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Asian Paints Limited
Sector: Building Materials, Paints | HQ: Mumbai, Maharashtra | Founded: 1942 | Employees: ~9,300
Listed as: NSE / BSE listed; Nifty 50 constituent | NSE / BSE | Ticker: ASIANPAINT.NS | Website →
Live stock price (NSE)
₹2,566
-33.80 (-1.30%) today
Source: Yahoo Finance · Refreshed every 15 minutes · Fetched 11/5/2026, 4:34:34 pm IST. For information only; not investment advice.
Key people
- R. Seshasayee (Chairman)
- Amit Syngle (MD and CEO)
Company overview
Asian Paints Limited is India's largest paint manufacturer and one of the largest in Asia, with FY25 consolidated revenue of approximately ₹35,500 crore and PAT of ₹4,150 crore. Founded in 1942 in Mumbai by four friends, the company operates in 15 countries with 26 manufacturing facilities globally. Asian Paints is the dominant decorative paints brand in India with approximately 53 percent market share by value in the organised segment, ahead of Berger Paints, Kansai Nerolac, AkzoNobel India, and the newer entrant Indigo Paints. The Grasim Industries-promoted Birla Opus has emerged as a new competitor that is the principal disruption risk to the sector.
Business model
Asian Paints operates four reporting segments. The Decorative business (interior and exterior paints, wall finishes) is the largest by revenue and EBITDA, with a wide distribution footprint of 145,000+ dealers and a digitally enabled tinting system at every dealer. The Industrial Coatings business serves auto OEMs, infrastructure, and protective coatings customers. The International business operates in Bangladesh, Sri Lanka, Nepal, Bhutan, the UAE, Egypt, and Indonesia. The Home Improvement business covers Beautiful Homes Service (interior design), Sleek (modular kitchens), Ess Ess (bath fittings), and the White Teak lighting business.
Operating segments
Decorative Paints
Interior and exterior emulsions, wall finishes, primers. 145,000+ dealers. ~85 percent of consolidated revenue. EBITDA margin 22 to 26 percent.
Industrial Coatings
Auto OEM coatings (PPG Asian Paints joint venture), protective coatings, powder coatings.
International Operations
South Asia (Bangladesh, Sri Lanka, Nepal, Bhutan), Middle East (UAE, Egypt), Indonesia.
Home Improvement
Beautiful Homes Service, Sleek modular kitchens, Ess Ess bath fittings, White Teak lighting.
Financial performance and recent trajectory
Asian Paints reported FY25 consolidated revenue of approximately ₹35,500 crore with EBITDA of ₹6,900 crore. EBITDA margin in FY25 compressed to approximately 19.4 percent from FY23 highs of 23 percent due to raw material inflation (TiO2, monomers, solvents), aggressive Birla Opus pricing, and consumer trade-down pressure in the urban decorative segment. The home improvement business is loss-making at the segment level but management has signalled patience. Capital expenditure run-rate is approximately ₹1,500 to ₹2,000 crore per year supporting capacity expansion at Mysuru, Khandala, and the recent Visakhapatnam facility.
Stock performance and shareholder context
Asian Paints (NSE: ASIANPAINT, BSE: 500820) is a Nifty 50 constituent. The stock has historically traded at a high P/E (45 to 55x) reflecting the consumer staples-like quality of the decorative paints business. Through FY24-FY25 the stock de-rated as the Birla Opus disruption played out, with forward P/E compressing to the 38 to 45x range. Promoter holding is approximately 53 percent across the original founder families.
12-month price trajectory
Monthly closes over the last 12 months. Source: Yahoo Finance.
Competitive position
Asian Paints leads the Indian decorative paints market with approximately 53 percent value share. Berger Paints is second at 18 to 20 percent, Kansai Nerolac third at 12 to 14 percent, AkzoNobel India (Dulux) at 6 to 8 percent, Indigo Paints at 2 to 3 percent. Birla Opus from Grasim Industries entered in 2024 with aggressive pricing and a stated 1 MT capacity target; this is the principal disruption variable through FY28. The competitive moats for Asian Paints are the dealer relationships, the tinting machine installed base, the brand strength, and the supply chain.
Key risks
Birla Opus disruption execution; raw material inflation (TiO2, monomers); urban demand sluggishness; international operations geopolitical exposure; home improvement segment continued losses; e-commerce and D2C disruption from premium niche brands.
Outlook
Mixed outlook over FY26-FY30. Decorative paints volume growth is expected to remain healthy at 6 to 9 percent but pricing power and EBITDA margin are challenged by Birla Opus. Asian Paints is the benchmark for any new entrant in Indian paints manufacturing on dealer relationships, supply chain integration, and brand investment. New entrants must contemplate a sustained pricing war scenario.
KAMRIT point of view
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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.