# Asian Paints (ASIANPAINT.NSE)

Canonical: https://gigainvestors.com/s/ASIANPAINT.NSE

Analysis as of: 2026-10-16T07:33:23.136Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 2,344.70 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.17×

- FY2019: 0.16×

- FY2020: 0.17×

- FY2021: 0.19×

- FY2022: 0.14×

- FY2023: 0.16×

- FY2024: 0.19×

- FY2025: 0.15×

- FY2026: 0.15×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 21.5%

- Conservative return floor, second lowest: 16.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 20.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 172B

- Net income, five-year total: INR 206B

- Return on incremental invested capital: 26.4%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.8 pp

- Working capital / revenue, final three-year average: 19.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.01×

- FY2023: 0.94×

- FY2024: 0.69×

- FY2025: 0.69×

- FY2026: 0.92×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 20.22 to 45.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: INR 1.05T

- Cumulative retained earnings: INR 143B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.6%

- Per-share value change: INR 24.89

- Per-share value, starting three-year median: INR 20.22

- Per-share value, ending three-year median: INR 45.11

- Buybacks concentrated in cheaper years (correlation): -0.43

- Average buyback yield: 0.0%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 326B

- ROIC, last three-year median: 16.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 20.22

- FY2018: INR 21.26

- FY2019: INR 22.51

- FY2020: INR 28.20

- FY2021: INR 32.73

- FY2022: INR 31.59

- FY2023: INR 42.82

- FY2024: INR 56.94

- FY2025: INR 38.25

- FY2026: INR 45.11

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.64×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.3%

- FY2018: -0.5%

- FY2019: -1.9%

- FY2020: -2.1%

- FY2021: -2.7%

- FY2022: 8.9%

- FY2023: -0.3%

- FY2024: -2.2%

- FY2025: -2.5%

- FY2026: -8.0%

## Holders

## Price story

Down 31% since Dec 2023 · sales +4.9%

Story as of 2026-10-16T09:59:55.866Z; price observation 2026-10-14.

### Sales · FY2025–2026

sales +4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 151B 

- FY2018: INR 168B 

- FY2019: INR 192B 

- FY2020: INR 202B 

- FY2021: INR 217B 

- FY2022: INR 291B 

- FY2023: INR 345B 

- FY2024: INR 355B 

- FY2025: INR 339B 

- FY2026: INR 356B 

### Gross margin · FY2026

gross margin 43.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 38.1% 

- FY2024: 42.9% 

- FY2025: 41.9% 

- FY2026: 43.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in paints; annual sales are INR 355.8 billion.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2026: revenue 355840000000; grossProfit 154214100000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 41.9% to 43.3% during 2024–26; it earns 19.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); FY2024: grossProfit / revenue = 42.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); FY2025: grossProfit / revenue = 41.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); FY2026: grossProfit / revenue = 43.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); 10-year return on capital observations [[2023,0.22441451237949062],[2024,0.242870400478495],[2025,0.16438646056786899],[2026,0.15574379406315575]]; median 0.1944004864736798. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 6.5% of cash earnings; earns 26.4% on new investment.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2017: growth capex 1724641760.2014341; upkeep 5115358239.798566; owner earnings 17624641760.201435. Growth capex / owner earnings = 0.09785400371063899.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2018: growth capex 3860582384.8119183; upkeep 10399417615.188082; owner earnings 13590582384.811918. Growth capex / owner earnings = 0.28406305745413024.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2019: growth capex 5290000000; upkeep 6220000000; owner earnings 21560000000. Growth capex / owner earnings = 0.2453617810760668.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2020: growth capex 0; upkeep 4140000000; owner earnings 30710000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2021: growth capex 0; upkeep 2890000000; owner earnings 36410000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2022: growth capex 0; upkeep 5510000000; cash acquisitions 0; owner earnings 30746000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2023: growth capex 5880000000; upkeep 8580000000; cash acquisitions 1796190000; owner earnings 38502800000. Growth capex plus acquisitions / owner earnings = 0.19936705901908433.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2024: growth capex 2290594130.937725; upkeep 22669405869.062275; cash acquisitions 1127100000; owner earnings 37604294130.93773. Growth capex plus acquisitions / owner earnings = 0.09088574084218554.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2025: growth capex 0; upkeep 18300000000; cash acquisitions 0; owner earnings 25383800000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.screener.in/company/ASIANPAINT/consolidated/ (filed 2026-10-16T07:33:23.136Z); FY2026: growth capex 2580000000; upkeep 12290000000; cash acquisitions 0; owner earnings 39852200000. Growth capex plus acquisitions / owner earnings = 0.06473921138607154.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); Incremental return on capital 0.26379404101053583, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); Dividend observations: [[2017,9470000000],[2018,12180000000],[2019,10490000000],[2020,21210000000],[2021,4990000000],[2022,17630000000],[2023,19360000000],[2024,25510000000],[2025,31400000000],[2026,24250000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1693690_15072026083521_WEB.xml (filed 2026-10-16T07:33:23.136Z); FY2026: cash repurchases 309200000 INR.

### What the price says

The price is 6.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.136Z); Closing price 2344.699951171875 INR; reporting-to-trading FX 1; FY2026 annual sales per share 371.14317687861273; price multiple 6.317507897871823. FY2026 cash earnings/share 41.56607495953757. Closing-price date 2026-10-14.

