Financials Asian Paints Limited

Equities

ASIANPAINT

INE021A01026

Commodity Chemicals

Delayed NSE India S.E. Other stock markets 09:20:52 03/06/2024 am IST			5-day change	1st Jan Change
2,918 ^INR	+1.28%		+1.53%	-14.29%

28/05	Asian Paints Arm to Acquire Additional 24% Stake in SCIB Chemicals	MT
27/05	Asian Paints Limited Receives Order from the Joint Commissioner of Customs, Nhava Sheva, Maharashtra	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,31,795	15,98,503	24,33,868	29,54,281	26,48,969	27,63,641	-	-
Enterprise Value (EV) ¹	14,16,501	15,81,135	23,94,141	29,24,365	26,16,959	27,30,596	27,26,123	27,20,113
P/E ratio	66.3 x	59.1 x	77.5 x	97.5 x	64.5 x	50 x	51.6 x	47.2 x
Yield	0.7%	0.72%	0.7%	0.62%	0.77%	1.12%	1.16%	1.28%
Capitalization / Revenue	7.4 x	7.91 x	11.2 x	10.2 x	7.71 x	7.69 x	7.26 x	6.56 x
EV / Revenue	7.32 x	7.82 x	11 x	10 x	7.61 x	7.69 x	7.16 x	6.46 x
EV / EBITDA	37.8 x	37.5 x	49.3 x	60.9 x	41.7 x	36 x	35.4 x	32.1 x
EV / FCF	133 x	71 x	70.4 x	652 x	89.6 x	61.4 x	63.2 x	65.1 x
FCF Yield	0.75%	1.41%	1.42%	0.15%	1.12%	1.63%	1.58%	1.54%
Price to Book	15 x	15.8 x	19 x	21.4 x	16.6 x	14.9 x	13.4 x	11.9 x
Nbr of stocks (in thousands)	9,59,198	9,59,198	9,59,198	9,59,198	9,59,198	9,59,198	-	-
Reference price ²	1,493	1,666	2,537	3,080	2,762	2,881	2,881	2,881
Announcement Date	09/05/19	23/06/20	12/05/21	10/05/22	11/05/23	09/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,93,498	2,02,112	2,17,128	2,91,013	3,43,678	3,54,947	3,80,758	4,21,195
EBITDA ¹	37,516	42,125	48,556	48,036	62,698	75,850	77,092	84,653
EBIT ¹	33,209	34,320	40,643	39,872	54,018	67,320	67,071	73,020
Operating Margin	17.16%	16.98%	18.72%	13.7%	15.72%	18.97%	17.62%	17.34%
Earnings before Tax (EBT) ¹	32,699	36,340	43,044	41,877	56,888	73,478	71,896	78,463
Net income ¹	21,595	27,052	31,393	30,306	41,064	54,602	53,468	58,174
Net margin	11.16%	13.38%	14.46%	10.41%	11.95%	15.38%	14.04%	13.81%
EPS ²	22.51	28.20	32.73	31.59	42.82	56.94	55.87	61.06
Free Cash Flow ¹	10,635	22,284	34,015	4,482	29,201	44,502	43,164	41,757
FCF margin	5.5%	11.03%	15.67%	1.54%	8.5%	12.35%	11.34%	9.91%
FCF Conversion (EBITDA)	28.35%	52.9%	70.05%	9.33%	46.57%	56.53%	55.99%	49.33%
FCF Conversion (Net income)	49.25%	82.37%	108.35%	14.79%	71.11%	80.44%	80.73%	71.78%
Dividend per Share ²	10.50	12.00	17.85	19.15	21.25	32.30	33.45	36.95
Announcement Date	09/05/19	23/06/20	12/05/21	10/05/22	11/05/23	09/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	67,885	66,514	55,854	70,960	85,272	78,927	86,069	84,576	86,367	87,508	91,823	89,821	93,261	90,884	93,807
EBITDA ¹	17,879	13,183	9,136	9,044	15,423	14,433	15,560	12,277	16,114	18,638	21,213	18,523	20,066	19,181	21,396
EBIT ¹	15,947	11,049	7,130	7,017	13,344	12,382	13,478	10,120	13,974	16,437	19,230	15,589	18,049	16,903	18,393
Operating Margin	23.49%	16.61%	12.76%	9.89%	15.65%	15.69%	15.66%	11.97%	16.18%	18.78%	20.94%	17.36%	19.35%	18.6%	19.61%
Earnings before Tax (EBT) ¹	16,968	11,563	7,786	8,262	13,788	11,892	14,066	10,942	14,782	17,098	21,050	16,846	18,635	17,311	19,738
Net income ¹	12,383	8,521	5,685	5,960	10,157	8,504	10,169	7,827	10,727	12,341	15,504	12,725	13,985	13,411	14,236
Net margin	18.24%	12.81%	10.18%	8.4%	11.91%	10.77%	11.82%	9.25%	12.42%	14.1%	16.88%	14.17%	15%	14.76%	15.18%
EPS ²	12.91	8.880	5.930	6.210	10.59	8.870	10.60	8.160	11.19	12.87	16.17	13.08	14.61	13.95	14.84
Dividend per Share ²	-	14.50	-	3.650	-	15.50	-	-	-	21.25	-	-	-	35.11	-
Announcement Date	21/01/21	12/05/21	20/07/21	21/10/21	20/01/22	10/05/22	26/07/22	20/10/22	19/01/23	11/05/23	25/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	15,294	17,369	39,728	29,917	32,010	30,183	37,517	43,528
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,635	22,284	34,015	4,483	29,201	44,502	43,164	41,757
ROE (net income / shareholders' equity)	24.1%	27.6%	27.4%	22.8%	27.6%	31.5%	27%	26.6%
ROA (Net income/ Total Assets)	14.7%	16.7%	17.2%	14%	16.8%	23.9%	17.9%	20.3%
Assets ¹	1,47,222	1,62,164	1,82,622	2,16,770	2,43,912	2,31,601	2,98,891	2,85,966
Book Value Per Share ²	99.20	106.0	134.0	144.0	167.0	194.0	215.0	242.0
Cash Flow per Share ²	23.10	27.40	38.40	10.30	43.70	59.20	50.20	52.90
Capex ¹	11,336	4,035	2,819	5,382	12,734	21,103	24,006	22,630
Capex / Sales	5.86%	2%	1.3%	1.85%	3.71%	5.86%	6.3%	5.37%
Announcement Date	09/05/19	23/06/20	12/05/21	10/05/22	11/05/23	09/05/24	-	-

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

2,881 INR

Average target price

2,943 INR

Spread / Average Target

+2.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
ASIAN PAINTS LIMITED	-14.29%	33.11B
THE SHERWIN-WILLIAMS COMPANY	-2.60%	77.06B
PPG INDUSTRIES, INC.	-12.13%	30.93B
NIPPON PAINT HOLDINGS CO., LTD.	-5.35%	15.79B
RPM INTERNATIONAL INC.	+0.42%	14.43B
AKZO NOBEL N.V.	-14.27%	11.87B
AXALTA COATING SYSTEMS LTD.	+4.77%	7.85B
BERGER PAINTS INDIA LIMITED	-22.62%	6.42B
KANSAI PAINT CO., LTD.	+10.94%	3.5B
SKSHU PAINT CO.,LTD.	-9.18%	3.15B

Paint & Coating