Consumer Durables · NSE: ASIANPAINT · BSE: 500820
Asian Paints: how the business works
Asian Paints makes paint and home-décor products and sells them mostly in India through dealers and shops, earning ₹35,584 crore of revenue in FY26.
Asian Paints Limited · Mumbai, Maharashtra · Founded 1942
Last updated · Reviewed by Cityfort Research on
- Revenue, FY26
- ₹35,584 cr
- Net profit to shareholders, FY26
- ₹4,325 cr
- Decorative paint capacity in India, FY26
- 22.9 lakh KL a year
- In business since
- 1942
- Promoter holding, Sep 2026
- 52.65%
01 · The business in one line
What does Asian Paints do?
Homeowners, builders and businesses pay Asian Paints for paint and décor; raw materials take the biggest share, and about ₹12 of every ₹100 is profit.
- In FY26, 86.8% of sales came from decorative paint and home décor in India, sold through dealers, distributors, shops and online.
- Raw materials such as titanium dioxide and crude-oil-based chemicals took ₹55 of every ₹100 that came in during FY26.
02 · What it sells
What does Asian Paints sell?
Decorative paints
Wall paints, enamels and waterproofing for homes and buildings in India. With home décor, this was 86.8% of FY26 sales.
Home décor
Modular kitchens (Sleek), bath fittings, decorative lights (White Teak), uPVC windows (Weatherseal), furnishings and wall coverings. Sold through 74 Beautiful Homes stores and other outlets.
Painting and interior services
It sends painters to customers' homes through its Beautiful Homes painting service. Services brought in ₹100 crore in FY26.
Industrial coatings
Coatings for factories and infrastructure through its subsidiary APPPG (3.8% of FY26 sales). Car-maker coatings sit in PPG Asian Paints, a 50:50 company with PPG of the USA.
Paint abroad
Paint made and sold in the Middle East, South Asia, Africa and the South Pacific. Brands include Apco, Asian Paints Berger, Causeway, SCIB, Taubmans and Kadisco. This was 9.4% of FY26 sales.
What it does
- Does: Makes paint in 25 of its own plants: 10 in India and 15 abroad. Outside processors also make certain products for it.
- Does: Sells through wholesalers, distributors, shops and online across 28 states and 8 union territories.
- Does: Makes some of its own raw materials: white cement in the UAE since Oct 2025 and VAE emulsion at Dahej since Sep 2026.
What it does not do
- Does not: Does not count car-maker coatings in its revenue: that business, PPG Asian Paints, is a 50% associate and only its profit share is added.
- Does not: Does not export much from India: exports were 0.3% of the parent company's FY26 turnover. Foreign sales come from plants abroad.
- Does not: No longer operates in Indonesia: it sold that business in Mar 2025.
Source: Integrated Annual Report FY26; Q4 FY26 financial results (standalone + consolidated, with press release); Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF) and 2 more
03 · Who pays it
Who pays Asian Paints?
Paint and home-décor buyers in India
87%
of revenue
Homeowners, contractors, builders, architects and interior designers, reached through dealers, distributors, shops, e-commerce and Beautiful Homes stores.
Customers outside India
9%
of revenue
Buyers in the Middle East, South Asia, Africa and the South Pacific, served by its foreign subsidiaries.
Industrial customers in India
4%
of revenue
Factories and infrastructure projects that buy protective, powder and floor coatings from its subsidiary APPPG.
- Paint and home-décor buyers in India87%
- Customers outside India9%
- Industrial customers in India4%
How spread out the customers are
Asian Paints does not disclose revenue by customer. Shares above are from the business-wise split in the FY26 annual report, not an audited segment note.
Source: Integrated Annual Report FY26; Business Responsibility and Sustainability Report FY26; Integrated Annual Report FY22 and 1 more
04 · How the money flows · FY26
How does money flow through Asian Paints?
Money in
- Revenue from operations₹35,584 cr
- Share of profit from associate companies₹166 cr
- Other income₹724 cr
The company
Asian Paints
₹36,474 cr came in
Money out
- Raw materials and bought-in goods₹20,002 cr
- Employee costs₹2,800 cr
- Other running costs (freight, advertising, power and more)₹6,086 cr
- Depreciation₹1,229 cr
- Interest and tax₹1,804 cr
- One-off charges₹158 cr
- Profit after tax (₹4,325 crore to Asian Paints shareholders, ₹69 crore to minority partners)₹4,395 cr
- In FY26 customers paid Asian Paints ₹35,584 crore. It also earned ₹724 crore of other income and ₹166 crore as its share of associates' profit.
