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Insights

View All

  • In the medium-to-long term, the home improvement segment, which includes kitchen and bathroom accessory business, would be one of the key drivers of overall sales growth and margin expansion. Recovery in real estate would have positive impact on demand for this segment.

  • Volumes growth in line, margins came under pressure due rising price of derivatives of crude oil, which are major raw material of company. However in last few weeks, oil prices have stabilized and company hiked price in some segment. If oil price dont see any major spike than margins may once again start to improve in next second and third quarter of FY22. But if oil price continue to inch upward than it might not be easy for company to pass it on to consumers at the same pace and margins may remain under pressure.

  • While the shift of market share from smaller and unorganized player started soon after implementation of GST in 2017. The covid- 19 increased the pace of this transfer of market share to large players. This process may continue further for some more quarters before stabilizing, How much market share company is able to gain on sustained basis is an important factor to watch.

  • One of the biggest strengths of Asian paint is its strong distribution network of dealer and retailers. Over the years, it has helped the company to create a healthy mix of urban and rural sales. This network is at the core of expanding the home improvement segment. Last quarter, more dealers had signed up for multi-product distribution.

InsightsAsian Paints Ltd.

  • Future-proofing solution

    In the medium-to-long term, the home improvement segment, which includes kitchen and bathroom accessory business, would be one of the key drivers of overall sales growth and margin expansion. Recovery in real estate would have positive impact on demand for this segment.

  • Q1, FY22 - Margins hit by crude

    Volumes growth in line, margins came under pressure due rising price of derivatives of crude oil, which are major raw material of company. However in last few weeks, oil prices have stabilized and company hiked price in some segment. If oil price dont see any major spike than margins may once again start to improve in next second and third quarter of FY22. But if oil price continue to inch upward than it might not be easy for company to pass it on to consumers at the same pace and margins may remain under pressure.

  • Changing market share matrix

    While the shift of market share from smaller and unorganized player started soon after implementation of GST in 2017. The covid- 19 increased the pace of this transfer of market share to large players. This process may continue further for some more quarters before stabilizing, How much market share company is able to gain on sustained basis is an important factor to watch.

  • Strength of distribution network

    One of the biggest strengths of Asian paint is its strong distribution network of dealer and retailers. Over the years, it has helped the company to create a healthy mix of urban and rural sales. This network is at the core of expanding the home improvement segment. Last quarter, more dealers had signed up for multi-product distribution.

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Key Metrics

  • 88.08
  • 36.38
  • 3,05,524
  • 1
  • 22.54
  • 0.56
  • 1.00
  • 0.53
  • 3,163.62

Returns

  • 1 Day3.07%
  • 1 Week5.2%
  • 1 Month8.31%
  • 3 Months7.62%
  • 1 Year68.72%
  • 3 Years133.47%
  • 5 Years176.73%

Asian Paints Stock Analysis

EARNINGS
FUNDAMENTAL
RELATIVE VALUATION
RISK
PRICE MOMENTUM

NO RATING (NR)

NEGATIVE (1-3)

NEUTRAL (4-7)

POSITIVE (8-10)

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Recommendations

Recent Recos

HOLD

Current

Mean Recos by 38 Analysts

Strong
Sell
SellHoldBuyStrong
Buy

  • Target₹3340
  • OrganizationICICI Securities
  • BUY

Analyst Trends

RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy3334
Buy12121212
Hold9999
Sell7778
Strong Sell7775
# Analysts38383838

Financials

  • Income (P&L)

