Asian Paints Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,911.09Overvalued by 22.69%vs CMP ₹2,472.00

P/E (48.6) × ROE (21.8%) × BV (₹223.00) × DY (1.11%)

₹817.91Overvalued by 66.91%vs CMP ₹2,472.00

MoS: -202.2% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹2,004.48	22%	Over (-18.9%)
Graham Number	Earnings	₹448.56	16%	Over (-81.9%)
Earnings Power	Earnings	₹336.14	13%	Over (-86.4%)
DCF	Cash Flow	₹508.75	13%	Over (-79.4%)
Net Asset Value	Assets	₹222.77	7%	Over (-91%)
EV/EBITDA	Enterprise	₹838.60	9%	Over (-66.1%)
Earnings Yield	Earnings	₹401.00	7%	Over (-83.8%)
ROCE Capital	Returns	₹664.35	9%	Over (-73.1%)
Revenue Multiple	Revenue	₹530.12	5%	Over (-78.6%)
Consensus (9 models)		₹817.91	100%	Overvalued

Key Drivers: Wide model spread (₹223–₹2,004) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.9%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 14 September 2026, 12:21 pm +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹33,906.00 Cr, versus ₹35,495.00 Cr in Mar 2024 (-4.5% year on year). Net profit for Mar 2025 was ₹3,710.00 Cr, versus ₹5,558.00 Cr in Mar 2024 (-33.2% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹4,424.00 Cr against net profit of ₹3,710.00 Cr. Cash flow covered 1.19 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹3,929.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Asian Paints Ltd scores 72/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health100/100 · Strong

ROCE 26.3% ExcellentROE 21.8% ExcellentD/E 0.04 Low debtInterest Coverage 29.0x StrongProfitable 5/5 available years Reported history

Smart Money60/100 · Moderate

FII holding up 1.68% (6mo) AccumulatingDII holding down 0.80% MF sellingPromoter holding at 52.6% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 1.09x Cash-backed earningsOPM stable around 20% Steady

Quarterly Momentum40/100 · Moderate

Revenue (4Q): 1% YoY FlatProfit (4Q): -9% YoY Declining

Industry Rank60/100 · Moderate

P/E 48.6 vs industry 37.7 In-lineROCE 26.3% vs industry 21.6% Above peers3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 14, 2026, 12:21 pm

Market Cap	2,37,162 Cr.
Current Price	2,472
Intrinsic Value	₹817.91
High / Low	2,986/2,115
Stock P/E	48.6
Book Value	223
Dividend Yield	1.11 %
ROCE	26.3 %
ROE	21.8 %
Face Value	1.00
PEG Ratio	9.95

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Asian Paints Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Asian Paints Ltd	2,37,162 Cr.	2,472	2,986/2,115	48.6	223	1.11 %	26.3 %	21.8 %	1.00
Berger Paints India Ltd	53,409 Cr.	458	595/391	43.5	59.3	0.87 %	21.6 %	17.3 %	1.00
Kansai Nerolac Paints Ltd	16,302 Cr.	202	264/158	25.3	83.0	1.24 %	12.0 %	8.82 %	1.00
Akzo Nobel India Ltd	13,077 Cr.	2,872	3,916/2,649	34.7	495	3.48 %	41.7 %	32.2 %	10.0
Sirca Paints India Ltd	2,427 Cr.	427	539/385	36.2	83.7	0.47 %	20.3 %	15.8 %	10.0
Industry Average	53,849.17 Cr	1,086.12		37.66	162.33	1.20%	21.64%	19.55%	4.17

