Asian Paints Ltd (ASIANPAINT) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: 81/100 (Strong)

Business Quality 94/100

ROE (Return on Equity): 21.8%

ROCE (Return on Capital): 26.3%

Explain Methodology →

Financial Health 96/100

Debt to Equity: 0.18x

Solvency Runway: High (Interest Coverage > 8x)

Explain Methodology →

Growth Trajectory 60/100

Annual Revenue Growth: 2.8% YoY

Net Profit Growth: 33.2% YoY

Explain Methodology →

Profitability & Margins 94/100

Operating Margin (OPM): 19.0%

Net Profit Margin: 15.2%

Explain Methodology →

Cash Flow Quality 95/100

Free Cash Flow (FCF): Cash Accretive

CFO to EBITDA Conversion: > 75% Conversion Rate

Explain Methodology →

Valuation Attractiveness 39/100

Stock P/E Multiple: 47.3x

Price to Book (P/B): 10.8x

Explain Methodology →

Price & Trend Momentum 73/100

14-Day RSI: 57.7 (Neutral/Bullish)

DMA Alignment: Trading Above 50 & 200 DMA

Explain Methodology →

Governance & Risk 85/100

Promoter Pledge: 0.0% (Clean)

Statutory Auditor Opinion: Unqualified / Clean Pass

Explain Methodology →

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.63%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 13.3%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 21.8%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹2,461.04

200-Day DMA ● Overlay

₹2,282.52

14-Day RSI ● Overlay

57.7 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹2.31 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

47.3x

Price / EPS

Book Value (₹) Assets

₹223.0

P/B: 10.8x

ROE (%) Quality

21.8%

Net Profit / Equity

ROCE (%) Efficiency

26.3%

EBIT / Capital

Dividend Yield Yield

1.14%

Face Value: ₹10

Debt / Equity Solvency

0.18x

Manageable

EPS (TTM) Per Share

₹50.89

Trailing 12M

OPM (%) Spread

19.0%

EBITDA Margin

Free Cash Flow Cash

₹5,604 Cr

CFO - Capex

About Asian Paints Ltd

Website →

Asian Paints is India’s leading paint and decor company and ranked among top decorative coatings companies worldwide with operations in 15 countries.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 13.7% × Turnover: 0.85x × Leverage: 1.18x = ROE: 21.8%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.18.
• Company has a stellar track record of return on equity (ROE of 21.8%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 10.8x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹37,187 Cr

Latest PAT

₹4,837 Cr

EPS (TTM)

₹50.89

OPM %

19.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹9,182 Cr	₹8,479 Cr	₹9,103 Cr	₹8,731 Cr	₹8,970 Cr	₹8,028 Cr	₹8,549 Cr	₹8,359 Cr	₹8,939 Cr	₹8,531 Cr	₹8,867 Cr	₹9,247 Cr	₹10,542 Cr
Operating Profit (EBITDA)	₹2,121 Cr	₹1,716 Cr	₹2,056 Cr	₹1,691 Cr	₹1,694 Cr	₹1,240 Cr	₹1,637 Cr	₹1,436 Cr	₹1,625 Cr	₹1,503 Cr	₹1,781 Cr	₹1,787 Cr	₹2,169 Cr
OPM %	23.0%	20.0%	23.0%	19.0%	19.0%	15.0%	19.0%	17.0%	18.0%	18.0%	20.0%	19.0%	21.0%
Interest Expense	₹46.00 Cr	₹51.00 Cr	₹54.00 Cr	₹54.00 Cr	₹55.00 Cr	₹63.00 Cr	₹56.00 Cr	₹53.00 Cr	₹44.00 Cr	₹44.00 Cr	₹48.00 Cr	₹59.00 Cr	₹48.00 Cr
Depreciation	₹198.00 Cr	₹209.00 Cr	₹220.00 Cr	₹226.00 Cr	₹228.00 Cr	₹242.00 Cr	₹256.00 Cr	₹301.00 Cr	₹301.00 Cr	₹305.00 Cr	₹313.00 Cr	₹310.00 Cr	₹304.00 Cr
Profit before Tax (PBT)	₹2,105 Cr	₹1,651 Cr	₹1,968 Cr	₹1,624 Cr	₹1,604 Cr	₹959.00 Cr	₹1,518 Cr	₹1,022 Cr	₹1,509 Cr	₹1,392 Cr	₹1,489 Cr	₹1,614 Cr	₹2,096 Cr
Net Profit (PAT)	₹1,575 Cr	₹1,232 Cr	₹1,475 Cr	₹1,275 Cr	₹1,187 Cr	₹694.00 Cr	₹1,128 Cr	₹701.00 Cr	₹1,117 Cr	₹1,018 Cr	₹1,074 Cr	₹1,185 Cr	₹1,559 Cr
EPS in ₹	₹16.16	₹12.57	₹15.09	₹13.10	₹12.20	₹7.24	₹11.58	₹7.22	₹11.47	₹10.36	₹11.05	₹12.22	₹16.05

