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Asian Paints Limited ASIANPAINT.NS

IN · National Stock Exchange of India · XNSE · stock · Basic Materials · website

Asian Paints Limited statistics & valuation

Market cap₹2.58T
P / E59.8×
P / S7.3×
P / B12.1×
P / FCF46.1×
Net margin12.2%
FCF margin15.8%
Net debt₹32.6B
Enterprise value USD$27.5B
Earnings yield EBIT/EV2.1%
Return on capital22.1%
Graham number -82.4%₹475.68

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹475.68); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
11.90% 15.40% 10.80% 12.20% 2023202420252026
Gross margin (%)
38.20% 43.00% 42.10% 43.40% 2023202420252026
Operating margin (%)
16.00% 19.10% 14.70% 15.80% 2023202420252026
Return on equity (%)
25.70% 29.20% 18.90% 20.20% 2023202420252026
Shares outstanding
958.6M 958.6M 958.6M 958.6M 2023202420252026
Net debt (₹)
₹14.10B ₹16.45B ₹18.46B ₹32.56B 2023202420252026
Share buybacks (₹)
₹355.7M 2023202420252026
Return on assets (%)
15.90% 18.20% 12.10% 12.50% 2023202420252026
Free cash flow margin (%)
8.00% 10.20% 7.70% 15.80% 2023202420252026
Debt / equity (×)
0.12× 0.13× 0.12× 0.18× 2023202420252026
EPS (₹)
₹42.82 ₹56.94 ₹38.25 ₹45.11 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Asian Paints Limited trades at about 59.8× earnings — near its 10-year norm (10-year range 50.5×–67.8×, median 63.4×).

50.5× 67.8×

Shaded band = 10-year range (50.5×–67.8×); dot = today's 59.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin43.4%42.1%43.0%38.2%
Operating margin15.8%14.7%19.1%16.0%
Net margin12.2%10.8%15.4%11.9%
FCF margin15.8%7.7%10.2%8.0%
Return on assets12.5%12.1%18.2%15.9%
Return on equity20.2%18.9%29.2%25.7%
Debt / equity0.06×0.01×0.00×0.00×
Current ratio2.212.092.062.09

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.