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Last Updated: April 2, 2026, 2:31 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500820 | NSE: ASIANPAINT

Asian Paints Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,777.80Overvalued by 20.13%vs CMP ₹2,226.00

P/E (52.3) × ROE (20.6%) × BV (₹204.00) × DY (1.11%)

₹779.64Overvalued by 64.98%vs CMP ₹2,226.00
MoS: -185.5% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,864.6722%Over (-16.2%)
Graham NumberEarnings₹429.0216%Over (-80.7%)
Earnings PowerEarnings₹340.1113%Over (-84.7%)
DCFCash Flow₹512.7713%Over (-77%)
Net Asset ValueAssets₹204.147%Over (-90.8%)
EV/EBITDAEnterprise₹842.739%Over (-62.1%)
Earnings YieldEarnings₹401.007%Over (-82%)
ROCE CapitalReturns₹607.689%Over (-72.7%)
Revenue MultipleRevenue₹530.275%Over (-76.2%)
Consensus (9 models)₹779.64100%Overvalued
Key Drivers: Wide model spread (₹204–₹1,865) — 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

Investment Snapshot

62
Asian Paints Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 25.7% ExcellentROE 20.6% ExcellentD/E 0.02 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.55% (6mo) Slight increaseDII holding up 5.57% MF buyingPromoter holding at 52.6% Stable
Earnings Quality50/100 · Moderate
OPM stable around 20% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 1% YoY FlatProfit (4Q): -9% YoY Declining
Industry Rank45/100 · Moderate
P/E 52.3 vs industry 38.5 In-lineROCE 25.7% vs industry 23.0% Average3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:31 am

Market Cap 2,13,498 Cr.
Current Price 2,226
Intrinsic Value₹779.64
High / Low 2,986/2,115
Stock P/E52.3
Book Value 204
Dividend Yield1.11 %
ROCE25.7 %
ROE20.6 %
Face Value 1.00
PEG Ratio10.70

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

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 2,13,498 Cr. 2,226 2,986/2,11552.3 2041.11 %25.7 %20.6 % 1.00
Berger Paints India Ltd 48,716 Cr. 418 605/39143.5 53.90.91 %24.9 %20.3 % 1.00
Kansai Nerolac Paints Ltd 14,197 Cr. 176 275/15823.0 80.11.42 %13.0 %10.4 % 1.00
Akzo Nobel India Ltd 13,077 Cr. 2,872 3,916/2,64934.7 4953.48 %41.7 %32.2 % 10.0
Sirca Paints India Ltd 2,401 Cr. 423 539/23139.0 78.00.35 %20.0 %14.9 % 10.0
Industry Average48,705.17 Cr1,025.9838.50157.501.21%23.02%20.17%4.17

All Competitor Stocks of Asian Paints Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 8,6378,7879,1828,4799,1038,7318,9708,0288,5498,3598,9398,5318,867
Expenses 7,0256,9237,0616,7627,0477,0397,2766,7886,9136,9237,3147,0287,086
Operating Profit 1,6111,8652,1211,7162,0561,6911,6941,2401,6371,4361,6251,5031,781
OPM % 19%21%23%20%23%19%19%15%19%17%18%18%20%
Other Income 12210422819418621219325193-6022923769
Interest 41394651545455635653444448
Depreciation 214220198209220226228242256301301305313
Profit before tax 1,4781,7102,1051,6511,9681,6241,6049591,5181,0221,5091,3921,489
Tax % 26%26%25%25%25%21%26%28%26%31%26%27%28%
Net Profit 1,0971,2581,5751,2321,4751,2751,1876941,1287011,1171,0181,074
EPS in Rs 11.1812.8716.1612.5715.0913.1012.207.2411.587.2211.4710.3611.05

