F

Mar-19

# BALANCE SHEET OF ASIAN PAINTS (in Rs. Cr.)

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 95.9
TOTAL SHARE CAPITAL 95.9
Reserves and Surplus 8,747.0
TOTAL RESERVES AND SURPLUS 8,747.0
TOTAL SHAREHOLDERS FUNDS 8,843.0

NON-CURRENT LIABILITIES
Long Term Borrowings 10.9
Deferred Tax Liabilities [Net] 392.4
Other Long Term Liabilities 476.8
Long Term Provisions 118.5
TOTAL NON-CURRENT LIABILITIES 998.5

CURRENT LIABILITIES
Short Term Borrowings 4.4
Trade Payables 2,062.3
Other Current Liabilities 1,722.5
Short Term Provisions 52.3
TOTAL CURRENT LIABILITIES 3,841.4

TOTAL CAPITAL AND LIABILITIES 13,682.9

ASSETS
NON-CURRENT ASSETS
Tangible Assets 5,131.2
Intangible Assets 90.0
Capital Work-In-Progress 179.3
Other Assets -
FIXED ASSETS 5,400.5
 Non-Current Investments 1,817.4
Deferred Tax Assets [Net] -
Long Term Loans And Advances 76.0
Other Non-Current Assets 335.7
TOTAL NON-CURRENT ASSETS 7,629.5

CURRENT ASSETS
Current Investments 1,146.6
Inventories 2,585.1
Trade Receivables 1,245.0
Cash And Cash Equivalents 167.5
Short Term Loans And Advances 14.0
OtherCurrentAssets 895.2
TOTAL CURRENT ASSETS 6,053.4

TOTAL ASSETS 13,682.9

# INCOME STATEMENT OF ASIAN PAINTS (in Rs. Cr.)

INCOME
TOTAL REVENUE 16,676.6

Cost Of Materials Consumed 8,647.8

Gross Profit 8,028.8

Purchase Of Stock-In Trade 1,010.7

Operating And Direct Expenses -
Changes In Inventories Of FG,WIP And Stock-In Trade (247.9)
Employee Benefit Expenses 900.1
Depreciation And Amortisation Expenses 540.8
Other Expenses 2,576.2

Operating Profit 3,248.9

Exceptional Items -
Finance Costs 78.6
 EBT 3,170.3

Total Tax Expense 1,038.1

Net Profit 2,132.2

EARNINGS PER SHARE

Basic EPS (Rs.) 22.2
Diluted EPS (Rs.) 22.2

# CASH FLOW OF ASIAN PAINTS (in Rs. Cr.)

Cash from Operating Activity 2,113.0

Profit from operations 3,274.0

Working capital changes (80.0)
Direct taxes (1,081.0)
Exceptional CF items -

Cash from Investing Activity - (1,556.0)

Fixed assets purchased (1,426.0)
Fixed assets sold 17.0
Investments purchased (320.0)
Investments sold 362.0
Interest received 39.0
Dividends received 38.0
Investment in group cos -
Redemp n Canc of Shares 141.0
Acquisition of companies (525.0)
Other investing items 118.0

Cash from Financing Activity - (1,379.0)

Proceeds from borrowings 10.0
Repayment of borrowings (54.0)
Interest paid fin (35.0)
Dividends paid (1,218.0)
Financial liabilities -
Other financing items (82.0)

Net Cash Flow (822.0)

 Financial statements - Asian Paints Ltd
Mar-20 Mar-21 Mar-22 Mar-23

95.9 95.9 95.9 95.9

95.9 95.9 95.9 95.9
9,357.4 11,995.2 13,253.2 15,489.6
9,357.4 11,995.2 13,253.2 15,489.6
9,453.3 12,091.1 13,349.1 15,585.6

18.5 14.3 16.2 49.4

282.7 265.2 205.3 177.8
501.3 473.2 522.1 709.5
136.8 163.5 168.3 176.1
939.3 916.2 911.8 1,112.8

- - - -
1,760.1 2,814.3 3,497.3 3,045.9
1,390.8 1,703.1 2,112.1 2,739.3
44.1 57.9 38.1 46.4
3,195.1 4,575.3 5,647.4 5,831.5

13,587.6 17,582.7 19,908.3 22,529.8

4,875.2 4,525.7 4,475.8 4,568.5

85.6 76.9 78.1 74.2
108.1 110.1 225.5 978.0
- - - -
5,069.0 4,712.7 4,779.4 5,620.7
 2,225.6 2,161.9 1,646.3 2,314.3
- - - -
64.1 - - -
403.3 751.5 734.8 719.1
7,761.9 7,626.1 7,160.4 8,654.1

432.4 3,178.8 2,164.3 2,597.4

2,827.5 3,124.6 5,277.6 5,321.8
1,109.2 1,809.8 2,915.8 3,462.6
376.1 134.9 308.6 362.9
21.3 - - -
1,059.3 1,708.5 2,081.6 2,131.1
5,825.7 9,956.5 12,747.9 13,875.7

13,587.6 17,582.7 19,908.3 22,529.8

17,551.6 18,882.9 25,640.4 30,596.4

8,432.5 8,524.2 13,838.9 14,791.0

9,119.1 10,358.7 11,801.5 15,805.5

1,283.9 1,649.1 2,978.7 3,836.3

- - - -
(210.2) (90.7) (1,208.6) (299.7)
985.4 1,128.7 1,310.1 1,513.9
690.0 697.5 721.6 755.8
2,845.4 2,812.9 3,681.6 4,416.5

3,524.6 4,161.3 4,318.1 5,582.7

33.2 - 53.7 -
78.4 71.7 70.3 93.1
 3,413.0 4,089.7 4,194.1 5,489.6

759.1 1,037.9 1,059.4 1,389.4

2,654.0 3,051.8 3,134.7 4,100.2

27.7 31.8 32.7 42.8

27.7 31.8 32.7 42.8

2,469.0 3,038.0 3,684.0 986.0

3,861.0 4,380.0 4,970.0 4,957.0

(410.0) (331.0) (206.0) (2,795.0)
(982.0) (1,011.0) (1,080.0) (1,176.0)
- - - -

(918.0) (519.0) (541.0) (317.0)

(1,151.0) (404.0) (282.0) (551.0)
17.0 37.0 28.0 40.0
(573.0) (25.0) (140.0) -
733.0 134.0 272.0 207.0
40.0 65.0 73.0 77.0
40.0 27.0 8.0 15.0
- - - -
- - - -
- - - -
(24.0) (353.0) (500.0) (105.0)

(1,118.0) (2,871.0) (650.0) (1,808.0)

243.0 18.0 155.0 418.0
(26.0) (279.0) (14.0) (8.0)
(106.0) (101.0) (89.0) (94.0)
(1,049.0) (2,121.0) (499.0) (1,763.0)
(180.0) (179.0) (203.0) (221.0)
- (209.0) - (140.0)

433.0 (352.0) 2,493.0 (1,139.0)

nts Ltd
 RATIO ANALYSIS
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

# LIQUIDITY RATIOS
Current ratio 1.58 1.82 2.18 2.26 2.38
Acid-test ratio 0.90 0.94 1.49 1.32 1.47
Cash ratio 0.04 0.12 0.03 0.05 0.06
Operating cash flow ratio 0.55 0.77 0.66 0.65 0.17

# Efficiency Ratios
Asset turnover ratio 1.22 1.29 1.07 1.29 1.36
Inventory turnover ratio 3.35 2.98 2.73 2.62 2.78
Receivables turnover ratio 13.40 15.82 10.43 8.79 8.84
Days sales in inventory ratio 109 Days 122 Days 134 Days 139 Days 131 Days

# Profitability Ratios
Gross margin ratio 0.48 0.52 0.55 0.46 0.52
Operating margin ratio 0.19 0.20 0.22 0.17 0.18
Return on assets ratio 15.58% 19.53% 17.36% 15.75% 18.20%
Return on equity ratio 24.11% 28.07% 25.24% 23.48% 26.31%

# Leverage Financial Ratio

Debt ratio 0.07 0.07 0.05 0.05 0.05
Debt to equity ratio 0.11 0.10 0.08 0.07 0.07
Interest coverage ratio 41 45 58 61 60
Year Weight Year Sales Sales Growth Year Weight Year Net Income
1 2019A 16676.59 1 2019A 2132.17
2 2020A 17,551.6 5.25% 2 2020A 2,654.0
3 2021A 18,882.9 7.58% 3 2021A 3,051.8
4 2022A 25,640.4 35.79% 4 2022A 3,134.7
5 2023A 30,596.4 19.33% 5 2023A 4,100.2
6 2024E 32,648.1 6.71% 6 2024E 4,339.6
7 2025E 36,240.9 11.00% 7 2025E 4,781.9
8 2026E 39,833.8 9.91% 8 2026E 5,281.2
9 2027E 43,426.6 9.02% 9 2027E 5,820.0
(Forcasting using Linear Regression)
NI Growth

24.47%
14.99%
2.72%
30.80%
5.84%
10.19%
10.44%
10.20%
Weightad Average Cost of Capital
All Figures are in INR unless stated otherwise

Peer Companies

Name of the Company Country Total Debt Total Equity Tax Rate 1

Asian Paints India 2326.77 300612.59 25.00%

Berger Paints India 1154.17 66859.13 25.00%
Kansai Nerolac India 323.27 25888.36 25.00%
Akzo Nobel India 62.8 11302.89 25.00%
Indigo Paints India 13.68 7063.58 25.00%

Average 25.00%
Median 25.00%

Cost of Debt

Pre-Tax Cost of Debt 7.61%

Tax Rate 25.00%
Post-Tax Cost of Debt 5.7075%

Capital Structure

Current Target
Total Debt 2,326.77 0.77% 0.89%
Market Capitalization 300,612.59 99.23% 99.11%
Total Capitalization 302,939.36 100.00% 100.00%

Debt/Equity 0.77% 0.90%

1. Tax Rate considered as Marginal Tax Rate for the country

2. Levered Beta is based on 5 year monthly data
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate) x Debt/Equity)
5. Risk free rate is the Yield on 10 years govt bond
5. Mkt return is taken as 15.54%
Debt/ Debt/ Levered Unlevered
Equity Capital Beta 2
Beta 3

0.77% 0.77% 0.05898754 0.06

1.73% 1.70% 0.91087582 0.90
1.25% 1.23% 0.93738455 0.93
0.56% 0.55% 0.39148524 0.39
0.19% 0.19% 0.7668451 0.77

0.90% 0.89% 0.61 0.61

0.93% 0.92% 0.75 0.75

Cost of Equity
Mkt Return 15.41%
Risk Free Rate 7.27%
Equity Risk Premium 8.14%
Levered Beta 4 0.61
Cost of Equity 12.26%

Levered Beta

Comps Median Unlevered Beta 0.61

Target Debt/ Equity 0.90%
Tax Rate 25.00%
Levered Beta 0.61

Weighted Average Cost of Capital

Total Cost Total Weight

Debt Capital 5.71% 0.89%
Equity Capital 12.26% 99.11%
Weighted Average Cost of 12.20%
Calculation of Beta
(Data taken form Investing.com)

NIFTY 50 Asian Paints

DATE CLOSING PRICE RETURN DATE CLOSING PRICE
11/22/2021 17,026.45 - 11/22/2021 3,094.54
11/29/2021 17,196.70 1.00% 11/29/2021 3,062.40
12/06/2021 17,511.30 1.83% 12/06/2021 3,232.43
12/13/2021 16,985.20 -3.00% 12/13/2021 3,193.59
12/20/2021 17,003.75 0.11% 12/20/2021 3,234.05
12/27/2021 17,354.05 2.06% 12/27/2021 3,122.95
01/03/2022 17,812.70 2.64% 01/03/2022 3,168.90
01/10/2022 18,255.75 2.49% 01/10/2022 3,076.45
01/17/2022 17,617.15 -3.50% 01/17/2022 2,972.66
01/24/2022 17,101.95 -2.92% 01/24/2022 2,950.00
01/31/2022 17,516.30 2.42% 01/31/2022 3,100.44
02/07/2022 17,374.75 -0.81% 02/07/2022 3,143.31
02/14/2022 17,276.30 -0.57% 02/14/2022 3,190.18
02/21/2022 16,658.40 -3.58% 02/21/2022 3,155.54
02/28/2022 16,245.35 -2.48% 02/28/2022 3,269.14
03/07/2022 16,630.45 2.37% 03/07/2022 3,191.08
03/14/2022 17,287.05 3.95% 03/14/2022 3,232.41
03/21/2022 17,153.00 -0.78% 03/21/2022 3,253.87
03/28/2022 17,670.45 3.02% 03/28/2022 3,253.62
04/04/2022 17,784.35 0.64% 04/04/2022 3,158.04
04/11/2022 17,475.65 -1.74% 04/11/2022 3,179.80
04/18/2022 17,171.95 -1.74% 04/18/2022 3,333.83
04/25/2022 17,102.55 -0.40% 04/25/2022 3,384.79
05/02/2022 16,411.25 -4.04% 05/02/2022 3,511.57
05/09/2022 15,782.15 -3.83% 05/09/2022 3,423.77
05/16/2022 16,266.15 3.07% 05/16/2022 3,337.87
05/23/2022 16,352.45 0.53% 05/23/2022 3,356.19
05/30/2022 16,584.30 1.42% 05/30/2022 3,291.95
06/06/2022 16,201.80 -2.31% 06/06/2022 3,311.07
06/13/2022 15,293.50 -5.61% 06/13/2022 3,154.00
06/20/2022 15,699.25 2.65% 06/20/2022 3,210.23
06/27/2022 15,752.05 0.34% 06/27/2022 3,102.29
07/04/2022 16,220.60 2.97% 07/04/2022 3,058.71
07/11/2022 16,049.20 -1.06% 07/11/2022 3,104.97
07/18/2022 16,719.45 4.18% 07/18/2022 2,987.80
07/25/2022 17,158.25 2.62% 07/25/2022 2,878.13
08/01/2022 17,397.50 1.39% 08/01/2022 2,858.04
08/08/2022 17,698.15 1.73% 08/08/2022 2,786.30
08/15/2022 17,758.45 0.34% 08/15/2022 2,786.40
08/22/2022 17,558.90 -1.12% 08/22/2022 2,738.60
08/29/2022 17,539.45 -0.11% 08/29/2022 2,775.14
09/05/2022 17,833.35 1.68% 09/05/2022 2,838.76
09/12/2022 17,530.85 -1.70% 09/12/2022 2,806.58
09/19/2022 17,327.35 -1.16% 09/19/2022 2,805.24
09/26/2022 17,094.35 -1.34% 09/26/2022 2,715.64
10/03/2022 17,314.65 1.29% 10/03/2022 2,809.95
10/10/2022 17,185.70 -0.74% 10/10/2022 2,781.19
10/17/2022 17,576.30 2.27% 10/17/2022 2,737.36
10/24/2022 17,786.80 1.20% 10/24/2022 2,699.93
10/31/2022 18,117.15 1.86% 10/31/2022 2,764.53
11/07/2022 18,349.70 1.28% 11/07/2022 2,884.87
11/14/2022 18,307.65 -0.23% 11/14/2022 2,953.54
11/21/2022 18,512.75 1.12% 11/21/2022 3,062.13
11/28/2022 18,696.10 0.99% 11/28/2022 3,032.38
12/05/2022 18,496.60 -1.07% 12/05/2022 3,030.39
12/12/2022 18,269.00 -1.23% 12/12/2022 3,200.02
12/19/2022 17,806.80 -2.53% 12/19/2022 3,117.21
12/26/2022 18,105.30 1.68% 12/26/2022 3,082.21
01/02/2023 17,859.45 -1.36% 01/02/2023 3,069.66
01/09/2023 17,956.60 0.54% 01/09/2023 3,029.90
01/16/2023 18,027.65 0.40% 01/16/2023 3,150.25
01/23/2023 17,604.35 -2.35% 01/23/2023 3,023.55
01/30/2023 17,854.05 1.42% 01/30/2023 3,062.17
02/06/2023 17,856.50 0.01% 02/06/2023 3,154.36
02/13/2023 17,944.20 0.49% 02/13/2023 3,311.01
02/20/2023 17,465.80 -2.67% 02/20/2023 3,309.78
02/27/2023 17,594.35 0.74% 02/27/2023 3,362.06
03/06/2023 17,412.90 -1.03% 03/06/2023 3,290.07
03/13/2023 17,100.05 -1.80% 03/13/2023 3,408.20
03/20/2023 16,945.05 -0.91% 03/20/2023 3,397.51
03/27/2023 17,359.75 2.45% 03/27/2023 3,291.06
