Asian Paints
Asian Paints makes and sells decorative and industrial paints, coatings and related home-improvement products, and is India's largest paint company by sales.
- P/E ~46x
- Down 31% from 2023 peak
- Market share 59%→52%
- CCI probe ongoing
- ROCE ~26%, near-zero debt
Updated on 13 Oct 2026 · Data as of 13 Oct 2026
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Snapshot
- Share price
- ₹2,376.00
- 13 Oct 2026
- 52-week range
- ₹2,103.05 – ₹2,942.97
- All-time peak
- ₹3,430.49
- 24 Jul 2023 · −30.7% from peak
- Dividend yield
- 1.16%
- Price history since
- 2002
- About 24 years of prices
What's happening
Asian Paints will report Q2 FY27 (July-September 2026) results on October 29, 2026, when the board will also decide on an interim dividend (record date November 4, 2026 if declared). Separately, the company has sent shareholders a postal ballot (notice dated October 7, 2026) seeking approval to appoint Leo Puri as an independent director for five years from September 2026. The bigger overhang is a live Competition Commission of India probe, ordered after Grasim's Birla Opus accused Asian Paints of offering dealers exclusivity incentives to block the new entrant.
In plain terms
This is the paint brand most Indian households already know, and it has historically earned very high returns on capital with almost no debt. The tension: since 2024, Grasim (part of the Aditya Birla group) entered decorative paints as Birla Opus and undercut prices by 10-15%, and Asian Paints' market share has slipped from roughly 59% to about 52%. Recent profit growth looks strong, but a chunk of it is the business recovering from a weak year-ago quarter that was itself hit by this price war, not pure re-acceleration. The stock price has not recovered to its 2023 high even as profit has grown again.
Quarters
Q1 FY27 (Apr-Jun 2026): revenue/total income ₹10,541.94 cr (+18% YoY), PAT ₹1,559.45 cr (+39.6% YoY), EBITDA ₹2,168.76 cr (+33.5% YoY). Management (MD Amit Syngle) cited double-digit domestic decorative volume growth and a 27% jump in international sales (20.3% in constant currency). Sources differ on the exact volume/value split for domestic decorative (one cites 9% volume/16.6% value growth, another 10.9% volume/6% value) — flagged as non-reconciled, not independently resolved. Q4 FY26 (Jan-Mar 2026): PAT jumped 69.3% YoY to ₹1,172.1 cr, but this is a low-base effect — Q4 FY25 profit (~₹692 cr implied) had itself been depressed by the Birla Opus price war, so the headline jump overstates the pace of recovery versus Q4 FY24's ₹1,256 cr. FY26 full year: revenue +5.1% to ₹35,583.5 cr, PAT +17.9% to ₹4,325.4 cr — modest top-line growth with better margins.
Performance
Heads-up on splits: Asian Paints has split its shares or issued bonus shares before (most recently 10-for-1 on 30 Jul 2013 and ×1.5 on 22 Aug 2003). A sudden price drop around a split date is usually just the price adjusting for the extra shares, not a crash.
Share price
+2.5% over 1 year
Returns by period
| Period | Asian Paints | Nifty 50 | BERGEPAINT |
|---|---|---|---|
| 3 months | −10.0% | −5.5% | −1.9% |
| 1 year | +2.5% | −9.9% | −10.2% |
| 3 years | −21.1% | +15.2% | −14.6% |
| 5 years | −25.0% | +25.1% | −29.0% |
₹100 invested on 13 Oct 2021 became…
- Asian Paints₹75
- Nifty 50₹125
- BERGEPAINT₹71
The stock is 30.7% below its July 2023 peak of ₹3,430. There is no demerger or bonus issue behind this fall — the 2003 and 2013 actions were simple splits, already reflected in the price series — so this is a genuine price decline, not a corporate-action artefact. It coincides with the Birla Opus entry and share loss. One-year return of +2.5% has beaten the Nifty's -9.9%, but 3-year (-21%) and 5-year (-25%) returns badly trail the Nifty (+15%, +25%) and are broadly in line with or worse than peer Berger Paints (-14.6% and -29% respectively) — the entire listed paints sector has de-rated, not just Asian Paints alone.
Dividend
Paid in the last 12 months
₹27.50 per share
Dividend yield
1.16%
Dividend yield is the last 12 months of dividends divided by today's share price. A 1.2% yield means every ₹100 of Asian Paints shares paid about ₹1.2 in dividends over the past year. Past payouts can change.
Recent dividends
| Date | Per share |
|---|---|
| 23 Jun 2026 | ₹23.00 |
| 18 Nov 2025 | ₹4.50 |
| 10 Jun 2025 | ₹20.55 |
| 19 Nov 2024 | ₹4.25 |
| 11 Jun 2024 | ₹28.15 |
| 3 Nov 2023 | ₹5.15 |
| 9 Jun 2023 | ₹21.25 |
| 31 Oct 2022 | ₹4.40 |
Valuation
Trading near ₹2,376 against trailing EPS that implies a P/E of roughly 46x, with P/B near 10x. It is expensive mainly because the market still prices in Asian Paints eventually stabilising its market share and sustaining a ~26% ROCE once the price war cools — not because near-term growth is exceptional (FY26 revenue grew only 5.1%). Whether that premium is justified is an open question: it depends entirely on whether the 52% share floor holds or keeps eroding toward Birla Opus.
Growth
Recent growth is a mix, tilted toward price/mix rather than pure volume. Domestic decorative volume growth of roughly 9-11% is respectable, but EBITDA is growing faster than revenue, aided by a 6-8% price hike taken from April 2026 and softer input costs — margin recovery, not a volume boom. International business (+27% YoY) is genuinely growth-led and is diversifying revenue away from the domestic price war.
Health
Financial risk is not the concern: ROCE is 26.3%, ROE 21.8%, and debt-to-equity is just 0.05 — a near debt-free balance sheet. The real risk is business/competitive risk: sustained share loss to Birla Opus, pricing pressure, and an unresolved CCI investigation into alleged anti-competitive dealer practices that could carry financial or reputational consequences depending on its outcome.
Ownership
Promoters (the family promoter group) held 52.63% as of the latest disclosed quarter. Pledging is limited and scattered — around 4.97% of promoter holding, created by individual family entities (e.g., Geetanjali Trading, Satyen A. Gandhi) against business loans, with Smiti Holding having released a large pledge in August 2026 — this reads as routine financing by smaller family entities rather than group-wide stress, but it's worth watching for new disclosures. FIIs raised their stake to 13.32% (from 12.11%) while mutual funds trimmed to 10.09% (from 11.42%) in the June 2026 quarter. No marquee individual investor is disclosed on the register — none found, so none to report.
The View
The one thing to watch
The October 29, 2026 Q2 FY27 results — specifically whether domestic decorative volume growth and market share stabilise against Birla Opus — will show whether the recent margin recovery is durable or another base-effect blip.
Strengths
- +ROCE of 26.3% and ROE of 21.8% on a near debt-free balance sheet (debt-to-equity 0.05)
- +Q1 FY27 PAT grew 39.6% YoY to ₹1,559 cr with EBITDA up 33.5%, showing margin recovery after FY25's price-war hit
- +International business grew 27% YoY (20.3% in constant currency), reducing reliance on the contested domestic market
- +Still India's largest paint company with an estimated ~52% decorative market share despite a well-funded new entrant
Watchpoints
- !Decorative paints market share has fallen from roughly 59% to about 52% since Birla Opus's 2024 entry, and Birla Opus has reportedly crossed 10% revenue share
- !An active CCI investigation into alleged abuse-of-dominance dealer incentives is unresolved and could result in penalties or forced changes to trade practices
- !Stock remains 30.7% below its July 2023 peak, and 3-year (-21%) and 5-year (-25%) returns have badly trailed the Nifty — no re-rating yet despite recent EPS growth
- !Q4 FY26's 69% profit jump was measured against a depressed Birla-Opus-affected year-ago quarter — treat it as a base-effect recovery, not confirmation the old growth trend has resumed
How sure are we about the data? · Moderate
PAT, revenue and EBITDA figures for Q1 FY27, Q4 FY26 and full-year FY26 were cross-checked across multiple independent sources (Groww, Business Standard, Upstox, Kotak Securities) and are consistent. The domestic decorative volume-vs-value growth split for Q1 FY27 varies between sources (9% volume/16.6% value vs 10.9% volume/6% value) and could not be reconciled — treat with caution. One source stated DII shareholding at 1.02%, inconsistent with another showing ~20.77%; the 1.02% figure was set aside as an outlier. P/E, P/B, ROE, ROCE and debt-to-equity are from a Screener-derived aggregator and were not independently re-verified against the company's own filing — check on Screener for the latest figures before quoting precisely.
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Ticker Tales is not a SEBI-registered investment adviser or research analyst. This report is for learning only and is not investment advice. Data as of 13 Oct 2026.