Projected Income Statement: Asian Paints Limited

Forecast Balance Sheet: Asian Paints Limited

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 -39,728 -29,917 -32,010 -18,130 -17,367 -29,087 -39,487 -55,856
Change - 24.7% -7% 43.36% 4.21% -67.49% -35.75% -41.45%
Announcement Date 12/05/21 10/05/22 11/05/23 09/05/24 08/05/25 - - -
1INR in Million
Estimates

Cash Flow Forecast: Asian Paints Limited

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,819 5,382 12,734 21,990 18,053 12,484 12,151 11,831
Change - 90.95% 136.58% 72.69% -17.9% -30.85% -2.66% -2.64%
Free Cash Flow (FCF) 1 34,015 4,482 29,201 39,046 26,186 40,671 40,099 46,455
Change - -86.82% 551.44% 33.72% -32.93% 55.31% -1.41% 15.85%
Announcement Date 12/05/21 10/05/22 11/05/23 09/05/24 08/05/25 - - -
1INR in Million
Estimates

Forecast Financial Ratios: Asian Paints Limited

Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 22.36% 16.51% 18.24% 21.37% 18.13% 18.58% 18.43% 19.13%
EBIT Margin (%) 18.72% 13.7% 15.72% 18.97% 15.1% 15.09% 14.95% 15.61%
EBT Margin (%) 19.82% 14.39% 16.55% 20.7% 15.05% 16.51% 16.67% 17.44%
Net margin (%) 14.46% 10.41% 11.95% 15.38% 10.82% 12.36% 12.53% 13.12%
FCF margin (%) 15.67% 1.54% 8.5% 11% 7.72% 11.56% 10.42% 11.19%
FCF / Net Income (%) 108.35% 14.79% 71.11% 71.51% 71.41% 93.49% 83.18% 85.27%

Profitability

        
ROA 17.19% 13.98% 16.84% 19.6% 13.04% 15.13% 15.16% 13.73%
ROE 27.37% 22.77% 27.56% 31.45% 20.62% 21.63% 21.71% 22.11%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 1.3% 1.85% 3.71% 6.2% 5.32% 3.55% 3.16% 2.85%
CAPEX / EBITDA (%) 5.81% 11.2% 20.31% 28.99% 29.37% 19.1% 17.14% 14.9%
CAPEX / FCF (%) 8.29% 120.08% 43.61% 56.32% 68.94% 30.69% 30.3% 25.47%

Items per share

        
Cash flow per share 1 38.4 10.29 43.72 63.63 46.12 53.99 49.03 57.98
Change - -73.21% 325.04% 45.55% -27.52% 17.06% -9.18% 18.25%
Dividend per Share 1 17.85 19.15 21.25 33.3 24.8 27.9 30.04 33.89
Change - 7.28% 10.97% 56.71% -25.53% 12.5% 7.66% 12.82%
Book Value Per Share 1 133.5 144 166.7 195.2 202.2 220.5 240.3 265.2
Change - 7.85% 15.79% 17.08% 3.61% 9.02% 8.99% 10.36%
EPS 1 32.73 31.59 42.82 56.94 38.25 45.38 50.17 56.81
Change - -3.48% 35.55% 32.98% -32.82% 18.64% 10.56% 13.24%
Nbr of stocks (in thousands) 9,59,198 9,59,198 9,59,198 9,59,198 9,59,198 9,59,198 9,59,198 9,59,198
Announcement Date 12/05/21 10/05/22 11/05/23 09/05/24 08/05/25 - - -
1INR
Estimates
2026 *2027 *
P/E ratio 57.3x 51.8x
PBR 11.8x 10.8x
EV / Sales 7.01x 6.38x
Yield 1.07% 1.15%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
34
Last Close Price
2,600.70INR
Average target price
2,675.32INR
Spread / Average Target
+2.87%

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. ASIANPAINT Stock
  4. Financials Asian Paints Limited