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

Quarterly Chart

Profit & Loss - Annual Report

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

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 12,22013,61514,27115,06216,82519,24020,21121,71329,10134,48935,49533,90634,696
Expenses 10,21711,37211,54612,06813,62115,47516,04416,85724,29828,22927,91027,89928,350
Operating Profit 2,0042,2432,7252,9943,2043,7654,1674,8564,8046,2607,5856,0066,346
OPM % 16%16%19%20%19%20%21%22%17%18%21%18%18%
Other Income 124142213338336274350332296431821350475
Interest 48424937411101089295144205227189
Depreciation 2462662763353606227807918168588531,0261,220
Profit before tax 1,8342,0772,6142,9603,1383,3063,6294,3044,1885,6897,3485,1035,412
Tax % 31%31%32%32%33%33%24%26%26%26%24%27%
Net Profit 1,2631,4271,8032,0162,0982,2082,7743,2073,0854,1955,5583,7103,910
EPS in Rs 12.7114.5418.1920.2221.2622.4828.2032.7331.5942.8156.9238.2340.10
Dividend Payout % 42%42%41%51%41%47%43%55%61%60%58%65%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
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: December 4, 2025, 12:51 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 96969696969696969696969696
Reserves 3,9434,6466,4297,5088,3149,37510,03412,71013,71615,89618,63219,30419,483
Borrowings 2494183235605331,3201,1181,0931,5871,9332,4742,2903,557
Other Liabilities 3,7873,7543,7114,2414,8205,4594,8896,4567,5607,8548,6988,6658,213
Total Liabilities 8,0758,91410,55912,40513,76316,24916,13820,35522,95825,77929,90130,35531,349
Fixed Assets 2,5622,6603,4163,3043,7326,4976,2725,8595,5195,7707,1479,2209,219
CWIP 721961072581,4052101401834261,0202,6981,2541,766
Investments 1,4241,5882,7122,6522,1412,5692,0194,7373,2484,2624,5884,7255,431
Other Assets 4,0194,4714,3246,1926,4856,9747,7079,57713,76514,72815,46815,15614,932
Total Assets 8,0758,91410,55912,40513,76316,24916,13820,35522,95825,77929,90130,35531,349

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,4021,1882,2431,5272,1132,4703,0383,6839864,1936,1044,424
Cash from Investing Activity + -586-465-866-681-1,556-918-518-541-317-1,282-2,548-941
Cash from Financing Activity + -626-576-849-756-1,379-1,117-2,871-650-1,808-2,140-2,982-3,753
Net Cash Flow 19014752890-822434-3512,492-1,138771573-270
Free Cash Flow 1,1677501,4418607051,3362,6613,4224752,7743,6132,604
CFO/OP 94%81%112%82%100%92%97%98%45%91%105%97%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-247.00-416.00-321.00-558.00-530.002.003.003.003.005.005.004.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 333230353836324449495046
Inventory Days 121123108138117119127134142121122142
Days Payable 102848410195908011996717981
Cash Conversion Cycle 5270547260657959949993107
Working Capital Days 51115222216343757544952
ROCE %45%42%42%38%36%33%33%34%29%34%38%26%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 17.02%17.48%17.65%17.32%15.89%15.27%15.28%13.61%12.23%11.85%11.64%12.78%
DIIs 9.96%10.01%10.01%10.52%11.61%12.30%13.10%13.98%15.51%20.98%21.50%21.08%
Government 0.05%0.05%0.05%0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.07%0.07%
Public 20.32%19.82%19.64%19.44%19.78%19.68%18.88%19.66%19.51%14.41%14.09%13.37%
Others 0.04%0.04%0.04%0.04%0.04%0.06%0.05%0.05%0.05%0.07%0.06%0.06%
No. of Shareholders 10,82,6509,97,4559,85,2169,75,31911,05,32611,11,6019,75,80711,92,87612,13,83611,71,14511,08,40410,00,999

