ASIANPAINT
Large CapAsian Paints Limited
Consumer
Asian Paints is a leading Indian paint company, expanding into home décor and services. It focuses on beautifying, preserving, and transforming spaces, driven by brand building, innovation, B2B expansion, and service differentiation. The company aims to be an integrated home décor player.
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.
Weak fundamentals, management trust is supportive, price trend is neutral, 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 31 Mar 2026
Excellent · 80/100Rev +11% YoY · PAT +69% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9,247 Cr | +10.6% | +4.3% |
| EBITDA | ₹1,787 Cr | +24.4% | +0.3% |
| Operating margin | 19.0% | +200 bps | -100 bps |
| PAT | ₹1,185 Cr | +69.0% | +10.3% |
| PAT margin | 12.8% | +442 bps | +70 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Asian Paints reported strong Q4 FY26 performance with India Decorative volume growth at 12.4% YoY and consolidated net sales up 10.8% YoY, driven by improved demand, rural outperformance, and robust industrial segment growth. Full-year FY26 consolidated net sales grew 5.1%.
Q4 FY26 results indicate a significant rebound in demand and profitability, particularly in the core decorative business and industrial segments. Rural growth outpacing urban and improved new product contribution are positive signs. However, full-year growth remains modest, and competitive intensity along with geopolitical risks are noted. The focus on B2B, services, and home décor diversification is progressing, but profitability in some home décor segments is still nascent.
Decorative Business (India)
Q4 FY26 volume growth of 12.4% and value growth of 10.2% YoY, showing strong momentum.
Industrial Business
PPGAP revenue grew 15.0% and APPPG revenue grew 20.9% in Q4 FY26, driven by Protective Coatings, General Industrial, and Automotive segments.
Home Décor Ecosystem
Kitchen revenue grew 16.5%, White Teak 16.8%, and Weatherseal 24.9% in Q4 FY26, scaling the 'surface to space' transition.
International Business
Q4 FY26 growth of 11.0% in INR terms (8.2% constant currency), led by Sri Lanka, Egypt, and UAE units.
VAM-VAE Project
VAM-VAE project on track; expect to commission the first phase in H1FY27 furthering our innovation capabilities.
Beautiful Homes Stores
74 Beautiful Homes Stores / Studio – One Stop Home Décor Destinations, scaling the Home Décor Ecosystem.
Improved Demand Conditions
Witnessed improvement in demand conditions in a seasonally strong quarter, with rural ahead of urban growth.
Industrial Segment Structural Demand
Industrial Coatings expected to maintain its strong growth trajectory supported by structural demand tailwinds.
Raw Material Deflation
Gross margins improved primarily driven by material deflation and cost efficiencies.
Competitive Intensity
Endeavour to sustain the growth momentum despite uncertainties and amidst continued competitive intensity.
West Asia Conflict & Inflationary Risks
Near-term macro volatility persists due to the inflationary risks linked to the West Asia conflict.
International Market Challenges
International business to continue its steady progress – select markets might see some challenges.
Commodity Price Fluctuations
Potential risks and uncertainties include such factors as general economic conditions, foreign exchange and commodity price fluctuations.
Competitive Pressures
Competitive product and pricing pressures and regulatory developments.
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 FY26 results show a strong sequential recovery and significant YoY improvement in volume and value growth, making YoY crucial for assessing the rebound. Full-year (FY26) performance provides a broader view of annual trends, while QoQ gross margin trends highlight operational agility.
Decorative Business (India) Volume Growth
Positive trend in Q4, moderate for FY26.Q4 FY26: 12.4% (vs Q4 FY25: 1.8%); FY26: 4.3% (vs FY25: 2.5%).
Decorative Business (India) Value Growth
Strong recovery in Q4, positive for FY26.Q4 FY26: 10.2% (vs Q4 FY25: -5.2%); FY26: 8.7% (vs FY25: -5.7%).
Gross Margin
Improved YoY and sequentially.Q4 FY26: 45.6% (Standalone), 44.7% (Consolidated). FY26: 44.4% (Standalone), 43.7% (Consolidated). Improved on sourcing and formulation efficiencies and raw material deflation.
Rural/Urban Demand
Rural outperforming urban.Improvement in growth across rural and urban centers with rural being ahead of urban growth.
Sustaining Growth Momentum
Management endeavors to sustain the growth momentum through disciplined execution despite uncertainties and competitive intensity.
Mitigating RM Inflation
Calibrated pricing actions alongside agile sourcing and cost optimization to help mitigate adverse impact from RM inflation and currency depreciation.
Focus on B2B and Services
B2B Projects business continued to do well, making further inroads in the factories segment. Distribution footprint expanded along with tech-enabled Beautiful Homes Painting Service.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Decorative Volume Growth | Q4 FY26 at 12.4% YoY. | Sustained double-digit volume growth in subsequent quarters. |
| Gross Margin Trend | Q4 FY26 Standalone 45.6%, Consolidated 44.7%. | Continued improvement or stability amidst raw material and pricing dynamics. |
| Home Décor Profitability | Kitchen PBT loss reduced to ₹1 cr, Bath PBT improved to ₹4 cr in Q4 FY26. | Continued reduction in losses and path to profitability for Home Décor segments. |
| New Product Contribution | ~17% of overall revenues. | Further increase in contribution from differentiated product propositions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +1.7% / mo
Technical chart
ASIANPAINTdaily · 3Y+1.9%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 66.
- SMA20 rising (~5.8% over last month) — short-term momentum positive.
- RSI(14) at 66 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 28% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -214.2%.
- 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
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 87th percentile of the scored universe and 87th 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: 87th pctile, median 67 · Large: 68th pctile, median 74
122 documents indexed, 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 2.3%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 57.50
- P/B
- 11.92
- EV/EBITDA
- 32.70
- Market Cap
- 255217.00Cr
Profitability
- ROE
- 21.80%
- ROCE
- 26.30%
- ROA
- 12.73%
- Dividend Y
- 1.03%
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
- 34.34×
- Altman Z
- 8.76
- Book Value
- 223.00
Cash Flow
- FCF Yield
- 2.25%
- FCF Positive Y
- 12/5
- OCF
- 7088.00 Cr
- EPS TTM
- 45.09
Shareholding
- Promoter Hold
- 52.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 62%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.