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹13,615 Cr	₹14,271 Cr	₹15,062 Cr	₹16,825 Cr	₹19,240 Cr	₹20,211 Cr	₹21,713 Cr	₹29,101 Cr	₹34,489 Cr	₹35,495 Cr	₹33,906 Cr	₹35,584 Cr	₹37,187 Cr
Expenses	₹11,372 Cr	₹11,546 Cr	₹12,068 Cr	₹13,621 Cr	₹15,475 Cr	₹16,049 Cr	₹16,857 Cr	₹24,298 Cr	₹28,229 Cr	₹27,910 Cr	₹27,899 Cr	₹28,884 Cr	₹29,947 Cr
Operating Profit	₹2,243 Cr	₹2,725 Cr	₹2,994 Cr	₹3,204 Cr	₹3,765 Cr	₹4,162 Cr	₹4,856 Cr	₹4,804 Cr	₹6,260 Cr	₹7,585 Cr	₹6,006 Cr	₹6,700 Cr	₹7,240 Cr
OPM %	16%	19%	20%	19%	20%	21%	22%	17%	18%	21%	18%	19%	19%
Interest	₹42.00 Cr	₹49.00 Cr	₹37.00 Cr	₹41.00 Cr	₹110.00 Cr	₹102.00 Cr	₹92.00 Cr	₹95.00 Cr	₹144.00 Cr	₹205.00 Cr	₹227.00 Cr	₹195.00 Cr	₹199.00 Cr
Depreciation	₹266.00 Cr	₹276.00 Cr	₹335.00 Cr	₹360.00 Cr	₹622.00 Cr	₹780.00 Cr	₹791.00 Cr	₹816.00 Cr	₹858.00 Cr	₹853.00 Cr	₹1,026 Cr	₹1,229 Cr	₹1,232 Cr
Profit before Tax	₹2,077 Cr	₹2,614 Cr	₹2,960 Cr	₹3,138 Cr	₹3,306 Cr	₹3,629 Cr	₹4,304 Cr	₹4,188 Cr	₹5,689 Cr	₹7,348 Cr	₹5,103 Cr	₹6,003 Cr	₹6,590 Cr
Net Profit	₹1,427 Cr	₹1,803 Cr	₹2,016 Cr	₹2,098 Cr	₹2,208 Cr	₹2,774 Cr	₹3,207 Cr	₹3,085 Cr	₹4,195 Cr	₹5,558 Cr	₹3,710 Cr	₹4,395 Cr	₹4,837 Cr
EPS in Rs	14.54	18.19	20.22	21.26	22.48	28.20	32.73	31.59	42.81	56.92	38.23	45.09	49.68

Balance Sheet (₹ Cr)	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	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr	₹96.00 Cr
Reserves & Surplus	₹4,646 Cr	₹6,429 Cr	₹7,508 Cr	₹8,314 Cr	₹9,375 Cr	₹10,034 Cr	₹12,710 Cr	₹13,716 Cr	₹15,896 Cr	₹18,632 Cr	₹19,304 Cr	₹21,276 Cr
Borrowings (Debt)	₹418.00 Cr	₹323.00 Cr	₹560.00 Cr	₹533.00 Cr	₹1,320 Cr	₹1,118 Cr	₹1,093 Cr	₹1,587 Cr	₹1,933 Cr	₹2,474 Cr	₹2,290 Cr	₹3,929 Cr
Total Liabilities	₹8,914 Cr	₹10,559 Cr	₹12,405 Cr	₹13,763 Cr	₹16,249 Cr	₹16,138 Cr	₹20,355 Cr	₹22,958 Cr	₹25,779 Cr	₹29,901 Cr	₹30,355 Cr	₹34,519 Cr
Fixed Assets	₹2,660 Cr	₹3,416 Cr	₹3,304 Cr	₹3,732 Cr	₹6,497 Cr	₹6,272 Cr	₹5,859 Cr	₹5,519 Cr	₹5,770 Cr	₹7,147 Cr	₹9,220 Cr	₹9,640 Cr
Total Assets	₹8,914 Cr	₹10,559 Cr	₹12,405 Cr	₹13,763 Cr	₹16,249 Cr	₹16,138 Cr	₹20,355 Cr	₹22,958 Cr	₹25,779 Cr	₹29,901 Cr	₹30,355 Cr	₹34,519 Cr

