Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 11 Sep - Crisil reaffirmed Asian Paints’ ratings: AAA/Stable on Rs 1,428 crore long-term debt, A1+ on short-term facilities.
Source: Bse
Asian Paints Limited (ASIANPAINT)
Large CapConsumer stocks · Large cap · NSE
Asian Paints Limited is a leading Indian paint and decor company, offering a wide range of products and services to beautify, preserve, and transform spaces. It operates across decorative, industrial, and home decor segments, with a presence in multiple international markets.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result29 Jul, 07:43 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -6.1% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 25
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ASIANPAINTD candles · FIT view-6.2%Latest close ₹2330.70 on 2026-10-19
Bar
-0.1%
RSI
38
MACD hist
2.92
52W pos
25%
2026-10-19O ₹2331.90H ₹2336.80L ₹2310.00C ₹2330.70Vol 5.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ASIANPAINTNifty Consumer DurablesNifty 500
- ASIANPAINT
- -13.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -7.8 pp
Chart stats
19 Oct 2026- From 52W high
- -21.9%
- 52W range position
- 25%
- ATR (14)
- 2.1%
- Volume vs 20D
- 0.78x
- Avg traded value
- ₹145 Cr
- 20D price channel
- ₹2,310 - ₹2,475.1
₹2,985.7
₹2,115 - ₹2,985.7
₹48
Latest completed session
20-session average
22.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +17.9% · PAT +39.6% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-186.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +18% YoY · PAT +40% YoY · margin expansion · +14% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,542 Cr | +17.9% | +14.0% |
| EBITDA | ₹2,169 Cr | +33.5% | +21.4% |
| Operating margin | 21.0% | +300 bps | +200 bps |
| PAT | ₹1,559 Cr | +39.6% | +31.6% |
| PAT margin | 14.8% | +229 bps | +198 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.90
- P/B
- 10.46
- EV/EBITDA
- 26.87
- Market Cap
- 223675.00Cr
Profitability
- ROE
- 21.80%
- ROCE
- 26.30%
- ROA
- 14.01%
- Dividend Y
- 1.18%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 36.38×
- Altman Z
- 8.86
- Book Value
- 223.00
Cash Flow
- FCF Yield
- 2.58%
- FCF Positive Y
- 12/5
- OCF
- 7088.00 Cr
- EPS TTM
- 49.68
Shareholding
- Promoter Hold
- 52.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 30.8k+4.1% vs prev
Net Profit
₹ CrLatest: 4,244+18.3% vs prev
Return on Equity
%Latest: 20.4+8.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 38. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~6.4% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
47
RS percentile
Stage 1 Base / Transition
1M return
-4.9%
3M return
-13.4%
6M return
-9.1%
1Y return
-7.1%
RS 1D
+3
RS 20D
-4
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 8.5% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 102.51+0.98%
RS vs Nifty 500103
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth7/25
Quality15/20
Balance Sheet10/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 8/10 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Fair-value margin of safety is negative at -186.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
45.9
PB
10.5
EV/EBITDA
26.9
ROE
21.8%
ROCE
26.3%
FCF Yield
2.6%
Debt/Equity
0.2
MoS
-186.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-186.0%
Previous: -186.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹499.27
-366.8% MoS
Growth-justified P/E
16.4
Growth-justified Value
₹814.75
-186.0% MoS
PEG
9.18
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BERGEPAINT
Large
Berger Paints (I) Limited
Paints & Coatings
match 156
43
45.2
17.3%
-44%
WATCHLIST
INDIGOPNTS
Micro
Indigo Paints Limited
Paints & Coatings
match 147
30
30.1
13.7%
-980%
OVERVALUED
JSWDULUX
Small
JSW Dulux Limited
Paints & Coatings
match 129
69
35.2
19.1%
+84%
UNDERVALUED
KANSAINER
Micro
Kansai Nerolac Paints Limited
Fertilizers & Agrochemicals
match 64
38
22.5
8.8%
-176%
WATCHLIST
SIRCA
Small
Sirca Paints India Limited
Fertilizers & Agrochemicals
match 64
51
34.1
15.8%
+6%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T08:10:56.472Z
Management commentary snapshot
Asian Paints reports strong Q4 FY26 consolidated net sales growth of 10.8% YoY, driven by robust 12.4% volume growth in India's Decorative business and improved profitability across segments.
The company delivered strong Q4 FY26 results with double-digit volume growth in India's Decorative business and improved margins, benefiting from raw material deflation and cost efficiencies. While demand conditions remain steady, near-term macro volatility and competitive intensity pose challenges, which management plans to address through calibrated pricing and agile sourcing.
Growth engines
Brand Building
Massive Upsurge on Brand Building, leveraging cricket as a 360° cultural platform and initiatives like Lodhi Art Festival.
Innovation Quotient
Dialed up Innovation Quotient with new product launches like SmartCare Damp Secure and Woodtech PU Gold, contributing ~17% to revenues.
