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Asian Paints Q2 FY27 Share Price & Earnings Call Analysis

₹2,320.00+0.78% today
Market cap
₹2.23L Cr
P/E
45.63
ROE
21.79%
PEG
18.78
Price to sales
5.98
Debt to equity
0.18
52W high / low
₹2,968 / ₹2,121
Sales growth (5Y)
10.38%
EBITDA margin
19.47%
Net profit margin
12.68%
Promoter holding
52.63%
Sales (last year)
₹37,187 Cr

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.

Guidance scorecard · Q2 FY27 call

What Asian Paints's management guided
and where it ranks in Consumer Durables

#51of 88 in
Consumer Durables
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Targeting overall volume growth of 8-10% for FY27, with expectations to sustain this band throughout the year.
  • Growth driven by a mix of rural markets (which have performed better than urban) and strong B2B business growth in urban areas.
  • Focus on premiumization to improve product mix and margins, aiming at upgrading consumers from economy to premium and luxury segments.
  • Enjoying volume gains from robust supply chains, particularly strengthening position over smaller players during volatile supply conditions.
  • Demand expected to be supported by festive season sales in Q2 and infrastructure-driven B2B growth.

2 more points from Asian Paints's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Asian Paints said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Asian Paints is making a major investment in backward integration, notably the VAM-VAE manufacturing ecosystem, a first in India and among only a few globally. Phase 1 of this initiative is set to commence by August 2026.
  • The company has fully operationalized its white cement plant in Fujairah, UAE, running at good capacity.
  • The VAM-VAE ecosystem will strengthen product propositions especially in the premium and luxury segments, supporting innovation-led growth.
  • The company is also investing in cost efficiencies through sourcing, formulation, and backward integration to manage inflationary pressures.

2 more points from Asian Paints's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Asian Paints said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Asian Paints said on the order book →

Full Q1 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Asian Paints rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables ranking

Asian Paints announcements

All announcements →

Financials of Asian Paints

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Asian Paints

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.65%
FIIs +17.32%15.89%15.27%15.28%13.61%12.23%11.85%11.64%12.78%12.11%13.32%13.76%
DIIs +10.52%11.61%12.30%13.10%13.98%15.51%20.98%21.50%21.08%21.74%20.70%20.50%
Government +0.06%0.06%0.06%0.06%0.06%0.06%0.06%0.07%0.07%0.07%0.07%0.00%
Public +19.44%19.78%19.68%18.88%19.66%19.51%14.41%14.09%13.37%13.39%13.19%13.03%
Others +0.04%0.04%0.06%0.05%0.05%0.05%0.07%0.06%0.06%0.06%0.09%0.08%
No. of Shareholders9,75,31911,05,32611,11,6019,75,80711,92,87612,13,83611,71,14511,08,40410,00,99910,01,7999,59,2199,34,232

Financials of Asian Paints

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +8,4799,1038,7318,9708,0288,5498,3598,9398,5318,8679,24710,5429,977
Expenses +6,7627,0477,0397,2766,7886,9136,9237,3147,0287,0867,4608,3738,419
Operating Profit1,7162,0561,6911,6941,2401,6371,4361,6251,5031,7811,7872,1691,557
OPM %20%23%19%19%15%19%17%18%18%20%19%21%16%
Other Income +19418621219325193-6022923769197279290
Interest51545455635653444448594855
Depreciation209220226228242256301301305313310304314
Profit before tax1,6511,9681,6241,6049591,5181,0221,5091,3921,4891,6142,0961,478
Tax %25%25%21%26%28%26%31%26%27%28%27%26%27%
Net Profit +1,2321,4751,2751,1876941,1287011,1171,0181,0741,1851,5591,085
EPS in Rs12.5715.0913.1012.207.2411.587.2211.4710.3611.0512.2216.0511.13

Financials of Asian Paints

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +13,61514,27115,06216,82519,24020,21121,71329,10134,48935,49533,90635,58438,632
Expenses +11,37211,54612,06813,62115,47516,04916,85724,29828,22927,91027,89928,88431,339
Operating Profit2,2432,7252,9943,2043,7654,1624,8564,8046,2607,5856,0066,7007,293
OPM %16%19%20%19%20%21%22%17%18%21%18%19%19%
Other Income +142213338336274350332296431821350728835
Interest424937411101029295144205227195210
Depreciation2662763353606227807918168588531,0261,2291,241
Profit before tax2,0772,6142,9603,1383,3063,6294,3044,1885,6897,3485,1036,0036,677
Tax %31%32%32%33%33%24%26%26%26%24%27%27%
Net Profit +1,4271,8032,0162,0982,2082,7743,2073,0854,1955,5583,7104,3954,904
EPS in Rs14.5418.1920.2221.2622.4828.2032.7331.5942.8156.9238.2345.0950.45
Dividend Payout %42%41%51%41%47%43%55%61%60%58%65%61%

Financials of Asian Paints

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital96969696969696969696969696
Reserves4,6466,4297,5088,3149,37510,03412,71013,71615,89618,63219,30421,27621,639
Borrowings +4183235605331,3201,1181,0931,5871,9332,4742,2903,9294,596
Other Liabilities +3,7543,7114,2414,8205,4594,8896,4567,5607,8548,6988,6659,2189,885
Total Liabilities8,91410,55912,40513,76316,24916,13820,35522,95825,77929,90130,35534,51936,215
Fixed Assets +2,6603,4163,3043,7326,4976,2725,8595,5195,7707,1479,2209,64010,634
CWIP1961072581,4052101401834261,0202,6981,2541,8491,040
Investments1,5882,7122,6522,1412,5692,0194,7373,2484,2624,5884,7257,0626,389
Other Assets +4,4714,3246,1926,4856,9747,7079,57713,76514,72815,46815,15615,96818,152
Total Assets8,91410,55912,40513,76316,24916,13820,35522,95825,77929,90130,35534,51936,215

Financials of Asian Paints

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +1,1882,2431,5272,1132,4703,0383,6839864,1936,1044,4247,088
Cash from Investing Activity +-465-866-681-1,556-918-518-541-317-1,282-2,548-941-1,328
Cash from Financing Activity +-576-849-756-1,379-1,117-2,871-650-1,808-2,140-2,982-3,753-2,377
Net Cash Flow14752890-822434-3512,492-1,138771573-2703,383
Free Cash Flow7501,4418607051,3362,6613,4224752,7743,6132,6045,604
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit81%112%82%100%92%97%98%45%91%105%97%129%

Financials of Asian Paints

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days323035383632444949504646
Inventory Days123108138117119127134142121122142118
Days Payable84841019590801199671798179
Cash Conversion Cycle7054726065795994999310784
Working Capital Days111522221634375754495238
ROCE %42%42%38%36%33%33%34%29%34%38%26%26%

Guidance history

How Asian Paints's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →0–10%FlatPlanned——
Q2 FY26 call →0–10%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

23out of 100

Momentum score · price trend

23 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−8.1%53%
Last 6 months−5.1%47%
Last 3 months−15.6%31%

The price is 35.1% below its all-time high of ₹3,576.3 (7 Jan 2022). Stocks more than 20% below their peak have their score halved, so 46 became 23.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Asian Paints: 0.4 × 53 + 0.4 × 47 + 0.2 × 31 = 46, halved to 23 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Asian Paints's management said in earlier quarters

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