Announcement • Jul 30
Asian Paints Limited Declares Final Dividend for the Financial Year Ended March 31, 2026 Asian Paints Limited announced declaration of final dividend on equity shares for the financial year ended March 31, 2026 is INR 23 per equity share of the face value of INR 1 each fully paid up, of the Company, as recommended by the Board of Directors of the Company for the financial year ended 31st March 2026., at the AGM held on July 9, 2026. Reported Earnings • Jul 30
First quarter 2027 earnings: EPS and revenues exceed analyst expectations First quarter 2027 results: EPS: ₹16.06 (up from ₹11.47 in 1Q 2026). Revenue: ₹105.4b (up 18% from 1Q 2026). Net income: ₹15.4b (up 40% from 1Q 2026). Profit margin: 15% (up from 12% in 1Q 2026). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 11
Asian Paints Limited Appoints Sudhir Sitapati as Independent Director Asian Paints Limited announced appointment of Sudhir Sitapati as an Independent Director. Sitapati has been appointed as an Additional and Independent Director for a five-year term, effective from 29 May 2026 to 28 May 2031. He is currently the Managing Director and CEO of Godrej Consumer Products, a position he has held since 2021. A seasoned FMCG professional, Sitapati spent more than two decades at Unilever, where he held leadership roles across categories and geographies, including India, Europe, Southeast Asia and Africa. His last role at Hindustan Unilever was as Executive Director - Foods and Refreshments. He also serves as Chair of the CII FMCG Committee and has previously cochaired the CII National Committee on Food Processing. Meanwhile, Milind Sarwate has been reappointed as an Independent Director for a second five-year term from 21 October 2026 to 20 October 2031. Sarwate brings over four decades of experience across finance, governance, audit, risk management, strategy and board oversight. He has held senior finance and leadership roles at consumer products companies, including Godrej Soaps and Marico. Sarwate currently serves as an Independent Director on the boards of several companies, including Asian Paints, CEAT, Mahindra & Mahindra Financial Services, OmniActive Health Technologies and Viyash Scientific. He is also the Founder and Designated Partner of Increate Value Advisors LLP and Increate Social Value Advisors & Resourcers LLP. Upcoming Dividend • Jun 16
Upcoming dividend of ₹23.00 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 08 August 2026. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Declared Dividend • Jun 01
Final dividend increased to ₹23.00 Dividend of ₹23.00 is 12% higher than last year. Ex-date: 23rd June 2026 Payment date: 8th August 2026 Dividend yield will be 1.0%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 30
Full year 2026 earnings: EPS in line with analyst expectations despite revenue beat Full year 2026 results: EPS: ₹45.12 (up from ₹38.25 in FY 2025). Revenue: ₹355.8b (up 5.1% from FY 2025). Net income: ₹43.3b (up 18% from FY 2025). Profit margin: 12% (up from 11% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 6% per year. Announcement • May 30