  • Balance Sheet

  • Cash Flow

  • Ratios

  • MD&A

  • Insights

    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 7.1% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income5,674.976,726.846,886.395,432.862,969.75
    Total Income Growth (%)-15.64-2.3226.7582.94-36.70
    Total Expenses4,872.395,546.525,193.754,278.612,629.58
    Total Expenses Growth (%)-12.156.7921.3962.71-33.77
    EBIT802.581,180.321,692.641,154.25340.17
    EBIT Growth (%)-32.00-30.2746.64239.32-52.81
    Profit after Tax (PAT)568.50852.131,238.34830.37218.45
    PAT Growth (%)-33.28-31.1949.13280.12-52.71
    EBIT Margin (%)14.1417.5524.5821.2511.45
    Net Profit Margin (%)10.0212.6717.9815.287.36
    Basic EPS (₹)5.938.8812.938.662.28
    Quarterly | AnnualJun 2021Mar 2021Dec 2020Sep 2020Jun 2020
    Total Income4,891.525,769.385,994.224,621.192,498.39
    Total Income Growth (%)-15.22-3.7529.7184.97-36.66
    Total Expenses4,080.254,641.274,387.633,545.762,146.48
    Total Expenses Growth (%)-12.095.7823.7465.19-35.12
    EBIT811.271,128.111,606.591,075.43351.91
    EBIT Growth (%)-28.09-29.7849.39205.60-44.63
    Profit after Tax (PAT)596.06819.601,187.93793.10251.88
    PAT Growth (%)-27.27-31.0149.78214.87-44.29
    EBIT Margin (%)16.5919.5526.8023.2714.09
    Net Profit Margin (%)12.1914.2119.8217.1610.08
    Basic EPS (₹)6.218.5412.388.272.63
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue22,015.8420,515.5619,473.1717,045.1715,324.42
    Total Revenue Growth (%)7.315.3514.2411.235.80
    Total Expenses17,740.0916,932.3116,202.0014,022.4812,440.35
    Total Expenses Growth (%)4.774.5115.5412.725.26
    Profit after Tax (PAT)3,139.292,705.172,155.922,038.931,939.43
    PAT Growth (%)16.0525.485.745.1311.13
    Operating Profit Margin (%)20.1118.2317.5418.1719.34
    Net Profit Margin (%)14.4513.3811.2012.1112.87
    Basic EPS (₹)32.7328.2022.4821.2620.22
    Quarterly | Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Revenue18,883.1817,551.6316,676.5914,445.3612,947.28
    Total Revenue Growth (%)7.595.2515.4511.570.59
    Total Expenses14,792.8014,105.4013,506.3411,579.5310,290.56
    Total Expenses Growth (%)4.874.4416.6412.53-1.32
    Profit after Tax (PAT)3,052.512,653.952,132.171,894.801,801.72
    PAT Growth (%)15.0224.4712.535.1712.79
    Operating Profit Margin (%)22.4720.4919.8120.3721.15
    Net Profit Margin (%)16.4815.4313.0013.3714.24
    Basic EPS (₹)31.8227.6722.2319.7518.78

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets20,369.6216,154.7716,278.1013,783.0812,421.35
    Total Assets Growth (%)26.09-0.7618.1010.9617.62
    Total Liabilities7,140.475,621.086,446.305,045.204,442.01
    Total Liabilities Growth (%)27.03-12.8027.7713.5821.62
    Total Equity13,229.1510,533.699,831.808,737.887,979.34
    Total Equity Growth (%)25.597.1412.529.5115.50
    Current Ratio (x)2.031.731.471.551.79
    Total Debt to Equity (x)0.030.030.070.060.07
    Contingent Liabilities1,010.91645.89572.681,261.651,538.65
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Total Assets17,582.6713,587.6213,682.8911,587.9310,358.03
    Total Assets Growth (%)29.40-0.7018.0811.8723.84
    Total Liabilities5,491.574,134.334,839.933,789.773,263.28
    Total Liabilities Growth (%)32.83-14.5827.7116.13-4.05
    Total Equity12,091.109,453.298,842.967,798.167,094.75
    Total Equity Growth (%)27.906.9013.409.9142.95
    Current Ratio (x)2.181.821.581.621.89
    Total Debt to Equity (x)0.000.000.000.000.01
    Contingent Liabilities516.36390.08333.86-1,463.64

