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India's largest paint company, making decorative and industrial paints/coatings sold through an extensive dealer network.
India's largest paint company, making decorative and industrial paints/coatings sold through an extensive dealer network.
Sells paint through a vast network of dealers, with decorative paints, most of it for repainting existing homes, carrying the company; the dealer's tinting machine mixes the colour on the spot. Founding families rather than institutions control it, and it also sells in several overseas markets, mainly in Asia.
In one line: India's Sherwin-Williams.
Moat: wide (brand, distribution, scale). Decades of dominant market share built on an extensive dealer/tinting-machine network that is very costly to replicate.
Headquarters: Mumbai, India · Founded: 1942 · Employees: 33,360
Size Asian Paints (ASIANPAINT.NS) is an India Materials company (Industrial Specialties) with a market value of $25.9B, the 36th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,546 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against +8.9% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 15 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +6.7%); the operating margin is 15.7% (peer median 14.2%).
Valuation It trades at 47.5× forward earnings against a peer median of 16.3× (3rd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.1 points above its cost of capital (14.9% WACC).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹386B | ₹356B | ₹339B | ₹354B | ₹344B |
| Revenue growth | — | +5% | -4% | +3% | — |
| Gross profit | ₹124B | ₹110B | ₹102B | ₹117B | ₹98.9B |
| EBITDA | ₹72.9B | ₹68.5B | ₹61.2B | ₹77.0B | ₹64.5B |
| Net income | ₹48.4B | ₹43.3B | ₹36.7B | ₹54.6B | ₹41.1B |
| Free cash flow | n/a | ₹56.4B | ₹26.8B | ₹36.8B | ₹27.5B |
| Capital expenditure | n/a | ₹14.9B | ₹18.3B | ₹25.0B | ₹14.5B |
| Total debt | ₹46.0B | ₹39.3B | ₹22.9B | ₹24.7B | ₹19.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Asian Paints ASIANPAINT.NS | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% |
| Berger Paints India BERGEPAINT.NS | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% |
| Kansai Nerolac Paints KANSAINER.NS | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% |
| Indigo Paints INDIGOPNTS.NS | $462M | -1% | +12% | 13% | 23.8× | 27.6% |
| Pidilite Industries PIDILITIND.NS | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASIANPAINT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +5.1% | 6th highest of 15 |
| 6-month return | +0.6% | +8.9% | 4th lowest of 15 |
| Distance from 52-week high | -14.7% | -11.7% | 8th highest of 15 |
| Revenue growth (TTM) | +12.4% | +6.7% | 7th highest of 15 |
| Operating margin | 15.7% | 14.2% | 6th highest of 15 |
| Forward P/E | 47.5× | 16.3× | 3rd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 37.3% | 7.9% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +10.6% | +8.1% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | +26.7 pp | +3.3 pp | most demanding of 13 |
| ROIC minus cost of capital | +6.1 pp | +3.1 pp | 4th highest of 15 |
| EV / EBITDA | 33.4× | 12.2× | 3rd most expensive of 13 |
| Net debt / EBITDA | -0.2× | 1.8× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| Sherwin-Williams SHW | United States | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% | +5.1% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |