NSE: ASIANPAINT | BSE 500820

FINANCIAL
MODELLING
REPORT

Prepared by
Livia Jain
 TABLE OF CONTENTS

01. HISTORICAL FINANCIAL STATEMENTS 06. WEIGHTED AVERAGE COST OF CAPITAL

02. RATIO ANALYSIS 07. RETURN ON INVESTED CAPITAL

03. COMMON SIZE STATEMENTS 08. DISCOUNTED CASHFLOW

04. FORECASTING 09. RELATIVE VALUATION

05. BETA CALCULATION 10. FOOTBALL FIELD ANALYSIS - VALUATION SUMMARY

 ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Histoical Financial Statement - ASIAN PAINTS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
# Income statement
Sales ₹ 13,615.3 ₹ 14,271.5 ₹ 15,062.0 ₹ 16,824.6 ₹ 19,240.1 ₹ 20,211.3 ₹ 21,712.8 ₹ 29,101.3 ₹ 34,488.6 ₹ 35,494.7
Sales growth - 4.82% 5.54% 11.70% 14.36% 5.05% 7.43% 34.03% 18.51% 2.92%

COGS ₹ 9,298.8 ₹ 9,413.8 ₹ 9,732.7 ₹ 11,194.2 ₹ 12,905.8 ₹ 13,158.0 ₹ 14,035.1 ₹ 20,590.6 ₹ 23,766.7 ₹ 23,010.0
COGS % sales 68.30% 65.96% 64.62% 66.53% 67.08% 65.10% 64.64% 70.75% 68.91% 64.83%

Gross profit ₹ 4,316.5 ₹ 4,857.7 ₹ 5,329.3 ₹ 5,630.4 ₹ 6,334.3 ₹ 7,053.2 ₹ 7,677.7 ₹ 8,510.7 ₹ 10,721.9 ₹ 12,484.7
Gross profit margin 31.70% 34.04% 35.38% 33.47% 32.92% 34.90% 35.36% 29.25% 31.09% 35.17%

Selling & general expenses ₹ 2,073.60 ₹ 2,132.61 ₹ 2,335.57 ₹ 2,426.37 ₹ 2,569.38 ₹ 2,896.41 ₹ 2,822.12 ₹ 3,707.10 ₹ 4,462.05 ₹ 4,899.76
S&G expenses % sales 15.23% 14.94% 15.51% 14.42% 13.35% 14.33% 13.00% 12.74% 12.94% 13.80%

EBITDA ₹ 2,242.9 ₹ 2,725.0 ₹ 2,993.8 ₹ 3,204.0 ₹ 3,764.9 ₹ 4,156.8 ₹ 4,855.6 ₹ 4,803.6 ₹ 6,259.8 ₹ 7,585.0
EBITDA % sales 16.47% 19.09% 19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.15% 21.37%

Interest ₹ 42.2 ₹ 49.0 ₹ 37.3 ₹ 41.5 ₹ 110.5 ₹ 102.3 ₹ 91.6 ₹ 95.4 ₹ 144.5 ₹ 205.2
Interest % sales 0.31% 0.34% 0.25% 0.25% 0.57% 0.51% 0.42% 0.33% 0.42% 0.58%

Depreciation ₹ 265.9 ₹ 275.6 ₹ 334.8 ₹ 360.5 ₹ 622.1 ₹ 780.5 ₹ 791.3 ₹ 816.4 ₹ 858.0 ₹ 853.0
Depreciation % sales 1.95% 1.93% 2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.49% 2.40%

Earnings before tax ₹ 1,934.7 ₹ 2,400.5 ₹ 2,621.6 ₹ 2,802.1 ₹ 3,032.3 ₹ 3,274.0 ₹ 3,972.7 ₹ 3,891.8 ₹ 5,257.4 ₹ 6,526.8
EBT % sales 14.21% 16.82% 17.41% 16.65% 15.76% 16.20% 18.30% 13.37% 15.24% 18.39%

Tax ₹ 649.5 ₹ 844.5 ₹ 943.3 ₹ 1,041.0 ₹ 1,098.1 ₹ 854.9 ₹ 1,097.6 ₹ 1,102.9 ₹ 1,493.5 ₹ 1,790.1
Effecitive tax rate 33.57% 35.18% 35.98% 37.15% 36.21% 26.11% 27.63% 28.34% 28.41% 27.43%

Net profit ₹ 1,285.2 ₹ 1,556.0 ₹ 1,678.4 ₹ 1,761.1 ₹ 1,934.3 ₹ 2,419.1 ₹ 2,875.1 ₹ 2,788.9 ₹ 3,763.9 ₹ 4,736.7
Net margins 9.44% 10.90% 11.14% 10.47% 10.05% 11.97% 13.24% 9.58% 10.91% 13.34%

No. of equity shares (in crore) 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92 95.92

Earnings per share ₹ 13.4 ₹ 16.2 ₹ 17.5 ₹ 18.4 ₹ 20.2 ₹ 25.2 ₹ 30.0 ₹ 29.1 ₹ 39.2 ₹ 49.4
EPS growth - 21.07% 7.87% 4.93% 9.83% 25.07% 18.85% -3.00% 34.96% 25.85%

Dividend per share ₹ 6.1 ₹ 7.5 ₹ 10.3 ₹ 8.7 ₹ 10.5 ₹ 12.0 ₹ 17.8 ₹ 19.2 ₹ 25.7 ₹ 33.3
Dividend payout ratio 45.53% 46.23% 58.87% 47.38% 52.07% 47.58% 59.55% 65.86% 65.37% 67.43%

Retained earnings 54.47% 53.77% 41.13% 52.62% 47.93% 52.42% 40.45% 34.14% 34.63% 32.57%

# Balance sheet

Equity Share Capital ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9 ₹ 95.9
Reserves ₹ 4,646.4 ₹ 6,428.9 ₹ 7,508.0 ₹ 8,314.3 ₹ 9,374.6 ₹ 10,034.2 ₹ 12,710.4 ₹ 13,715.6 ₹ 15,896.3 ₹ 18,632.4
Borrowings ₹ 418.2 ₹ 323.3 ₹ 560.3 ₹ 533.4 ₹ 1,319.6 ₹ 1,118.5 ₹ 1,093.1 ₹ 1,586.9 ₹ 1,932.6 ₹ 2,474.4
Other Liabilities ₹ 3,754.0 ₹ 3,710.9 ₹ 4,241.0 ₹ 4,819.8 ₹ 5,458.7 ₹ 4,889.3 ₹ 6,455.9 ₹ 7,560.0 ₹ 7,854.5 ₹ 8,698.1
Total Liabilities ₹ 8,914.5 ₹ 10,559.0 ₹ 12,405.2 ₹ 13,763.5 ₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4 ₹ 25,779.3 ₹ 29,900.8

Fixed assets - Net block ₹ 2,660.0 ₹ 3,416.4 ₹ 3,303.7 ₹ 3,732.2 ₹ 6,496.6 ₹ 6,272.3 ₹ 5,858.5 ₹ 5,519.1 ₹ 5,770.5 ₹ 7,146.6
Capital Work in Progress ₹ 196.0 ₹ 106.6 ₹ 257.5 ₹ 1,405.1 ₹ 209.7 ₹ 140.2 ₹ 183.0 ₹ 426.4 ₹ 1,019.6 ₹ 2,698.4
Investments ₹ 1,587.8 ₹ 2,712.1 ₹ 2,652.0 ₹ 2,140.7 ₹ 2,568.6 ₹ 2,018.9 ₹ 4,736.8 ₹ 3,247.5 ₹ 4,261.7 ₹ 4,587.9
Other Assets ₹ 825.7 ₹ 714.7 ₹ 1,317.2 ₹ 1,691.8 ₹ 1,472.0 ₹ 1,738.7 ₹ 2,565.5 ₹ 2,876.7 ₹ 3,036.2 ₹ 3,571.4
Total Non-current assets ₹ 5,269.5 ₹ 6,949.8 ₹ 7,530.4 ₹ 8,969.9 ₹ 10,746.8 ₹ 10,170.1 ₹ 13,343.8 ₹ 12,069.7 ₹ 14,087.9 ₹ 18,004.3

Receivables ₹ 1,182.1 ₹ 1,186.8 ₹ 1,446.6 ₹ 1,730.6 ₹ 1,907.3 ₹ 1,795.2 ₹ 2,602.2 ₹ 3,871.4 ₹ 4,636.9 ₹ 4,889.1
Inventory ₹ 2,258.5 ₹ 1,998.2 ₹ 2,626.9 ₹ 2,658.3 ₹ 3,149.9 ₹ 3,389.8 ₹ 3,798.6 ₹ 6,153.0 ₹ 6,210.6 ₹ 5,923.4
Cash & Bank ₹ 204.4 ₹ 424.2 ₹ 801.2 ₹ 404.7 ₹ 444.9 ₹ 782.8 ₹ 610.8 ₹ 864.3 ₹ 843.8 ₹ 1,084.0
Total Current assets ₹ 3,645.0 ₹ 3,609.3 ₹ 4,874.8 ₹ 4,793.6 ₹ 5,502.1 ₹ 5,967.9 ₹ 7,011.5 ₹ 10,888.8 ₹ 11,691.4 ₹ 11,896.5

Total assets ₹ 8,914.5 ₹ 10,559.0 ₹ 12,405.2 ₹ 13,763.5 ₹ 16,248.8 ₹ 16,138.0 ₹ 20,355.3 ₹ 22,958.4 ₹ 25,779.3 ₹ 29,900.8
 ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Histoical Financial Statement - ASIAN PAINTS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
# Cashflow statement
Operating activities
Profit from operations ₹ 2,271.0 ₹ 2,848.0 ₹ 3,056.0 ₹ 3,274.0 ₹ 3,861.0 ₹ 4,380.0 ₹ 4,970.0 ₹ 4,957.0 ₹ 6,460.0 ₹ 7,929.0
Receivables ₹ (155.0) ₹ (146.0) ₹ (475.0) ₹ (483.0) ₹ (205.0) ₹ 160.0 ₹ (849.0) ₹ (1,326.0) ₹ (834.0) ₹ (362.0)
Inventory ₹ (144.0) ₹ 202.0 ₹ (629.0) ₹ (39.0) ₹ (492.0) ₹ (251.0) ₹ (409.0) ₹ (2,354.0) ₹ (56.0) ₹ 315.0
Payables ₹ (151.0) ₹ 142.0 ₹ 501.0 ₹ 442.0 ₹ 287.0 ₹ (241.0) ₹ 1,143.0 ₹ 644.0 ₹ (539.0) ₹ 269.0
Other WC items ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ (92.0) ₹ 242.0 ₹ 657.0 ₹ (212.0)
Working capital changes ₹ (450.0) ₹ 198.0 ₹ (603.0) ₹ (80.0) ₹ (410.0) ₹ (331.0) ₹ (206.0) ₹ (2,795.0) ₹ (772.0) ₹ 10.0
Direct taxes ₹ (633.0) ₹ (802.0) ₹ (925.0) ₹ (1,081.0) ₹ (982.0) ₹ (1,011.0) ₹ (1,080.0) ₹ (1,176.0) ₹ (1,494.0) ₹ (1,835.0)

Cash from operating activities ₹ 738.0 ₹ 2,442.0 ₹ 925.0 ₹ 2,033.0 ₹ 2,059.0 ₹ 2,706.0 ₹ 3,477.0 ₹ (1,808.0) ₹ 3,422.0 ₹ 6,114.0

Investing activities
Fixed assets purchased ₹ (454.0) ₹ (817.0) ₹ (684.0) ₹ (1,426.0) ₹ (1,151.0) ₹ (404.0) ₹ (282.0) ₹ (551.0) ₹ (1,446.0) ₹ (2,496.0)
Fixed assets sold ₹ 16.0 ₹ 15.0 ₹ 17.0 ₹ 17.0 ₹ 17.0 ₹ 37.0 ₹ 28.0 ₹ 40.0 ₹ 26.0 ₹ 5.0
Investments purchased ₹ (243.0) ₹ (282.0) ₹ (153.0) ₹ (320.0) ₹ (573.0) ₹ (25.0) ₹ (140.0) ₹ 0.0 ₹ (146.0) ₹ (212.0)
Investments sold ₹ 278.0 ₹ 205.0 ₹ 357.0 ₹ 362.0 ₹ 733.0 ₹ 134.0 ₹ 272.0 ₹ 207.0 ₹ 446.0 ₹ 240.0
Interest received ₹ 11.0 ₹ 15.0 ₹ 32.0 ₹ 39.0 ₹ 40.0 ₹ 65.0 ₹ 73.0 ₹ 77.0 ₹ 87.0 ₹ 135.0
Dividends received ₹ 71.0 ₹ 69.0 ₹ 74.0 ₹ 38.0 ₹ 40.0 ₹ 27.0 ₹ 8.0 ₹ 15.0 ₹ 56.0 ₹ 129.0
Investment in group cos ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ (180.0) ₹ 0.0
Redemp n Canc of Shares ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 141.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Acquisition of companies ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ (525.0) ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0
Other investing items ₹ (144.0) ₹ (70.0) ₹ (324.0) ₹ 118.0 ₹ (24.0) ₹ (353.0) ₹ (500.0) ₹ (105.0) ₹ (126.0) ₹ (350.0)

Cash from investing activities ₹ (465.0) ₹ (865.0) ₹ (681.0) ₹ (1,556.0) ₹ (918.0) ₹ (519.0) ₹ (541.0) ₹ (317.0) ₹ (1,283.0) ₹ (2,549.0)

Financing activities
Proceeds from shares ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 1.0
Proceeds from borrowings ₹ 239.0 ₹ 8.0 ₹ 271.0 ₹ 10.0 ₹ 243.0 ₹ 18.0 ₹ 155.0 ₹ 418.0 ₹ 254.0 ₹ 101.0
Repayment of borrowings ₹ (86.0) ₹ (119.0) ₹ (58.0) ₹ (54.0) ₹ (26.0) ₹ (279.0) ₹ (14.0) ₹ (8.0) ₹ (25.0) ₹ (98.0)
Interest paid fin ₹ (35.0) ₹ (40.0) ₹ (36.0) ₹ (35.0) ₹ (106.0) ₹ (101.0) ₹ (89.0) ₹ (94.0) ₹ (142.0) ₹ (191.0)
Dividends paid ₹ (695.0) ₹ (764.0) ₹ (947.0) ₹ (1,218.0) ₹ (1,049.0) ₹ (2,121.0) ₹ (499.0) ₹ (1,763.0) ₹ (1,936.0) ₹ (2,551.0)
Financial liabilities ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ 0.0 ₹ (180.0) ₹ (179.0) ₹ (203.0) ₹ (221.0) ₹ (256.0) ₹ (286.0)
Other financing items ₹ 0.0 ₹ 66.0 ₹ 13.0 ₹ (82.0) ₹ 0.0 ₹ (209.0) ₹ 0.0 ₹ (140.0) ₹ (36.0) ₹ 41.0

Cash from financing activities ₹ (577.0) ₹ (849.0) ₹ (757.0) ₹ (1,379.0) ₹ (1,118.0) ₹ (2,871.0) ₹ (650.0) ₹ (1,808.0) ₹ (2,141.0) ₹ (2,983.0)

Net cashflow ₹ (304.0) ₹ 728.0 ₹ (513.0) ₹ (902.0) ₹ 23.0 ₹ (684.0) ₹ 2,286.0 ₹ (3,933.0) ₹ (2.0) ₹ 582.0
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Ratio Analysis - ASIAN PAINTS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trends Mean Median

Sales growth - 4.82% 5.54% 11.70% 14.36% 5.05% 7.43% 34.03% 18.51% 2.92% 11.59% 7.43%
EBITDA Growth - 21.50% 9.86% 7.02% 17.51% 10.41% 16.81% -1.07% 30.32% 21.17% 14.84% 16.81%
EBT Growth - 24.07% 9.21% 6.88% 8.22% 7.97% 21.34% -2.04% 35.09% 24.15% 14.99% 9.21%
Net profit growth - 21.07% 7.87% 4.93% 9.83% 25.07% 18.85% -3.00% 34.96% 25.85% 16.16% 18.85%
Dividend growth - 22.95% 37.33% -15.53% 20.69% 14.29% 48.75% 7.28% 33.94% 29.82% 22.17% 22.95%

Gross margin 31.70% 34.04% 35.38% 33.47% 32.92% 34.90% 35.36% 29.25% 31.09% 35.17% 33.33% 33.75%
EBITDA margin 16.47% 19.09% 19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.15% 21.37% 19.30% 19.33%
EBIT margin 14.52% 17.16% 17.65% 16.90% 16.33% 16.71% 18.72% 13.70% 15.66% 18.97% 16.63% 16.80%
EBT margin 14.21% 16.82% 17.41% 16.65% 15.76% 16.20% 18.30% 13.37% 15.24% 18.39% 16.24% 16.43%
Net profit margin 9.44% 10.90% 11.14% 10.47% 10.05% 11.97% 13.24% 9.58% 10.91% 13.34% 11.11% 10.91%

Sales expenses % sales 15.23% 14.94% 15.51% 14.42% 13.35% 14.33% 13.00% 12.74% 12.94% 13.80% 14.03% 14.07%
Depreciation % sales 1.95% 1.93% 2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.49% 2.40% 2.67% 2.45%
Operating income % sales 14.52% 17.16% 17.65% 16.90% 16.33% 16.71% 18.72% 13.70% 15.66% 18.97% 16.63% 16.80%

Return on capital employed 38.31% 35.77% 32.57% 31.79% 29.13% 30.02% 29.24% 25.89% 30.14% 31.75% 31.46% 30.94%
Retained earnings % 54.47% 53.77% 41.13% 52.62% 47.93% 52.42% 40.45% 34.14% 34.63% 32.57% 44.41% 44.53%
Return on equity % 27.10% 23.85% 22.07% 20.94% 20.42% 23.88% 22.45% 20.19% 23.54% 25.29% 22.97% 22.99%
Self sustained growth rate 14.76% 12.82% 9.08% 11.02% 9.79% 12.52% 9.08% 6.89% 8.15% 8.24% 10.23% 9.44%
Interest coverage ratio 46.80 x 49.99 x 71.23 x 68.57 x 28.45 x 32.99 x 44.36 x 41.79 x 37.40 x 32.81 x 4543.87% 4307.33%

Debt Turnover ratio 11.52 x 12.02 x 10.41 x 9.72 x 10.09 x 11.26 x 8.34 x 7.52 x 7.44 x 7.26 x 9.56 x 0.09 x
Creditor Turnover ratio 2.48 x 2.54 x 2.29 x 2.32 x 2.36 x 2.69 x 2.17 x 2.72 x 3.03 x 2.65 x 2.53 x 43.07 x
Inventory Turnover ratio 4.12 x 4.71 x 3.70 x 4.21 x 4.10 x 3.88 x 3.69 x 3.35 x 3.83 x 3.88 x 3.95 x 0.00 x
Fixed Asset Turnover ratio 5.12 x 4.18 x 4.56 x 4.51 x 2.96 x 3.22 x 3.71 x 5.27 x 5.98 x 4.97 x 4.45 x 9.90 x
Capital Turnover ratio 2.87 x 2.19 x 1.98 x 2.00 x 2.03 x 2.00 x 1.70 x 2.11 x 2.16 x 1.90 x 2.09 x 2.51 x

Debtor days 32 30 35 38 36 32 44 49 49 50 39 5
Payable days 147 144 159 157 154 136 168 134 121 138 146 2
Inventory days 89 77 99 87 89 94 99 109 95 94 93 0
Cash conversion cycle -27 -36 -25 -33 -29 -9 -25 24 24 6 -13 37

CFO/Sales 5.42% 17.11% 6.14% 12.08% 10.70% 13.39% 16.01% -6.21% 9.92% 17.23% 10.18% 9399.68%
CFO/Total Assets 8.28% 23.13% 7.46% 14.77% 12.67% 16.77% 17.08% -7.88% 13.27% 20.45% 12.60% -2541.90%
CFO/Total debt 176.48% 755.36% 165.08% 381.12% 156.03% 241.93% 318.08% -113.93% 177.07% 247.09% 250.43% 0.00%
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Common Size Income Statement - ASIAN PAINTS LTD
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 50.49% 46.03% 49.48% 48.31% 51.84% 49.39% 48.02% 58.84% 55.05% 49.05%
Change in Inventory 1.09% -1.40% 3.51% -0.84% 1.52% 1.18% 0.43% 4.55% 0.90% -1.02%
Power and Fuel 0.96% 0.80% 0.70% 0.66% 0.62% 0.48% 0.40% 0.40% 0.40% 0.38%
Other Mfr. Exp 11.05% 10.76% 11.04% 10.05% 9.68% 9.63% 9.53% 9.90% 8.46% 7.80%
Employee Cost 6.88% 6.97% 6.90% 6.67% 6.46% 6.78% 7.13% 6.17% 5.90% 6.58%
Selling and admin 24.62% 27.41% 28.97% 13.40% 12.30% 11.44% 10.34% 10.11% 10.15% 10.74%
Other Expenses -9.39% -12.47% -13.47% 1.02% 1.05% 2.89% 2.65% 2.63% 2.79% 3.06%
Other Income 1.04% 1.50% 2.24% 2.00% 1.42% 1.76% 1.53% 1.02% 1.25% 2.31%
Depreciation 1.95% 1.93% 2.22% 2.14% 3.23% 3.86% 3.64% 2.81% 2.49% 2.40%
Interest 0.31% 0.34% 0.25% 0.25% 0.57% 0.51% 0.42% 0.33% 0.42% 0.58%
Profit before tax 15.25% 18.32% 19.65% 18.65% 17.18% 17.96% 19.82% 14.39% 16.49% 20.70%
Tax 4.77% 5.92% 6.26% 6.19% 5.71% 4.23% 5.06% 3.79% 4.33% 5.04%
Net profit 10.25% 12.23% 12.88% 12.12% 11.21% 13.38% 14.46% 10.41% 11.91% 15.38%
Dividend Amount 4.30% 5.04% 6.56% 4.96% 5.23% 5.70% 7.89% 6.31% 7.13% 9.00%
EBITDA 16.47% 19.09% 19.88% 19.04% 19.57% 20.57% 22.36% 16.51% 18.15% 21.37%

Common Size Balance Sheet - ASIAN PAINTS LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 1.08% 0.91% 0.77% 0.70% 0.59% 0.59% 0.47% 0.42% 0.37% 0.32%
Reserves 52.12% 60.89% 60.52% 60.41% 57.69% 62.18% 62.44% 59.74% 61.66% 62.31%
Borrowings 4.69% 3.06% 4.52% 3.88% 8.12% 6.93% 5.37% 6.91% 7.50% 8.28%
Other Liabilities 42.11% 35.14% 34.19% 35.02% 33.59% 30.30% 31.72% 32.93% 30.47% 29.09%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 29.84% 32.35% 26.63% 27.12% 39.98% 38.87% 28.78% 24.04% 22.38% 23.90%
Capital Work in Progress 2.20% 1.01% 2.08% 10.21% 1.29% 0.87% 0.90% 1.86% 3.96% 9.02%
Investments 17.81% 25.69% 21.38% 15.55% 15.81% 12.51% 23.27% 14.15% 16.53% 15.34%
Other Assets 9.26% 6.77% 10.62% 12.29% 9.06% 10.77% 12.60% 12.53% 11.78% 11.94%

Receivables 13.26% 11.24% 11.66% 12.57% 11.74% 11.12% 12.78% 16.86% 17.99% 16.35%
Inventory 25.34% 18.92% 21.18% 19.31% 19.39% 21.01% 18.66% 26.80% 24.09% 19.81%
Cash & Bank 2.29% 4.02% 6.46% 2.94% 2.74% 4.85% 3.00% 3.76% 3.27% 3.63%
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Forecasting - ASIAN PAINTS LTD

Sales Forecasting - ASIAN PAINTS LTD EBITDA forecasting - ASIAN PAINTS LTD Earnings Per Share - ASIAN PAINTS LTD
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year EPS EPS Growth
1 2015A 13,615.3 1 2015A 2,242.9 1 2015A 13.4
2 2016A 14,271.5 4.82% 2 2016A 2,725.0 21.50% 2 2016A 16.2 21.07%
3 2017A 15,062.0 5.54% 3 2017A 2,993.8 9.86% 3 2017A 17.5 7.87%
4 2018A 16,824.6 11.70% 4 2018A 3,204.0 7.02% 4 2018A 18.4 4.93%
5 2019A 19,240.1 14.36% 5 2019A 3,764.9 17.51% 5 2019A 20.2 9.83%
6 2020A 20,211.3 5.05% 6 2020A 4,156.8 10.41% 6 2020A 25.2 25.07%
7 2021A 21,712.8 7.43% 7 2021A 4,855.6 16.81% 7 2021A 30.0 18.85%
8 2022A 29,101.3 34.03% 8 2022A 4,803.6 -1.07% 8 2022A 29.1 -3.00%
9 2023A 34,488.6 18.51% 9 2023A 6,259.8 30.32% 9 2023A 39.2 34.96%
10 2024A 35,494.7 2.92% 10 2024A 7,585.0 21.17% 10 2024A 49.4 25.85%
11 2025E 36,144.4 1.83% 11 2025A 7,166.4 -5.52% 11 2025A 45.3 -8.31%
12 2026E 39,564.8 9.46% 12 2026A 7,791.7 8.72% 12 2026A 49.7 9.83%
13 2027E 43,026.4 8.75% 13 2027A 8,467.3 8.67% 13 2027A 54.6 9.76%
14 2028E 46,397.2 7.83% 14 2028A 9,147.2 8.03% 14 2028A 59.5 8.99%
15 2029E 49,722.0 7.17% 15 2029A 9,790.1 7.03% 15 2029A 64.1 7.77%

SALES FORECASTING EBITDA FORECASTING EARNINGS PER SHARE FORECASTING

64.1
49,722.0 9,790.1 59.5
46,397.2 9,147.2 54.6
43,026.4 8,467.3 49.7
39,564.8 7,791.7 45.3
36,144.4 7,166.4

2025E 2026E 2027E 2028E 2029E 2025A 2026A 2027A 2028A 2029A
2025A 2026A 2027A 2028A 2029A
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Beta Regression

Regression Beta - 5 years monthly

Asian Paints Ltd - Monthly returns Nifty- Monthly returns Beta Drifting

Date Closing Price Returns Date Closing Price Returns Levered Raw Beta 1.09
01-05-2020 1,683.10 01-05-2020 9,580.30 Beta Weight 75%
01-06-2020 1,687.45 0.26% 01-06-2020 10,302.10 7.53%
01-07-2020 1,715.50 1.66% 01-07-2020 11,073.45 7.49% Market Beta 1
01-08-2020 1,899.10 10.70% 01-08-2020 11,387.50 2.84% Market Beta Weight 25%
01-09-2020 1,986.40 4.60% 01-09-2020 11,247.55 -1.23%
01-10-2020 2,211.50 11.33% 01-10-2020 11,642.40 3.51% Adjusted Beta 1.06
01-11-2020 2,215.30 0.17% 01-11-2020 12,968.95 11.39%
01-12-2020 2,764.50 24.79% 01-12-2020 13,981.75 7.81%
01-01-2021 2,407.35 -12.92% 01-01-2021 13,634.60 -2.48%
01-02-2021 2,277.20 -5.41% 01-02-2021 14,529.15 6.56%
01-03-2021 2,537.40 11.43% 01-03-2021 14,690.70 1.11%
01-04-2021 2,536.40 -0.04% 01-04-2021 14,631.10 -0.41%
01-05-2021 2,977.50 17.39% 01-05-2021 15,582.80 6.50%
01-06-2021 2,992.70 0.51% 01-06-2021 15,721.50 0.89%
01-07-2021 2,958.45 -1.14% 01-07-2021 15,763.05 0.26%
01-08-2021 3,201.35 8.21% 01-08-2021 17,132.20 8.69%
01-09-2021 3,244.65 1.35% 01-09-2021 17,618.15 2.84%
01-10-2021 3,100.10 -4.46% 01-10-2021 17,671.65 0.30%
01-11-2021 3,143.65 1.40% 01-11-2021 16,983.20 -3.90%
01-12-2021 3,382.95 7.61% 01-12-2021 17,354.05 2.18%
01-01-2022 3,152.25 -6.82% 01-01-2022 17,339.85 -0.08%
01-02-2022 3,174.65 0.71% 01-02-2022 16,793.90 -3.15%
01-03-2022 3,079.95 -2.98% 01-03-2022 17,464.75 3.99%
01-04-2022 3,237.20 5.11% 01-04-2022 17,102.55 -2.07%
01-05-2022 2,859.65 -11.66% 01-05-2022 16,584.55 -3.03%
01-06-2022 2,695.20 -5.75% 01-06-2022 15,780.25 -4.85%
01-07-2022 3,333.75 23.69% 01-07-2022 17,158.25 8.73%
01-08-2022 3,391.60 1.74% 01-08-2022 17,759.30 3.50%
01-09-2022 3,342.45 -1.45% 01-09-2022 17,094.35 -3.74%
01-10-2022 3,107.70 -7.02% 01-10-2022 18,012.20 5.37%
01-11-2022 3,175.15 2.17% 01-11-2022 18,758.35 4.14%
01-12-2022 3,087.90 -2.75% 01-12-2022 18,105.30 -3.48%
01-01-2023 2,725.85 -11.72% 01-01-2023 17,662.15 -2.45%
01-02-2023 2,828.80 3.78% 01-02-2023 17,303.95 -2.03%
01-03-2023 2,761.65 -2.37% 01-03-2023 17,359.75 0.32%
01-04-2023 2,902.35 5.09% 01-04-2023 18,065.00 4.06%
01-05-2023 3,192.95 10.01% 01-05-2023 18,534.40 2.60%
01-06-2023 3,362.05 5.30% 01-06-2023 19,189.05 3.53%
01-07-2023 3,377.35 0.46% 01-07-2023 19,753.80 2.94%
01-08-2023 3,256.10 -3.59% 01-08-2023 19,253.80 -2.53%
01-09-2023 3,161.05 -2.92% 01-09-2023 19,638.30 2.00%
01-10-2023 2,995.70 -5.23% 01-10-2023 19,079.60 -2.84%
01-11-2023 3,119.90 4.15% 01-11-2023 20,133.15 5.52%
01-12-2023 3,402.40 9.05% 01-12-2023 21,731.40 7.94%
01-01-2024 2,957.85 -13.07% 01-01-2024 21,725.70 -0.03%
01-02-2024 2,821.90 -4.60% 01-02-2024 21,982.80 1.18%
01-03-2024 2,846.75 0.88% 01-03-2024 22,326.90 1.57%
01-04-2024 2,875.90 1.02% 01-04-2024 22,604.85 1.24%
01-05-2024 2,881.20 0.18% 01-05-2024 22,530.70 -0.33%
01-06-2024 2,917.05 1.24% 01-06-2024 24,010.60 6.57%
01-07-2024 3,084.45 5.74% 01-07-2024 24,951.15 3.92%
01-08-2024 3,126.80 1.37% 01-08-2024 25,235.90 1.14%
01-09-2024 3,329.10 6.47% 01-09-2024 25,810.85 2.28%
01-10-2024 2,935.65 -11.82% 01-10-2024 24,205.35 -6.22%
01-11-2024 2,479.60 -15.53% 01-11-2024 24,131.10 -0.31%
01-12-2024 2,281.35 -8.00% 01-12-2024 23,644.80 -2.02%
01-01-2025 2,300.80 0.85% 01-01-2025 23,508.40 -0.58%
01-02-2025 2,179.75 -5.26% 01-02-2025 22,124.70 -5.89%
01-03-2025 2,340.65 7.38% 01-03-2025 23,519.35 6.30%
01-04-2025 2,393.00 2.24% 01-04-2025 22,875.30 -2.74%
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Weighted Average Cost of Capital