Asian Paints Limited Recommends Final Dividend for the Financial Year Ended 31 March 2026, Payable on or After 13 July 2026 Asian Paints Limited at its board of directors meeting held on May 29, 2026, recommended payment of final dividend of INR 23.00 per equity share of the face value of INR 1.00 each for the financial year ended 31 March 2026, subject to the approval of the shareholders of the Company at the upcoming 80th Annual General Meeting. The total dividend for the financial year ended 31 March 2026, aggregates to INR 27.50 per equity share of the face value of INR 1 each including the interim dividend of INR 4.50 per equity share as approved by the Board of Directors at their meeting held on 12 November 2025, which was paid thereafter. The Company has fixed 23 June 2026, as the Record Date for determining the entitlement of members to the final dividend for the financial year ended 31 March 2026. The dividend, if approved by the shareholders, will be paid on or after 13 July 2026. Announcement • May 29
Asian Paints Limited, Annual General Meeting, Jul 09, 2026 Asian Paints Limited, Annual General Meeting, Jul 09, 2026, at 11:00 Indian Standard Time. Reported Earnings • Jan 28
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹11.06 (down from ₹11.58 in 3Q 2025). Revenue: ₹88.7b (up 3.7% from 3Q 2025). Net income: ₹10.6b (down 4.6% from 3Q 2025). Profit margin: 12% (down from 13% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Declared Dividend • Nov 15
First half dividend increased to ₹4.50 Dividend of ₹4.50 is 5.9% higher than last year. Ex-date: 18th November 2025 Payment date: 12th December 2025 Dividend yield will be 0.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Nov 14
Price target increased by 9.5% to ₹2,671 Up from ₹2,440, the current price target is an average from 35 analysts. New target price is 8.1% below last closing price of ₹2,906. Stock is up 17% over the past year. The company is forecast to post earnings per share of ₹46.02 for next year compared to ₹38.25 last year. Reported Earnings • Nov 13
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: ₹10.37 (up from ₹7.25 in 2Q 2025). Revenue: ₹85.3b (up 6.3% from 2Q 2025). Net income: ₹9.94b (up 43% from 2Q 2025). Profit margin: 12% (up from 8.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Announcement • Nov 12
Asian Paints Limited Approves Interim Dividend for the Financial Year Ending 31 March 2026, Payable on or After November 27, 2025 The Board of Directors of Asian Paints Limited have approved a payment of interim dividend of INR 4.50 per equity share of the face value of INR 1 each for the financial year ending 31 March 2026. The record date for interim dividend has been fixed as 18 November 2025 and the dividend will be paid to the shareholders on or after, 27 November 2025. Reported Earnings • Jul 30
First quarter 2026 earnings: Revenues and EPS in line with analyst expectations First quarter 2026 results: EPS: ₹11.47 (down from ₹12.20 in 1Q 2025). Revenue: ₹89.2b (flat on 1Q 2025). Net income: ₹11.0b (down 6.0% from 1Q 2025). Profit margin: 12% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jun 29
Asian Paints Limited (NSEI:ASIANPAINT) acquired remaining 40% stake in Obgenix Software Pvt. Ltd. from Pawan Mehta and Gagan Mehta for INR 1.9 billion. Asian Paints Limited (NSEI:ASIANPAINT) acquired remaining 40% stake in Obgenix Software Pvt. Ltd. from Pawan Mehta and Gagan Mehta for INR 1.9 billion on June 27, 2025. A cash consideration of INR 1.88 billion will be paid by Asian Paints Limited. As part of consideration, INR 1.88 billion is paid towards common equity of Obgenix Software Pvt. Ltd.
For the period ending March 31, 2025, Obgenix Software Pvt. Ltd. reported total revenue of INR 1.07 billion and net loss of INR 450.9 million. As of March 31, 2025, Obgenix Software Pvt. Ltd. reported net liabilities of INR 184.7 million.
Asian Paints Limited (NSEI:ASIANPAINT) completed the acquisition of remaining 40% stake in Obgenix Software Pvt. Ltd. from Pawan Mehta and Gagan Mehta on June 27, 2025. Announcement • Jun 16
Asian Paints Limited to Report Q1, 2026 Results on Jul 29, 2025 Asian Paints Limited announced that they will report Q1, 2026 results on Jul 29, 2025 Upcoming Dividend • Jun 03
Upcoming dividend of ₹20.55 per share Eligible shareholders must have bought the stock before 10 June 2025. Payment date: 26 July 2025. Payout ratio is a comfortable 65% and the cash payout ratio is 91%. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.3%). Higher than average of industry peers (0.7%). Announcement • May 14
Reliance Industries Reportedly Revives 4.9% Stake Sale Plan in Asian Paints Reliance Industries Limited (NSEI:RELIANCE) (RIL) has revived plans to sell its 4.9% stake in Asian Paints Limited (NSEI:ASIANPAINT) by cashing out of its 17-year old investment in the company at a time when the sector is facing margin pressure and heightened competition, said people in the know. India’s paints market worth $9 billion has seen several new entrants seeking to topple No 1 Asian Paints from its perch. Reliance has engaged Bank of America (BoFA) to manage the transaction, through a single or multiple block deals. However, offers have been at a 6% - 7% discount to the current market price. Reliance did not respond to queries. Declared Dividend • May 10
Final dividend reduced to ₹20.55 Dividend of ₹20.55 is 27% lower than last year. Ex-date: 10th June 2025 Payment date: 26th July 2025 Dividend yield will be 1.1%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Asian Paints Limited, Annual General Meeting, Jun 26, 2025 Asian Paints Limited, Annual General Meeting, Jun 26, 2025, at 11:00 Indian Standard Time. Board Change • Apr 24
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional & Non-Executive Director Ashish Choksi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 05
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ₹11.58 (down from ₹15.10 in 3Q 2024). Revenue: ₹85.5b (down 6.1% from 3Q 2024). Net income: ₹11.1b (down 23% from 3Q 2024). Profit margin: 13% (down from 16% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 8.4%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Dec 19
Asian Paints Limited Announces Changes in Management Asian Paints Limited approved the appointment of Mr. Ashish Rae, currently Associate Vice President - Project Sales as Associate Vice President - Retail Sales, Marketing & Commercial and as a Senior Management Personnel of the Company with effect from 2 January 2025. Further, Mr. Gagandeep Singh Kalsi, Associate Vice President - Strategy, Business Development, a Senior Management Personnel, will also handle Décor and Services with effect from 23 December 2024. Mr. Ashish Rae joined the Company in 2005. Since joining the Company, Mr. Rae led the Company's Retail Sales efforts in multiple territories across West and South India. During the period 2012-2018, he was in-charge of Retail Sales in the entire East Division followed by the South Division. In March 2018, he was transferred to the Home Improvement business as the General Manager responsible for Sales & Marketing efforts in the Bath business. In April 2022, his portfolio was expanded to include the Kitchens business. He is currently responsible for Project Sales - the B2B arm of the Company with the product categories spanning across paints, waterproofing and construction chemicals. He is an MBA from IIM Lucknow and B. Tech. Civil from IIT Roorkee. Prior to joining the Company, he worked in the sales function at Agro Tech Foods and Coca Cola India across different territories in North, South India. Mr. Gagandeep Singh Kalsi joined the Company in 2006 as a Management Trainee. He grew from a Management Trainee to Regional Manager essaying various roles in the Company's Sales and Marketing function in the West and North divisions. In June 2015, he moved into Marketing and Brand Management with roles in Interior and Exterior paints as well as the Company's Construction Chemicals portfolio. In March 2020, he was given a new role to handle as the General Manager - Strategy and New Businesses where he has been responsible for crafting and executing the organization's strategy for entry into new businesses through strategic alliances, partnerships and joint ventures. In this role, he has led the Company's M&A efforts in the areas of decorative lighting and fenestration. He is an MBA from IIM Kozhikode and B.E. Electronics from Mumbai University. Price Target Changed • Nov 12
Price target decreased by 8.1% to ₹2,720 Down from ₹2,958, the current price target is an average from 37 analysts. New target price is 9.9% above last closing price of ₹2,475. Stock is down 20% over the past year. The company is forecast to post earnings per share of ₹46.42 for next year compared to ₹56.95 last year. Reported Earnings • Nov 10
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ₹7.25 (down from ₹12.57 in 2Q 2024). Revenue: ₹82.0b (down 3.3% from 2Q 2024). Net income: ₹6.95b (down 42% from 2Q 2024). Profit margin: 8.5% (down from 14% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Nov 09
Asian Paints Limited Approves Payment of Interim Dividend for the Financial Year Ending 31 March 2025, Payable on or After 28 November 2024 The board of directors of Asian Paints Limited at its meeting held on 9 November 2024, approved the Payment of interim dividend of INR 4.25 (Rupees four and paise twenty-five only) per equity share of the face value of INR 1 (Rupee one) each for the financial year ending 31st March 2025. The record date for the purpose of determining the entitlement of the shareholders for interim dividend has been fixed as 19th November 2024, and the dividend will be paid to the shareholders on or after 28th November 2024. Announcement • Oct 18
Asian Paints Limited Appoints Mr. Varun Berry as Independent Director Asian Paints Limited announced that the results of the Postal Ballot (voting conducted through remote e-voting) were announced on October 16, 2024, and the shareholders have approved the appointment of Mr. Varun Berry as an Independent Director of the Company with requisite majority. Age: 63 years. Qualification: Master of Business Administration, University Business School, Panjab University, India. Bachelor of Engineering, Mechanical Engineering, Punjab Engineering College, Panjab University, India. Mr. Varun Berry joined Britannia Industries Limited as Vice President & Chief Operating Officer with effect from 8th January 2013, and at present is its Vice Chairman and Managing Director. He is also the Chairman of Go First. Mr. Berry has attended a course in Strategic Management from Wharton University and the Global Leadership Program at IMD, Switzerland. Mr. Berry has an experience of over 38 years with premier companies like Hindustan Unilever and PepsiCo, both in India and overseas, and a successful track record in leading start-ups, turnarounds, joint ventures and growth businesses. He is also on the Board and Committees of the Board of several other leading companies. Announcement • Sep 11
Varun Berry Joins Asian Paints Board as Independent Director The Board of Directors of Asian Paints has approved the appointment of Britannia's Varun Berry as an Independent Director. The appointment will be effective for a period of five years, from 23rd October 2024 to 22nd October 2029. Berry is Vice Chairman and Managing Director of Britannia Industries Ltd. Varun Berry joined Britannia Industries Limited as Vice President & Chief Operating Officer with effect from 8th January 2013. He is currently also the Chairman of Go First. Berry has attended a course in Strategic Management from Wharton University and the Global Leadership Program at IMD, Switzerland. Berry has an experience of over 38 years with premier companies like Hindustan Unilever and PepsiCo, both in India and overseas, and a successful track record in leading start-ups, turnarounds, joint ventures and growth businesses. He is also on the Board and Committees of the Board of several other leading companies. Reported Earnings • Jul 18
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ₹12.20 (down from ₹16.17 in 1Q 2024). Revenue: ₹89.7b (down 2.3% from 1Q 2024). Net income: ₹11.7b (down 25% from 1Q 2024). Profit margin: 13% (down from 17% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jun 15
Asian Paints Limited to Report Q1, 2025 Results on Jul 17, 2024 Asian Paints Limited announced that they will report Q1, 2025 results on Jul 17, 2024 Upcoming Dividend • Jun 04
Upcoming dividend of ₹28.15 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 1.2%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.8%). Price Target Changed • May 14
Price target decreased by 7.2% to ₹2,991 Down from ₹3,222, the current price target is an average from 37 analysts. New target price is approximately in line with last closing price of ₹2,866. Stock is down 8.7% over the past year. The company is forecast to post earnings per share of ₹55.91 for next year compared to ₹56.95 last year. Announcement • May 11
Asian Paints Limited, Annual General Meeting, Jun 25, 2024 Asian Paints Limited, Annual General Meeting, Jun 25, 2024, at 11:00 Indian Standard Time. Reported Earnings • May 10
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹56.95 (up from ₹42.83 in FY 2023). Revenue: ₹361.8b (up 5.1% from FY 2023). Net income: ₹54.6b (up 33% from FY 2023). Profit margin: 15% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 1.4%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 10
Asian Paints Limited Recommends Final Dividend for the Financial Year Ended 31 March 2024, Payable on or After June 27, 2024 Asian Paints Limited announced that Board of Directors at their meeting held on 9th May 2024, Recommended payment of final dividend of INR 28.15 per equity share of the face value of INR 1 each for the financial year ended 31 March 2024, subject to the approval of the shareholders at the upcoming 78 Annual General Meeting of the Company. The total dividend for the financial year ended 31 March 2024, aggregates to INR 33.30 per equity share of the face value of INR 1 each (dividend payout ratio of 60%), including the interim dividend of INR 5.15 per equity share as approved by the Board of Directors at their meeting held on 26 October 2023, which was paid thereafter. The Company has fixed, 11 June 2024 as the Record Date for determining the entitlement of members to the final dividend for the financial year ended 31 March 2024. The dividend, if approved by the shareholders will be paid on or after, 27 June 2024. Announcement • May 09
Asian Paints Limited Appoints Gopichand Katragadda as an Independent Director Asian Paints Limited approved the appointment of Dr. Gopichand Katragadda as an Independent Director of the Company to hold office for a period of five consecutive years from 1st April 2024 to 31st March 2029 through postal ballot process on May 8, 2024. Announcement • Mar 23
Asian Paints Limited Announces Pallavi Shroff Declines Re-Election as an Independent Director, Effective from March 31, 2024 Asian Paints Limited announced that Mrs. Pallavi Shroff has informed the Board of Directors of the Company that she will not be able to continue for a second term of appointment as an Independent Director of the Company, on account of several new projects that her firm has undertaken leading to enhanced professional and time commitments. She has also confirmed that there are no other material reasons for her non-continuation. The term of appointment of Mrs. Pallavi Shroff as an Independent Director of the Company shall conclude at the close of business hours on 31 March 2024. Announcement • Mar 16
Asian Paints Limited to Report Q4, 2024 Results on May 09, 2024 Asian Paints Limited announced that they will report Q4, 2024 results on May 09, 2024 Announcement • Feb 15
Asian Paints Limited (NSEI:ASIANPAINT) completed the acquisition of 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh and others for approximately INR 140 million. Asian Paints Limited (NSEI:ASIANPAINT) entered into definitive agreements to acquire 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh and others for approximately INR 130 million on October 20, 2022. The consideration will be paid in cash. In related transaction, Asian Paints also agreed to acquire additional 39% stake in Harind from the existing shareholders, which consist of second tranche of 19% and third tranche of 20% would be acquired during the FY 2023 – 24 and FY 2027 – 28, respectively, on such consideration as agreed between Asian Paints and the existing shareholders based on achievement of certain financial targets. Post-acquisition, Harind will be a subsidiary of Asian Paints. Harind Chemicals and Pharmaceuticals has a turnover of INR 230 million, and Net worth of INR 43 million for year ended March 31, 2022. The consummation of the transaction and payment of consideration shall be subject to fulfilment of conditions precedent as set out in the Share Purchase Agreements & other definitive documents and receipt of necessary regulatory approvals.Asian Paints Limited (NSEI:ASIANPAINT) completed the acquisition of 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh and others for approximately INR 140 million on February 14, 2024. The increase in the consideration paid is in accordance with the terms of the Share Purchase Agreements & other definitive documents entered into by the Company with Aapex, the existing shareholders, and Harind. Accordingly, Harind and Nova Surface-Care Centre Private Limited, a wholly owned subsidiary of Harind, have become subsidiary companies of Asian Paints. Announcement • Jan 19
Asian Paints Limited Announces Completion of Tenure of Appointment of Suresh Narayanan as an Independent Director Asian Paints Limited announced the Completion of tenure of appointment of Mr. Suresh Narayanan (DIN: 07246738) as an Independent Director of the Company:The current tenure of appointment of Mr. Suresh Narayanan as an Independent Director of the Company, for a period of five (5) years with effect from 1st April 2019, is nearing completion on 31st March 2024. In view of his enhanced professional and time commitments, Mr. Suresh Narayanan has informed the Board of Directors of the Company that he will not be able to continue for a second term of appointment as an Independent Director of the Company. Accordingly, the term of appointment of Mr. Suresh Narayanan as an Independent Director of the Company shall conclude on 31st March 2024. Reported Earnings • Jan 18
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: ₹15.10 (up from ₹11.19 in 3Q 2023). Revenue: ₹92.4b (up 7.0% from 3Q 2023). Net income: ₹14.5b (up 35% from 3Q 2023). Profit margin: 16% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Dec 23
Asian Paints Limited Appoints Soumitra Bhattacharya as an Additional and Independent Director Asian Paints Limited approved the appointment of Mr. Soumitra Bhattacharya as an Additional and Independent Director of the Company for a period of five consecutive years with effect from 26th October 2023 to 25th October 2028. Age: 63 years. Chartered Accountant, The Institute of Chartered Accountants of India Bachelor of Commerce, Accounting & Finance, Kanpur Vishwavidyalay, Kanpur, U.P. Mr. Soumitra Bhattacharya has been associated with the Bosch Group for more than 28 years. Over the years, he has handled roles as varied as Vice President, Commercial Functions for the Nashik and Jaipur plants of Bosch in India and also served as the General Manager of Robert Bosch GmbH's Feuerbach Plant, the company's largest diesel systems manufacturing facility and one of its oldest. From 2005 till 2009 he headed the Commercial Function at Bosch Turkey, which won the EFQM award for the 2nd time in 2008. He served as the Managing Director of Bosch Limited, and Regional President for the Bosch Group in India and retired on 30th June 2023. His responsibilities included regional contribution to the strategy of Robert Bosch and business development activities including cross-selling for the Bosch Group in India. He was also responsible for human resources, government relations, and corporate social responsibility for the region. He is currently the Non-Executive Chairman of Bosch Limited. Mr. Bhattacharya's career spans 39 years of professional experience in the corporate world. He is a Chartered Accountant by profession from The Institute of Chartered Accountants of India and completed his articleship from Price Waterhouse. Prior to Bosch Limited, from 1984 to 1995 he served in various key management positions at TATA Steel (IPITATA), INDAL (Indian Aluminium Company Limited) and was one of the founding Members for Tanishq of Titan Company Limited. He has led as chair of the CII (Confederation of Indian Industry) National Committee on MNCs from 2020 till 2023 and done stints as Chairman (2013-2014) for the Karnataka State Council for CII in India and as Co-Chair (2017-2019) for Skills Committee-CII at the National Level and as a CII National Council Member, and has been able to further share his passion for business excellence, building agile corporate environments, economics, and finance. Since September 2023, Mr. Bhattacharya has taken up the role of CEO and Director for IFQM (Indian Foundation for Quality Management) an industry-led initiative focused on Quality, Excellence, and Innovation. Mr. Bhattacharya loves travelling and social service. He is married to Dr. Chandana Bhattacharya and has two children. Announcement • Oct 28
Asian Paints Limited Approves Payment of Interim Dividend for the Financial Year Ending 31 St March 2024, Payable on or After 13 November 2023 The Board of Directors at their meeting held Asian Paints Limited 25th October 2023, have, approved Payment of interim dividend of INR 5.15 (Rupees five and paise fifteen only) per equity share of the face value of INR 1 (Rupee One) each for the financial year ending 31 st March 2024. The record date for the purpose of determining the entitlement of the shareholders for interim dividend has been fixed as Friday, 3rd November 2023, and the dividend will be paid to the shareholders on or after Monday, 13th November 2023. Reported Earnings • Oct 27
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ₹12.57 (up from ₹8.16 in 2Q 2023). Revenue: ₹86.4b (up 2.5% from 2Q 2023). Net income: ₹12.1b (up 54% from 2Q 2023). Profit margin: 14% (up from 9.3% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Sep 17
