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Swing Capital

Asian Paints Ltd

NSE: ASIANPAINT BSE: 500820

Asian Paints is the largest home decor company in India. The 80+yr old company has major brands like Asian Paints, Apco, etc under its umbrella. The co. is into wall paints, wall coverings, waterproofing, texture painting, wall stickers, mechanized tools, adhesives, modular kitchens, sanitaryware, lightings, soft furnishings, and uPVC windows.

₹2,614
52W: ₹2115 — ₹2986
PE 62.5 · Book ₹199 · +1214% vs book
Market Cap₹2,50,763 Cr
Stock P/E62.5Price to Earnings
ROCE27.3%Return on Capital
ROE20.7%Return on Equity
Div. Yield0.95%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 26.5%
  • +Company has been maintaining a healthy dividend payout of 62.2%

Weaknesses

  • −Stock is trading at 13.0 times its book value
  • −The company has delivered a poor sales growth of 11.4% over past five years.

Shareholding Pattern

Promoters52.63%
FIIs12.11%
DIIs21.74%
Public13.39%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%
FIIs15.27%15.28%▲0.013.61%▼1.712.23%▼1.411.85%▼0.411.64%▼0.212.78%▲1.112.11%▼0.7
DIIs12.3%13.1%▲0.813.98%▲0.915.51%▲1.520.98%▲5.521.5%▲0.521.08%▼0.421.74%▲0.7
Public19.68%18.88%▼0.819.66%▲0.819.51%▼0.114.41%▼5.114.09%▼0.313.37%▼0.713.39%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales7,3427,9137,5777,9766,9677,4187,1927,8687,3567,624
Expenses5,7576,0166,0236,3805,8435,9095,8686,3485,9975,998
Operating Profit1,5851,8971,5541,5961,1231,5091,3241,5201,3591,627
OPM %22%24%21%20%16%20%18%19%18%21%
Net Profit1,1601,4441,2091,1895971,1046941,1009561,025
EPS ₹12.115.0512.6112.46.2311.517.2411.469.9610.69

AI Insights

Revenue Trend

TTM revenue at ₹30,042Cr, up 1.7% YoY. OPM at 19%.

Debt Position

Borrowings at ₹1,572Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹317Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.74% (+11.73pp change). FIIs: 12.11% (-5.37pp change). Promoters hold 52.63%.

Margin & Efficiency

ROCE declining from 50% (Mar 2014) to 27% (Mar 2025). Working capital days: 59.

Valuation

PE 62.5x with 27.3% ROCE. Price is 1214% above book value of ₹199. Dividend yield: 0.95%.

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