Financials Asian Paints Limited

Equities

ASIANPAINT

INE021A01026

Commodity Chemicals

Market Closed - NSE India S.E. Other stock markets 07:43:47 2024-06-06 am EDT			5-day change	1st Jan Change
2,905 ^INR	-1.92%		+0.16%	-14.62%

May. 28	Asian Paints Arm to Acquire Additional 24% Stake in SCIB Chemicals	MT
May. 27	Asian Paints Limited Receives Order from the Joint Commissioner of Customs, Nhava Sheva, Maharashtra	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	1,598,503	2,433,868	2,954,281	2,648,969	2,730,596	2,840,904	-	-
Enterprise Value (EV) ¹	1,581,135	2,394,141	2,924,365	2,616,959	2,730,596	2,803,387	2,797,376	2,786,232
P/E ratio	59.1 x	77.5 x	97.5 x	64.5 x	50 x	53 x	48.5 x	43.1 x
Yield	0.72%	0.7%	0.62%	0.77%	-	1.13%	1.25%	1.41%
Capitalization / Revenue	7.91 x	11.2 x	10.2 x	7.71 x	7.69 x	7.46 x	6.74 x	6.18 x
EV / Revenue	7.82 x	11 x	10 x	7.61 x	7.69 x	7.36 x	6.64 x	6.06 x
EV / EBITDA	37.5 x	49.3 x	60.9 x	41.7 x	36 x	36.4 x	33 x	30.1 x
EV / FCF	71 x	70.4 x	652 x	89.6 x	-	64.9 x	67 x	48.2 x
FCF Yield	1.41%	1.42%	0.15%	1.12%	-	1.54%	1.49%	2.07%
Price to Book	15.8 x	19 x	21.4 x	16.6 x	-	13.8 x	12.2 x	11.1 x
Nbr of stocks (in thousands)	959,198	959,198	959,198	959,198	959,198	959,198	-	-
Reference price ²	1,666	2,537	3,080	2,762	2,847	2,962	2,962	2,962
Announcement Date	6/23/20	5/12/21	5/10/22	5/11/23	5/9/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	202,112	217,128	291,013	343,678	354,947	380,758	421,195	459,756
EBITDA ¹	42,125	48,556	48,036	62,698	75,850	77,092	84,653	92,470
EBIT ¹	34,320	40,643	39,872	54,018	67,320	67,071	73,020	80,891
Operating Margin	16.98%	18.72%	13.7%	15.72%	18.97%	17.62%	17.34%	17.59%
Earnings before Tax (EBT) ¹	36,340	43,044	41,877	56,888	73,478	71,896	78,463	88,191
Net income ¹	27,052	31,393	30,306	41,064	54,602	53,468	58,174	64,468
Net margin	13.38%	14.46%	10.41%	11.95%	15.38%	14.04%	13.81%	14.02%
EPS ²	28.20	32.73	31.59	42.82	56.94	55.87	61.06	68.78
Free Cash Flow ¹	22,284	34,015	4,482	29,201	-	43,164	41,757	57,786
FCF margin	11.03%	15.67%	1.54%	8.5%	-	11.34%	9.91%	12.57%
FCF Conversion (EBITDA)	52.9%	70.05%	9.33%	46.57%	-	55.99%	49.33%	62.49%
FCF Conversion (Net income)	82.37%	108.35%	14.79%	71.11%	-	80.73%	71.78%	89.64%
Dividend per Share ²	12.00	17.85	19.15	21.25	-	33.45	36.95	41.61
Announcement Date	6/23/20	5/12/21	5/10/22	5/11/23	5/9/24	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	85,272	78,927	86,069	84,576	86,367	87,508	91,823	84,786	91,031	87,308	93,807	89,730	97,434	97,579	-
EBITDA ¹	15,423	14,433	15,560	12,277	16,114	18,638	21,213	17,162	20,561	16,914	21,396	16,771	20,126	17,269	-
EBIT ¹	13,344	12,382	13,478	10,120	13,974	16,437	19,230	15,075	18,357	14,658	18,393	13,854	17,172	14,278	-
Operating Margin	15.65%	15.69%	15.66%	11.97%	16.18%	18.78%	20.94%	17.78%	20.17%	16.79%	19.61%	15.44%	17.62%	14.63%	-
Earnings before Tax (EBT) ¹	13,788	11,892	14,066	10,942	14,782	17,098	21,050	16,509	19,199	16,241	19,738	15,000	18,475	15,552	-
Net income ¹	10,157	8,504	10,169	7,827	10,727	12,341	15,504	12,054	14,477	12,567	14,236	12,454	13,874	12,748	-
Net margin	11.91%	10.77%	11.82%	9.25%	12.42%	14.1%	16.88%	14.22%	15.9%	14.39%	15.18%	13.88%	14.24%	13.06%	-
EPS ²	10.59	8.870	10.60	8.160	11.19	12.87	16.17	12.57	15.10	13.10	14.84	12.99	14.44	13.32	-
Dividend per Share ²	-	15.50	-	-	-	21.25	-	5.150	-	-	-	-	-	33.81	-
Announcement Date	1/20/22	5/10/22	7/26/22	10/20/22	1/19/23	5/11/23	7/25/23	10/26/23	1/17/24	5/9/24	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	17,369	39,728	29,917	32,010	-	37,517	43,528	54,672
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,284	34,015	4,483	29,201	-	43,164	41,757	57,786
ROE (net income / shareholders' equity)	27.6%	27.4%	22.8%	27.6%	-	27%	26.6%	26.7%
ROA (Net income/ Total Assets)	16.7%	17.2%	14%	16.8%	-	17.9%	20.4%	16.8%
Assets ¹	162,164	182,622	216,770	243,912	-	299,073	285,844	383,520
Book Value Per Share ²	106.0	134.0	144.0	167.0	-	215.0	242.0	267.0
Cash Flow per Share ²	27.40	38.40	10.30	43.70	-	50.10	52.90	65.10
Capex ¹	4,035	2,819	5,382	12,734	-	24,006	22,630	13,810
Capex / Sales	2%	1.3%	1.85%	3.71%	-	6.3%	5.37%	3%
Announcement Date	6/23/20	5/12/21	5/10/22	5/11/23	5/9/24	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Asian Paints Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,962 INR

Average target price

2,943 INR

Spread / Average Target

-0.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
ASIAN PAINTS LIMITED	-13.94%	34.07B
THE SHERWIN-WILLIAMS COMPANY	-1.18%	78.18B
PPG INDUSTRIES, INC.	-10.93%	31.35B
NIPPON PAINT HOLDINGS CO., LTD.	-4.82%	16.58B
RPM INTERNATIONAL INC.	-0.92%	14.24B
AKZO NOBEL N.V.	-15.37%	11.68B
AXALTA COATING SYSTEMS LTD.	+7.01%	8.02B
BERGER PAINTS INDIA LIMITED	-21.42%	6.64B
KANSAI PAINT CO., LTD.	+9.19%	3.52B
SKSHU PAINT CO.,LTD.	-8.72%	3.16B

Paint & Coating