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Large Cap Fund 8,300,000 3.68 2015.49N/AN/AN/A
ICICI Prudential Large Cap Fund 6,282,695 1.99 1525.636,060,4612026-02-23 02:13:243.67%
SBI Equity Hybrid Fund 5,700,000 1.7 1384.13N/AN/AN/A
SBI Focused Fund 5,300,000 2.99 1287N/AN/AN/A
SBI Large & Midcap Fund 3,844,000 2.49 933.44N/AN/AN/A
SBI Multicap Fund 2,604,000 2.75 632.33N/AN/AN/A
Mirae Asset Large Cap Fund 2,114,041 1.27 513.35N/AN/AN/A
ICICI Prudential Multi Asset Fund 1,951,954 0.59 473.992,342,9502026-02-23 02:13:24-16.69%
ICICI Prudential Balanced Advantage Fund 1,841,439 0.64 447.162,044,4392026-01-26 03:18:22-9.93%
SBI Balanced Advantage Fund 1,747,750 1.06 424.412,500,0002025-12-15 00:50:35-30.09%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 38.2556.9542.8331.5932.73
Diluted EPS (Rs.) 38.2556.9442.8231.5932.73
Cash EPS (Rs.) 47.9165.4551.7040.3441.38
Book Value[Excl.RevalReserv]/Share (Rs.) 202.25195.25171.45148.03137.92
Book Value[Incl.RevalReserv]/Share (Rs.) 202.25195.25171.45148.03137.92
Revenue From Operations / Share (Rs.) 353.48370.05359.56303.39226.36
PBDIT / Share (Rs.) 68.5986.2569.2954.0453.78
PBIT / Share (Rs.) 57.8977.3660.3445.5345.53
PBT / Share (Rs.) 51.7375.2258.3343.3344.58
Net Profit / Share (Rs.) 37.2156.5542.7631.8333.13
NP After MI And SOA / Share (Rs.) 38.2356.9242.8131.5932.73
PBDIT Margin (%) 19.4023.3019.2717.8123.75
PBIT Margin (%) 16.3720.9016.7815.0020.11
PBT Margin (%) 14.6320.3216.2214.2819.69
Net Profit Margin (%) 10.5215.2811.8910.4914.63
NP After MI And SOA Margin (%) 10.8115.3811.9010.4114.45
Return on Networth / Equity (%) 18.9029.1525.6721.9424.51
Return on Capital Employeed (%) 24.9734.6332.3328.3330.23
Return On Assets (%) 12.0718.2415.9113.1815.41
Long Term Debt / Equity (X) 0.010.000.000.000.00
Total Debt / Equity (X) 0.040.050.060.050.02
Asset Turnover Ratio (%) 1.121.271.411.341.10
Current Ratio (X) 2.092.062.092.002.03
Quick Ratio (X) 1.261.371.311.191.39
Inventory Turnover Ratio (X) 5.365.852.803.272.62
Dividend Payout Ratio (NP) (%) 84.7446.3746.4857.4410.23
Dividend Payout Ratio (CP) (%) 66.2140.1138.4545.258.17
Earning Retention Ratio (%) 15.2653.6353.5242.5689.77
Cash Earning Retention Ratio (%) 33.7959.8961.5554.7591.83
Interest Coverage Ratio (X) 28.9840.3246.0154.3356.30
Interest Coverage Ratio (Post Tax) (X) 18.3227.4429.7334.2135.68
Enterprise Value (Cr.) 224973.19273706.83265479.52295900.32243477.40
EV / Net Operating Revenue (X) 6.647.717.7010.1711.21
EV / EBITDA (X) 34.2033.0839.9457.0847.20
MarketCap / Net Operating Revenue (X) 6.617.697.6810.1611.21
Retention Ratios (%) 15.2553.6253.5142.5589.76
Price / BV (X) 11.5614.5816.5621.4019.00
Price / Net Operating Revenue (X) 6.617.697.6810.1611.21
EarningsYield 0.010.020.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Asian Paints Ltd. is a Public Limited Listed company incorporated on 24/10/1945 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24220MH1945PLC004598 and registration number is 004598. Currently Company is involved in the business activities of Manufacture of other chemical products. Company's Total Operating Revenue is Rs. 29552.65 Cr. and Equity Capital is Rs. 95.92 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paints/Varnishes6A & 6B, Shantinagar, Mumbai Maharashtra 400055Contact not found
Management
NamePosition Held
Mr. R SeshasayeeChairman & Ind.Director
Mr. Manish ChoksiVice Chairman & Non Exe.Dire
Mr. Amit SyngleManaging Director & CEO
Mr. Malav DaniNon Executive Director
Ms. Amrita VakilNon Executive Director
Mr. Jigish ChoksiNon Executive Director
Ms. Nehal VakilNon Executive Director
Mr. Ashish ChoksiNon Executive Director
Mr. Milind SarwateIndependent Director
Ms. Ireena VittalIndependent Director
Mr. Soumitra BhattacharyaIndependent Director
Dr. Gopichand KatragaddaIndependent Director
Mr. Varun BerryIndependent Director

FAQ

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

As of 16 April 2026, Asian Paints Ltd's intrinsic value is ₹779.64, which is 64.98% lower than the current market price of ₹2,226.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.6 %), book value (₹204), dividend yield (1.11 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Asian Paints Ltd?

Asian Paints Ltd is trading at ₹2,226.00 as of 16 April 2026, with a FY2026-2027 high of ₹2,986 and low of ₹2,115. The stock is currently near its 52-week low. Market cap stands at ₹2,13,498 Cr..

How does Asian Paints Ltd's P/E ratio compare to its industry?

Asian Paints Ltd has a P/E ratio of 52.3, which is above the industry average of 38.50. The premium over industry average may reflect growth expectations or speculative interest.

Is Asian Paints Ltd financially healthy?

Key indicators for Asian Paints Ltd: ROCE of 25.7 % indicates efficient capital utilization; ROE of 20.6 % shows strong shareholder returns. Dividend yield is 1.11 %.

Is Asian Paints Ltd profitable and how is the profit trend?

Asian Paints Ltd reported a net profit of ₹3,710 Cr in Mar 2025 on revenue of ₹33,906 Cr. Compared to ₹3,085 Cr in Mar 2022, the net profit shows an improving trend.

Does Asian Paints Ltd pay dividends?

Asian Paints Ltd has a dividend yield of 1.11 % at the current price of ₹2,226.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Asian Paints Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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