B2B Segment Expansion
Widening the Net in B2B, with strong growth in Factories and Hospitality segments, and making further inroads in B2B Projects.
Services Ignition
Services Ignition through flagship Beautiful Homes Painting Service and specialized B2B asset protection and waterproofing services.
Capacity and execution
VAM-VAE Project Commissioning
VAM-VAE project on track; expect to commission the first phase in H1FY27, furthering innovation capabilities.
Tailwinds
Material Deflation
Material deflation contributed to improved gross margins in Q4 FY26.
Infrastructure Growth
Accelerating B2B Sales by Capitalizing on the Infrastructure Growth, particularly in Factories and Hospitality segments.
Structural Demand (Industrial)
Industrial Coatings expected to maintain its strong growth trajectory supported by structural demand tailwinds.
Headwinds
West Asia Conflict
Near-term macro volatility persists due to inflationary risks linked to the West Asia conflict.
Competitive Intensity
Continued competitive intensity in the market.
Currency Depreciation
Currency depreciation poses a potential adverse impact.
Risk radar
Macro Volatility
The future involves many risks and uncertainties that could cause actual results to differ materially from current views.
Foreign Exchange and Commodity Price Fluctuations
Potential risks and uncertainties include foreign exchange and commodity price fluctuations.
Competitive Pressures
Competitive product and pricing pressures are potential risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results are compared YoY to account for seasonality in the decorative paints business. QoQ trends are also relevant for assessing sequential momentum in demand conditions, gross margins, and project execution, especially in the Home Decor and Industrial segments.
Sector KPIs management disclosed
Decorative India Volume Growth
Decorative Business (India) volume growth was 12.4% in Q4 FY26, up from 1.8% in Q4 FY25.
Decorative India Value Growth
Decorative Business (India) value growth was 10.2% in Q4 FY26, up from -5.2% in Q4 FY25.
Consolidated Gross Margin
Consolidated Gross Margin improved to 44.7% in Q4 FY26, up 100 bps YoY.
Rural/Urban Demand
Improvement in growth across rural and urban centers with rural being ahead of urban growth in Q4 FY26.
Management forward view
Sustain Growth Momentum
Endeavour to sustain the growth momentum through disciplined execution despite uncertainties and competitive intensity.
Calibrated Pricing Actions
Calibrated pricing actions alongside agile sourcing and cost optimization to help mitigate adverse impact from RM inflation and currency depreciation.
International Business Progress
International business to continue its steady progress, though select markets might see some challenges.
VAM-VAE Commissioning
VAM-VAE project on track; expect to commission the first phase in H1FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Decorative India Volume Growth | 12.4% (Q4 FY26) | Sustained double-digit growth amidst competitive intensity. |
| Consolidated Gross Margin | 44.7% (Q4 FY26) | Impact of raw material inflation and pricing actions on margin trajectory. |
| Rural Demand Growth | Ahead of urban growth (Q4 FY26) | Continued outperformance of rural demand. |
| Home Décor Business Profitability | Kitchen PBT loss reduced to ₹1 cr, Bath PBT improved to ₹4 cr (Q4 FY26) | Continued reduction in losses and path to profitability for Home Décor segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
114 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Consumer: 91st pctile, median 66 · Large: 70th pctile, median 73
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
74
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.6%.
- ▸12 years of positive FCF.
- ▸ROCE is 26.3%.
Trust risks
- ▸ROCE trend is -3.7%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Asian Paints Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Trading Plan under SEBI (PIT) Regulations, 2015 21 Aug - Audit Committee found GTIPL’s first-tranche purchase non-implementation bona fide under trading plan on 21 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Find enclosed the newspaper advertisment published on 11th August 2026 informing about the resolution to be passed by postal ballot and details related to e-voting.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4m - Find enclosed the communication with respect to the investor conference call to be held on 29th July 2026 on the business and financial performance of …
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 10 Jul - Shareholders approved Sudhir Sitapati’s appointment and Milind Sarwate’s reappointment as independent directors at 9 July 2026 AGM.
Source: Bse
Annual reportJul 2026
Jul 2026 · Compliance Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Letter To Shareholders In Relation To Integrated Annual Report Of The Company For The Financial Year 2025-26 12 Jun - Asian Paints schedules 80th AGM on 9 July 2026 and shares FY2025-26 annual report access details.
Source: Bse
Annual reportJul 2026
Jul 2026 · Reg. 34 (1) Annual Report. 2d - Integrated Annual Report 2025-26 and AGM notice issued for 9 July 2026 AGM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 10 Jul - Shareholders approved S R B C & Co. LLP as statutory auditor for five years at the 80th AGM; Deloitte ceased.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 24 Jun - India Ratings assigned IND AAA/Stable/IND A1+ to ₹2,300 crore bank facilities after AP Polymers amalgamation.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jun - Newspaper Publication regarding Notice of 80th Annual General Meeting and e-Voting information
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.