    All figures in Rs Cr, unless mentioned otherwise

  • Insights

    • Increase in Cash from Investing

      Company has used Rs 547.79 cr for investing activities which is an YoY increase of 5.06%. (Source: Consolidated Financials)
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities3,683.353,038.152,469.542,113.441,527.33
    Net Cash used in Investing Activities-547.79-521.42-944.49-1,599.28-656.10
    Net Cash flow from Financing Activities-650.40-2,871.46-1,117.46-1,379.14-756.43
    Net Cash Flow2,492.41-351.22434.29-821.8489.79
    Closing Cash & Cash Equivalent3,421.16928.751,279.97845.681,667.52
    Closing Cash & Cash Equivalent Growth (%)268.36-27.4451.35-49.295.69
    Total Debt/ CFO (x)0.090.110.250.250.36
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Net Cash flow from Operating Activities3,459.502,407.472,395.252,136.091,420.04
    Net Cash used in Investing Activities-436.95-774.65-832.80-1,370.96-584.80
    Net Cash flow from Financing Activities-582.90-2,095.25-1,089.16-1,239.05-955.99
    Net Cash Flow2,439.65-462.43473.29-473.92-119.50
    Closing Cash & Cash Equivalent3,133.58693.931,156.36683.071,156.99
    Closing Cash & Cash Equivalent Growth (%)351.57-39.9969.29-40.96-9.22
    Total Debt/ CFO (x)0.000.010.010.000.03

    All figures in Rs Cr, unless mentioned otherwise

  • Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)24.5126.7022.7624.2425.50
    Return on Capital Employed (%)30.2331.3030.4232.7634.13
    Return on Assets (%)15.4116.7413.2414.7915.61
    Interest Coverage Ratio (x)47.6636.0232.0787.1997.17
    Asset Turnover Ratio (x)106.59125.11118.19122.06121.25
    Price to Earnings (x)77.5259.1766.6752.9153.19
    Price to Book (x)19.0015.7815.1112.7813.51
    EV/EBITDA (x)47.2035.7935.9231.5831.66
    EBITDA Margin (%)23.7522.0920.7820.3121.56
    Annual FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
    Return on Equity (%)25.2428.0724.1124.2925.39
    Return on Capital Employed (%)31.9933.9133.0135.2535.75
    Return on Assets (%)17.3619.5315.5816.3517.39
    Interest Coverage Ratio (x)58.0844.9741.33137.08141.87
    Asset Turnover Ratio (x)105.31126.54119.79122.26122.09
    Price to Earnings (x)80.0060.2467.5756.8257.14
    Price to Book (x)20.1216.9116.1813.7914.48
    EV/EBITDA (x)50.0537.8537.7233.5834.53
    EBITDA Margin (%)26.2424.5123.1122.5723.49
  • MANAGEMENT DISCUSSION AND ANALYSIS (FY 20-21)

    • Rising commodity prices

      inflation in commodity prices and, more specifically, in input materials in our product segments across geographies, has risen significantly since the last quarter of FY 2020- 21, and continues to be on the uptrend. The challenges to business posed by this inflationary pressure and the uncertain market conditions, would place strong emphasis on managing the business in a dynamic manner and altering operational priorities to suit the changing market conditions.

    • Net work expansion

      Our network expansion drive continued, leading to one of the highest colourworld machine installations. A vast majority of these openings were in rural/semi-urban areas. This aided the strong growth in business, with Tier 2, 3 and 4 towns witnessing much higher paint sale than urban markets.

    • Kitchen Improvement - capacity expansion

      The organised sector in the kitchen industry continues to contribute a small part of the total kitchen demand. Only a handful of players have meaningful presence in the Full Modular Solutions segment. Currently, online players are also catering to the larger cities. This leaves space for an industry player like Sleek to establish a brand at the national level with differentiated offerings and superior service over a longer period with consistent focus. To support this long-term growth focus, we would be making investments for setting up an additional manufacturing capacity for the Kitchen business in FY 2021-22.

Financial InsightsAsian Paints Ltd.

  • Income (P&L)
  • Cash Flow
    • Employee & Interest Expense

      Company has spent less than 1% of its operating revenues towards interest expenses and 7.1% towards employee cost in the year ending Mar 31, 2021. (Source: Consolidated Financials)

    • Increase in Cash from Investing

      Company has used Rs 547.79 cr for investing activities which is an YoY increase of 5.06%. (Source: Consolidated Financials)

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Forecast

  • PRICE

  • REVENUE

  • EARNINGS

  • Forecast

    Forecast

    Current Year - 2021

    3,204.4095.65 (3.08%)

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in (Cr), unless mentioned otherwise

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  • Forecast

    • Estimated
    • Actual

    Forecast

    Analysis for

    All values are in , unless mentioned otherwise

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Technicals

  • Buy / Sell Signals

  • Price Analysis

  • Pivot Levels & ATR

  • Chart

  • Bullish / Bearish signals for Asian Paints Ltd. basis selected technical indicators and moving average crossovers.

    5 Day EMA Crossover

    Bullish signal on daily chart

    Appeared on: 30 Aug 2021

    5D EMA: 3063.47

    Last 4 Buy Signals:17 Aug 2021

    Average price gain of 2.10% within 7 days of Bullish signal in last 5 years

    Heikin-Ashi Changeover

    Bullish indication on daily chart

    • Prev. Close Price

      3081.94

    • LTP

      3204.40

    Formed on:30 Aug 2021

    On daily price chart, Heikin-Ashi candle changed from Red to Green

  • 47%

    Positive Movement since
    1st Jan 2005 on basis

    53%

    Negative Movement since
    1st Jan 2005 on basis

    Exclude

  • Pivot Levels

    R1R2R3PIVOTS1S2S3
    Classic3173.353195.153252.103138.203116.403081.253024.30

    Average True Range

    5 DAYS14 DAYS28 DAYS
    ATR62.2459.4958.71

Peer Comparison

  • Stock Performance

  • Ratio Performance

    • CHART
    • TABLE

    Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 126.51% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)
    • 1D
    • 1W
    • 1M
    • 3M
    • 6M
    • 1Y
    • 5Y
  • Insights

    • Stock Returns vs Nifty 100

      Stock gave a 3 year return of 126.51% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)

    Ratio Performance

    NAMEP/E (x)P/B (x)ROE %ROCE %ROA %Rev CAGR [3Yr]OPMNPMBasic EPSCurrent RatioTotal Debt/ Equity (x)Total Debt/ CFO (x)
    Asian Paints87.0822.9724.5130.2315.418.8120.1114.6332.732.030.030.09
    Berger Paints93.4123.3221.3126.5612.159.5415.0810.637.411.710.110.48
    Kansai Nerolac54.708.1613.0717.149.572.6114.5010.369.832.560.040.26
    Indigo Paints Ltd.222.4721.8112.5717.458.7320.3914.069.7915.552.370.000.00
    Akzo Nobel33.027.7916.1220.058.20-3.9611.918.5745.601.600.000.00
    Add More

    Annual Ratios (%)

    Choose from Peers

    • Sirca Paints
    • Shalimar Paints

    See All Parameters

Peers InsightsAsian Paints Ltd.

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 126.51% as compared to Nifty 100 which gave a return of 41.19%. (as of last trading session)

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Shareholding Pattern

  • QOQ Change

  • Total Shareholdings

  • Showing Shareholding as on 30 Jun 2021

    Category30 Jun 202131 Mar 202131 Dec 202030 Sep 2020
    Promoters52.7952.7952.7952.79
    Pledge9.039.4410.6711.86
    FII20.7220.3821.1319.84
    DII7.267.277.038.12
    Mutual Funds2.622.952.793.20
    Others19.2319.5619.0519.25
  • Showing Shareholding as on 30 Jun 2021

    CategoryNo. of SharesPercentage% Change QoQ
    Promoters50,63,84,65452.79 %0.00
    Pledge4,57,37,3229.03 %-0.41
    FII19,87,52,06520.72 %0.34
    DII6,96,22,9907.26 %-0.01
    MF2,51,57,0122.62 %-0.33
    Others18,44,38,08119.23 %-0.33

MF Ownership

    • 562.11

      Amount Invested (in Cr.)