- Raw materials and goods bought for resale took the biggest share: ₹20,002 crore.
- Staff, freight, advertising, power and other running costs took another ₹8,886 crore.
- Depreciation, interest and tax took ₹3,033 crore. One-off charges for new labour codes and a White Teak write-down took ₹158 crore.
- The ₹4,395 crore left was profit. Of it, ₹4,325 crore belonged to Asian Paints' own shareholders.
Source: Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF); Q3 FY26 financial results (standalone + consolidated, with press release)
05 · Where the money goes · FY26
Where does ₹100 of Asian Paints' money go?
Asian Paints · FY26
Receipt for every ₹100
| Raw materials | ₹55.1 |
|---|---|
| Employees | ₹7.7 |
| Other running costs | ₹16.8 |
| Depreciation | ₹3.4 |
| Interest and tax | ₹5.0 |
| Kept as profit for Asian Paints shareholders | ₹11.9 |
| Profit belonging to minority partners | ₹0.2 |
| Total | ₹100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.
Source: Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF); Q3 FY26 financial results (standalone + consolidated, with press release)
06 · What it needs to run
What does Asian Paints need to run?
Raw materials
Titanium dioxide and crude-oil-based chemicals are the bulk of raw material cost, per Crisil (Sep 2025). Raw materials and bought-in goods cost ₹20,002 crore in FY26.
Paint plants
25 paint plants worldwide, 10 of them in India. Decorative paint capacity in India was 2,290,000 kilolitres a year in FY26.
Distribution network
Wholesalers, distributors, shops and e-commerce across 28 states and 8 union territories. Management said on 29 May 2026 that it added more than 6,000 retail points in FY26.
People
More than 16,000 employees worldwide, including 251 scientists, in FY26.
Own raw-material plants
A white cement plant in Fujairah, UAE (265,000 tonnes a year, 60% owned) since Oct 2025. A VAE emulsion plant at Dahej, Gujarat (150,000 tonnes a year) since Sep 2026.
Source: Crisil Ratings rating rationale, Asian Paints Limited, 10 Sep 2025; Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY26 and 5 more
07 · Why it makes money
Why does Asian Paints make money?
Scale and reach let it sell at volume; raw material prices and pricing decide the margin
Raw materials take about ₹55 of every ₹100 that comes in, so margins move with their prices and with discounts. Crisil (Sep 2025) says Asian Paints can pass on only part of cost increases. EBITDA (profit before interest, tax and depreciation) per ₹100 of revenue was ₹16.2 in FY22, ₹21.7 in FY24 and ₹18.8 in FY26.
EBITDA per ₹100 of revenue
₹16.2₹18.8
FY22 to FY26
- Brand and colour range bring buyers to dealers
- Dealers across India sell its paint
- High volumes run through its own plants
- Scale spreads plant, ad and research costs
- Price increases pass on part of raw material swings
- Cash funds new products, plants and dealers
↺ Step 6 feeds back into step 1.
Source: Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF)
08 · Business segments · FY26
Which businesses make up Asian Paints?
Decorative and home décor, India
87%Wall paints, waterproofing, kitchens, bath, lights and other décor sold in India. Split as reported in the annual report, not an audited segment.
Revenue ₹30,830 cr
International
9%Paint made and sold abroad, mainly in the Middle East, South Asia, Africa and the South Pacific.
Revenue ₹3,354 cr
Industrial coatings (APPPG)
4%Protective and other industrial coatings from a subsidiary; car-maker coatings sit in an associate and are not counted here.
Revenue ₹1,332 cr
How the mix changed
- Decorative and home décor, India
- International
- Industrial coatings (APPPG)
Revenue by segment, FY25 to FY26.
₹ crore · Source: Integrated Annual Report FY25; Integrated Annual Report FY26
See the numbers
Source: Integrated Annual Report FY26
09 · Competitors and what protects it
Who does Asian Paints compete with?
Berger Paints India Ltd
NSE: BERGEPAINT
Sells decorative paints through 64,000+ dealers in India, plus protective, automotive and industrial coatings; FY26 consolidated revenue ₹11,880 crore.
Kansai Nerolac Paints Ltd
NSE: KANSAINER
Sells decorative paints and makes coatings for automobiles and consumer durables; FY26 consolidated revenue ₹8,052 crore.
JSW Dulux Ltd
NSE: JSWDULUX
Formerly Akzo Nobel India; sells Dulux decorative paints and industrial coatings; FY26 consolidated revenue ₹3,599 crore.
Indigo Paints Ltd
NSE: INDIGOPNTS
Sells decorative paints, waterproofing and construction chemicals through 19,352 active dealers; FY26 consolidated revenue ₹1,405 crore.
Grasim Industries Ltd (Birla Opus)
NSE: GRASIM
Grasim's Birla Opus, launched in 2024, sells decorative paints from six plants with 1,332 million litres a year capacity.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Distribution reach4 of 5
Sells across 28 states and 8 union territories. On 29 May 2026 management said it added more than 6,000 retail points in FY26.
- Manufacturing scale4 of 5
2,290,000 kilolitres a year of decorative paint capacity in India and 25 paint plants worldwide in FY26.
- Brand and market position4 of 5
Crisil (Sep 2025) cites its brand, distribution and product range, and calls it the market leader in decorative paints.
- Own raw materials2 of 5
Its white cement and VAE plants started only in Oct 2025 and Sep 2026; the VAM plant is still being built.
Weak spot
Pricing under competition
Decorative sales value in India fell year on year for four quarters (Q2 FY25 to Q1 FY26). Volumes were roughly flat (−0.5% in Q2 FY25) or rising. On 29 May 2026 management said discounting had not let up.
Source: Berger Paints India Ltd: Integrated Annual Report FY26 (competitor filing); Kansai Nerolac Paints Ltd: 106th Annual Report FY26 (competitor filing); JSW Dulux Ltd (formerly Akzo Nobel India Ltd): 72nd Annual Report FY26 (competitor filing) and 14 more
10 · Where growth could come from
Where could Asian Paints' growth come from?
Management said in the Q4 FY26 call (29 May 2026) that it keeps an 18–20% PBDIT margin band. Management also said it aims for 8–10% decorative volume growth in FY27. In the Q1 FY27 call (29 Jul 2026) it said the 18–20% margin guidance holds. The company's PBDIT leaves out other income, associates' profit and one-off items. This page's EBITDA includes associates' profit and is after one-off items, so the two differ slightly (Q1 FY27: 20.9% here, 20.6% company).
Decorative paint volumes
Working+9.0% volume, Q1 FY27
Volumes in India grew every quarter from Q3 FY25. On 29 Jul 2026 management said its weighted average price increase in Q1 FY27 was about 7%.
Status: Working, on track against what the company said.
International business
Working+27.2% sales, Q1 FY27
Profit before exceptional items and tax from international units rose to ₹266 crore in FY26 from ₹140 crore in FY25.
Status: Working, on track against what the company said.
Industrial coatings
Working+21.3% APPPG sales, Q1 FY27
Sales at PPG Asian Paints, the 50% car-coatings associate, rose 13.5% in the same quarter.
Status: Working, on track against what the company said.
Making its own raw materials
EarlyVAE plant started 17 Sep 2026
On 29 Jul 2026 management put the gross-margin benefit for products using these inputs at 300–500 basis points (3–5 percentage points).
Status: Early, too early to judge.
Home décor
MixedKitchen loss ₹17.3 cr, FY26
Weatherseal windows grew 42.1% in FY26. White Teak lighting sales fell 7.1%, and the kitchen and bath units made losses.
Status: Mixed, partly on track.
New paint plants
BehindPithampur timeline reset, Nov 2025
The 4 lakh KL a year Madhya Pradesh plant must now start within 3 years of environmental clearance. The earlier deadline ran from getting the land.
Status: Behind, behind the company's own plan.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Source: Q4 FY26 earnings call transcript; Q1 FY27 earnings call transcript; Q1 FY27 financial results (standalone + consolidated, with press release) and 4 more
11 · The numbers · Consolidated · ₹ crore
How has Asian Paints done?
Revenue
₹35,584 crFY26
Revenue grew from ₹29,101 crore in FY22 to ₹35,584 crore in FY26, with one fall of 4.5% in FY25.
₹ crore · Source: Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY24: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY25: Consolidated Financial Statements section (separate PDF) and 9 more
See the numbers
Net profit
₹4,325 crFY26
Net profit to shareholders was highest at ₹5,460 crore in FY24 of the five years shown, fell 32.8% in FY25 and rose 17.9% in FY26.
₹ crore · Source: Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY24: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY25: Consolidated Financial Statements section (separate PDF) and 1 more
See the numbers
Profit kept per ₹100 of revenue
₹12.2FY26
EBITDA per ₹100 of revenue rose from ₹16.2 in FY22 to ₹21.7 in FY24, then was ₹18.8 in FY26.
₹ of profit per ₹100 of revenue (net margin) · Source: Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY24: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY25: Consolidated Financial Statements section (separate PDF) and 1 more
See the numbers
Free cash flow
₹5,621 crFY26
Free cash flow (cash left after running and investing) rose from ₹448 crore in FY22 to ₹5,621 crore in FY26, dipping in FY25.
₹ crore · cash from operations minus spending on plants and equipment · Source: Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY24: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY25: Consolidated Financial Statements section (separate PDF) and 1 more
See the numbers
See all yearly numbers
EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.
12 · Financial strength · 31 Mar 2026
How much debt does Asian Paints have?
- Total debt₹2,293 cr
- Cash and investments₹7,360 cr
- Net cash (cash minus debt)₹5,066 cr
- Net worth (shareholders' money)₹21,372 cr
- Debt to equity
- 0.11×
- ₹ of debt for every ₹1 of shareholders' money
- Interest cover
- 31.7×
- how many times operating profit covers interest
- Contingent liabilities
- ₹565 cr
- possible future payments, e.g. disputed claims
- Debt here means borrowings only. Lease liabilities (rent owed under leases) were a further ₹1,636 crore; with them, debt was ₹3,929 crore.
- Borrowings rose to ₹2,293 crore from ₹864 crore a year earlier. FY26 included ₹993 crore of new long-term loans.
- The subsidiary building the Dahej VAM/VAE plant, Asian Paints (Polymers), had ₹2,300 crore of bank loan facilities. They moved to Asian Paints when that subsidiary merged into it on 31 Mar 2026.
- The VAM/VAE project, now costed at ₹3,250 crore, was to be paid for with company equity and outside loans (filing of 27 Mar 2025).
- Cash and liquid investments = cash, bank balances and short-term investments. Net worth = equity belonging to Asian Paints shareholders.
- Contingent liabilities (claims the company disputes) were ₹565 crore. The CCI investigation is extra; the company says no amount can be estimated.
Source: Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF); Exchange filing: Credit rating: India Ratings IND AAA/Stable/IND A1+ assigned on Rs 2,300 cr bank facilities; Exchange filing: Setting up of manufacturing facility for VAM and VAE
13 · Who owns it · Q2 FY27
Who owns Asian Paints?
- Promoters (founders or parent company)52.7%, of which pledged 5.5%
- Foreign institutions (FII)13.8%
- Indian institutions (DII)20.5%
- Public and others13.1%
- Pledged: 10.4% of promoter shares (5.5% of all shares)5.5%
Promoter shares pledged
10.4% of promoter shares
A pledge means promoters gave shares as security for a loan. If the loan isn't repaid, the lender can sell them.
How ownership changed
* Pledged = share of the promoters' own holding reported as pledged. In older filings this can include shares “otherwise encumbered”; the governance flags say when.
Source: Shareholding pattern as on 30 Sep 2026; Shareholding pattern as on 30 Jun 2026 (XBRL filed with NSE); Shareholding pattern as on 31 Mar 2026 and 9 more
14 · What it does with profit
What does Asian Paints do with its profit?
Dividend per share
₹27.50FY26
Dividend paid for each share, by financial year.
₹ per share · Source: Integrated Annual Report FY22; Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF); Integrated Annual Report FY23 and 8 more
See the numbers
No buybacks or fund raises in the period covered.
15 · Who runs it
Who runs Asian Paints, and did they deliver?
Amit Syngle
Managing Director & CEO · since 2020
With Asian Paints since 1990; MD & CEO from April 2020.
R Seshasayee
Chairman (non-executive, independent)
Manish Choksi
Vice Chairman (non-executive, promoter group)
R J Jeyamurugan
CFO, Company Secretary & Compliance Officer
What they said, and what happened
1 partly delivered · 3 too early to tell · 1 delivered
Said on 29 May 2026
Commission the first phase of the VAM-VAE plant at Dahej in the first half of FY27.
Partly deliveredWhat happened
VAE production started on 17 Sep 2026. The VAM and ethylene facilities were still under construction; the filing does not say which part was 'phase one'.
Said on 29 May 2026
Keep the PBDIT margin within 18–20% in FY27 (repeated on 29 Jul 2026).
Too early to tellWhat happened
Q1 FY27 PBDIT margin was 20.6%. The full-year figure comes with FY27 results.
Said on 29 May 2026
Aim for 8–10% decorative volume growth in FY27.
Too early to tellWhat happened
Q1 FY27 decorative volume grew 9.0%.
Said on 20 Oct 2022
Make and export white cement and clinker, with an initial capacity of 265,000 tonnes a year.
DeliveredWhat happened
Commercial production began at Fujairah, UAE, on 12 Oct 2025.
Said on 7 Jan 2023
Set up a 4 lakh KL a year paint plant in Madhya Pradesh for about ₹2,000 crore.
