Asian Paints Ltd(ASIANPAINT)

NSE: ASIANPAINTBSE: 500820

₹ 2,323+0.78%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2.23 L crNext results: 29 Oct 2026Website: www.asianpaints.comUpdated: 24 Oct 2026

About

Asian Paints is India's leading paint company, ranked #2 in Asia and #8 in the world, making decorative and industrial coatings alongside a home décor portfolio. It operates across 14 countries with 25 paint manufacturing plants. Reported revenue was Rs 35,583.54 Cr in FY26.^[1][2]

Business segments

Reports a single segment, Paints and Home Decor, under Ind AS 108 as of FY26.^[1]
Paints contributed 97.4% of consolidated revenue in FY22 (₹28,349.54 cr) with an EBIT margin of 15.4%.^[3]
Home Improvement contributed 2.6% of consolidated revenue in FY22 (₹758.36 cr) at an EBIT margin of -0.9%; its share rose 0.7 percentage points since FY18.^[3]
Industrial coatings run through 50:50 JVs with PPG: PPGAP (automotive, OEM, packaging, marine) and APPPG (protective, powder coatings); the PPG partnership was extended for 15 years in FY26.^[1]

Products and brands

Portfolio spans paints and coatings, wallcoverings, adhesives, kitchens, bath fittings, sanitaryware, furnishings, lighting and furniture, plus painting and interior design services (FY26).^[1]
FY26 launches included SmartCare Damp Secure, Apcolite All Protek, Nilaya Arc and WoodTech PU Gold.^[1]
New products launched within a three-year rolling window contributed ~17% of overall revenues in Q1 FY27.^[4]
Home décor includes Kitchen, Bath, White Teak and Weatherseal; Weatherseal revenue grew 42% in FY26.^[5]
Beautiful Homes Painting Service is described as the largest organised painting service platform globally (FY26).^[1]
Regionalisation covers 8 - 9 states with localised variants and packaging, including J&K, Kerala, West Bengal, Karnataka and Haryana (Q3 FY26).^[6]

Manufacturing and capacity

Installed in-house decorative paint capacity in India is 2,290,000 KL per annum as of FY26.^[1]
Ankleshwar was rebuilt as an automated flexible platform with a 2.5x capacity increase, supporting 2.5 Lakhs KL across 837 SKUs (FY26).^[1]
White cement plant at Fujairah, UAE, designed clinker capacity of 800 tonnes per day, commissioned in Q2 FY26 and integrated into India's putty supply chain.^[1][7]
APPPG raised in-house capacity at Taloja by 60% in FY26, its largest expansion to date.^[1]
A new bath fittings plant was commissioned at Wada, Maharashtra in FY26.^[1]

Key operating numbers

Overall coatings volume growth was 9.0% and value growth 5.3% in FY26.^[1]
India Decorative volume growth was 9.0% in Q1 FY27 vs 3.9% in Q1 FY26; value growth reached 16.6% in Q1 FY27.^[4]
Standalone gross margin was 43.8% in Q1 FY27 (+66 bps YoY); Q4 FY26 gross margin was 45.6% (+70 bps YoY).^[4]
PPGAP revenue grew ~13% in Q1 FY27 with PBT margin 15.7%; APPPG grew 21% with PBT margin 6.9%.^[4]
International business grew 27.2% in INR terms (20.3% constant currency) in Q1 FY27, with PBT margin of 7.9%.^[4]

Customers and distribution

Nearly 6,000 new retail touchpoints were added in FY26; retail reach exceeded 160,000 outlets as of Q3 FY26.^[1][6]
Beautiful Homes stores numbered 74 in FY26 vs 72 in FY25.^[1][8]
Sleek kitchens operate through 305 stores across 160 cities (FY26); Beautifulhomes.com had 56 Lakhs+ visitors in FY26.^[1]
Exports are 0.3% of standalone turnover in FY26.^[1]
B2B Projects serves buildings, factories, airports, ports, bullet-train and government segments; AP Juggernaut covered 100+ key accounts as of Q1 FY27.^[4]
Rural outpaced urban in India Decorative in Q1 FY27.^[4]
International operations include UAE, Egypt, Nepal, Bangladesh, Sri Lanka and Ethiopia.^[4]

Expansion and capex

VAM-VAE backward integration plant at Dahej targets VAE phase commissioning by August 2026; full ~150,000 MT VAE capacity expected within 2 - 2.5 years of commissioning.^[4]
VAM-VAE is expected to deliver 300 - 500 bps gross margin benefit for the relevant portfolio once fully ramped.^[4]
Standalone capital commitments towards property, plant and equipment were ₹705.95 cr in FY26 vs ₹968.49 cr a year earlier.^[1]

Recent developments

In Q1 FY27 launched Emporio Orano luxury Italian PU finish and Anti-Damp Eco-Emulsion.^[4]
Nilaya was launched in the Middle East in Q1 FY27; Royal Stellar was introduced internationally.^[4]
Kitchen revenue was ₹99 cr in Q4 FY26 (+16.5% YoY), PBT loss narrowing to ₹1 cr from ₹16 cr.^[5]
Ethiopia faced currency devaluation headwinds in Q1 FY27.^[4]
Crude-linked imported input cost pressure rose in March 2026 after escalation in West Asia.^[1]

Market Cap

₹2,22,822 Cr

High / Low

₹2,986 / 2,116

Stock P/E

46.4

Price / Book

10.3

Book Value

₹223

EPS

₹45.1

No. of Shares

95.92 Cr

ROCE

26.6%

ROE

21.2%

OPM

17.1%

Debt / Equity

0.11

Sales

₹35,584 Cr

Net Profit

₹4,395 Cr

Promoter holding

52.6%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Asian Paints Ltd(ASIANPAINT)

About

Business segments

Products and brands

Manufacturing and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions