ASIANPAINT

Asian Paints share price & financials

Price
₹2,732.9
Market cap
₹2.7L Cr
Sector
Consumer Durables
Calls analysed
10
Latest concall · Q1 FY27 · call held 29 Jul 2026

Asian Paints Limited Q1 FY27

Net Sales ₹10,521 cr +18%PAT ₹1,559 cr +40%Gross Margin 43.5% PBT ₹2,096 cr +39%

What went well

  • Consolidated Net Sales increased by 17.9% to ₹10,521 crores in Q1 FY27, driven by strong growth across all businesses.
  • Consolidated PBDIT saw a robust growth of 33.5% to ₹2,169 crores, with PBDIT margin expanding by 240 bps YoY to 20.6%.
  • Consolidated PAT surged by 39.6% to ₹1,559 crores, indicating strong bottom-line performance.

What to watch

  • Industrial Business (PPGAP) PBT margins were stressed at 15.7%, lower by 119 bps YoY.
  • General Industrial Business (APPC) PBT margins were 6.9%, lower than YoY basis.
Read the full call →

What Asian Paints Limited does

Asian Paints is India's leading paint and decor company and among the top ten decorative coatings players globally, in business since 1942. It manufactures and sells decorative paints, waterproofing, wall coverings, adhesives and industrial coatings, and has built an integrated home-decor ecosystem spanning modular kitchens, bath fittings, furnishings, wallpaper and lighting. It earns primarily by selling paints and coatings through the largest distribution and retail network in the Indian paints industry, complemented by painting and asset-protection services. It also runs an international business across Asia, the Middle East, Africa and the South Pacific.

Segments

  • Decorative
  • Home Decor
  • International
  • Industrial
Market position
No.1 paint company in India; No.2 in Asia, No.8 globally
Retail touchpoints across India
169,000+
Paint manufacturing facilities
26 (13 in India, 13 outside)
Installed in-house decorative paint capacity in India
2,290,000 KL/annum
Countries of operation
14 (serves 60+ markets)
Beautiful Homes stores / studios
74 across 20 states
Founded 1942Headquarters 6A & 6B, Shantinagar, Santacruz (East), Mumbai, Maharashtra, IndiaEmployees 14,000 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 6 delivered 2 missed 8 open
  • FY25 Volume Growth delivered, diluted said Q4 FY24 Promised: Double digit volume growth to continue in FY25 Q1 FY27: Past FY promise. No new updates.
  • Standalone Capex went quiet said Q4 FY25 Promised: INR 700-800 crore per year for FY26-FY27 Q1 FY27: No specific update on the final FY26 capex figure or the FY27 plan against this specific guidance was provided.
  • Volume-Value Gap at risk said Q2 FY26 Promised: Maintain a 4-5% difference between volume and value Q1 FY27: Q1 Decorative business saw 9.0% volume growth and 16.6% value growth. The gap was -7.6%, with value growth significantly outpacing volume growth due to pricing actions, contrary to the guided 4-5% gap where volume outpaces value.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.9%, net profit up 39.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue8,028 8,549 8,359 8,939 8,531 +6%8,867 +4%9,247 +11%10,542 +18%
EBITDA1,240 1,637 1,436 1,625 1,503 +21%1,781 +9%1,787 +24%2,169 +33%
Net profit694 1,128 701 1,117 1,018 +47%1,074 −5%1,185 +69%1,559 +40%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −2.8% 1Y

₹2.2k₹2.4k₹2.6k₹2.8k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 27 Jan 2026Q4 FY26 — 29 May 2026Q1 FY27 — 29 Jul 2026

1Y: ₹2,543.3 on 10 Sept 2025 → ₹2,472.5. High ₹2,968.5 (5 Dec 2025), low ₹2,121.3 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.8%
29 Jul
Q4 FY26
−0.0%
29 May
Q3 FY26
−3.0%
27 Jan
Q2 FY26
+4.2%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 2.2% a year over 3 years, FY23 to FY26. Operating margin held at 18.8%.