Too early to tellWhat happened
Land was allotted at Pithampur (company letter of 1 Mar 2024). The state's original approval required production within 3 years of getting the land. On 12 Nov 2025 the company said the state now allows 3 years from environmental clearance.
Source: Integrated Annual Report FY26; Exchange filing: Board meeting date for Q2 FY27 results (29 Oct 2026) and investor call; Q4 FY26 earnings call transcript and 5 more
16 · Governance signals
What do Asian Paints' governance filings show?
- Auditor
- S R B C & Co. LLP, since 2026
- Auditor changes
- 9 Jul 2026: Deloitte Haskins & Sells LLP → S R B C & Co. LLP (Required rotation: Deloitte left after completing two five-year terms. This was not a resignation.)
- Audit qualifications
- None reported
- Related-party dealings
- Asian Paints deals with some companies linked to promoter-group families, such as Resins and Plastics and Hitech Corporation. It says these deals are at arm's length. Pay to key managers, including directors' fees, was ₹44.90 crore in FY26 vs ₹23.74 crore in FY25.
- Credit rating
- Crisil AAA (bank loans) / A1+ (short term) (Stable), 10 Sep 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
pledge · 30 Sep 2026
Promoter shares pledged
10.37% of promoter-group shares were pledged on 30 Sep 2026, up from 6.58% in Dec 2023. Smiti Holding and Trading Co. accounts for 3.87 crore of the 5.23 crore pledged shares.
regulatory · 1 Jul 2025
CCI investigation
On 1 Jul 2025 the Competition Commission of India ordered its Director General to investigate Asian Paints. It acted on information from Grasim Industries (Birla Paints division). The order was revised on 2 Jul 2025.
disclosure
One reported segment
The audited accounts report a single segment, 'Paints and Home Decor'. The split into decorative, international and industrial comes from annual report overview pages.
Source: Exchange filing: Appointment of S R B C & Co. LLP as Statutory Auditors (AGM approval); Deloitte Haskins & Sells LLP ceases; Exchange filing: Appointment of Statutory Auditors of the Company; Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF) and 7 more
17 · What the market paid · price as of 30 Jun 2026
What did the market pay for Asian Paints on 30 Jun 2026?
Price as of 30 Jun 2026 (shown for education; prices change daily).
Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹2,635.70 on NSE, for a market value of ₹252,816 crore. P/E is the share price divided by one year's profit per share (FY26: ₹45.12). P/B divides the price by shareholders' equity per share. EV/EBITDA compares the value of the whole business, after adjusting for debt and cash, with one year's EBITDA.
- Share price
- ₹2,635.70
- Market value (market cap)
- ₹252,816 cr
- P/E
- 58.4×
- P/B
- 11.8×
- EV/EBITDA
- 37.1×
Source: NSE equity bhavcopy, 30 Jun 2026; NSE security-wise historical price data, ASIANPAINT, 26 Jun to 3 Jul 2026; Shareholding pattern as on 30 Jun 2026 (XBRL filed with NSE) and 2 more
18 · What could go wrong
What could go wrong for Asian Paints?
- Competition
Competition and discounting
In the Q4 FY26 call (29 May 2026), management said discounting by existing and new players had not let up. Decorative sales value fell for four straight quarters to Q1 FY26, while volumes were roughly flat (−0.5% in Q2 FY25) or rising.
Watch Gap between decorative volume growth and value growth each quarter.
- Raw-material prices
Raw material prices
Raw materials took ₹55 of every ₹100 that came in during FY26, mainly titanium dioxide and crude-oil-based chemicals. In the Q1 FY27 call (29 Jul 2026), management said material inflation was about 25%, against price increases of about 7%.
Watch PBDIT margin against management's stated 18–20% band.
- Governance
Rising promoter pledge
10.37% of promoter-group shares were pledged as loan collateral on 30 Sep 2026, up from 6.58% in Dec 2023. Smiti Holding and Trading Co. has pledged 74.93% of its own holding, the largest part of the total.
Watch Pledged share of promoter holding in each quarterly shareholding pattern.
- Legal
Competition Commission investigation
Grasim Industries (Birla Paints division) alleges that Asian Paints abused a dominant position to hinder its entry into decorative paints. Asian Paints says it has "a reasonable basis to defend its position" and, given the early stage, cannot estimate any financial impact.
Watch Director General's report, any CCI order, and company filings on the case.
- Execution
Large projects running late or over budget
The Dahej VAM/VAE project cost rose to ₹3,250 crore from ₹2,560 crore in Mar 2025, and the VAM plant is still being built. The Pithampur paint plant timeline was reset in Nov 2025.