    • 1.93%

      % of AUM

    • 0.00

      % Change (MoM basis)

    • 176.80

      Amount Invested (in Cr.)

    • 2.06%

      % of AUM

    • 0.00

      % Change (MoM basis)

    • 148.84

      Amount Invested (in Cr.)

    • 0.6%

      % of AUM

    • 801.61

      % Change (MoM basis)

MF Ownership as on 31 July 2021

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F&O Quote

  • Futures

  • Options

    • Expiry

    Price

    3,187.0074.35 (2.39%)

    Open Interest

    49,60,50053,700 (1.08%)

    OpenHighLowPrev CloseContracts TradedTurnover (₹ Lakhs)
    3,113.803,193.403,109.003,112.652,84653,953.76

    Open Interest as of 30 Aug 2021

Corporate Actions

  • Board Meeting/AGM

  • Dividends

  • Others
  • Meeting DateAnnounced onPurposeDetails
    Jul 20, 2021Jul 02, 2021Board MeetingQuarterly Results
    Jun 29, 2021May 12, 2021AGM-
    May 12, 2021Apr 08, 2021Board MeetingAudited Results & Final Dividend
    Jan 21, 2021Jan 04, 2021Board MeetingQuarterly Results
    Oct 22, 2020Oct 05, 2020Board MeetingQuarterly Results & Interim Dividend
  • TypeDividendDividend per ShareEx-Dividend DateAnnounced on
    Final1450%14.5Jun 10, 2021May 12, 2021
    Interim335%3.35Oct 28, 2020Oct 05, 2020
    Final150%1.5Jul 23, 2020Jun 23, 2020
    Interim715%7.15Mar 03, 2020Feb 19, 2020
    Interim335%3.35Oct 30, 2019Oct 07, 2019
  • All TypesEx-DateRecord DateAnnounced onDetails
    SplitsJul 30, 2013Jul 31, 2013May 09, 2013Split: Old FV10.0| New FV:1.0
    BonusAug 22, 2003Aug 25, 2003May 28, 2003Bonus Ratio: 1 share(s) for every 2 shares held
    BonusAug 02, 2000-May 30, 2000Bonus Ratio: 3 share(s) for every 5 shares held
    BonusNov 08, 1995Dec 06, 1995Oct 18, 1995Bonus Ratio: 1 share(s) for every 1 shares held
    BonusSep 02, 1992Sep 16, 1992Sep 30, 1992Bonus Ratio: 3 share(s) for every 5 shares held

About Asian Paints

Asian Paints Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 303,197.63 Crore) operating in Building Materials sector. Asian Paints Ltd. key Products/Revenue Segments include Paints, Enamels, Varnishes & Black, Other Operating Revenue and Sale of services for the year ending 31-Mar-2021. Show More

  • Executives

  • Auditors

  • AD

    Ashwin Dani

    Non Executive Chairman

    MC

    Manish Choksi

    Non Executive Vice Chairman

    AS

    Amit Syngle

    Managing Director & CEO

    AV

    Abhay Vakil

    Non Executive Director

    AV

    Amrita Vakil

    Non Executive Director

    JC

    Jigish Choksi

    Non Executive Director

    Show More

  • Deloitte Haskins & Sells LLP

Key Indices Listed on

Nifty 50, S&P BSE Sensex, Nifty 100, + 34 more

Address

6A, Shantinagar,Santacruz East,Mumbai, Maharashtra - 400055

More Details

Brands

Asian Paints Share Price Update

Asian Paints Ltd. share price moved up by 3.08% from its previous close of Rs 3,108.75. Asian Paints Ltd. stock last traded price is 3,204.40

Share PriceValue
Today/Current/Last3,204.40
Previous Day3,108.75

Trending in Markets

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