## Monthly share-price history (INR per share)

- 2016-11: INR 969.90 per share

- 2016-12: INR 891.05 per share

- 2017-01: INR 970.70 per share

- 2017-02: INR 1,024.20 per share

- 2017-03: INR 1,073.50 per share

- 2017-04: INR 1,120.45 per share

- 2017-05: INR 1,151.20 per share

- 2017-06: INR 1,102.95 per share

- 2017-07: INR 1,161.70 per share

- 2017-08: INR 1,168.55 per share

- 2017-09: INR 1,131.70 per share

- 2017-10: INR 1,180.85 per share

- 2017-11: INR 1,146.75 per share

- 2017-12: INR 1,158.50 per share

- 2018-01: INR 1,128.30 per share

- 2018-02: INR 1,117.75 per share

- 2018-03: INR 1,120.40 per share

- 2018-04: INR 1,201.70 per share

- 2018-05: INR 1,304.65 per share

- 2018-06: INR 1,264.45 per share

- 2018-07: INR 1,451.40 per share

- 2018-08: INR 1,372.45 per share

- 2018-09: INR 1,293.30 per share

- 2018-10: INR 1,230.40 per share

- 2018-11: INR 1,345.95 per share

- 2018-12: INR 1,373.05 per share

- 2019-01: INR 1,412.60 per share

- 2019-02: INR 1,405.20 per share

- 2019-03: INR 1,492.70 per share

- 2019-04: INR 1,463.15 per share

- 2019-05: INR 1,407.30 per share

- 2019-06: INR 1,358.15 per share

- 2019-07: INR 1,521.10 per share

- 2019-08: INR 1,616.20 per share

- 2019-09: INR 1,762.15 per share

- 2019-10: INR 1,809.60 per share

- 2019-11: INR 1,706.15 per share

- 2019-12: INR 1,784.95 per share

- 2020-01: INR 1,795.65 per share

- 2020-02: INR 1,797.95 per share

- 2020-03: INR 1,666.50 per share

- 2020-04: INR 1,758.70 per share

- 2020-05: INR 1,683.10 per share

- 2020-06: INR 1,687.45 per share

- 2020-07: INR 1,715.50 per share

- 2020-08: INR 1,899.10 per share

- 2020-09: INR 1,986.40 per share

- 2020-10: INR 2,211.50 per share

- 2020-11: INR 2,215.30 per share

- 2020-12: INR 2,764.50 per share

- 2021-01: INR 2,407.35 per share

- 2021-02: INR 2,277.20 per share

- 2021-03: INR 2,537.40 per share

- 2021-04: INR 2,536.40 per share

- 2021-05: INR 2,977.50 per share

- 2021-06: INR 2,992.70 per share

- 2021-07: INR 2,958.45 per share

- 2021-08: INR 3,201.35 per share

- 2021-09: INR 3,244.65 per share

- 2021-10: INR 3,100.10 per share

- 2021-11: INR 3,143.65 per share

- 2021-12: INR 3,382.95 per share

- 2022-01: INR 3,152.25 per share

- 2022-02: INR 3,174.65 per share

- 2022-03: INR 3,079.95 per share

- 2022-04: INR 3,237.20 per share

- 2022-05: INR 2,859.65 per share

- 2022-06: INR 2,695.20 per share

- 2022-07: INR 3,333.75 per share

- 2022-08: INR 3,391.60 per share

- 2022-09: INR 3,342.45 per share

- 2022-10: INR 3,107.70 per share

- 2022-11: INR 3,175.15 per share

- 2022-12: INR 3,087.90 per share

- 2023-01: INR 2,725.85 per share

- 2023-02: INR 2,828.80 per share

- 2023-03: INR 2,761.65 per share

- 2023-04: INR 2,902.35 per share

- 2023-05: INR 3,192.95 per share

- 2023-06: INR 3,362.05 per share

- 2023-07: INR 3,377.35 per share

- 2023-08: INR 3,256.10 per share

- 2023-09: INR 3,161.05 per share

- 2023-10: INR 2,995.70 per share

- 2023-11: INR 3,119.90 per share

- 2023-12: INR 3,402.40 per share

- 2024-01: INR 2,957.85 per share

- 2024-02: INR 2,821.90 per share

- 2024-03: INR 2,846.75 per share

- 2024-04: INR 2,875.90 per share

- 2024-05: INR 2,881.20 per share

- 2024-06: INR 2,917.05 per share

- 2024-07: INR 3,084.45 per share

- 2024-08: INR 3,126.80 per share

- 2024-09: INR 3,329.10 per share

- 2024-10: INR 2,935.65 per share

- 2024-11: INR 2,479.60 per share

- 2024-12: INR 2,281.35 per share

- 2025-01: INR 2,300.80 per share

- 2025-02: INR 2,179.75 per share

- 2025-03: INR 2,340.65 per share

- 2025-04: INR 2,425.70 per share

- 2025-05: INR 2,259.10 per share

- 2025-06: INR 2,341.10 per share

- 2025-07: INR 2,396.10 per share

- 2025-08: INR 2,518.60 per share

- 2025-09: INR 2,350.00 per share

- 2025-10: INR 2,510.80 per share

- 2025-11: INR 2,874.40 per share

- 2025-12: INR 2,769.50 per share

- 2026-01: INR 2,428.30 per share

- 2026-02: INR 2,376.20 per share

- 2026-03: INR 2,165.20 per share

- 2026-04: INR 2,444.50 per share

- 2026-05: INR 2,671.60 per share

- 2026-06: INR 2,635.70 per share

- 2026-07: INR 2,747.30 per share

- 2026-08: INR 2,653.60 per share

- 2026-09: INR 2,402.60 per share

- 2026-10: INR 2,350.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:08.735Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.