Watch VAM start date and any further project-cost revisions.
- Execution
Home décor write-downs and losses
White Teak lighting led to write-downs of ₹202 crore in FY25 and ₹94 crore in FY26. The kitchen and bath units made losses in FY25 and FY26.
Watch Sales and profit of kitchen, bath and White Teak in the results press release.
- Currency
Currency swings abroad
Currency devaluations abroad caused one-off losses: ₹56.1 crore in Ethiopia in Q2 FY25 and ₹48.5 crore in Sri Lanka in FY22.
Watch Currency notes in the international business commentary and one-off items.
Source: Q4 FY26 earnings call transcript; Exchange filing: Outcome of Board Meeting: Q2 FY25 results and interim dividend; Q4 FY26 investor call presentation and 17 more
19 · How it got here
How did Asian Paints get here?
1942
Milestone
Starts in a Bombay garage
The business began in a garage at Foras Road, Bombay (now Mumbai).
2013
Business-model change
Enters kitchens
Bought 51% of Sleek International in FY2013-14 and 100% by FY2017-18, adding modular kitchens to paint.
2014
Business-model change
Enters bath fittings
Bought the front-end business of Ess Ess in FY2014-15 to sell bath fittings and sanitaryware.
2022
Business-model change
Buys into White Teak lighting
Bought 49% of White Teak in Apr 2022, then the rest by Jun 2025, paying ₹188 crore for the last 40%.
2025
Crisis
Profit falls a third
FY25 revenue fell 4.5% and net profit to shareholders fell 32.8% to ₹3,667 crore, including ₹363 crore of one-off charges.
2025
Milestone
Exits Indonesia
Sold its Indonesia business in Mar 2025 for about ₹44 crore (SGD 6.8 million); Q4 FY25 booked an ₹83.7 crore loss on the sale.
2025
Business-model change
Starts making white cement
Its UAE white cement plant (265,000 tonnes a year) began production on 12 Oct 2025.
2026
Business-model change
Starts making VAE emulsion
The Dahej plant began making VAE, a paint raw material, on 17 Sep 2026, mainly for its own use.
Source: Integrated Annual Report FY22; Integrated Annual Report FY26; Exchange filing: Acquisition of stake in Obgenix Software Private Limited and 6 more
20 · Both sides
What do supporters and critics point to?
What supporters point to
- Cash and liquid investments of ₹7,360 crore were 3.2 times borrowings on 31 Mar 2026.
- Decorative paint volumes in India grew in every quarter from Q3 FY25 to Q1 FY27, including 9.0% in Q1 FY27.
- Free cash flow was ₹5,621 crore in FY26, the highest of the five years shown.
- Crisil reaffirmed its AAA/Stable rating on 10 Sep 2026.
- White cement and VAE plants started production in Oct 2025 and Sep 2026.
What critics point to
- FY26 revenue of ₹35,584 crore was 3.2% above FY23's ₹34,489 crore.
- FY26 net profit to shareholders of ₹4,325 crore was 20.8% below FY24's ₹5,460 crore.
- Management said on 29 May 2026 that competitive intensity, including discounting, will continue.
- Pledged promoter shares rose to 10.37% of promoter holding by Sep 2026, from 6.58% in Dec 2023.
- A CCI investigation into alleged abuse of dominance, ordered in Jul 2025, is at an early stage, per the company.
21 · What to watch next
What should you watch next at Asian Paints?
Next event
Q2 FY27 results (board meeting)
29 Oct 2026
Date confirmed by the company
Volumes, prices and margin
Management said on 29 May 2026, and repeated on 29 Jul 2026, that it aims for 8–10% decorative volume growth and an 18–20% PBDIT margin in FY27. Q2 FY27 results will show how prices and material costs moved.
Dahej VAM plant
VAE began on 17 Sep 2026; the VAM and ethylene facilities are still being built. Watch for a start date and any cost change.
Promoter pledge
10.37% of promoter shares were pledged on 30 Sep 2026. The Dec 2026 shareholding pattern will show the next change.
22 · Key facts
Key facts about Asian Paints
- What does Asian Paints do?
- Asian Paints Ltd makes and sells paint, waterproofing and home-décor products such as kitchens, bath fittings and lights. In FY26, decorative paint and home décor in India made up 86.8% of its ₹35,516 crore sales of products and services.
- How does Asian Paints make money?
- Asian Paints earns money by selling paint it makes in its own plants, mostly through dealers in India. In FY26 Asian Paints kept ₹4,325 crore as net profit for shareholders from ₹35,584 crore of revenue. Raw materials took ₹55 of every ₹100 that came in.