All Competitor Stocks of Asian Paints Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	8,637	8,787	9,182	8,479	9,103	8,731	8,970	8,028	8,549	8,359	8,939	8,531	8,867
Expenses	7,025	6,923	7,061	6,762	7,047	7,039	7,276	6,788	6,913	6,923	7,314	7,028	7,086
Operating Profit	1,611	1,865	2,121	1,716	2,056	1,691	1,694	1,240	1,637	1,436	1,625	1,503	1,781
OPM %	19%	21%	23%	20%	23%	19%	19%	15%	19%	17%	18%	18%	20%
Other Income	122	104	228	194	186	212	193	25	193	-60	229	237	69
Interest	41	39	46	51	54	54	55	63	56	53	44	44	48
Depreciation	214	220	198	209	220	226	228	242	256	301	301	305	313
Profit before tax	1,478	1,710	2,105	1,651	1,968	1,624	1,604	959	1,518	1,022	1,509	1,392	1,489
Tax %	26%	26%	25%	25%	25%	21%	26%	28%	26%	31%	26%	27%	28%
Net Profit	1,097	1,258	1,575	1,232	1,475	1,275	1,187	694	1,128	701	1,117	1,018	1,074
EPS in Rs	11.18	12.87	16.16	12.57	15.09	13.10	12.20	7.24	11.58	7.22	11.47	10.36	11.05

Last Updated: February 6, 2026, 11:17 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 18, 2026, 1:15 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	12,220	13,615	14,271	15,062	16,825	19,240	20,211	21,713	29,101	34,489	35,495	33,906	34,696
Expenses	10,217	11,372	11,546	12,068	13,621	15,475	16,044	16,857	24,298	28,229	27,910	27,899	28,350
Operating Profit	2,004	2,243	2,725	2,994	3,204	3,765	4,167	4,856	4,804	6,260	7,585	6,006	6,346
OPM %	16%	16%	19%	20%	19%	20%	21%	22%	17%	18%	21%	18%	18%
Other Income	124	142	213	338	336	274	350	332	296	431	821	350	475
Interest	48	42	49	37	41	110	108	92	95	144	205	227	189
Depreciation	246	266	276	335	360	622	780	791	816	858	853	1,026	1,220
Profit before tax	1,834	2,077	2,614	2,960	3,138	3,306	3,629	4,304	4,188	5,689	7,348	5,103	5,412
Tax %	31%	31%	32%	32%	33%	33%	24%	26%	26%	26%	24%	27%
Net Profit	1,263	1,427	1,803	2,016	2,098	2,208	2,774	3,207	3,085	4,195	5,558	3,710	3,910
EPS in Rs	12.71	14.54	18.19	20.22	21.26	22.48	28.20	32.73	31.59	42.81	56.92	38.23	40.10
Dividend Payout %	42%	42%	41%	51%	41%	47%	43%	55%	61%	60%	58%	65%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	12.98%	26.35%	11.81%	4.07%	5.24%	25.63%	15.61%	-3.80%	35.98%	32.49%	-33.25%
Change in YoY Net Profit Growth (%)	0.00%	13.36%	-14.54%	-7.75%	1.18%	20.39%	-10.02%	-19.41%	39.78%	-3.49%	-65.74%

Asian Paints Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	10%
5 Years:	11%
3 Years:	5%
TTM:	-4%

Compounded Profit Growth
10 Years:	11%
5 Years:	8%
3 Years:	8%
TTM:	-24%

Stock Price CAGR
10 Years:	13%
5 Years:	6%
3 Years:	-9%
1 Year:	-21%

Return on Equity
10 Years:	26%
5 Years:	26%
3 Years:	26%
Last Year:	21%

Last Updated: September 4, 2025, 9:35 pm

Balance Sheet

Last Updated: August 26, 2026, 3:30 am

Month	Mar 2015	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	96
Reserves	4,646	6,429	7,508	8,314	9,375	10,034	12,710	13,716	15,896	18,632	19,304	21,276
Borrowings	418	323	560	533	1,320	1,118	1,093	1,587	1,933	2,474	2,290	3,929
Other Liabilities	3,754	3,711	4,241	4,820	5,459	4,889	6,456	7,560	7,854	8,698	8,665	9,218
Total Liabilities	8,914	10,559	12,405	13,763	16,249	16,138	20,355	22,958	25,779	29,901	30,355	34,519
Fixed Assets	2,660	3,416	3,304	3,732	6,497	6,272	5,859	5,519	5,770	7,147	9,220	9,640
CWIP	196	107	258	1,405	210	140	183	426	1,020	2,698	1,254	1,849
Investments	1,588	2,712	2,652	2,141	2,569	2,019	4,737	3,248	4,262	4,588	4,725	7,062
Other Assets	4,471	4,324	6,192	6,485	6,974	7,707	9,577	13,765	14,728	15,468	15,156	15,968
Total Assets	8,914	10,559	12,405	13,763	16,249	16,138	20,355	22,958	25,779	29,901	30,355	34,519

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	1,188	2,243	1,527	2,113	2,470	3,038	3,683	986	4,193	6,104	4,424	7,088
Cash from Investing Activity +	-465	-866	-681	-1,556	-918	-518	-541	-317	-1,282	-2,548	-941	-1,328
Cash from Financing Activity +	-576	-849	-756	-1,379	-1,117	-2,871	-650	-1,808	-2,140	-2,982	-3,753	-2,377
Net Cash Flow	147	528	90	-822	434	-351	2,492	-1,138	771	573	-270	3,383
Free Cash Flow	750	1,441	860	705	1,336	2,661	3,422	475	2,774	3,613	2,604	5,604
CFO/OP	81%	112%	82%	100%	92%	97%	98%	45%	91%	105%	97%	129%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	750.00	1,441.00	860.00	705.00	1,336.00	2,661.00	3,422.00	475.00	2,774.00	3,613.00	2,604.00	5,604.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	33	32	30	35	38	36	32	44	49	49	50	46
Inventory Days	121	123	108	138	117	119	127	134	142	121	122	142
Days Payable	102	84	84	101	95	90	80	119	96	71	79	81
Cash Conversion Cycle	52	70	54	72	60	65	79	59	94	99	93	107
Working Capital Days	5	11	15	22	22	16	34	37	57	54	49	52
ROCE %	45%	42%	42%	38%	36%	33%	33%	34%	29%	34%	38%	26%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%
FIIs	17.65%	17.32%	15.89%	15.27%	15.28%	13.61%	12.23%	11.85%	11.64%	12.78%	12.11%	13.32%
DIIs	10.01%	10.52%	11.61%	12.30%	13.10%	13.98%	15.51%	20.98%	21.50%	21.08%	21.74%	20.70%
Government	0.05%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.07%	0.07%	0.07%	0.07%
Public	19.64%	19.44%	19.78%	19.68%	18.88%	19.66%	19.51%	14.41%	14.09%	13.37%	13.39%	13.19%
Others	0.04%	0.04%	0.04%	0.06%	0.05%	0.05%	0.05%	0.07%	0.06%	0.06%	0.06%	0.09%
No. of Shareholders	9,85,216	9,75,319	11,05,326	11,11,601	9,75,807	11,92,876	12,13,836	11,71,145	11,08,404	10,00,999	10,01,799	9,59,219