Year endingFY23FY24FY25FY26
Revenue₹33.4k Cr₹35.5k Cr₹33.9k Cr₹35.6k Cr
Operating profit₹6.1k Cr₹7.6k Cr₹6.0k Cr₹6.7k Cr
Operating margin18.4%21.4%17.7%18.8%
Interest₹128 Cr₹205 Cr₹227 Cr₹195 Cr
Depreciation₹833 Cr₹853 Cr₹1.0k Cr₹1.2k Cr
Net profit₹4.2k Cr₹5.6k Cr₹3.7k Cr₹4.4k Cr
Net margin12.5%15.7%10.9%12.3%
Cash from operations₹4.2k Cr₹6.1k Cr₹4.4k Cr₹7.1k Cr
Free cash flow₹2.8k Cr₹3.6k Cr₹2.6k Cr₹5.6k Cr
ROCE34.0%38.0%26.0%26.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹96 Cr₹96 Cr₹96 Cr₹96 Cr₹96 Cr₹96 Cr
Reserves₹12.7k Cr₹13.7k Cr₹15.9k Cr₹18.6k Cr₹19.0k Cr₹21.3k Cr
Borrowings₹1.1k Cr₹1.6k Cr₹1.9k Cr₹2.5k Cr₹1.6k Cr₹3.9k Cr
Other liabilities₹6.5k Cr₹7.6k Cr₹7.9k Cr₹8.7k Cr₹6.0k Cr₹9.2k Cr
Total liabilities₹20.4k Cr₹23.0k Cr₹25.8k Cr₹29.9k Cr₹26.7k Cr₹34.5k Cr
Fixed assets₹5.9k Cr₹5.5k Cr₹5.8k Cr₹7.1k Cr₹7.8k Cr₹9.6k Cr
Capital work in progress₹183 Cr₹426 Cr₹1.0k Cr₹2.7k Cr₹317 Cr₹1.8k Cr
Investments₹4.7k Cr₹3.2k Cr₹4.3k Cr₹4.6k Cr₹6.9k Cr₹7.1k Cr
Other assets₹9.6k Cr₹13.8k Cr₹14.7k Cr₹15.5k Cr₹11.7k Cr₹16.0k Cr
Total assets₹20.4k Cr₹23.0k Cr₹25.8k Cr₹29.9k Cr₹26.7k Cr₹34.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +1.47 pp while the public trimmed −1.22 pp. The shareholder count shrank 18% to 9,59,219.