- Who are Asian Paints' customers?
- According to its FY26 BRSR, Asian Paints sells to homeowners, large projects, dealers, companies, architects, interior designers and contractors. It reaches them through wholesalers, distributors, shops and e-commerce. Asian Paints does not disclose revenue by customer.
- How big is Asian Paints?
- Asian Paints reported consolidated revenue of ₹35,584 crore and net profit to shareholders of ₹4,325 crore in FY26 (April 2025 to March 2026). In FY26 it had 2,290,000 kilolitres a year of decorative paint capacity in India and more than 16,000 employees.
- Who owns Asian Paints?
- On 30 Sep 2026, the Asian Paints promoter group owned 52.65%. The filing lists 82 promoter-group holders: 45 individuals, 9 Hindu undivided families, 27 companies and a trust. Foreign institutions held 13.76% and Indian institutions 20.50% (LIC alone 7.98%). Individuals and others held about 13.1%.
- Are Asian Paints promoter shares pledged?
- Yes. On 30 Sep 2026, 10.37% of the Asian Paints promoter group's shares were pledged as loan collateral, equal to 5.46% of all shares. In Dec 2023 the figure was 6.58% of promoter shares.
- Why did Asian Paints' profit fall in FY25?
- Asian Paints' net profit to shareholders fell 32.8% to ₹3,667 crore in FY25 as revenue fell 4.5%. The Crisil rating report links the revenue fall to flat volumes, customers trading down and price cuts. FY25 also carried ₹363 crore of one-off charges.
- How did Asian Paints do in Q1 FY27?
- In Q1 FY27 (April to June 2026), Asian Paints' revenue rose 17.9% to ₹10,542 crore versus Q1 FY26. Net profit to shareholders rose 40.0% to ₹1,539 crore. Decorative paint volume in India grew 9.0%.
- Does Asian Paints have debt?
- On 31 Mar 2026 Asian Paints had borrowings of ₹2,293 crore and cash and liquid investments of ₹7,360 crore. Its cash was 3.2 times its borrowings. Lease liabilities were a further ₹1,636 crore.
Source: Integrated Annual Report FY26; Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF); Business Responsibility and Sustainability Report FY26 and 4 more
Terms on this page
- Capital expenditure (capex)
- Credit rating
- Dividend payout ratio
- EBITDA
- FII and DII holding
- Free cash flow
- Net debt
- Net profit
- Operating margin
- Promoter holding
Each explains the term in plain English, with the same number from other companies on Cityfort.
23 · Sources and changes
Where every number on this page comes from
Sources (58 documents)
- S1Integrated Annual Report FY26 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 12 Jun 2026
- S2Integrated Annual Report FY26: Consolidated Financial Statements section (separate PDF) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 12 Jun 2026
- S3Integrated Annual Report FY25 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 4 Jun 2025
- S4Integrated Annual Report FY25: Consolidated Financial Statements section (separate PDF) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 4 Jun 2025
- S5Integrated Annual Report FY24 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 31 May 2024
- S6Integrated Annual Report FY24: Consolidated Financial Statements section (separate PDF) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 31 May 2024
- S7Integrated Annual Report FY23 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 5 Jun 2023
- S8Integrated Annual Report FY23: Consolidated Financial Statements section (separate PDF) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 3 Jun 2023
- S9Integrated Annual Report FY22 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 4 Jun 2022
- S11Q1 FY27 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 29 Jul 2026
- S12Q4 FY26 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 29 May 2026
- S13Q3 FY26 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 27 Jan 2026
- S14Q2 FY26 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 12 Nov 2025
- S15Q1 FY26 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 29 Jul 2025
- S16Q4 FY25 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 8 May 2025
- S17Q3 FY25 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 4 Feb 2025
- S18Q2 FY25 financial results (standalone + consolidated, with press release) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 9 Nov 2024
- S22Q1 FY27 earnings call transcript · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 3 Aug 2026
- S23Q4 FY26 earnings call transcript · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 3 Jun 2026
- S26Q1 FY26 earnings call transcript · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 2 Aug 2025
- S29Q4 FY26 investor call presentation · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 29 May 2026
- S30Business Responsibility and Sustainability Report FY26 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 12 Jun 2026
- S31Shareholding pattern as on 30 Sep 2026 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 19 Oct 2026
- S32Shareholding pattern as on 30 Jun 2026 (XBRL filed with NSE) · Asian Paints Ltd (filed with NSE) · Tier 1: company or exchange filing · 18 Jul 2026
