Financials Asian Paints Limited

Equities

ASIANPAINT

INE021A01026

Commodity Chemicals

Market Closed - NSE India S.E. Other stock markets 07:43:46 2024-04-26 am EDT			5-day change	1st Jan Change
2,844 ^INR	-0.60%		+1.27%	-16.41%

Mar. 29	Asian Paints to Invest SG$32 Million in Singapore-Based Arm	MT
Mar. 23	Asian Paints Limited Announces Pallavi Shroff Declines Re-Election as an Independent Director, Effective from March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,431,795	1,598,503	2,433,868	2,954,281	2,648,969	2,728,102	-	-
Enterprise Value (EV) ¹	1,416,501	1,581,135	2,394,141	2,924,365	2,616,959	2,697,919	2,696,363	2,690,387
P/E ratio	66.3 x	59.1 x	77.5 x	97.5 x	64.5 x	49.3 x	48.1 x	44 x
Yield	0.7%	0.72%	0.7%	0.62%	0.77%	1.14%	1.24%	1.34%
Capitalization / Revenue	7.4 x	7.91 x	11.2 x	10.2 x	7.71 x	7.57 x	6.91 x	6.23 x
EV / Revenue	7.32 x	7.82 x	11 x	10 x	7.61 x	7.49 x	6.83 x	6.15 x
EV / EBITDA	37.8 x	37.5 x	49.3 x	60.9 x	41.7 x	34.3 x	33 x	29.9 x
EV / FCF	133 x	71 x	70.4 x	652 x	89.6 x	60.6 x	67.4 x	59 x
FCF Yield	0.75%	1.41%	1.42%	0.15%	1.12%	1.65%	1.48%	1.7%
Price to Book	15 x	15.8 x	19 x	21.4 x	16.6 x	14.7 x	13 x	11.5 x
Nbr of stocks (in thousands)	959,198	959,198	959,198	959,198	959,198	959,198	-	-
Reference price ²	1,493	1,666	2,537	3,080	2,762	2,844	2,844	2,844
Announcement Date	5/9/19	6/23/20	5/12/21	5/10/22	5/11/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	193,498	202,112	217,128	291,013	343,678	360,263	395,022	437,703
EBITDA ¹	37,516	42,125	48,556	48,036	62,698	78,732	81,779	90,076
EBIT ¹	33,209	34,320	40,643	39,872	54,018	70,636	71,580	78,216
Operating Margin	17.16%	16.98%	18.72%	13.7%	15.72%	19.61%	18.12%	17.87%
Earnings before Tax (EBT) ¹	32,699	36,340	43,044	41,877	56,888	74,207	76,515	83,775
Net income ¹	21,595	27,052	31,393	30,306	41,064	55,323	56,519	61,474
Net margin	11.16%	13.38%	14.46%	10.41%	11.95%	15.36%	14.31%	14.04%
EPS ²	22.51	28.20	32.73	31.59	42.82	57.75	59.19	64.59
Free Cash Flow ¹	10,635	22,284	34,015	4,482	29,201	44,502	39,982	45,632
FCF margin	5.5%	11.03%	15.67%	1.54%	8.5%	12.35%	10.12%	10.43%
FCF Conversion (EBITDA)	28.35%	52.9%	70.05%	9.33%	46.57%	56.52%	48.89%	50.66%
FCF Conversion (Net income)	49.25%	82.37%	108.35%	14.79%	71.11%	80.44%	70.74%	74.23%
Dividend per Share ²	10.50	12.00	17.85	19.15	21.25	32.30	35.39	38.19
Announcement Date	5/9/19	6/23/20	5/12/21	5/10/22	5/11/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	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	-
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	-
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	-
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%	-
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	-
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	-
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%	-
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	-
Dividend per Share ²	-	14.50	-	3.650	-	15.50	-	-	-	21.25	-	-	-	35.11	-
Announcement Date	1/21/21	5/12/21	7/20/21	10/21/21	1/20/22	5/10/22	7/26/22	10/20/22	1/19/23	5/11/23	7/25/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	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	31,740	37,715
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	10,635	22,284	34,015	4,483	29,201	44,502	39,982	45,632
ROE (net income / shareholders' equity)	24.1%	27.6%	27.4%	22.8%	27.6%	31.6%	28.6%	27.6%
ROA (Net income/ Total Assets)	14.7%	16.7%	17.2%	14%	16.8%	22.9%	20.7%	20.8%
Assets ¹	147,222	162,164	182,622	216,770	243,912	241,959	272,988	295,647
Book Value Per Share ²	99.20	106.0	134.0	144.0	167.0	194.0	219.0	248.0
Cash Flow per Share ²	23.10	27.40	38.40	10.30	43.70	59.20	55.40	58.00
Capex ¹	11,336	4,035	2,819	5,382	12,734	21,103	22,504	21,745
Capex / Sales	5.86%	2%	1.3%	1.85%	3.71%	5.86%	5.7%	4.97%
Announcement Date	5/9/19	6/23/20	5/12/21	5/10/22	5/11/23	-	-	-

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

2,844 INR

Average target price

3,220 INR

Spread / Average Target

+13.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

	1st Jan change	Capi.
ASIAN PAINTS LIMITED	-16.41%	32.71B
THE SHERWIN-WILLIAMS COMPANY	-1.75%	77.87B
PPG INDUSTRIES, INC.	-12.97%	30.63B
NIPPON PAINT HOLDINGS CO., LTD.	-13.83%	14.66B
RPM INTERNATIONAL INC.	-3.81%	13.83B
BERGER PAINTS INDIA LIMITED	-16.71%	7.04B
AXALTA COATING SYSTEMS LTD.	-8.10%	6.89B
KANSAI PAINT CO., LTD.	-14.49%	2.75B
KANSAI NEROLAC PAINTS LIMITED	-15.90%	2.71B
SKSHU PAINT CO.,LTD.	-30.96%	2.39B

Paint & Coating