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Consolidated Standalone

Asian Paints

₹2261.4 -22.8 | 1%

Market Cap ₹216913 Cr.

Stock P/E 39.0

P/B 12

Current Price ₹2261.4

Book Value ₹ 187.9

Face Value 1

52W High ₹3422

Dividend Yield 1.47%

52W Low ₹ 2256.5

Edit Ratio

Asian Paints Research see more...

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Asian Paints Ltd

Stocx User

As market tumbles, Asian Paints Limited should be a good bet

Overview Inc. Year: 1945Industry: Paints

Asian Paints Limited is engaged within the commercial enterprise of manufacturing, promoting and distribution of paints, coatings, products associated with domestic decor, bathtub fittings and providing associated offerings. Its segments include Paints and Home Improvement. Paints section is engaged in manufacturing and trading of paints and related services. Home Improvement section is engaged in production and buying and selling bathtub fitting merchandise and associated services The Company manufactures paints, varnishes, enamels, or lacquers, and surfacing preparations, which consist of organic composite solvents and thinners and different related products. It additionally manufactures organic and inorganic chemicals; metal sanitary ware such as baths, sinks, washbasins and similar articles and cosmetics and toiletries. It gives various offerings, along with indoors design provider, safe painting service, wood solutions, waterproofing, colour consultancy online and contractor finder services.

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Asian Paints Share Price

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Peer Comparison

Asian Paints Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 8607 8458 8637 8787 9182 8479 9103 8731 8970 8028
Other Income 99 95 87 105 197 165 139 187 156 174
Total Income 8706 8553 8723 8893 9379 8644 9242 8918 9126 8201
Total Expenditure 7051 7230 7025 6923 7061 6762 7047 7039 7276 6788
Operating Profit 1655 1323 1698 1970 2318 1881 2195 1878 1850 1413
Interest 29 35 41 39 46 51 54 54 55 63
Depreciation 208 216 214 220 198 209 220 226 228 242
Exceptional Income / Expenses -24 0 0 -25 0 0 0 0 0 -180
Profit Before Tax 1394 1072 1443 1687 2074 1622 1920 1599 1567 928
Provision for Tax 371 290 381 451 530 419 493 349 417 265
Profit After Tax 1023 782 1061 1235 1544 1203 1427 1250 1150 663
Adjustments -6 1 11 -1 6 2 20 7 20 32
Profit After Adjustments 1017 783 1073 1234 1550 1205 1448 1257 1170 695
Adjusted Earnings Per Share 10.6 8.2 11.2 12.9 16.2 12.6 15.1 13.1 12.2 7.2

Asian Paints Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 12715 14183 14271 15168 16844 19248 20211 21713 29101 34489 35495 34832
Other Income 134 170 213 262 221 233 304 303 380 386 688 656
Total Income 12849 14353 14485 15431 17064 19481 20516 22016 29481 34875 36183 35487
Total Expenditure 10711 11940 11494 12174 13640 15478 16049 16857 24298 28229 27910 28150
Operating Profit 2138 2413 2991 3256 3425 4004 4466 5159 5184 6646 8273 7336
Interest 48 42 49 37 41 110 102 92 95 144 205 226
Depreciation 246 266 276 335 360 622 781 791 816 858 853 916
Exceptional Income / Expenses -10 -28 -52 0 0 0 0 0 -116 -49 0 -180
Profit Before Tax 1834 2077 2614 2934 3068 3312 3634 4304 4188 5689 7348 6014
Provision for Tax 572 650 844 943 1041 1098 855 1098 1103 1494 1790 1524
Profit After Tax 1263 1427 1769 1990 2028 2214 2779 3207 3085 4195 5558 4490
Adjustments -44 -32 -24 -51 11 -58 -74 -67 -54 -89 -97 79
Profit After Adjustments 1219 1395 1745 1939 2039 2156 2705 3139 3031 4106 5460 4570
Adjusted Earnings Per Share 12.7 14.5 18.2 20.2 21.3 22.5 28.2 32.7 31.6 42.8 56.9 47.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 3% 18% 13% 11%
Operating Profit CAGR 24% 17% 16% 14%
PAT CAGR 32% 20% 20% 16%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -33% -12% 5% 12%
ROE Average 32% 28% 28% 29%
ROCE Average 41% 36% 36% 39%

Asian Paints Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 4039 4742 6525 7604 8410 9471 10130 12806 13812 15992 18728
Minority's Interest 246 264 384 375 328 361 404 423 388 454 695
Borrowings 41 78 73 41 28 19 19 15 45 76 54
Other Non-Current Liabilities 290 311 429 500 546 1218 1205 1186 1144 1361 1922
Total Current Liabilities 3459 3519 3149 3885 4451 5180 4380 5926 7571 7896 8501
Total Liabilities 8075 8915 10559 12405 13763 16249 16138 20355 22958 25779 29901
Fixed Assets 2562 2660 3416 3304 3732 6497 6272 5859 5519 5770 7147
Other Non-Current Assets 599 915 1408 2136 3117 2125 2286 2470 2287 3474 5217
Total Current Assets 4915 5339 5731 6951 6899 7612 7566 12013 15144 16535 17537
Total Assets 8075 8915 10559 12405 13763 16249 16138 20355 22958 25779 29901

Asian Paints Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 736 920 1050 1578 1668 846 1280 929 3421 2283 3054
Cash Flow from Operating Activities 1402 1188 2243 1527 2113 2470 3038 3683 986 4193 6104
Cash Flow from Investing Activities -605 -478 -866 -656 -1599 -944 -521 -548 -322 -1275 -2518
Cash Flow from Financing Activities -626 -576 -849 -756 -1379 -1117 -2871 -650 -1808 -2140 -2983
Net Cash Inflow / Outflow 171 134 528 115 -865 408 -355 2485 -1143 779 603
Closing Cash & Cash Equivalent 926 1067 1578 1668 846 1280 929 3421 2283 3054 3627

Asian Paints Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 12.71 14.54 18.19 20.22 21.26 22.48 28.2 32.73 31.59 42.81 56.92
CEPS(Rs) 15.73 17.65 21.32 24.24 24.9 29.57 37.11 41.68 40.67 52.68 66.83
DPS(Rs) 5.3 6.1 7.5 10.3 8.7 10.5 12 17.85 19.15 25.65 33.3
Book NAV/Share(Rs) 42.11 49.44 68.02 79.27 87.68 98.73 105.61 133.51 143.85 166.45 194.75
Core EBITDA Margin(%) 13.61 13.56 15.56 15.69 16.07 17.1 17.86 19.08 13.97 15.24 17.7
EBIT Margin(%) 12.79 12.81 14.91 15.57 15.6 15.52 16.03 17.27 12.46 14.2 17.63
Pre Tax Margin(%) 12.46 12.56 14.64 15.37 15.39 15.02 15.59 16.91 12.18 13.85 17.15
PAT Margin (%) 8.58 8.63 9.91 10.43 10.17 10.04 11.93 12.6 8.97 10.21 12.97
Cash Profit Margin (%) 10.25 10.24 11.45 12.18 11.98 12.86 15.27 15.71 11.35 12.3 14.96
ROA(%) 17 16.8 18.17 17.33 15.5 14.75 17.16 17.57 14.24 17.22 19.96
ROE(%) 34.02 32.51 31.41 28.18 25.32 24.76 28.36 27.96 23.19 28.19 32.08
ROCE(%) 47.17 44.85 44.35 39.58 36.36 35.95 36.31 37.19 30.88 36.98 41.05
Receivable days 25.92 25.3 24.21 25.18 29.08 30.1 29 31.54 34.37 37.79 40.58
Inventory Days 48.35 47.77 43.51 44.23 48.37 48.06 51.21 51.55 52.83 54.92 51.69
Payable days 93.08 89.38 83.95 90.54 89.89 86.07 84.87 97.41 87.14 73.2 71.18
PER(x) 43.01 55.6 47.75 52.98 52.72 66.38 59.1 77.51 97.54 64.51 50
Price/Book(x) 12.98 16.36 12.77 13.51 12.78 15.11 15.78 19 21.42 16.59 14.61
Dividend Yield(%) 0.97 0.75 0.86 0.96 0.78 0.7 0.72 0.7 0.62 0.93 1.17
EV/Net Sales(x) 4.12 5.48 5.83 6.76 6.39 7.44 7.89 11.19 10.15 7.68 7.69
EV/Core EBITDA(x) 24.53 32.24 27.83 31.48 31.43 35.79 35.7 47.12 57.01 39.88 33
Net Sales Growth(%) 16.24 11.55 0.63 6.28 11.05 14.28 5 7.43 34.03 18.51 2.92
EBIT Growth(%) 10.9 12.58 25.66 11.57 4.68 10.05 9.17 17.66 -1.93 36.19 29.48
PAT Growth(%) 8.9 13.03 23.96 12.49 1.87 9.19 25.53 15.39 -2.94 36 32.47
EPS Growth(%) 9.42 14.47 25.09 11.13 5.13 5.74 25.48 16.05 -3.46 35.5 32.97
Debt/Equity(x) 0.06 0.09 0.05 0.07 0.06 0.07 0.04 0.03 0.06 0.06 0.06
Current Ratio(x) 1.42 1.52 1.82 1.79 1.55 1.47 1.73 2.03 2 2.09 2.06
Quick Ratio(x) 0.82 0.88 1.19 1.11 0.95 0.86 0.95 1.39 1.19 1.31 1.37
Interest Cover(x) 39.22 50.17 54.34 79.59 74.99 30.98 36.51 47.98 44.89 40.38 36.81
Total Debt/Mcap(x) 0 0.01 0 0.01 0 0 0 0 0 0 0

Asian Paints Shareholding Pattern

# Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Promoter 52.63 52.63 52.63 52.63 52.63 52.63 52.63 52.63 52.63 52.63
FII 18.51 18.56 18.11 17.01 17.47 17.65 17.32 15.89 15.27 15.28
DII 8.46 8.78 9.2 10.01 10.05 10.05 10.58 11.66 12.36 13.16
Public 20.4 20.03 20.06 20.35 19.85 19.67 19.48 19.82 19.75 18.93
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 28%
  • Debtor days have improved from 73.2 to 71.18days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 12 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Asian Paints News

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