Cash Flows (₹ Cr)	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 Operations (CFO)	₹1,188 Cr	₹2,243 Cr	₹1,527 Cr	₹2,113 Cr	₹2,470 Cr	₹3,038 Cr	₹3,683 Cr	₹986.00 Cr	₹4,193 Cr	₹6,104 Cr	₹4,424 Cr	₹7,088 Cr
Cash from Investing (CFI)	-₹465.00 Cr	-₹866.00 Cr	-₹681.00 Cr	-₹1,556 Cr	-₹918.00 Cr	-₹518.00 Cr	-₹541.00 Cr	-₹317.00 Cr	-₹1,282 Cr	-₹2,548 Cr	-₹941.00 Cr	-₹1,328 Cr
Cash from Financing (CFF)	-₹576.00 Cr	-₹849.00 Cr	-₹756.00 Cr	-₹1,379 Cr	-₹1,117 Cr	-₹2,871 Cr	-₹650.00 Cr	-₹1,808 Cr	-₹2,140 Cr	-₹2,982 Cr	-₹3,753 Cr	-₹2,377 Cr
Free Cash Flow (FCF)	₹750.00 Cr	₹1,441 Cr	₹860.00 Cr	₹705.00 Cr	₹1,336 Cr	₹2,661 Cr	₹3,422 Cr	₹475.00 Cr	₹2,774 Cr	₹3,613 Cr	₹2,604 Cr	₹5,604 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	32	30	35	38	36	32	44	49	49	50	46	46
Inventory Days	123	108	138	117	119	127	134	142	121	122	142	118
Cash Conversion Cycle (Days)	70	54	72	60	65	79	59	94	99	93	107	84
ROCE %	42%	42%	38%	36%	33%	33%	34%	29%	34%	38%	26%	26%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹777.23 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹2,550.30

DCF Fair Value

₹777.23

Graham Number

₹505.31

Margin of Safety

-74.3%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹777.23

Premium / Overvalued (Margin: -74.3%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹756	₹749	₹743	₹736
10%	₹770	₹763	₹756	₹750
12%	₹784	₹777	₹770	₹763
14%	₹798	₹791	₹784	₹777

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹777	Fairly Valued
Benjamin Graham Number	₹505	Market Priced
Historical Sector P/E	₹1,120	Premium
EV / EBITDA Multiplier	₹2,678	In-Line
Free Cash Flow Yield Model	₹2,499	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

5.85 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.18x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 19.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

52.63%

FIIs (Foreign)

13.32%

DIIs (Domestic)

20.70%

Government

0.15%

Public / Retail

13.19%

Swipe → to view historical quarters

Category	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 (Foreign Portfolio)	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 (Mutual Funds / Insurance)	10.01%	10.52%	11.61%	12.30%	13.10%	13.98%	15.51%	20.98%	21.50%	21.08%	21.74%	20.70%
+ Public (Retail & HNIs)	19.64%	19.44%	19.78%	19.68%	18.88%	19.66%	19.51%	14.41%	14.09%	13.37%	13.39%	13.19%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Consumer Goods.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

ASIANPAINT Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

ASIANPAINT Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

ASIANPAINT Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹3,264.38

Accelerated market share capture in Consumer Goods, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹2,856.34

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 47x P/E.

🐻 Bear Case (15%) -12.0%

₹2,244.26

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Consumer Goods)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:42 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Asian Paints Ltd (ASIANPAINT)	Target Stock	₹2,550.30	+1.63%	47.3x	21.8%	26.3%	0.18	₹2.31 Lakh Cr
Titan Company Ltd (TITAN)	Jewellery (Tanishq), Watches & Eyewear	₹4,970.00	-0.70%	68.7x	37.7%	20.5%	1.95	₹4.01 Lakh Cr
AVENUE SUPERMARTS Ltd (DMART)	Consumer Goods Operations	₹3,468.00	+0.03%	81.3x	12.9%	17.2%	0.10	₹2.49 Lakh Cr
Trent Ltd (TRENT)	Sector Peer	₹3,222.70	+3.32%	75.2x	27.7%	28.3%	0.37	₹1.38 Lakh Cr
Havells India Ltd (HAVELLS)	Sector Peer	₹1,174.10	+1.26%	39.2x	19.0%	24.9%	0.03	₹65,266 Cr
Kalyan Jewellers India Ltd (KALYANKJIL)	Sector Peer	₹663.75	+8.63%	37.3x	24.8%	21.2%	0.97	₹54,581 Cr
Berger Paints India Ltd (BERGEPAINT)	Sector Peer	₹475.55	+0.92%	43.0x	17.3%	21.6%	0.09	₹52,750 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:42:15 IST	✓ Live Sync
Financial Statements (10Y)	Asian Paints Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Asian Paints Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Asian Paints Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Consumer Goods)

Metric Explainer

Stock DNA Methodology

Document Title