Promoters
52.6%
FIIs
13.3%
DIIs
20.7%
Government
0.1%
Public
13.2%
Others
0.1%

Since Jun 2025

  • FIIs +1.47 pp
  • Public −1.22 pp
  • DIIs −0.28 pp

How it drifted, 12 quarters

Over this window DIIs went from 10.0% to 20.7% — +10.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 52.6%, FIIs 17.6%, DIIs 10.0%, Government 0.1%, Public 19.6%, Others 0.0%.Dec '23: Promoters 52.6%, FIIs 17.3%, DIIs 10.5%, Government 0.1%, Public 19.4%, Others 0.0%.Mar '24: Promoters 52.6%, FIIs 15.9%, DIIs 11.6%, Government 0.1%, Public 19.8%, Others 0.0%.Jun '24: Promoters 52.6%, FIIs 15.3%, DIIs 12.3%, Government 0.1%, Public 19.7%, Others 0.1%.Sep '24: Promoters 52.6%, FIIs 15.3%, DIIs 13.1%, Government 0.1%, Public 18.9%, Others 0.1%.Dec '24: Promoters 52.6%, FIIs 13.6%, DIIs 14.0%, Government 0.1%, Public 19.7%, Others 0.1%.Mar '25: Promoters 52.6%, FIIs 12.2%, DIIs 15.5%, Government 0.1%, Public 19.5%, Others 0.1%.Jun '25: Promoters 52.6%, FIIs 11.8%, DIIs 21.0%, Government 0.1%, Public 14.4%, Others 0.1%.Sep '25: Promoters 52.6%, FIIs 11.6%, DIIs 21.5%, Government 0.1%, Public 14.1%, Others 0.1%.Dec '25: Promoters 52.6%, FIIs 12.8%, DIIs 21.1%, Government 0.1%, Public 13.4%, Others 0.1%.Mar '26: Promoters 52.6%, FIIs 12.1%, DIIs 21.7%, Government 0.1%, Public 13.4%, Others 0.1%.Jun '26: Promoters 52.6%, FIIs 13.3%, DIIs 20.7%, Government 0.1%, Public 13.2%, Others 0.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Asian Paints Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Life Insurance Corporation Of India Insurer8.11%unchanged
Sattva Holding and Trading Pvt Ltd 5.71%unchanged
Smiti Holding and Trading Company Private Limited 5.36%unchanged
Geetanjali Trading And Investments Private Limited 4.77%unchanged
SBI Mutual Fund Mutual fund4.31%−0.89 pp
Elcid Investments Limited 2.95%unchanged
Shubhit Holdings Private Limited 2.41%unchanged
Sudhanva Investments and Trading Company Private Limited 1.98%unchanged
Rupen Investment & Industries Private Limited 1.97%unchanged
Satyadharma Investments and Trading Company Private Ltd. 1.91%unchanged
ICICI Prudential Mutual Fund Mutual fund1.84%−0.41 pp
Castle Investment & Industries Private Limited 1.61%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ASIANPAINT

Filings to Aug 2026

0 new, 16 added, 18 trimmed, 1 sold out — net −4.61 L shares (−0.9%).

Held by funds
₹13.0k Cr
55 schemes
Biggest holder
SBI Nifty 50 ETF
₹2.3k Cr · 1.1% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹2.3k Cr+0.46 L
SBI Large Cap Fund SBI Mutual Fund₹2.0k Crheld
SBI BSE Sensex ETF SBI Mutual Fund₹1.6k Cr+0.60 L
SBI Aggressive Hybrid Fund SBI Mutual Fund₹1.5k Crheld
SBI Large and Midcap Fund SBI Mutual Fund₹1.0k Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹730 Cr+0.55 L
SBI MultiCap Fund SBI Mutual Fund₹531 Cr−2.00 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹422 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

16 added, 18 trimmed — net −4.61 L shares (−0.9%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹13.0k Cr
55 schemes · ≈ 5.0% of the company
Biggest holder
SBI Nifty 50 ETF
₹2.3k Cr · 1.1% of that fund
Longest holder
Nippon India Index Fund - Nifty 50 Plan
14y · since Sep '12

Shares held by these funds +200%

Aug '23 4.98 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2472, this stock must grow earnings at 33% every year for 5 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹729 — downside of 71%.

Growth the price implies
32.8% a year
for 5 years, fading to 5%
It has actually compounded at
1.6% a year
net profit, FY23–FY26 · EPS 1.6%
The gap
0.3 pp
-71% downside if it only repeats history
Price today ₹2,472.5 Value at the reference growth ₹729.17
Why this baseline, and what it is built on

Asian Paints exhibits volatile quarterly financials, with recent TTM sales growth being negative or near zero, and fluctuating net profits. The promise track record is mixed, including ghosted and diluted promises, which reduces confidence. Management guides for 'high single-digit' volume growth for Q4 FY26 and an 18-20% PBDIT margin 'going forward'. Given the recent poor performance and mixed track record, a conservative g1 of 6.0% is chosen, significantly discounting the 'high single-digit' volume growth to account for potential price realization challenges and execution risk. Despite low leverage, the earnings volatility and mixed track record warrant a higher discount rate of 12%. A 5-year stage-1 growth period with a 3-year fade to a 5% terminal growth rate is used.

Through 2025-12-31

Change the assumptions yourself →

All earnings calls (10)

Read the Q1 FY27 call →

Learn to analyse Asian Paints Limited

Guides on how to read this kind of business and the numbers that matter.