34% | 383.49% | |
70 Outperform | ₹152.82B | 25.42 | ― | 1.33% | 5.24% | -47.04% | |
66 Neutral | ₹534.44B | 43.87 | ― | 0.87% | 5.22% | 6.57% | |
62 Neutral | ₹2.37T | 49.74 | ― | 1.11% | 9.78% | 32.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹7.13B | -10.34 | ― | 1.75% | -10.48% | 0.50% |
* General Sector Average
IN:ASIANPAINT
Asian Paints Ltd.
2,470.00
-6.91
-0.28%
IN:AKZOINDIA
Akzo Nobel India Limited
3,155.90
-178.02
-5.34%
IN:BERGEPAINT
Berger Paints India Limited
458.35
-81.67
-15.12%
IN:INDIGOPNTS
Indigo Paints Ltd
1,089.85
-38.56
-3.42%
IN:KANSAINER
Kansai Nerolac Paints Limited
188.95
-54.65
-22.43%
IN:SHALPAINTS
Shalimar Paints Ltd
85.14
11.12
15.02%
Asian Paints Ltd. Corporate Events
Asian Paints Audit Panel Clears Bona Fide Non-Execution of Promoter Trading Plan Tranche
Aug 21, 2026
Asian Paints Limited has disclosed to the stock exchanges that a trading plan submitted by Geetanjali Trading and Investments Private Limited, a promoter group entity and designated person, was only partially implemented. The plan involved purchas...
Asian Paints Schedules Investor Call on Q1 FY2026-27 Performance
Jul 23, 2026
Asian Paints has announced that its management will host an investor conference call on 29 July 2026 at 5:00 p.m. IST to discuss the company’s business and financial performance for the quarter ended 30 June 2026. The call details will be pu...
Asian Paints earns improved ‘Strong’ ESG rating from Crisil
Jul 12, 2026
Asian Paints Ltd. has received an Environmental, Social and Governance rating of ‘Crisil ESG 68’, placing it in the ‘Strong’ category, along with a Core ESG Rating of ‘Crisil Core ESG 72’ from Crisil ESG Ratings...
Asian Paints bolsters board independence with new and renewed director terms
Jul 9, 2026
Asian Paints Limited has secured shareholder approval at its 80th Annual General Meeting for key board changes, including the appointment of Sudhir Sitapati as an Additional and Independent Director for a five-year term starting 29 May 2026. The A...
Asian Paints shareholders clear appointments of independent directors
Jul 9, 2026
Asian Paints Ltd. has secured shareholder approval at its 80th Annual General Meeting for key board changes, including the appointment of Sudhir Sitapati as an Additional and Independent Director for a five-year term starting 29 May 2026. The comp...
Asian Paints Shareholders Clear Appointments of Independent Directors
Jul 9, 2026
Asian Paints has secured shareholder approval at its 80th annual general meeting for the appointment of Sudhir Sitapati as an independent director for a five-year term starting 29 May 2026 and ending 28 May 2031. The company’s board had earl...
Asian Paints Publishes Outcomes of 80th AGM and Voting Results
Jul 9, 2026
Asian Paints Ltd. convened its 80th Annual General Meeting on 9 July 2026 via video conference, in compliance with the Companies Act and SEBI listing regulations, to transact the business set out in its AGM notice. The meeting, which concluded at ...
Asian Paints appoints S R B C & Co. LLP as new statutory auditor
Jul 9, 2026
Asian Paints Ltd. has appointed S R B C Co. LLP as its new statutory auditor for a five-year term, following shareholder approval at the company’s 80th annual general meeting held on 9 July 2026. The appointment runs from the conclusion of ...
Asian Paints Publishes Outcomes of 80th AGM Held Via Video Conference
Jul 9, 2026
Asian Paints Ltd. held its 80th Annual General Meeting on 9 July 2026 via video conference, in line with provisions of the Companies Act, SEBI regulations and relevant government circulars. The meeting, convened to transact the business set out in...
Asian Paints Promoters Confirm No New Share Encumbrances for FY 2025–26
Jun 19, 2026
Promoters Nehal Abhay Vakil, Bhairavi Abhay Vakil, and Vivek Abhay Vakil, along with their persons acting in concert, have informed the stock exchanges that they have not created any new encumbrances on their shareholding in Asian Paints during th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.