Asian Paints Limited Appoints Ireena Vittal as an Additional and Independent Director Asian Paints Limited announced that on 25th July, 2023, wherein it was informed that the Board of Directors of the Company, based on the recommendations of the Nomination and Remuneration Committee and subject To Approve the shareholders of the Company, had unanimously approved the appointment of Mrs. Ireena Vittal, aged 54 years (DIN: 05195656) as an Additional and Independent Director of the Company for a period of five consecutive years with effect from 25th July, 2023 upto 24th July, 2028. Approval of the shareholders of the Company was sought by Postal Ballot for the said appointment on the Board. The results of Postal Ballot (voting conducted through remote e-voting) were announced on 15 September, 2023, and the shareholders have approved the appointment of Mrs. Ireena Vittal as an Independent Director of the Company, by requisite majority. Mrs. Ireena Vittal is amongst India's most respected consultants. She was a partner with McKinsey & Co. for 16 years, where she served global companies on issues of growth and sustainable scale-up. She has co-authored several studies relating to agriculture and urbanisation. She has also served government and public institutions to design and implement solutions core to the development of India, such as inclusive urban development and sustainable rural growth. She is a recognised thought partner to consumer facing companies looking to build large-scale, profitable businesses in emerging markets. Mrs. Ireena Vittal is an expert in strategy including digital, finance, marketing (consumer behaviour & insights) & sales/channel evolution and has vast experience in agriculture, urbanisation and the rural sector. She also serves on the Boards of other reputed companies. Announcement • Aug 12
Asian Paints Limited Approves Final Dividend for the Financial Year Ended 31St March, 2023 Asian Paints Limited announced at the AGM held on June 27, 2023, approved the payment of final dividend of INR 21.25 (Rupees twenty-one and paise twenty-five only) per equity share of the face value of INR 1 each for the financial year ended 31st March, 2023. Reported Earnings • Jul 26
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: ₹16.17 (up from ₹10.60 in 1Q 2023). Revenue: ₹91.8b (up 6.7% from 1Q 2023). Net income: ₹15.5b (up 53% from 1Q 2023). Profit margin: 17% (up from 12% in 1Q 2023). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 26%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 24
Asian Paints Limited (NSEI:ASIANPAINT) acquired additional 11% stake in Obgenix Software Pvt. Ltd. from Pawan Mehta, Gagan Mehta for INR 540 million. Asian Paints Limited (NSEI:ASIANPAINT) acquired additional 11% stake in Obgenix Software Pvt. Ltd. from Pawan Mehta, Gagan Mehta for INR 540 million on June 23, 2023. Asian Paints Limited will acquire 44,110 equity shares of Obgenix Software Pvt. Ltd. Obgenix Software Pvt. Ltd reported a Turnover of 1.08 billion and Total Common equity of INR 246 million in March 31, 2023. Asian Paints Limited (NSEI:ASIANPAINT) Completed the acquisition of additional 11% stake in Obgenix Software Pvt. Ltd. from Pawan Mehta, Gagan Mehta on June 23, 2023. Upcoming Dividend • Jun 02
Upcoming dividend of ₹21.25 per share at 0.8% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.6%). In line with average of industry peers (0.9%). Reported Earnings • May 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ₹42.83 (up from ₹31.60 in FY 2022). Revenue: ₹343.7b (up 19% from FY 2022). Net income: ₹41.1b (up 36% from FY 2022). Profit margin: 12% (up from 11% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 20
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ₹11.19 (up from ₹10.59 in 3Q 2022). Revenue: ₹87.2b (up 2.3% from 3Q 2022). Net income: ₹10.7b (up 5.6% from 3Q 2022). Profit margin: 12% (in line with 3Q 2022). Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) exceeded analyst estimates by 2.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Oct 24
Upcoming dividend of ₹4.40 per share Eligible shareholders must have bought the stock before 31 October 2022. Payment date: 19 November 2022. Payout ratio is a comfortable 52% and the cash payout ratio is 85%. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). In line with average of industry peers (0.7%). Reported Earnings • Oct 21
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ₹8.16 (up from ₹6.21 in 2Q 2022). Revenue: ₹84.3b (up 19% from 2Q 2022). Net income: ₹7.83b (up 31% from 2Q 2022). Profit margin: 9.3% (up from 8.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 27
