Stock Verdict Asian Paints 2023-09-08

Report as on 8 September 2023 at 10:51 PM
STRONG
LONG TERM FUNDAMENTALS
5 Consecutive Asian Paints
Positive Results
Buy
Mildly Bullish
Technical Trend
CMP: 3,238.05
High (27.53%) STOCK INFO:
Institutional Holding BSE – 500820/ NSE – ASIANPAINT
Market Cap - Large Cap (Rs. 3,11,360 cr)
Sector – Paints
Largest Company 52 w H/L (Rs.) – 3582.9/2685.9
Dividend Yield: 0.79%
in Paints sector Debt Equity: -0.1%
Return on Equity: 25.9%
Price to Book: 19.48
www.marketsmojo.com
Asian Paints
CMP: 3,238.05 Buy 71
Report as on 8 September 2023 at 10:51 PM
Strong Sell Sell Hold Buy Strong Buy
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WHY IT’S A BUY? IS THIS STOCK FOR YOU?

Low Risk, Low Return (1 Year)
Strong Long Term Fundamental Strength with an
average Return on Equity (ROE) of 24.34% Absolute Risk Volatility
Adjusted
-Healthy long term growth as Net Sales has grown by
an annual rate of 15.04% Asian Paints -6.15% -0.34 17.95%
-Company has a low Debt to Equity ratio (avg) at 0 SENSEX 11.58% 1.08 10.77%
times
How much should you buy? -
The company has declared Positive results for Overall Portfolio exposure to Asian Paints should be less
the last 5 consecutive quarters than 10%
-OPERATING CF(Y) Highest at Rs 4,193.43 Cr Overall Portfolio exposure to Paints should be less than
-ROCE(HY) Highest at 32.82 % 30%
-NET SALES(Q) Highest at Rs 9,182.31 cr (If sector exposure > 30%, please use optimiser tool to
see which are the best stocks to hold in Paints)
Stock is technically in a Mildly Bullish range When to exit? - We will constantly monitor the company
-A key technical factor - MACD has been Bullish since and suggest at the appropriate time to exit from the
stock
09 Aug 2023
High Institutional Holdings at 27.53% RETURNS SUMMARY (Price + Dividend)

-These investors have better capability and The stock gave a total returns of -5.41% in the last 1 year
resources to analyse fundamentals of companies Underperforming Sensex returns of 11.58%
than most retail investors. 100%
-Their stake has increased by 0.51% over the

previous quarter. 50%
0%
WHAT ARE YOUR RISKS? -50%

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With ROE of 25.9, it has a Very Expensive valuation

Se
with a 19.4 Price to Book Value Asian Paints Ltd. SENSEX

-The stock is trading at a fair value compared to its
average historical valuations
Investors Returns (3 years) –
-Over the past year, while the stock has generated a
return of -6.15%, its profits have risen by 33.2% ; the Period 6M 1Y 2Y 3Y
PEG ratio of the company is 2
Stock (%) 13.98% -5.41% -1.61% 68.38%
Below par performance in long term as well as near
Sector (%) 15.40% 15.40% -5.31% 51.49%
term
-Along with generating -6.15% returns in the last 1 year, Sensex (%) 10.36% 11.58% 14.33% 73.59%
the stock has also underperformed BSE 500 in the last 3
years, 1 year and 3 months
MOJO PROFESSIONAL 1
Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM
BEFORE PROCEEDING AHEAD

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PAID SUBSCRIBERS of www.marketsmojo.com
This Real-Time Stock Analysis Report was

generated on 8th September, 2023 at 10:51 PM,
and may not be valid if you are reading it later.
Some factors/data, as well as the buy/sell/hold call

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MOJO PROFESSIONAL 2
QUALITY
STRONG LONG TERM FUNDAMENTAL

STRENGTH WITH AN AVERAGE RETURN ON
EQUITY (ROE) OF 24.34%
High Growth in Net Sales 40000Cr
of 15.0% CAGR
35,063
15.0%
32,122
30000Cr
Company has experienced an increase
CAGR in its Net Sales in each of the past 3
24,375
20,001
consecutive years 20000Cr 17,399 18,029
Company’s Net Sales growth has

increased in each of the past 3 10000Cr
consecutive years
0Cr
Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023
Total Debt Debt to Equity Ratio

Low Debt to Equity Ratio Jun 2023 1,932.62 -0.08
Company’s average Debt to Equity ratio over the past few years Jun 2022 1,865.57 -0.09
is low at -0.08 times
Jun 2021 1,399.21 -0.12
No clear trend in Debt to Equity Ratio numbers Jun 2020 1,078.78 -0.13
Jun 2019 311.56 -0.17
ROE
The company has been able to generate a Return on Equity
24.34% ROE
(avg) of 24.34% signifying high profitability per unit of
shareholders funds
Dividend Payout Ratio

Company's high Dividend Pay-out ratio of 59.91% signifying the
59.91%
Dividend Payout Ratio
profits of the company are real
MOJO PROFESSIONAL 3
FINANCIAL TREND
Positive
THE COMPANY HAS DECLARED

results for
POSITIVE RESULTS FOR THE LAST 5 5

CONSECUTIVE QUARTERS consecutive
quarters
Near term PBT trend is positive

Rs PBT less Other Income (Rs Cr)
Highest at Rs 1,907.89 cr.
1 907.89
1,907.9 cr in the last five quarters 1 331.86 1 391.64

1 629.03
998.69
PBT - Quarterly
Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023
Near term PAT trend is positive

Rs
1 550.37
PAT (Rs Cr)
1 252.29
1,550.4 cr in the last five quarters

1 034.76 1 072.67
782.71
PAT - Quarterly
The company has displayed

32.8% increased efficiency by generating 31.42 32.55
27.73
32.61 32.82
higher profit on overall capital

ROCE - Half (equity and debt)
Yearly
ROCE (%)
Highest at 32.82 %
in the last five half yearly periods
Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023
MOJO PROFESSIONAL 4
FINANCIAL TREND
The company has generated

Rs 986.5 higher cash revenues from 4 193.43
business operations 3 683.35
cr
Operating Cash Flows (Rs Cr)
Operating Cash Highest at Rs 4,193.43 Cr
Flow- Annually in the last three years 986.49
Mar 2021 Mar 2022 Mar 2023
Near term sales trend is positive 8 606.94 8 457.57 8 636.74 8 787.34

9 182.31
Rs 9,182.3 Net Sales (Rs Cr)

Highest at Rs 9,182.31 cr
cr in the last five quarters
Net Sales -
Quarterly
Near term Operating Profit trend

Rs 2,121.3 is positive 2 121.29
1 864.76
cr Operating Profit (Rs Cr)
1 555.95
1 227.7
1 611.43
Operating Profit in the last five quarters

- Quarterly
MOJO PROFESSIONAL 5
FINANCIAL TREND
Company's efficiency has

improved
23.1%
23.1
21.22
18.66
Operating Profit to Sales 18.08
Operating Profit Highest at 23.10%
14.52
Margin - in the last five quarters

Quarterly
Increasing profitability; company

Rs 16.2 cr has created higher earnings for 16.16
shareholders 10.6 11.18

12.87
Earnings per
EPS (Rs) 8.16
Share (EPS) -
Highest at Rs 16.16
Quarterly
in the last five quarters
Jun'23 Mar'23 Change%

Net Sales 9,182.3 8,787.3 4.5%
Key Operating Profit (PBDIT) excl Other Income 2,121.3 1,864.8 13.8%
Result Interest 45.8 38.9 17.6%
Highlights Exceptional Items 0.0 -24.7 100.0%
Consolidated Net Profit 1,550.4 1,234.1 25.6%
Operating Profit Margin (Excl OI) 23.2 21.3 1.9%
Consolidate- figures in Rs
Cr
MOJO PROFESSIONAL 6
TECHNICALS
STOCK IS TECHNICALLY IN A MILDLY

BULLISH RANGE
Mildly Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average
3,238.05 3,324.34 3,069.99
Factors with upward momentum

Indicator Technical Trend
MACD Bullish (monthly)
Bollinger Band Mildly Bullish (monthly)
Dow Theory Mildly Bullish (weekly)
OBV Mildly Bullish (weekly)
Consistent Underperformance against the benchmark over the last 3 years

3 Months 1 Year 3 Years
87.03%
12.64%
9.58% 65.18%
0.80%
-6.15%
Stock BSE 500 Stock BSE 500 Stock BSE 500
MOJO PROFESSIONAL 7
SHAREHOLDING
INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 27.53 % OF THE COMPANY
These investors have better capability and resources 30%
27.06% 26.97% 27.35% 27.32% 27.02% 27.53%
to analyse fundamentals of companies than most
retail investors.
Their stake has increased by 0.51% over the previous 20%
quarter.
10%
0%
Mar 22 Jun 22 Sep 22 Dec 22 Mar 23 Jun 23
Insurance
Companies
5.62%
FIIs
17.47%
Shareholding Snapshot : Jun 23
Other Majority shareholders : Promoters
Mutual Funds 0.04%
3.55%
Non Instituti… Pledged Promoter Holdings : 7.26
19.85%
Mutual Funds : Held in 35.00 Schemes (3.55%)
Other DIIs
0.89% FIIs : Held by 1056 FIIs (17.47%)
Promoters
52.63% Promoter with highest holding : Smiti Holding And Trading Company
Private Limited (5.77%)
Highest Public shareholder : Siddhant Commercials Private Limited
(4.9%)
Individual Investors Holdings : 12.66%
FII
20% 18.51% 18.56% 18.11%
17.01% 17.47%
holding has increased by 0.46% 15%
Number of FIIs holding stake in the company has

increased to 1056 from 1016 10%
5%
0%
MOJO PROFESSIONAL 8
SIZE
BIGGEST COMPANY IN THE INDUSTRY

PAINTS.
Asian Paints is 72.10% of the entire Paints Industry (by market cap)
Contribution to Industry Size
Contribution to Industry Size

150
100 100 100 100 100

100
Asian Paints has been the largest company in the 33.73 30.77 28.26 25.07 27.9
industry for the past 5 years
50
66.27 69.23 71.74 74.93 72.1
0
DEC-2019 DEC-2020 DEC-2021 DEC-2022 Sep-2023
Rest industry Asian Paints
Asian Paints contributes 58.85% of the

30.73% industry’s Sales and 69.27% of Profits
41.15%
69.27%
58.85%
Asian Paints Rest of the Industry
Companies which form a sizable part of the industry generally enjoy a competitive edge due to the scale of their business
MOJO PROFESSIONAL 9
FACTORS
NOT WORKING
FOR THE COMPANY

MOJO PROFESSIONAL 10
VALUATION
WITH ROE OF 25.9, IT HAS A VERY

EXPENSIVE VALUATION WITH A 19.4 PRICE
TO BOOK VALUE
Expensive
Very Expensive Asian Paints
valuation
Indigo Paints Berger Paints
Valuation Kansai Nerolac
Akzo Nobel
as compared to its Fundamentals

Attractive
Weak Fundamental Strong
Fair
Price to Book Value vs ROE
32 30
Fundamental
Valuation
as compared to its 16 18
past valuations
0 6
9
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Asian Paints Very Expensive 19.4 66.6 2 0.8%
Valuation
Multiples Berger Paints Expensive 15.5 72.5 46.9 0.4%
vs Peers Kansai Nerolac Fair 6 49.9 1.3 0.5%
Akzo Nobel Attractive 9.3 33.4 1.2 2.5%
Indigo Paints Expensive 9.8 52.6 1 0.2%
RETURNS
BELOW PAR PERFORMANCE IN LONG

TERM AS WELL AS NEAR TERM
Along with generating - 100%
6.15% returns in the last 1
year, the stock has also 50%
underperformed BSE 500

-6.15% in the last 3 years, 1 year 0%
DOWN and 3 months

-50%
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Asian Paints Ltd. BSE500
Underperfomer against Large Cap companies

Asian Paints Ltd. has been in the Third and
Fourth Quartile in the YTD
4th
Quartile
3rd
Quartile
3rd
Quartile
Stock has been in the 3rd quartile in 2022
and in 4th in YTD period
YTD 2022 2021

4.86% -8.72% 22.37%
Company 1 Month 3 Month 1 Year 3 Years

Asian Paints -3.29% 0.8% -6.15% 65.18%
Return Berger Paints 1.07% 10.24% 7.77% 29.51%
Comparison
Kansai Nerolac 2.37% 18.78% -0.7% 5.31%
with Peers
Closest peers by Akzo Nobel -3.52% 13.14% 34.3% 28.58%
market cap Indigo Paints -0.12% 9.75% 1.93% -
RESULT
ANALYSIS 
QUARTERLY VARIANCE
QUARTER RESULTS VARIANCE ANALYSIS

Jun'23 Mar'23 QoQ Jun'22 YoY Comments
Total Operating income 9,182 8,787 4.5% 8,607 6.7% QoQ and YoY increase
Total Expenditure (Excl Depreciation) 7,061 6,923 2% 7,051 0.1% QoQ and YoY increase
Operating Profit (PBDIT) excl Other Income 2,121 1,865 13.8% 1,556 36.3% High Growth in previous quarter
and same quarter last year
Other Income 197 105 86.8% 99 99.1% High Growth in previous quarter
Operating Profit (PBDIT) 2,318 1,970 17.7% 1,655 40.1% High Growth in previous quarter
Interest 46 39 17.6% 29 59.1% High Growth in previous quarter
Exceptional Items 0 -25 -100% -24 -100% Fall in previous quarter and same
quarter last year
Depreciation 198 220 -9.9% 208 -4.7% QoQ and YoY decrease
Profit Before Tax 2,105 1,710 23.1% 1,407 49.7% High Growth in previous quarter
Tax 530 451 17.4% 371 43.1% High Growth in previous quarter
Provisions and contingencies 0 0 0% 0 0%
Net Profit 1,544 1,235 25% 1,023 50.9% High Growth in previous quarter
Share in Profit of Associates 31 23 31.4% 13 140.4% High Growth in previous quarter

Minority Interest 24 24 0.8% 19 28.1% QoQ and YoY increase
Other related items 0 0 0% 0 0%
Consolidated Net Profit 1,550 1,234 25.6% 1,017 52.5% High Growth in previous quarter
Consolidate results triggered in Rs Cr
Margins
Jun'23 Mar'23 Dec'22 Sep'22 Jun'22 Avg. (4 Comments
Qtrs)
OPM 23.2% 21.3% 18.7% 14.6% 18.1% 18.2% Higher than average (4 Qtrs) – Promising
GPM 24.8% 21.8% 19.3% 15.3% 18.7% 18.8% Higher than average (4 Qtrs) – Promising
NPM 17.2% 14.4% 12.8% 9.5% 12.1% 12.2% Higher than average (4 Qtrs) – Promising
ANNUAL RESULT
NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 18.51% VS 34.03% IN MAR
2022
Consolidated Net Profit: YoY Growth in year ended Mar 2023 is 35.50% vs -3.46% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is
30.32% vs -1.07% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is 51.40% vs 4.13% in Mar 2022 18.51%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has improved from NET SALES
Mar 2022
Mar'23 Mar'22 Change(%)

Net Sales 34,488.59 29,101.28 18.51%
Key Operating Profit (PBDIT) excl Other Income 6,259.84 4,803.61 30.32%
Annual Interest 144.45 95.41 51.40%
Results Exceptional Items -48.87 -115.70 57.76%
Consolidated Net Profit 4,106.45 3,030.57 35.50%

Operating Profit Margin (Excl OI) 18.21 16.61 1.60%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year
Net Sales-YoY Growth in year ended Mar 2023 is 18.51% vs Consolidated Net Profit-YoY Growth in year ended Mar 2023
34.03% in Mar 2022 is 35.50% vs -3.46% in Mar 2022
50000 5000
4,106.45
34,488.59
29,101.28 3,139.29 3,030.57
2,705.17
25000 19,240.13 20,211.25 21,712.79 2500 2,155.92
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is 30.32% vs -1.07% in Mar 2022 Mar 2023 has improved from Mar 2022
10000 40
6,259.84
20.59 22.60
4,855.60 4,803.61 19.57 18.21
5000 3,765.54 4,161.77 20 16.61
0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Figures in Rs Crore
BALANCESHEET AND CASHFLOW
BALANCE SHEET AND CASH FLOW

