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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +18% YoY · PAT +40% YoY · margin expansion · +14% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
VAM-VAE Project Commissioning
VAM-VAE project on track; expect to commission the first phase in H1FY27, furthering innovation capabilities.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
36BearishSMA20 -2.5% / mo · MACD −
Technical chart
ASIANPAINTdaily · 1Y · AUTO+10.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 19% 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.
Relative Strength & Trend Stage
- 14.9% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.1% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -210.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 90th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -3.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 90th pctile, median 66 · Large: 70th pctile, median 73
113 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.70
- P/B
- 11.33
- EV/EBITDA
- 29.08
- Market Cap
- 242418.00Cr
Profitability
- ROE
- 21.80%
- ROCE
- 26.30%
- ROA
- 14.01%
- Dividend Y
- 1.09%
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
- 2.38%
- FCF Positive Y
- 12/5
- OCF
- 7088.00 Cr
- EPS TTM
- 49.68
Shareholding
- Promoter Hold
- 52.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.