04/03/2023 17,599.15 1.38% 04/03/2023 3,448.51
04/10/2023 17,828.00 1.30% 04/10/2023 3,394.34
04/17/2023 17,624.05 -1.14% 04/17/2023 3,439.94
04/24/2023 18,065.00 2.50% 04/24/2023 3,301.16
05/01/2023 18,069.00 0.02% 05/01/2023 3,037.42
05/08/2023 18,314.80 1.36% 05/08/2023 2,949.04
05/15/2023 18,203.40 -0.61% 05/15/2023 2,851.65
05/22/2023 18,499.35 1.63% 05/22/2023 2,746.04
05/29/2023 18,534.10 0.19% 05/29/2023 2,733.91
06/05/2023 18,563.40 0.16% 06/05/2023 2,554.98
06/12/2023 18,826.00 1.41% 06/12/2023 2,666.90
06/19/2023 18,665.50 -0.85% 06/19/2023 2,842.30
06/26/2023 19,189.05 2.80% 06/26/2023 2,791.05
07/03/2023 19,331.80 0.74% 07/03/2023 3,061.90
07/10/2023 19,564.50 1.20% 07/10/2023 3,016.66
07/17/2023 19,745.00 0.92% 07/17/2023 2,969.65
07/24/2023 19,646.05 -0.50% 07/24/2023 3,187.19
07/31/2023 19,517.00 -0.66% 07/31/2023 3,115.51
08/07/2023 19,428.30 -0.45% 08/07/2023 3,033.06
08/14/2023 19,310.15 -0.61% 08/14/2023 3,156.72
08/21/2023 19,265.80 -0.23% 08/21/2023 3,066.04
08/28/2023 19,435.30 0.88% 08/28/2023 2,999.88
09/04/2023 19,819.95 1.98% 09/04/2023 3,088.14
09/11/2023 20,192.35 1.88% 09/11/2023 2,886.70
09/18/2023 19,674.25 -2.57% 09/18/2023 2,695.85
09/25/2023 19,638.30 -0.18% 09/25/2023 3,071.01
10/02/2023 19,653.50 0.08% 10/02/2023 3,208.11
10/09/2023 19,751.05 0.50% 10/09/2023 3,166.61
10/16/2023 19,542.65 -1.06% 10/16/2023 3,186.65
10/23/2023 19,047.25 -2.53% 10/23/2023 3,062.79
10/30/2023 19,230.60 0.96% 10/30/2023 3,224.26
11/06/2023 19,425.35 1.01% 11/06/2023 3,312.42
11/13/2023 19,731.80 1.58% 11/13/2023 3,521.05
11/20/2023 19,802.00 0.36% 11/20/2023 3,330.69
 Berger Paints
RETURN DATE CLOSING PRICE RETURN
- 11/22/2021 628.30 -
-1.04% 11/29/2021 601.55 -4.26%
5.55% 12/06/2021 628.55 4.49%
-1.20% 12/13/2021 620.63 -1.26%
1.27% 12/20/2021 611.03 -1.55%
-3.44% 12/27/2021 636.05 4.09%
1.47% 01/03/2022 651.59 2.44%
-2.92% 01/10/2022 635.88 -2.41%
-3.37% 01/17/2022 613.79 -3.47%
-0.76% 01/24/2022 597.67 -2.63%
5.10% 01/31/2022 606.21 1.43%
1.38% 02/07/2022 591.70 -2.39%
1.49% 02/14/2022 608.02 2.76%
-1.09% 02/21/2022 565.32 -7.02%
3.60% 02/28/2022 538.98 -4.66%
-2.39% 03/07/2022 559.84 3.87%
1.30% 03/14/2022 592.15 5.77%
0.66% 03/21/2022 567.75 -4.12%
-0.01% 03/28/2022 586.63 3.33%
-2.94% 04/04/2022 606.17 3.33%
0.69% 04/11/2022 597.06 -1.50%
4.84% 04/18/2022 590.50 -1.10%
1.53% 04/25/2022 592.48 0.34%
3.75% 05/02/2022 548.71 -7.39%
-2.50% 05/09/2022 541.58 -1.30%
-2.51% 05/16/2022 519.89 -4.00%
0.55% 05/23/2022 474.51 -8.73%
-1.91% 05/30/2022 501.92 5.78%
0.58% 06/06/2022 478.76 -4.61%
-4.74% 06/13/2022 461.45 -3.62%
1.78% 06/20/2022 489.68 6.12%
-3.36% 06/27/2022 479.50 -2.08%
-1.40% 07/04/2022 482.55 0.64%
1.51% 07/11/2022 472.95 -1.99%
-3.77% 07/18/2022 485.48 2.65%
-3.67% 07/25/2022 514.99 6.08%
-0.70% 08/01/2022 555.18 7.80%
-2.51% 08/08/2022 557.36 0.39%
 0.00% 08/15/2022 574.39 3.06%
-1.72% 08/22/2022 546.89 -4.79%
1.33% 08/29/2022 554.19 1.33%
2.29% 09/05/2022 550.33 -0.70%
-1.13% 09/12/2022 529.78 -3.73%
-0.05% 09/19/2022 525.34 -0.84%
-3.19% 09/26/2022 510.92 -2.74%
3.47% 10/03/2022 518.47 1.48%
-1.02% 10/10/2022 507.98 -2.02%
-1.58% 10/17/2022 485.23 -4.48%
-1.37% 10/24/2022 476.41 -1.82%
2.39% 10/31/2022 500.69 5.10%
4.35% 11/07/2022 495.47 -1.04%
2.38% 11/14/2022 499.98 0.91%
3.68% 11/21/2022 510.88 2.18%
-0.97% 11/28/2022 510.43 -0.09%
-0.07% 12/05/2022 509.10 -0.26%
5.60% 12/12/2022 493.40 -3.08%
-2.59% 12/19/2022 476.90 -3.34%
-1.12% 12/26/2022 481.88 1.04%
-0.41% 01/02/2023 471.35 -2.19%
-1.30% 01/09/2023 466.13 -1.11%
3.97% 01/16/2023 461.32 -1.03%
-4.02% 01/23/2023 446.99 -3.11%
1.28% 01/30/2023 462.65 3.50%
3.01% 02/06/2023 473.71 2.39%
4.97% 02/13/2023 471.48 -0.47%
-0.04% 02/20/2023 462.77 -1.85%
1.58% 02/27/2023 481.17 3.98%
-2.14% 03/06/2023 488.09 1.44%
3.59% 03/13/2023 491.57 0.71%
-0.31% 03/20/2023 474.92 -3.39%
-3.13% 03/27/2023 481.84 1.46%
4.78% 04/03/2023 495.10 2.75%
-1.57% 04/10/2023 479.47 -3.16%
1.34% 04/17/2023 484.90 1.13%
-4.03% 04/24/2023 505.29 4.20%
-7.99% 05/01/2023 511.46 1.22%
-2.91% 05/08/2023 525.30 2.71%
-3.30% 05/15/2023 518.09 -1.37%
-3.70% 05/22/2023 536.49 3.55%
-0.44% 05/29/2023 540.64 0.77%
-6.54% 06/05/2023 536.70 -0.73%
4.38% 06/12/2023 558.66 4.09%
6.58% 06/19/2023 559.70 0.19%
-1.80% 06/26/2023 561.64 0.35%
9.70% 07/03/2023 558.25 -0.60%
-1.48% 07/10/2023 554.27 -0.71%
-1.56% 07/17/2023 573.16 3.41%
7.33% 07/24/2023 563.38 -1.71%
-2.25% 07/31/2023 583.77 3.62%
-2.65% 08/07/2023 583.54 -0.04%
4.08% 08/14/2023 587.54 0.69%
-2.87% 08/21/2023 585.63 -0.33%
-2.16% 08/28/2023 600.00 2.45%
2.94% 09/04/2023 596.88 -0.52%
-6.52% 09/11/2023 599.71 0.47%
-6.61% 09/18/2023 667.80 11.35%
13.92% 09/25/2023 568.90 -14.81%
4.46% 10/02/2023 565.20 -0.65%
-1.29% 10/09/2023 568.10 0.51%
0.63% 10/16/2023 584.20 2.83%
-3.89% 10/23/2023 535.35 -8.36%
5.27% 10/30/2023 553.25 3.34%
2.73% 11/06/2023 579.05 4.66%
6.30% 11/13/2023 587.80 1.51%
-5.41% 11/20/2023 574.65 -2.24%
 Kansai Nerolac Akzo Nobel
DATE CLOSING PRICE RETURN DATE CLOSING PRICE
11/22/2021 381.39 - 11/22/2021 2,042.43
11/29/2021 391.22 2.58% 11/29/2021 2,008.24
12/06/2021 392.67 0.37% 12/06/2021 2,009.31
12/13/2021 387.93 -1.21% 12/13/2021 1,941.32
12/20/2021 378.69 -2.38% 12/20/2021 1,924.27
12/27/2021 388.82 2.68% 12/27/2021 2,001.57
01/03/2022 393.22 1.13% 01/03/2022 1,948.82
01/10/2022 401.45 2.09% 01/10/2022 1,931.92
01/17/2022 378.62 -5.69% 01/17/2022 1,919.94
01/24/2022 375.14 -0.92% 01/24/2022 1,886.72
01/31/2022 355.61 -5.21% 01/31/2022 1,860.76
02/07/2022 327.19 -7.99% 02/07/2022 1,838.11
02/14/2022 325.32 -0.57% 02/14/2022 1,889.25
02/21/2022 296.51 -8.86% 02/21/2022 1,821.02
02/28/2022 292.67 -1.30% 02/28/2022 1,799.15
03/07/2022 296.02 1.14% 03/07/2022 1,906.74
03/14/2022 312.95 5.72% 03/14/2022 1,888.33
03/21/2022 298.75 -4.54% 03/21/2022 1,889.74
03/28/2022 308.98 3.42% 03/28/2022 1,873.72
04/04/2022 305.29 -1.19% 04/04/2022 1,863.25
04/11/2022 305.85 0.18% 04/11/2022 1,848.63
04/18/2022 308.98 1.02% 04/18/2022 1,837.92
04/25/2022 308.81 -0.06% 04/25/2022 1,831.98
05/02/2022 296.81 -3.89% 05/02/2022 1,787.70
05/09/2022 261.82 -11.79% 05/09/2022 1,714.50
05/16/2022 262.22 0.15% 05/16/2022 1,729.84
05/23/2022 266.26 1.54% 05/23/2022 1,696.14
05/30/2022 271.52 1.98% 05/30/2022 1,750.20
06/06/2022 262.48 -3.33% 06/06/2022 1,735.83
06/13/2022 244.80 -6.74% 06/13/2022 1,661.55
06/20/2022 246.35 0.63% 06/20/2022 1,737.58
06/27/2022 245.85 -0.20% 06/27/2022 1,819.75
07/04/2022 258.00 4.94% 07/04/2022 1,853.94
07/11/2022 258.43 0.17% 07/11/2022 1,863.64
07/18/2022 265.46 2.72% 07/18/2022 1,873.67
07/25/2022 264.04 -0.53% 07/25/2022 1,894.71
08/01/2022 331.01 25.36% 08/01/2022 1,854.48
08/08/2022 326.25 -1.44% 08/08/2022 1,871.33
08/15/2022 333.81 2.32% 08/15/2022 1,855.31
08/22/2022 325.36 -2.53% 08/22/2022 1,884.72
08/29/2022 329.85 1.38% 08/29/2022 1,890.62
09/05/2022 338.90 2.74% 09/05/2022 1,963.87
09/12/2022 316.78 -6.53% 09/12/2022 2,079.01
09/19/2022 316.25 -0.17% 09/19/2022 2,099.42
09/26/2022 323.22 2.20% 09/26/2022 2,133.95
10/03/2022 313.94 -2.87% 10/03/2022 2,166.93
10/10/2022 317.74 1.21% 10/10/2022 1,992.56
10/17/2022 316.32 -0.45% 10/17/2022 2,062.31
10/24/2022 314.34 -0.63% 10/24/2022 2,074.48
10/31/2022 295.73 -5.92% 10/31/2022 2,054.51
11/07/2022 295.39 -0.11% 11/07/2022 2,213.34
11/14/2022 286.55 -2.99% 11/14/2022 2,281.68
11/21/2022 287.34 0.28% 11/21/2022 2,250.31
11/28/2022 290.91 1.24% 11/28/2022 2,231.22
12/05/2022 294.83 1.35% 12/05/2022 2,194.54
12/12/2022 283.65 -3.79% 12/12/2022 2,217.34
12/19/2022 279.19 -1.57% 12/19/2022 2,126.79
12/26/2022 289.95 3.85% 12/26/2022 2,162.15
01/02/2023 276.85 -4.52% 01/02/2023 2,152.61
01/09/2023 272.89 -1.43% 01/09/2023 2,168.14
01/16/2023 276.29 1.25% 01/16/2023 2,201.65
01/23/2023 270.87 -1.96% 01/23/2023 2,180.03
01/30/2023 275.69 1.78% 01/30/2023 2,147.40
02/06/2023 276.98 0.47% 02/06/2023 2,254.69
02/13/2023 273.71 -1.18% 02/13/2023 2,119.34
02/20/2023 276.71 1.10% 02/20/2023 2,145.11
02/27/2023 271.04 -2.05% 02/27/2023 2,153.29
03/06/2023 269.49 -0.57% 03/06/2023 2,245.41
03/13/2023 263.51 -2.22% 03/13/2023 2,272.65
03/20/2023 253.74 -3.71% 03/20/2023 2,321.27
03/27/2023 255.33 0.63% 03/27/2023 2,255.51
04/03/2023 258.69 1.32% 04/03/2023 2,193.88
04/10/2023 251.63 -2.73% 04/10/2023 2,263.73
04/17/2023 252.32 0.27% 04/17/2023 2,269.25
04/24/2023 250.94 -0.55% 04/24/2023 2,291.91
05/01/2023 260.18 3.68% 05/01/2023 2,373.25
05/08/2023 276.15 6.14% 05/08/2023 2,436.45
05/15/2023 269.59 -2.38% 05/15/2023 2,408.47
05/22/2023 270.84 0.46% 05/22/2023 2,456.55
05/29/2023 284.07 4.88% 05/29/2023 2,420.98
06/05/2023 289.07 1.76% 06/05/2023 2,321.22
06/12/2023 301.83 4.41% 06/12/2023 2,413.44
06/19/2023 305.60 1.25% 06/19/2023 2,417.73
06/26/2023 300.30 -1.73% 06/26/2023 2,394.87
07/03/2023 313.80 4.50% 07/03/2023 2,479.70
07/10/2023 307.90 -1.88% 07/10/2023 2,705.97
07/17/2023 322.80 4.84% 07/17/2023 2,636.11
07/24/2023 327.60 1.49% 07/24/2023 2,675.97
07/31/2023 327.10 -0.15% 07/31/2023 2,821.00
08/07/2023 329.00 0.58% 08/07/2023 2,816.90
08/14/2023 328.10 -0.27% 08/14/2023 2,823.70
08/21/2023 322.20 -1.80% 08/21/2023 2,757.20
08/28/2023 340.00 5.52% 08/28/2023 2,736.10
09/04/2023 337.25 -0.81% 09/04/2023 2,705.05
09/11/2023 326.65 -3.14% 09/11/2023 2,596.65
09/18/2023 322.45 -1.29% 09/18/2023 2,522.35
09/25/2023 317.45 -1.55% 09/25/2023 2,505.70
10/02/2023 323.80 2.00% 10/02/2023 2,505.45
10/09/2023 322.90 -0.28% 10/09/2023 2,479.00
10/16/2023 321.25 -0.51% 10/16/2023 2,440.65
10/23/2023 313.55 -2.40% 10/23/2023 2,422.50
10/30/2023 305.00 -2.73% 10/30/2023 2,431.20
11/06/2023 304.40 -0.20% 11/06/2023 2,465.85
11/13/2023 325.40 6.90% 11/13/2023 2,477.80
11/20/2023 320.40 -1.54% 11/20/2023 2,497.10
 Indigo Paints
RETURN DATE CLOSING PRICE RETURN
- 11/22/2021 2,225.03 -
-1.67% 11/29/2021 2,199.73 -1.14%
0.05% 12/06/2021 2,063.34 -6.20%
-3.38% 12/13/2021 2,028.53 -1.69%
-0.88% 12/20/2021 1,906.38 -6.02%
4.02% 12/27/2021 2,122.10 11.32%
-2.64% 01/03/2022 2,054.17 -3.20%
-0.87% 01/10/2022 2,063.68 0.46%
-0.62% 01/17/2022 2,005.97 -2.80%
-1.73% 01/24/2022 1,951.39 -2.72%
-1.38% 01/31/2022 1,969.52 0.93%
-1.22% 02/07/2022 1,925.80 -2.22%
2.78% 02/14/2022 1,753.05 -8.97%
-3.61% 02/21/2022 1,740.40 -0.72%
-1.20% 02/28/2022 1,641.41 -5.69%
5.98% 03/07/2022 1,634.04 -0.45%
-0.97% 03/14/2022 1,630.05 -0.24%
0.07% 03/21/2022 1,525.18 -6.43%
-0.85% 03/28/2022 1,610.23 5.58%
-0.56% 04/04/2022 1,666.85 3.52%
-0.78% 04/11/2022 1,615.21 -3.10%
-0.58% 04/18/2022 1,550.58 -4.00%
-0.32% 04/25/2022 1,549.68 -0.06%
-2.42% 05/02/2022 1,484.89 -4.18%
-4.09% 05/09/2022 1,437.99 -3.16%
0.89% 05/16/2022 1,613.47 12.20%
-1.95% 05/23/2022 1,571.04 -2.63%
3.19% 05/30/2022 1,565.12 -0.38%
-0.82% 06/06/2022 1,543.61 -1.37%
-4.28% 06/13/2022 1,424.59 -7.71%
4.58% 06/20/2022 1,420.56 -0.28%
4.73% 06/27/2022 1,378.53 -2.96%
1.88% 07/04/2022 1,428.77 3.64%
0.52% 07/11/2022 1,403.38 -1.78%
0.54% 07/18/2022 1,387.64 -1.12%
1.12% 07/25/2022 1,386.05 -0.11%
-2.12% 08/01/2022 1,558.35 12.43%
0.91% 08/08/2022 1,498.69 -3.83%
-0.86% 08/15/2022 1,505.11 0.43%
1.59% 08/22/2022 1,663.62 10.53%
0.31% 08/29/2022 1,585.97 -4.67%
3.87% 09/05/2022 1,550.46 -2.24%
5.86% 09/12/2022 1,597.70 3.05%
0.98% 09/19/2022 1,520.13 -4.86%
1.64% 09/26/2022 1,495.98 -1.59%
1.55% 10/03/2022 1,490.14 -0.39%
-8.05% 10/10/2022 1,479.27 -0.73%
3.50% 10/17/2022 1,415.61 -4.30%
0.59% 10/24/2022 1,426.79 0.79%
-0.96% 10/31/2022 1,539.13 7.87%
7.73% 11/07/2022 1,436.02 -6.70%
3.09% 11/14/2022 1,333.35 -7.15%
-1.37% 11/21/2022 1,315.84 -1.31%
-0.85% 11/28/2022 1,337.49 1.65%
-1.64% 12/05/2022 1,328.66 -0.66%
1.04% 12/12/2022 1,316.09 -0.95%
-4.08% 12/19/2022 1,249.64 -5.05%
1.66% 12/26/2022 1,299.63 4.00%
-0.44% 01/02/2023 1,291.30 -0.64%
0.72% 01/09/2023 1,278.78 -0.97%
1.55% 01/16/2023 1,228.29 -3.95%
-0.98% 01/23/2023 1,210.18 -1.47%
-1.50% 01/30/2023 1,133.51 -6.34%
5.00% 02/06/2023 1,159.15 2.26%
-6.00% 02/13/2023 1,078.24 -6.98%
1.22% 02/20/2023 1,014.58 -5.90%
0.38% 02/27/2023 1,077.04 6.16%
4.28% 03/06/2023 1,040.07 -3.43%
1.21% 03/13/2023 1,040.27 0.02%
2.14% 03/20/2023 1,014.58 -2.47%
-2.83% 03/27/2023 1,006.05 -0.84%
-2.73% 04/03/2023 1,084.27 7.77%
3.18% 04/10/2023 1,080.18 -0.38%
0.24% 04/17/2023 1,144.23 5.93%
1.00% 04/24/2023 1,150.92 0.58%
3.55% 05/01/2023 1,206.74 4.85%
2.66% 05/08/2023 1,298.08 7.57%
-1.15% 05/15/2023 1,400.45 7.89%
2.00% 05/22/2023 1,503.96 7.39%
-1.45% 05/29/2023 1,457.12 -3.11%
-4.12% 06/05/2023 1,413.77 -2.98%
3.97% 06/12/2023 1,414.82 0.07%
0.18% 06/19/2023 1,417.96 0.22%
-0.95% 06/26/2023 1,425.64 0.54%
3.54% 07/03/2023 1,445.15 1.37%
9.12% 07/10/2023 1,422.45 -1.57%
-2.58% 07/17/2023 1,496.48 5.20%
1.51% 07/24/2023 1,571.46 5.01%
5.42% 07/31/2023 1,583.35 0.76%
-0.15% 08/07/2023 1,544.85 -2.43%
0.24% 08/14/2023 1,498.05 -3.03%
-2.36% 08/21/2023 1,515.55 1.17%
-0.77% 08/28/2023 1,583.20 4.46%
-1.13% 09/04/2023 1,580.80 -0.15%
-4.01% 09/11/2023 1,535.15 -2.89%
-2.86% 09/18/2023 1,549.15 0.91%
-0.66% 09/25/2023 1,485.80 -4.09%
-0.01% 10/02/2023 1,506.45 1.39%
-1.06% 10/09/2023 1,455.40 -3.39%
-1.55% 10/16/2023 1,458.60 0.22%
-0.74% 10/23/2023 1,411.80 -3.21%
0.36% 10/30/2023 1,464.10 3.70%
1.43% 11/06/2023 1,502.95 2.65%
0.48% 11/13/2023 1,539.65 2.44%
0.78% 11/20/2023 1,472.25 -4.38%
 Asian Paints Berger Paints
COVARIANCE 2.079716E-05 COVARIANCE 0.00032114633
Var 0.000352569 Var 0.00035256873
Beta 0.058987541 Beta 0.91087582012
 Kansai Nerolac
COVARIANCE 0.00033049248 COVARIANCE
Var 0.00035256873 Var
Beta 0.93738454662 Beta
 Akzo Nobel Indigo Paints
COVARIANCE 0.00013802545 COVARIANCE 0.0002703656
Var 0.00035256873 Var 0.00035256873
Beta 0.39148523693 Beta 0.76684509675
 CALCULATION OF ROIC Mar-19 Mar-20 Mar-21

CURRENT ASSETS
Inventories 1,146.6 432.4 3,178.8
Trade Receivables 2,585.1 2,827.5 3,124.6
Short Term Loans And Advances 14.0 21.3 -
OtherCurrentAssets 895.2 1,059.3 1,708.5
Total Current Assets 4,640.9 4,340.4 8,011.9

CURRENT LIABILITIES
Short Term Borrowings 4.4 - -
Trade Payables 2,062.3 1,760.1 2,814.3
Other Current Liabilities 1,722.5 1,390.8 1,703.1
Short Term Provisions 52.3 44.1 57.9
Total Current Liabilities 3,841.4 3,195.0 4,575.3

# Net Working Capital 799.5 1,145.4 3,436.6

NON-CURRENT ASSETS
Tangible Assets 5,131.2 4,875.2 4,525.7
Intangible Assets 90.0 85.6 76.9
Capital Work-In-Progress 179.3 108.1 110.1
Other Assets - - -
Non-Current Investments 1,817.4 2,225.6 2,161.9
Deferred Tax Assets [Net] - - -
Long Term Loans And Advances 76.0 64.1 -
Other Non-Current Assets 335.7 403.3 751.5
Total Non-Current Assets 7,629.5 7,761.9 7,626.1

# Invested Capital 8,429.0 8,907.3 11,062.7

EBIT 3,248.9 3,491.4 4,161.3

# ROIC 38.54% 39.20% 37.62%

CALCULATION OF REINVESTMENT RATE Mar-19 Mar-20 Mar-21

Net Capex 1,409.0 1,134.0 367.0

Change in Working Capital 345.9 2,291.2

EBIT 3,248.9 3,491.4 4,161.3

Marginal Tax Rate 25.00% 25.00% 25.00%
EBIT(1-T) 2,436.6 2,618.6 3,121.0
 REINVESTMENT 1,479.9 2,658.2
# REINVESTMENT RATE 56.52% 85.17%

CALCULATION OF GROWTH RATE Mar-19 Mar-20 Mar-21

ROIC 39.20% 37.62%

REINVESTMENT RATE 56.52% 85.17%
# INTRINSIC GROWTH RATE 22.15% 32.04%

AVG GROWTH RATE

Mar-22 Mar-23

2,164.3 2,597.4
5,277.6 5,321.8
- -
2,081.6 2,131.1
9,523.6 10,050.2

- -
3,497.3 3,045.9
2,112.1 2,739.3
38.1 46.4
5,647.4 5831.46

3,876.1 4,218.8

4,475.8 4,568.5
78.1 74.2
225.5 978.0
- -
1,646.3 2,314.3
- -
- -
734.8 719.1
7,160.4 8654.11

11,036.6 12,872.9
4,264.4 5,582.7

38.64% 43.37%

Mar-22 Mar-23

254.0 511.0
439.6 342.6

4,264.4 5,582.7
25.00% 25.00%
3,198.3 4,187.0
 693.6 853.6
21.69% 20.39%

Mar-22 Mar-23

38.64% 43.37%
21.69% 20.39%
8.38% 8.84%

VG GROWTH RATE 17.85%

CALCULATION OF THE VLUE OF THE FIRM Mar-23 Mar-24 Mar-25

EBIT 5,582.7 6,579.3 7,753.9

Tax Rate 25% 25% 25%
EBIT(1-T) 4,187.0 4,934.5 5,815.4

Less: Reinvestment Rate 45.94% 45.94% 45.94%

FCFF 2,263.5 2,667.6 3,143.8

DISCOUNTING FACTOR 0.89 0.79 0.71

PV of FCFF
Expected Growth 17.85%
Terminal Growth Rate 5.38%
WACC 12.20%

CALCULATION OF TERMINAL VALUE

FCFF(N+1) 5,146.1
WACC 12.20%
TERMINAL GROWTH RATE 5.38%

TERMINAL VALUE 75,480.9

CALCULATION OF FIRM'S VAUE

PV OF FCFF 11,156.4
PV OF TERMINAL VALUE 42,453.8

TOTAL VALUE OF THE FIRM 53,610.2

Mar-26 Mar-27

9,138.2 10,769.7
25% 25%
6,853.7 8,077.2

45.94% 45.94%

3,705.1 4,366.5
0.63 0.56