ANALYSIS
25.34% Borrowings
Mar'23
972.21
Mar'22
775.66
Change%
25.34%
Increase
Other Long Term Liabilities 814.49 602.66 35.15%
Fixed Assets 5,581.13 5,039.74 10.74%
Investments 1,564.71 1,066.83 46.67%
in Borrowings in quarter Current Assets 16,535.16 15,152.33 9.13%
ended Mar 2023 vs in
Figures in Rs Cr
Mar 2022
Other Long Term Liabilities: YoY Growth in year ended Mar 2023 is 35.15% vs 5.86% in Mar 2022
Fixed Assets: YoY Growth in year ended Mar 2023 is 10.74% vs 2.01% in Mar 2022
Investments: YoY Growth in year ended Mar 2023 is 46.67% vs -27.41% in Mar 2022
Current Assets: YoY Growth in year ended Mar 2023 is 9.13% vs 25.99% in Mar 2022
Cash From Operation - YoY Growth in year ended Mar

325.09% 2023 is 325.09% vs -73.22% in Mar 2022
Mar'23 Mar'22 Change%
GROWTH Cash Flow from Operating Activities 4,193.43 986.49 325.09%
Figures in Rs Cr
6000
4,193.43
4000 3,683.35
3,038.15
2,469.54
2000
986.49
0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
PEER COMPARISION
PEER COMPARISON
Asian Paints Berger Paints Kansai Nerolac Akzo Nobel Indigo Paints
Size
Market Cap (Cr.) 310,113 69,578 27,323 12,296 7,536
Annual Sales (TTM) (Cr.) 35,064 10,838 7,648 3,864 1,126
Annual Net Profit (TTM) (Cr.) 4,658 960 548 368 143
Growth Factors (TTM)
Net Sales Growth 1 year 9.2% 11.5% 9% 11.7% 15.7%
Operating Profit Growth 1 year 29.3% 7.7% 31% 25.3% 33.9%
Net Profit Growth 1 year 33.2% 1.6% 36.5% 27.1% 55.2%
Net Sales Growth 5 year 15% 14.9% 8.4% 7.2% 20.6%
Operating Profit Growth 5 year 14.4% 13.5% 1.6% 12.4% 27.7%
Net Profit Growth 5 year 16.5% 14.8% 4.5% 13.2% 39.1%
Capital Structure Factors
EBIT to Interest 37 13.2 25.7 32 115.3
Debt to EBITDA 0.3 0.8 0.4 0.1 0.1
Net Debt to Equity -0.1 0.2 -0.1 -0.4 -0.2
Sales to Capital Employed 2.4 2 1.8 4.6 1.8
Management Quality Factors
ROCE (latest) 37.6% 22.7% 15.2% 53.9% 21.9%
ROE(latest) 25.9% 19.1% 10.4% 25.5% 18.7%
Tax Ratio 26.3% 26% 26.2% 26.5% 15.4%
Operating CF to Net Profit 101.2% 113.6% 86.2% 145.1% 88%
Dividend Payout Ratio 59.9% 36.2% 30.7% 88.3% 12.6%
Valuation Factors
PE Ratio 66.6 72.5 49.9 33.4 52.6
Price to Book 19.4 15.5 6 9.3 9.8
PEG Ratio 2 46.9 1.3 1.2 1
Dividend Yield 0.8% 0.4% 0.5% 2.5% 0.2%
EV to EBITDA 45.2 43 30.2 20.8 38
EV to Capital Employed 21.4 13.1 6.4 14.4 12.6
Shareholding
Promoter Holdings 52.6% 75% 75% 74.8% 54%
Promoter Pledged Holdings 7.3% - - - -
Total Institutional Holding 27.5% 14.6% 16.5% 11.9% 11.8%
FII Holdings 17.5% 10.8% 4.2% 3.2% 8.9%
Returns
1 Month -3.4% 0.8% 2.6% -3.6% -0.1%
3 Months 0.7% 10.2% 19% 12.7% 9.8%
YTD 4.6% 23.2% 16.6% 21.6% 21.4%
1 Year -6.3% 7.7% -0.3% 33.6% 2.1%
3 Years 65.1% 29.4% 6% 28.9% -
COMPANY BACKGROUND
COMPANY BACKGROUND
About the Company