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: ₹10.60 (up from ₹5.93 in 1Q 2022). Revenue: ₹85.8b (up 54% from 1Q 2022). Net income: ₹10.2b (up 79% from 1Q 2022). Profit margin: 12% (up from 10% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 14%, compared to a 16% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of ₹15.50 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.7%). In line with average of industry peers (0.8%). Reported Earnings • May 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₹31.59. Revenue: ₹294.8b (up 37% from FY 2021). Net income: ₹32.6b (up 3.9% from FY 2021). Profit margin: 11% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 14%, compared to a 21% growth forecast for the industry in India. Announcement • Apr 21
Asian Paints Limited Announces Appointment of Directors Asian Paints Limited announced that shareholders have approved the appointment of Mr. Milind Sarwate as an Independent Director and Ms. Nehal Vakil as a Non-Executive Director of the Company. Reported Earnings • Jan 21
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: ₹86.0b (up 27% from 3Q 2021). Net income: ₹10.2b (down 18% from 3Q 2021). Profit margin: 12% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 13%, compared to a 20% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 22
Second quarter 2022 earnings released: EPS ₹6.21 (vs ₹8.66 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹71.0b (up 33% from 2Q 2021). Net income: ₹5.96b (down 28% from 2Q 2021). Profit margin: 8.4% (down from 16% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Oct 07
Independent Director Sivaram Swaminathan has left the company On the 30th of September, Sivaram Swaminathan's tenure as Independent Director ended after 20.3 years in the role. We don't have any record of a personal shareholding under Sivaram's name. Sivaram is the only executive to leave the company over the last 12 months. Recent Insider Transactions • Aug 06
Insider recently bought ₹1.2m worth of stock On the 30th of July, Thulaseedharan Nair bought around 400 shares on-market at roughly ₹3,029 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 22
First quarter 2022 earnings released: EPS ₹5.93 (vs ₹2.28 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹55.9b (up 91% from 1Q 2021). Net income: ₹5.69b (up 160% from 1Q 2021). Profit margin: 10% (up from 7.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 22
Price target increased to ₹2,975 Up from ₹2,749, the current price target is an average from 31 analysts. New target price is 5.8% below last closing price of ₹3,159. Stock is up 83% over the past year. Reported Earnings • Jun 07
Full year 2021 earnings released: EPS ₹32.73 (vs ₹28.25 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹215.0b (up 7.2% from FY 2020). Net income: ₹31.4b (up 16% from FY 2020). Profit margin: 15% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 03
Upcoming dividend of ₹14.50 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 29 July 2021. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (0.8%). Announcement • May 13
Asian Paints Limited Recommends the Payment of Final Dividend, Payable on or after July 02, 2021 Asian Paints Limited recommended the payment of final dividend of INR 14.50 (Rupees fourteen and paise fifty only) per equity share of the face value of INR 1 (Rupee one) each for the financial year ended March 31, 2021, subject To Approve the shareholders at the ensuing 75th Annual General Meeting (AGM). The Company has fixed 11th June, 2021 as the Record Date for determining entitlement of members to final dividend for the financial year ended March 31, 2021. The dividend, if approved by the shareholders will be paid on or after 2nd July, 2021. Reported Earnings • May 13
Full year 2021 earnings released: EPS ₹32.73 (vs ₹28.25 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: ₹220.2b (up 9.7% from FY 2020). Net income: ₹31.4b (up 16% from FY 2020). Profit margin: 14% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Jan 22
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Over the next year, revenue is forecast to grow 19%, compared to a 19% growth forecast for the Chemicals industry in India. Price Target Changed • Jan 22
Price target raised to ₹2,525 Up from ₹2,300, the current price target is an average from 26 analysts. The new target price is close to the current share price of ₹2,597. As of last close, the stock is up 45% over the past year. Reported Earnings • Jan 22
Third quarter 2021 earnings released: EPS ₹12.91 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹67.9b (up 25% from 3Q 2020). Net income: ₹12.4b (up 62% from 3Q 2020). Profit margin: 18% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth.