Asian Paints Limited (ASIANPAINT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+4.3%

₹2,517.92

vs ₹2,414.20 price

Levered DCF

₹4,855.67

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

12.08

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	49.33×	60.55×	50.41×	64.49×	97.47×	77.53×	58.99×	66.23×
P/B	9.98×	11.45×	14.7×	16.56×	21.39×	19.01×	15.75×	15×
P/S	6.01×	6.56×	7.77×	7.69×	10.19×	11.32×	7.95×	7.48×
EV / EBITDA	29.16×	37.28×	36.46×	42.12×	61.69×	50.28×	38.45×	37.92×
Gross margin	43.7%	41.8%	42.8%	38.1%	36.4%	43.2%	42.7%	40.5%
Operating margin	15.4%	29.3%	31.7%	28.0%	26.0%	31.3%	30.1%	29.4%
Net margin	12.2%	10.8%	15.4%	11.9%	10.5%	14.6%	13.5%	11.3%
Current ratio	2.21×	2.09×	2.06×	2.09×	2×	2.03×	1.73×	1.52×
Debt / equity	0.18×	0.12×	0.13×	0.12×	0.11×	0.09×	0.11×	0.07×
Interest coverage	27.98×	43.89×	54.67×	66.69×	78.91×	73.45×	59.03×	52.21×
Dividend yield	1.1%	1.4%	0.9%	0.7%	0.6%	0.2%	1.3%	0.7%
Payout ratio	56.1%	85.6%	46.7%	47.1%	58.2%	15.9%	78.4%	48.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.2%	18.9%	29.2%	25.7%	21.9%	24.5%	26.7%	22.6%
Return on invested capital	14.9%	31.2%	37.3%	37.3%	33.9%	33.5%	37.6%	32.9%
Return on assets	12.5%	12.1%	18.2%	15.9%	13.2%	15.4%	16.7%	13.8%
Free cash flow yield	2.6%	1.2%	1.3%	1.0%	0.1%	1.4%	1.4%	0.7%
Earnings yield	2.0%	1.7%	2.0%	1.6%	1.0%	1.3%	1.7%	1.5%
Enterprise value	₹2.2T	₹2.2T	₹2.8T	₹2.7T	₹3T	₹2.4T	₹1.6T	₹1.4T
Net debt / EBITDA	0.44×	0.31×	0.22×	0.22×	0.2×	0.15×	0.13×	0.09×
Cash conversion cycle (days)	80	100	97	101	140	109	126	127