Asian Paints Ltd is India's largest, Asia's third largest and World's 9th largest paint
INDUSTRY : Paints company. The Company, along with their subsidiaries, has operations in 15
countries globally with 27 paint manufacturing facilities servicing consumers in
more than 60 countries through Berger International, SCIB Paints, Apco Coatings,
311,360 cr (Large Cap) Asian Paints Causeway, Kadisco Asian Paints and Taubmans. It manufactures
paints for decorative and industrial use.
Part of SENSEX
Board of Directors
Ashwin Dani Chairman (Non-Executive)
Deepak Satwalekar Chairman & Independent Directo
Malav Dani Non Executive Director
Vibha Paul Rishi Independent Director
Amrita Vakil Non Executive Director
9 more board of directors
Company Coordinates
Company Details: Registrat Details:

6 A Shantinagar, Santacruz (East), , Mumbai Maharashtra : TSR Darashaw Ltd, 6-10 , Haji Moosa Patrawala Indl. Est , 20
400055 Dr.E.Moses Road , Mahalaxmi , Mumbai
Tel: 022-62181000 Fax: +91-22-66568494
Fax: 022-62181111 Email: csg-unit@tsrdarashaw.com
Email: investor.relations@asianpaints.com
Website: www.asianpaints.com
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Stock Verdict Asian Paints 2023-09-08

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Stock Verdict Asian Paints 2023-09-08

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Report as on 8 September 2023 at 10:51 PM

WHY IT’S A BUY? IS THIS STOCK FOR YOU?

High Institutional Holdings at 27.53% RETURNS SUMMARY (Price + Dividend)

-Their stake has increased by 0.51% over the

WHAT ARE YOUR RISKS? -50%

With ROE of 25.9, it has a Very Expensive valuation

with a 19.4 Price to Book Value Asian Paints Ltd. SENSEX

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis Report was

Some factors/data, as well as the buy/sell/hold call

To access the LATEST version of this report.

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

STRONG LONG TERM FUNDAMENTAL

High Growth in Net Sales 40000Cr

Company’s Net Sales growth has

Total Debt Debt to Equity Ratio

Dividend Payout Ratio

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

THE COMPANY HAS DECLARED

POSITIVE RESULTS FOR THE LAST 5 5

Near term PBT trend is positive

1,907.9 cr in the last five quarters 1 331.86 1 391.64

Near term PAT trend is positive

1,550.4 cr in the last five quarters

The company has displayed

higher profit on overall capital

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

The company has generated

Mar 2021 Mar 2022 Mar 2023

Near term sales trend is positive 8 606.94 8 457.57 8 636.74 8 787.34

Rs 9,182.3 Net Sales (Rs Cr)

Near term Operating Profit trend

Operating Profit in the last five quarters

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

Company's efficiency has

Margin - in the last five quarters

Increasing profitability; company

shareholders 10.6 11.18

Jun'23 Mar'23 Change%

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

STOCK IS TECHNICALLY IN A MILDLY

3,238.05 3,324.34 3,069.99

Factors with upward momentum

Consistent Underperformance against the benchmark over the last 3 years

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

INSTITUTIONAL INVESTORS COLLECTIVELY

holding has increased by 0.46% 15%

Number of FIIs holding stake in the company has

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

BIGGEST COMPANY IN THE INDUSTRY

Contribution to Industry Size

Contribution to Industry Size

100 100 100 100 100

Rest industry Asian Paints

Asian Paints contributes 58.85% of the

Asian Paints Rest of the Industry

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM

WITH ROE OF 25.9, IT HAS A VERY

Very Expensive Asian Paints

Valuation Kansai Nerolac

as compared to its Fundamentals

Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Asian Paints BUY | Report as on 8 September 2023 at 10:51 PM