Shareholding Pattern Chart

No. of Shareholders

Asian Paints Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Large Cap Fund	8,300,000	3.68	2015.49	N/A	N/A	N/A
ICICI Prudential Large Cap Fund	6,282,695	1.99	1525.63	6,060,461	2026-02-23 02:13:24	3.67%
SBI Equity Hybrid Fund	5,700,000	1.7	1384.13	N/A	N/A	N/A
SBI Focused Fund	5,300,000	2.99	1287	N/A	N/A	N/A
SBI Large & Midcap Fund	3,844,000	2.49	933.44	N/A	N/A	N/A
SBI Multicap Fund	2,604,000	2.75	632.33	N/A	N/A	N/A
Mirae Asset Large Cap Fund	2,114,041	1.27	513.35	N/A	N/A	N/A
ICICI Prudential Multi Asset Fund	1,951,954	0.59	473.99	2,342,950	2026-02-23 02:13:24	-16.69%
ICICI Prudential Balanced Advantage Fund	1,841,439	0.64	447.16	2,044,439	2026-01-26 03:18:22	-9.93%
SBI Balanced Advantage Fund	1,747,750	1.06	424.41	2,500,000	2025-12-15 00:50:35	-30.09%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	38.25	56.95	42.83	31.59	32.73
Diluted EPS (Rs.)	38.25	56.94	42.82	31.59	32.73
Cash EPS (Rs.)	47.91	65.45	51.70	40.34	41.38
Book Value[Excl.RevalReserv]/Share (Rs.)	202.25	195.25	171.45	148.03	137.92
Book Value[Incl.RevalReserv]/Share (Rs.)	202.25	195.25	171.45	148.03	137.92
Revenue From Operations / Share (Rs.)	353.48	370.05	359.56	303.39	226.36
PBDIT / Share (Rs.)	68.59	86.25	69.29	54.04	53.78
PBIT / Share (Rs.)	57.89	77.36	60.34	45.53	45.53
PBT / Share (Rs.)	51.73	75.22	58.33	43.33	44.58
Net Profit / Share (Rs.)	37.21	56.55	42.76	31.83	33.13
NP After MI And SOA / Share (Rs.)	38.23	56.92	42.81	31.59	32.73
PBDIT Margin (%)	19.40	23.30	19.27	17.81	23.75
PBIT Margin (%)	16.37	20.90	16.78	15.00	20.11
PBT Margin (%)	14.63	20.32	16.22	14.28	19.69
Net Profit Margin (%)	10.52	15.28	11.89	10.49	14.63
NP After MI And SOA Margin (%)	10.81	15.38	11.90	10.41	14.45
Return on Networth / Equity (%)	18.90	29.15	25.67	21.94	24.51
Return on Capital Employeed (%)	24.97	34.63	32.33	28.33	30.23
Return On Assets (%)	12.07	18.24	15.91	13.18	15.41
Long Term Debt / Equity (X)	0.01	0.00	0.00	0.00	0.00
Total Debt / Equity (X)	0.04	0.05	0.06	0.05	0.02
Asset Turnover Ratio (%)	1.12	1.27	1.41	1.34	1.10
Current Ratio (X)	2.09	2.06	2.09	2.00	2.03
Quick Ratio (X)	1.26	1.37	1.31	1.19	1.39
Inventory Turnover Ratio (X)	5.36	5.85	2.80	3.27	2.62
Dividend Payout Ratio (NP) (%)	84.74	46.37	46.48	57.44	10.23
Dividend Payout Ratio (CP) (%)	66.21	40.11	38.45	45.25	8.17
Earning Retention Ratio (%)	15.26	53.63	53.52	42.56	89.77
Cash Earning Retention Ratio (%)	33.79	59.89	61.55	54.75	91.83
Interest Coverage Ratio (X)	28.98	40.32	46.01	54.33	56.30
Interest Coverage Ratio (Post Tax) (X)	18.32	27.44	29.73	34.21	35.68
Enterprise Value (Cr.)	224973.19	273706.83	265479.52	295900.32	243477.40
EV / Net Operating Revenue (X)	6.64	7.71	7.70	10.17	11.21
EV / EBITDA (X)	34.20	33.08	39.94	57.08	47.20
MarketCap / Net Operating Revenue (X)	6.61	7.69	7.68	10.16	11.21
Retention Ratios (%)	15.25	53.62	53.51	42.55	89.76
Price / BV (X)	11.56	14.58	16.56	21.40	19.00
Price / Net Operating Revenue (X)	6.61	7.69	7.68	10.16	11.21
EarningsYield	0.01	0.02	0.01	0.01	0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Asian Paints Ltd and is it undervalued?

Asian Paints Ltd: the stored intrinsic value estimate is ₹817.91, compared with a stored share price of ₹2,472.00. The model value is 66.9% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Asian Paints Ltd?

The stored share price is ₹2,472.00. Price-data record updated: 14 September 2026, 12:21 pm +05:30. This is not a live quote. The stored 52-week high / low is 2,986/2,115; this is a rolling range, not a financial-year range.

How have Asian Paints Ltd's revenue and profit changed?

Does Asian Paints Ltd's profit convert into cash?

What should I check in Asian Paints Ltd's balance sheet?

Reported borrowings were ₹3,929.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Asian Paints Ltd's P/E with other stocks?

The stored P/E is 48.60. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Asian Paints Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.