- S33Shareholding pattern as on 31 Mar 2026 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 20 Apr 2026
- S34Shareholding pattern as on 31 Dec 2025 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 19 Jan 2026
- S35Shareholding pattern as on 30 Sep 2025 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 18 Oct 2025
- S36Shareholding pattern as on 30 Jun 2025 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 21 Jul 2025
- S37Shareholding pattern as on 31 Mar 2025 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 18 Apr 2025
- S38Shareholding pattern as on 31 Dec 2024 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 15 Jan 2025
- S39Shareholding pattern as on 30 Sep 2024 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 18 Oct 2024
- S40Shareholding pattern as on 30 Jun 2024 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 15 Jul 2024
- S41Shareholding pattern as on 31 Mar 2024 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 18 Apr 2024
- S42Shareholding pattern as on 31 Dec 2023 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 16 Jan 2024
- S43NSE equity bhavcopy, 30 Jun 2026 · NSE · Tier 1: company or exchange filing · 30 Jun 2026
- S44NSE security-wise historical price data, ASIANPAINT, 26 Jun to 3 Jul 2026 · NSE · Tier 1: company or exchange filing · 30 Jun 2026
- S45Crisil Ratings rating rationale, Asian Paints Limited, 10 Sep 2025 · Crisil Ratings · Tier 2: rating agency or regulator · 10 Sep 2025
- S52Exchange filing: Outcome of Board Meeting: Q2 FY25 results and interim dividend · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 9 Nov 2024
- S68Exchange filing: Update on divestment of the Indonesia business · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 20 Mar 2025
- S71Exchange filing: Setting up of manufacturing facility for VAM and VAE · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 27 Mar 2025
- S80Exchange filing: Acquisition of stake in Obgenix Software Private Limited · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 27 Jun 2025
- S81Exchange filing: Receipt of the Order from the Competition Commission of India · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 1 Jul 2025
- S82Exchange filing: Revision of the Order by Competition Commission of India · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 3 Jul 2025
- S88Exchange filing: Commencement of commercial production at Asian White Inc. FZE (white cement), Fujairah, UAE · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 12 Oct 2025
- S89Exchange filing: Postponement of commercial production timeline, Pithampur (Madhya Pradesh) paint plant · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 12 Nov 2025
- S94Exchange filing: Dilution of stake in joint venture company · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 16 Jan 2026
- S98Exchange filing: Appointment of Statutory Auditors of the Company · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 26 Mar 2026
- S101Exchange filing: Related party transactions for the half year ended 31 March 2026 · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 29 May 2026
- S105Exchange filing: Credit rating: India Ratings IND AAA/Stable/IND A1+ assigned on Rs 2,300 cr bank facilities · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 24 Jun 2026
- S107Exchange filing: Appointment of S R B C & Co. LLP as Statutory Auditors (AGM approval); Deloitte Haskins & Sells LLP ceases · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 9 Jul 2026
- S114Exchange filing: Credit rating: Crisil AAA/Stable and Crisil A1+ reaffirmed (release dated 10 Sep 2026) · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 11 Sep 2026
- S115Exchange filing: Commencement of commercial production at the VAE manufacturing facility at Dahej, Gujarat · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 17 Sep 2026
- S116Exchange filing: Board meeting date for Q2 FY27 results (29 Oct 2026) and investor call · Asian Paints Ltd (company IR site; same document filed with BSE/NSE) · Tier 1: company or exchange filing · 6 Oct 2026
- S120Berger Paints India Ltd: Integrated Annual Report FY26 (competitor filing) · Berger Paints India Ltd (filed with NSE) · Tier 1: company or exchange filing · 21 Jul 2026
- S121Kansai Nerolac Paints Ltd: 106th Annual Report FY26 (competitor filing) · Kansai Nerolac Paints Ltd (filed with NSE) · Tier 1: company or exchange filing · 11 Jun 2026
- S122JSW Dulux Ltd (formerly Akzo Nobel India Ltd): 72nd Annual Report FY26 (competitor filing) · JSW Dulux Ltd (filed with NSE) · Tier 1: company or exchange filing · 16 Jun 2026
- S123Indigo Paints Ltd: Annual Report FY26 (competitor filing) · Indigo Paints Ltd (filed with NSE) · Tier 1: company or exchange filing · 21 Aug 2026
- S124Grasim Industries Ltd: Integrated Annual Report FY26, Paints (Birla Opus) section (competitor filing) · Grasim Industries Ltd (filed with NSE) · Tier 1: company or exchange filing · 16 Jul 2026
Changes to this page (v1 · 25 Oct 2026)
- v1 · 25 Oct 2026First version. (first version)
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