Financials Asian Paints Limited

Equities

ASIANPAINT

INE021A01026

Commodity Chemicals

Market Closed - NSE India S.E. Other stock markets 07:43:53 2024-07-12 am EDT			5-day change	1st Jan Change
2,999 ^INR	-0.76%		+2.15%	-11.85%

Jul. 12	IT Stocks Rally Push Indian Equities to Close Higher on Friday	MT
Jul. 10	Indian Shares Dragged Down by Auto, Metal and Bank Stocks	MT

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	2,876,778	-	-
Enterprise Value (EV) ¹	1,581,135	2,394,141	2,924,365	2,616,959	2,712,466	2,839,261	2,833,250	2,822,106
P/E ratio	59.1 x	77.5 x	97.5 x	64.5 x	50 x	53.7 x	49.1 x	43.8 x
Yield	0.72%	0.7%	0.62%	0.77%	1.17%	1.11%	1.23%	1.37%
Capitalization / Revenue	7.91 x	11.2 x	10.2 x	7.71 x	7.69 x	7.56 x	6.85 x	6.25 x
EV / Revenue	7.82 x	11 x	10 x	7.61 x	7.64 x	7.46 x	6.75 x	6.14 x
EV / EBITDA	37.5 x	49.3 x	60.9 x	41.7 x	35.8 x	37 x	33.6 x	30.5 x
EV / FCF	71 x	70.4 x	652 x	89.6 x	69.5 x	65.8 x	67.9 x	50.8 x
FCF Yield	1.41%	1.42%	0.15%	1.12%	1.44%	1.52%	1.47%	1.97%
Price to Book	15.8 x	19 x	21.4 x	16.6 x	14.6 x	13.9 x	12.4 x	11.3 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	2,999	2,999	2,999
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	380,408	419,924	459,969
EBITDA ¹	42,125	48,556	48,036	62,698	75,850	76,776	84,284	92,560
EBIT ¹	34,320	40,643	39,872	54,018	67,320	66,984	72,867	81,013
Operating Margin	16.98%	18.72%	13.7%	15.72%	18.97%	17.61%	17.35%	17.61%
Earnings before Tax (EBT) ¹	36,340	43,044	41,877	56,888	73,478	71,770	78,112	87,286
Net income ¹	27,052	31,393	30,306	41,064	54,602	53,435	58,107	63,915
Net margin	13.38%	14.46%	10.41%	11.95%	15.38%	14.05%	13.84%	13.9%
EPS ²	28.20	32.73	31.59	42.82	56.94	55.83	61.07	68.47
Free Cash Flow ¹	22,284	34,015	4,482	29,201	39,046	43,164	41,757	55,569
FCF margin	11.03%	15.67%	1.54%	8.5%	11%	11.35%	9.94%	12.08%
FCF Conversion (EBITDA)	52.9%	70.05%	9.33%	46.57%	51.48%	56.22%	49.54%	60.04%
FCF Conversion (Net income)	82.37%	108.35%	14.79%	71.11%	71.51%	80.78%	71.86%	86.94%
Dividend per Share ²	12.00	17.85	19.15	21.25	33.30	33.33	36.95	40.99
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	92,344	88,530	98,784	97,417	-
EBITDA ¹	15,423	14,433	15,560	12,277	16,114	18,638	21,213	17,162	20,561	16,914	19,570	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	17,102	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%	18.52%	15.65%	17.38%	14.66%	-
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	18,526	15,238	19,805	17,304	-
Net income ¹	10,157	8,504	10,169	7,827	10,727	12,341	15,504	12,054	14,477	12,567	13,960	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%	15.12%	14.07%	14.04%	13.09%	-
EPS ²	10.59	8.870	10.60	8.160	11.19	12.87	16.17	12.57	15.10	13.10	14.41	12.99	14.44	13.32	-
Dividend per Share ²	-	15.50	-	-	-	21.25	-	5.150	-	28.15	-	-	-	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	18,130	37,517	43,528	54,672
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,284	34,015	4,483	29,201	39,046	43,164	41,757	55,569
ROE (net income / shareholders' equity)	27.6%	27.4%	22.8%	27.6%	31.5%	27%	26.5%	26.7%
ROA (Net income/ Total Assets)	16.7%	17.2%	14%	16.8%	19.6%	17.9%	20.4%	16.8%
Assets ¹	162,164	182,622	216,770	243,912	278,583	298,752	285,521	380,625
Book Value Per Share ²	106.0	134.0	144.0	167.0	195.0	216.0	243.0	266.0
Cash Flow per Share ²	27.40	38.40	10.30	43.70	63.60	50.20	52.90	65.10
Capex ¹	4,035	2,819	5,382	12,734	21,990	24,062	22,629	14,107
Capex / Sales	2%	1.3%	1.85%	3.71%	6.2%	6.33%	5.39%	3.07%
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

2,999 INR

Average target price

2,954 INR

Spread / Average Target

-1.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
ASIAN PAINTS LIMITED	-11.85%	34.72B
THE SHERWIN-WILLIAMS COMPANY	+2.07%	79.64B
NIPPON PAINT HOLDINGS CO., LTD.	-10.09%	15.21B
RPM INTERNATIONAL INC.	-0.95%	14.01B
AKZO NOBEL N.V.	-22.16%	10.61B
AXALTA COATING SYSTEMS LTD.	+4.36%	7.83B
BERGER PAINTS INDIA LIMITED	-12.99%	7.3B
KANSAI PAINT CO., LTD.	+5.17%	3.29B
KANSAI NEROLAC PAINTS LIMITED	-16.42%	2.71B
SKSHU PAINT CO.,LTD.	-27.60%	2.43B

Paint & Coating