All figures are in INR Crores unless stated otherwise

Peer comps
Debt/ Debt/ Levered Unlevered
1 2 3
Name of the comp Country Total debt Total equity Tax rate Equity Capital Beta Beta

Asian Pants Ltd India 2516.02 229731.74 30% 1.10% 1.08% 1.09 1.08
Berger Paints India 796.52 61,873.73 30% 1.29% 1.27% 0.85 0.84
Kansai Nerolac India 291.88 20,172.22 30% 1.45% 1.43% 0.91 0.90
Akzo Nobel India 64.50 15,993.41 30% 0.40% 0.40% 0.46 0.46
Indigo Paints India 20.03 4,698.94 30% 0.43% 0.42% 0.73 0.73

Average 30% 0.93% 0.92% 0.806635369 0.80

Median 30% 1.10% 1.08% 0.848559766 0.84

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 8.16% Risk Free Rate 6.54%

Tax Rate 30.00% Equity Risk Premium 10.11%
4
Post-Tax Cost of Debt 5.71% Levered Beta 0.81
Cost of equity 14.69%

Capital structure Levered Beta

Current Target
Total Debt 2,516.02 1.08% 0.92% Comp Median Unlevered Beta 80.10%
Market Capitalization 2,29,731.74 98.92% 99.08% Target Debt/ Equity 0.93%
Total Capital 2,32,247.76 100.00% 100.00% Tax Rate 30.00%
Levered Beta 0.81
Debt/Equity 1.10% 0.93%
Weighted Average Cost of Capital
Notes Total Cost Total weight
1. Tax rate considered as Marginal Tax rate for the country
2. Levered Beta is based on 5 year monthly data Debt 5.71% 0.92%
3. Unlevered Beta = Levered Beta/(1+(1-Tax rate)*Debt/Equity) Equity 14.69% 99.08%
4. Levered Beta = Unlevered Beta*(1+(1-Tax rate)*Debt/Equity) Weighted Average Cost of Capital 14.61%
 ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392
Intrinsic Growth

Calculation of COIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Inventories 3,390.00 3,799.00 6,153.00 6,211.00 5,923.00
Trade receivables 1,795.00 2,602.00 3,871.00 4,637.00 4,889.00
Loans n Advances 12.00 11.00 8.00 12.00 17.00
Other asset items 1,727.00 2,555.00 2,869.00 3,024.00 3,555.00
Total Current Assets 6,924.00 8,967.00 12,901.00 13,884.00 14,384.00

Current liabilities
Trade Payables 2,137.00 3,379.00 4,164.00 3,635.00 3,831.00
Advance from Customers 29.00 41.00 76.00 108.00 154.00
Other liability items 2,320.00 2,613.00 2,932.00 3,657.00 4,017.00
Total Current Liabilties 4,486.00 6,033.00 7,172.00 7,400.00 8,002.00

# Net Working Capital 2,438.00 2,934.00 5,729.00 6,484.00 6,382.00

Non Current Assets

Land 640.00 644.00 644.00 804.00 1,126.00
Building 2,257.00 2,249.00 2,325.00 2,883.00 3,390.00
Plant Machinery 4,208.00 4,340.00 4,531.00 4,825.00 5,422.00
Equipments 241.00 243.00 253.00 270.00 298.00
Furniture n fittings 94.00 99.00 113.00 146.00 175.00
Vehicles 43.00 38.00 32.00 36.00 40.00
Intangible Assets 505.00 476.00 345.00 422.00 850.00
Other fixed assets 293.00 302.00 294.00 289.00 321.00
Gross Block 8,281.00 8,391.00 8,537.00 9,675.00 11,622.00
Accumulated Depreciation 2,010.00 2,533.00 3,019.00 3,814.00 4,381.00
# Net Block 6,271.00 5,858.00 5,518.00 5,861.00 7,241.00

# Invested Capital 8,709.00 8,792.00 11,247.00 12,345.00 13,623.00

# EBIT 3,376.32 4,064.33 3,987.25 5,401.82 6,731.98

# ROIC 38.77% 46.23% 35.45% 43.76% 49.42%

# Calculation of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Capex 367.00 254.00 511.00 1,420.00 2,491.00

Change in Working Capital 496.00 2,795.00 755.00 (102.00)

EBIT 3,376.32 4,064.33 3,987.25 5,401.82 6,731.98

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT ( 1- Tax ) 2,532.24 3,048.25 2,990.44 4,051.37 5,048.99

Reinvestment 367.00 750.00 3,306.00 2,175.00 2,389.00

# Reinvestment rate 24.60% 110.55% 53.69% 47.32%

Average Reinvestment Rate 59.04%

Median 50.50%

# Calculation of Growth Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment rate 24.60% 110.55% 53.69% 47.32%

ROIC 46.23% 35.45% 43.76% 49.42%

Intrinsic Growth 11.37% 39.19% 23.49% 23.38%

Average Reinvestment Rate 24.36%

Median 23.44%
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392

Calculation of PV of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Mar-28F Mar-29F

EBIT 6,732.0 8,309.7 10,257.3 12,661.2 15,628.6 19,291.4

Tax Rate 25% 25% 25% 25% 25% 25%
EBIT (1-T) 5,049.0 6,232.3 7,692.9 9,495.9 11,721.4 14,468.5
Less: Reinvestment Rate 50.50% 50.50% 50.50% 50.50% 50.50% 50.50%
Free Cashflow Flow to Firm (FCFF) 2,499.2 3,084.9 3,807.9 4,700.4 5,802.0 7,161.8
Mid year Convention 0.5 1.5 2.5 3.5 4.5
Discounting factor 1 0.9341 0.8150 0.7111 0.6204 0.5413

Present value of FCFF 2,499.2 2,881.6 3,103.5 3,342.4 3,599.8 3,877.0

Expected Growth 23.44%

Terminal Growth 5.38%
WACC 14.61%

Calculation of Terminal Value Senstivity Analysis

71,144.2 12.00% 14.61% 18.00% 20.00%
FCFF (n+1) 8,840.3 3.00% 72,477.2 60,523.4 51,207.7 47,454.3
WACC 14.61% 4.00% 79,123.9 64,408.4 53,486.6 49,213.7
Terminal Growth rate 5.38% 5.38% 91,594.1 71,152.2 57,224.5 52,037.0
6.00% 99,064.1 74,885.8 59,183.8 53,486.6
Terminal Value 95,762.8 7.00% 1,15,016.2 82,189.6 62,809.3 56,116.1

Calculation of Equity Value per Share

PV of FCFF 19,303.5
PV of terminal value 51,840.7
Value of Operating Assets 71,144.2

Add: Cash 1084.01

Less: Debt 2474

Value of equity 69,754.2

No. of Shares 95.9

Value of Equity per share 727.2

Share price 2392

Discount/premium 229%
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392

Amount in crores
Comparable Company Valuation
Market Data Financials Valuation
Share Share Equity Enterprise
Company Ticker Price Outstanding value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/ EBITDA P/E

Asian Paints 2,417.1 95.9 2,31,843.4 1,432.0 2,33,275.4 34,277.5 7,064.7 4,284.2 6.8X 33.0X 54.1X
Berger Paints 526.6 116.6 61,390.5 345.9 61,736.3 11,361.0 1,930.3 1,142.5 5.4X 32.0X 53.7X
Kansai Nerolac 255.8 80.8 20,679.7 31.9 20,711.6 7,775.7 1,097.8 1,121.2 2.7X 18.9X 18.4X
Akzo Nobel 3,482.2 4.6 15,844.0 (458.7) 15,385.3 4,042.5 679.4 429.9 3.8X 22.6X 36.9X
Indigo Paints 1,001.7 4.8 4,768.1 (12.6) 4,755.5 1,276.1 243.6 140.6 3.7X 19.5X 33.9X
Shalimar Paints 112.1 8.4 938.1 106.3 1,044.4 565.5 (66.1) (97.1) 1.8X -15.8X -9.7X
MCON Rasayan 139.1 0.7 101.5 20.2 121.7 46.5 6.9 2.4 2.6X 17.7X 42.0X
Retina Paints 61.9 1.5 94.7 8.1 102.8 11.7 2.0 0.7 8.8X 50.9X 128.0X

High 8.8x 50.9x 128.0x

75th Percentile 5.8x 32.2x 53.8x
Average 4.5x 22.4x 44.7x
Median 3.8x 21.1x 39.4x
25th Percentile 2.7x 18.6x 30.1x
Low 1.8x -15.8x -9.7x

Asian Paints Company Valuation EV/Revenue EV/ EBITDA P/E

Implied Valuation 1,29,095.5 1,48,947.3 1,70,261.3

Net Debt 1,432.0 1,432.0 1,432.0
Implied Market Value 1,27,663.5 1,47,515.3 1,68,829.3
Shares Outstanding 95.9 95.9 95.9
Implied Value per Share 1,330.9 1,537.9 1,760.1

Source: The Valuation School, Screener.In

Overvalued Overvalued Overvalued
ASIAN PAINTS LTD
NSE: ASIANPAINT | BSE 500820
INR ₹ 2,392

Football Field Analysis - Valuation Summary

4,000.0
₹3394.9
3,500.0

3,000.0

2,500.0

2,000.0 ₹1760.1
₹2124.8
1,500.0 ₹1184.6

₹1330.9 ₹842.4
1,000.0
₹570.5
500.0 ₹741.4
₹616.5
₹480.2
0.0
Comps DCF Bear DCF Base DCF Bull 52 W H/L

Football Field Analysis - Data

OpenLow Low Open High High
Comps ₹1330.9 ₹1330.9 ₹1760.1 ₹1760.1
DCF Bear ₹480.2 ₹480.2 ₹570.5 ₹570.5
DCF Base ₹616.5 ₹616.5 ₹842.4 ₹842.4
DCF Bull ₹741.4 ₹741.4 ₹1184.6 ₹1184.6
52 W H/L ₹2124.8 ₹2124.8 ₹3394.9 ₹3394.9
COMPANY NAME ASIAN PAINTS LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10

META
Number of shares 95.98
Face Value 1
Current Price 2391.5
Market Capitalization 229530.19

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 13615.26 14271.49 15061.99 16824.55
Raw Material Cost 6874.83 6569.83 7452.6 8128.17
Change in Inventory 148.07 -199.33 528.6 -142.13
Power and Fuel 130.68 114.48 106.02 110.3
Other Mfr. Exp 1504.47 1535.22 1662.75 1691.68
Employee Cost 936.86 994.98 1039.89 1121.89
Selling and admin 3351.66 3912.3 4364.04 2254.92
Other Expenses -1278.06 -1779.69 -2028.47 171.45
Other Income 142.14 213.39 337.9 336.41
Depreciation 265.92 275.58 334.79 360.47
Interest 42.24 49 37.33 41.47
Profit before tax 2076.87 2613.85 2959.54 3138.48
Tax 649.54 844.49 943.29 1040.96
Net profit 1395.15 1745.16 1939.43 2038.93
Dividend Amount 585.11 719.4 987.98 834.5

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 8457.57 8636.74 8787.34 9182.31
Expenses 7229.87 7025.31 6922.58 7061.02
Other Income 117.56 122.21 104.17 227.74
Depreciation 215.7 214.05 220.17 198.32
Interest 35.4 41.39 38.91 45.75
Profit before tax 1094.16 1478.2 1709.85 2104.96
Tax 290.33 381.14 451.44 530.12
Net profit 782.71 1072.67 1234.14 1550.37
Operating Profit 1227.7 1611.43 1864.76 2121.29
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 95.92 95.92 95.92 95.92
Reserves 4646.44 6428.9 7507.97 8314.31
Borrowings 418.17 323.29 560.34 533.43
Other Liabilities 3753.97 3710.92 4240.96 4819.82
Total 8914.5 10559.03 12405.19 13763.48
Net Block 2660.04 3416.35 3303.74 3732.24
Capital Work in Progress 196 106.59 257.54 1405.11
Investments 1587.79 2712.13 2651.99 2140.7
Other Assets 4470.67 4323.96 6191.92 6485.43
Total 8914.5 10559.03 12405.19 13763.48
Receivables 1182.07 1186.84 1446.6 1730.63
Inventory 2258.52 1998.24 2626.94 2658.31
Cash & Bank 204.39 424.2 801.21 404.65
No. of Equity Shares 959197790 959197790 959197790 959197790
New Bonus Shares
Face value 1 1 1 1

Other Assets 825.69 714.68 1,317.17 1,691.84

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 1187.69 2242.95 1527.33 2113.44
Cash from Investing Activity -464.99 -866.21 -681.11 -1556.14
Cash from Financing Activity -576.09 -848.98 -756.43 -1379.14
Net Cash Flow 146.61 527.76 89.79 -821.84

PRICE: 811.3 868.4 1073.5 1120.4

DERIVED:
Adjusted Equity Shares in Cr 95.92 95.92 95.92 95.92
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

19240.13 20211.25 21712.79 29101.28 34488.59 35494.73
9974.4 9981.99 10425.55 17123.25 18985.53 17410.84
293.26 239.15 92.45 1324.97 309.73 -363.8
119.63 97.79 86.05 117.23 138.29 133.25
1862.35 1946.12 2068.31 2880.45 2916.2 2767.18
1242.69 1371.27 1547.61 1794.61 2036.41 2334.92
2366.87 2311.51 2245.69 2941.98 3500.84 3811.86
202.51 584.9 576.43 765.12 961.21 1087.9
273.77 355.05 331.65 295.88 431.46 820.96
622.14 780.5 791.27 816.36 858.02 853
110.47 102.33 91.63 95.41 144.45 205.17
3306.1 3629.04 4304.35 4187.72 5688.83 7347.77
1098.06 854.85 1097.6 1102.91 1493.5 1790.08
2155.92 2705.17 3139.29 3030.57 4106.45 5460.23
1007.16 1151.04 1712.17 1836.87 2460.35 3194.14

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

8478.57 9103.09 8730.76 8969.73 8027.54 8549.44
6762.34 7047 7039.39 7275.96 6788.03 6912.71
194.33 186.46 212.43 192.93 24.53 192.83
208.72 220.35 225.61 227.7 241.99 255.55
50.9 54.42 54.1 55.38 63.01 55.84
1650.94 1967.78 1624.09 1603.62 959.04 1518.17
418.55 492.62 348.79 416.83 265.38 389.73
1205.42 1447.72 1256.72 1169.98 694.64 1110.49
1716.23 2056.09 1691.37 1693.77 1239.51 1636.73
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
95.92 95.92 95.92 95.92 95.92 95.92
9374.63 10034.24 12710.37 13715.64 15896.31 18632.38
1319.6 1118.5 1093.12 1586.88 1932.62 2474.38
5458.69 4889.31 6455.93 7559.99 7854.48 8698.09
16248.84 16137.97 20355.34 22958.43 25779.33 29900.77
6496.56 6272.31 5858.52 5519.06 5770.46 7146.62
209.67 140.24 182.98 426.43 1019.59 2698.37
2568.58 2018.85 4736.8 3247.53 4261.71 4587.92
6974.03 7706.57 9577.04 13765.41 14727.57 15467.86
16248.84 16137.97 20355.34 22958.43 25779.33 29900.77
1907.33 1795.22 2602.17 3871.44 4636.94 4889.05
3149.86 3389.81 3798.6 6152.98 6210.64 5923.41
444.88 782.83 610.75 864.33 843.82 1084.01
959197790 959197790 959197790 959197790 959197790 959197790

1 1 1 1 1 1

1,471.96 1,738.71 2,565.52 2,876.66 3,036.17 3,571.39

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

2469.54 3038.15 3683.35 986.49 4193.43 6103.6
-917.79 -517.91 -540.54 -316.75 -1282.34 -2548.48
-1117.46 -2871.46 -650.4 -1807.61 -2140.05 -2982.5
434.29 -351.22 2492.41 -1137.87 771.04 572.62

1492.7 1666.5 2537.4 3079.95 2761.65 2846.75

95.92 95.92 95.92 95.92 95.92 95.92

 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity - 1,188 2,243 1,527 2,113
Profit from operations 2,271 2,848 3,056 3,274
Receivables -155 -146 -475 -483
Inventory -144 202 -629 -39
Payables -151 142 501 442
Other WC items 0 0 0 0
Working capital changes -450 198 -603 -80
Direct taxes -633 -802 -925 -1,081

Cash from Investing Activity - -465 -866 -681 -1,556

Fixed assets purchased -454 -817 -684 -1,426
Fixed assets sold 16 15 17 17
Investments purchased -243 -282 -153 -320
Investments sold 278 205 357 362
Interest received 11 15 32 39
Dividends received 71 69 74 38
Investment in group cos 0 0 0 0
Redemp n Canc of Shares 0 0 0 141
Acquisition of companies 0 0 0 -525
Other investing items -144 -70 -324 118

Cash from Financing Activity - -576 -849 -756 -1,379

Proceeds from shares 0 0 0 0
Proceeds from borrowings 239 8 271 10
Repayment of borrowings -86 -119 -58 -54
Interest paid fin -35 -40 -36 -35
Dividends paid -695 -764 -947 -1,218
Financial liabilities 0 0 0 0
Other financing items 0 66 13 -82
Net Cash Flow 147 528 90 -822
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
2,470 3,038 3,683 986 4,193 6,104
3,861 4,380 4,970 4,957 6,460 7,929
-205 160 -849 -1,326 -834 -362
-492 -251 -409 -2,354 -56 315
287 -241 1,143 644 -539 269
0 0 -92 242 657 -212
-410 -331 -206 -2,795 -772 10
-982 -1,011 -1,080 -1,176 -1,494 -1,835

-918 -518 -541 -317 -1,282 -2,548

-1,151 -404 -282 -551 -1,446 -2,496
17 37 28 40 26 5
-573 -25 -140 0 -146 -212
733 134 272 207 446 240
40 65 73 77 87 135
40 27 8 15 56 129
0 0 0 0 -180 0
0 0 0 0 0 0
0 0 0 0 0 0
-24 -353 -500 -105 -126 -350

-1,117 -2,871 -650 -1,808 -2,140 -2,982

0 0 0 0 0 1
243 18 155 418 254 101
-26 -279 -14 -8 -25 -98
-106 -101 -89 -94 -142 -191
-1,049 -2,121 -499 -1,763 -1,936 -2,551
-180 -179 -203 -221 -256 -286
0 -209 0 -140 -36 41
434 -351 2,492 -1,138 771 573
 Total debt Total equity Dividend Yield Berger Paints - Monthly returns
Asian Pants Ltd 2516.02 229731.74 1.39
Berger Paints 796.52 61,873.73 0.66 Date Closing Price
Kansai Nerolac 291.88 20,172.22 1 01-05-2020 409.79
Akzo Nobel 64.50 15,993.41 2.14 01-06-2020 411.58
Indigo Paints 20.03 4,698.94 0.36 01-07-2020 438.75
01-08-2020 448.08
01-09-2020 486.42
01-10-2020 519.21
01-11-2020 539.79
01-12-2020 632.88
01-01-2021 589.04
01-02-2021 566.54
01-03-2021 637.5
01-04-2021 586.67
01-05-2021 671.29
01-06-2021 670.92
01-07-2021 702.96
01-08-2021 684
01-09-2021 674.17
01-10-2021 617.92
01-11-2021 626.46
01-12-2021 643.13
01-01-2022 602
01-02-2022 575.38
01-03-2022 583.08
01-04-2022 598.29
01-05-2022 512.42
01-06-2022 473.58
01-07-2022 520.58
01-08-2022 561.42
01-09-2022 514.17
01-10-2022 488.17
01-11-2022 518.67
01-12-2022 484.46
01-01-2023 457.63
01-02-2023 483
01-03-2023 484.75
01-04-2023 508.63
01-05-2023 542.04
01-06-2023 565.08
01-07-2023 568.67
01-08-2023 598.83
01-09-2023 568.85
01-10-2023 558.6
01-11-2023 574.4
01-12-2023 604.65
01-01-2024 565.15
01-02-2024 606.7
01-03-2024 573.05
01-04-2024 508.55
01-05-2024 460
01-06-2024 504.2
01-07-2024 554.9
01-08-2024 571.05
01-09-2024 622.3
01-10-2024 536.8
01-11-2024 493.7
01-12-2024 448.55
01-01-2025 472.75
01-02-2025 488.55
01-03-2025 500.2
01-04-2025 530
- Monthly returns Nifty- Monthly returns Beta Drifting

Returns Date Closing Price Returns Levered Raw Beta 0.85

01-05-2020 9,580.30 Beta Weight 75%
0.44% 01-06-2020 10,302.10 7.53%
6.60% 01-07-2020 11,073.45 7.49% Market Beta 1
2.13% 01-08-2020 11,387.50 2.84% Market Beta Weight 25%
8.56% 01-09-2020 11,247.55 -1.23%
6.74% 01-10-2020 11,642.40 3.51% Adjusted Beta 0.89
3.96% 01-11-2020 12,968.95 11.39%
17.25% 01-12-2020 13,981.75 7.81%
-6.93% 01-01-2021 13,634.60 -2.48%
-3.82% 01-02-2021 14,529.15 6.56%
12.53% 01-03-2021 14,690.70 1.11%
-7.97% 01-04-2021 14,631.10 -0.41%
14.42% 01-05-2021 15,582.80 6.50%
-0.06% 01-06-2021 15,721.50 0.89%
4.78% 01-07-2021 15,763.05 0.26%
-2.70% 01-08-2021 17,132.20 8.69%
-1.44% 01-09-2021 17,618.15 2.84%
-8.34% 01-10-2021 17,671.65 0.30%
1.38% 01-11-2021 16,983.20 -3.90%
2.66% 01-12-2021 17,354.05 2.18%
-6.40% 01-01-2022 17,339.85 -0.08%
-4.42% 01-02-2022 16,793.90 -3.15%
1.34% 01-03-2022 17,464.75 3.99%
2.61% 01-04-2022 17,102.55 -2.07%
-14.35% 01-05-2022 16,584.55 -3.03%
-7.58% 01-06-2022 15,780.25 -4.85%
9.92% 01-07-2022 17,158.25 8.73%
7.85% 01-08-2022 17,759.30 3.50%
-8.42% 01-09-2022 17,094.35 -3.74%
-5.06% 01-10-2022 18,012.20 5.37%
6.25% 01-11-2022 18,758.35 4.14%
-6.60% 01-12-2022 18,105.30 -3.48%
-5.54% 01-01-2023 17,662.15 -2.45%
5.54% 01-02-2023 17,303.95 -2.03%
0.36% 01-03-2023 17,359.75 0.32%
4.93% 01-04-2023 18,065.00 4.06%
6.57% 01-05-2023 18,534.40 2.60%
4.25% 01-06-2023 19,189.05 3.53%
0.64% 01-07-2023 19,753.80 2.94%
5.30% 01-08-2023 19,253.80 -2.53%
-5.01% 01-09-2023 19,638.30 2.00%
-1.80% 01-10-2023 19,079.60 -2.84%
 2.83% 01-11-2023 20,133.15 5.52%
5.27% 01-12-2023 21,731.40 7.94%
-6.53% 01-01-2024 21,725.70 -0.03%
7.35% 01-02-2024 21,982.80 1.18%
-5.55% 01-03-2024 22,326.90 1.57%
-11.26% 01-04-2024 22,604.85 1.24%
-9.55% 01-05-2024 22,530.70 -0.33%
9.61% 01-06-2024 24,010.60 6.57%
10.06% 01-07-2024 24,951.15 3.92%
2.91% 01-08-2024 25,235.90 1.14%
8.97% 01-09-2024 25,810.85 2.28%
-13.74% 01-10-2024 24,205.35 -6.22%
-8.03% 01-11-2024 24,131.10 -0.31%
-9.15% 01-12-2024 23,644.80 -2.02%
5.40% 01-01-2025 23,508.40 -0.58%
3.34% 01-02-2025 22,124.70 -5.89%
2.38% 01-03-2025 23,519.35 6.30%
5.96% 01-04-2025 22,875.30 -2.74%
 Kansai Nerolac - Monthly returns Nifty- Monthly returns

Date Closing Price Returns Date Closing Price Returns

01-05-2020 240.49 01-05-2020 9,580.30
01-06-2020 295.26 22.77% 01-06-2020 10,302.10 7.53%
01-07-2020 286.76 -2.88% 01-07-2020 11,073.45 7.49%
01-08-2020 316.03 10.21% 01-08-2020 11,387.50 2.84%
01-09-2020 331.21 4.80% 01-09-2020 11,247.55 -1.23%
01-10-2020 340.4 2.77% 01-10-2020 11,642.40 3.51%
01-11-2020 358.46 5.31% 01-11-2020 12,968.95 11.39%
01-12-2020 401.98 12.14% 01-12-2020 13,981.75 7.81%
01-01-2021 362.92 -9.72% 01-01-2021 13,634.60 -2.48%
01-02-2021 369.7 1.87% 01-02-2021 14,529.15 6.56%
01-03-2021 397.55 7.53% 01-03-2021 14,690.70 1.11%
01-04-2021 367.59 -7.54% 01-04-2021 14,631.10 -0.41%
01-05-2021 378.24 2.90% 01-05-2021 15,582.80 6.50%
01-06-2021 381.77 0.93% 01-06-2021 15,721.50 0.89%
01-07-2021 415.46 8.82% 01-07-2021 15,763.05 0.26%
01-08-2021 411.21 -1.02% 01-08-2021 17,132.20 8.69%
01-09-2021 420.3 2.21% 01-09-2021 17,618.15 2.84%
01-10-2021 361.76 -13.93% 01-10-2021 17,671.65 0.30%
01-11-2021 395.74 9.39% 01-11-2021 16,983.20 -3.90%
01-12-2021 392.39 -0.85% 01-12-2021 17,354.05 2.18%
01-01-2022 376.33 -4.09% 01-01-2022 17,339.85 -0.08%
01-02-2022 301.76 -19.82% 01-02-2022 16,793.90 -3.15%
01-03-2022 310.46 2.88% 01-03-2022 17,464.75 3.99%
01-04-2022 311.65 0.38% 01-04-2022 17,102.55 -2.07%
01-05-2022 265.62 -14.77% 01-05-2022 16,584.55 -3.03%
01-06-2022 245.91 -7.42% 01-06-2022 15,780.25 -4.85%
01-07-2022 265.49 7.96% 01-07-2022 17,158.25 8.73%
01-08-2022 335.38 26.32% 01-08-2022 17,759.30 3.50%
01-09-2022 324.99 -3.10% 01-09-2022 17,094.35 -3.74%
01-10-2022 322.57 -0.74% 01-10-2022 18,012.20 5.37%
01-11-2022 297.61 -7.74% 01-11-2022 18,758.35 4.14%
01-12-2022 291.54 -2.04% 01-12-2022 18,105.30 -3.48%
01-01-2023 280.85 -3.67% 01-01-2023 17,662.15 -2.45%
01-02-2023 267.28 -4.83% 01-02-2023 17,303.95 -2.03%
01-03-2023 256.73 -3.95% 01-03-2023 17,359.75 0.32%
01-04-2023 252.31 -1.72% 01-04-2023 18,065.00 4.06%
01-05-2023 292.6 15.97% 01-05-2023 18,534.40 2.60%
01-06-2023 298.97 2.18% 01-06-2023 19,189.05 3.53%
01-07-2023 333.92 11.69% 01-07-2023 19,753.80 2.94%
01-08-2023 331.18 -0.82% 01-08-2023 19,253.80 -2.53%
01-09-2023 316.05 -4.57% 01-09-2023 19,638.30 2.00%
01-10-2023 313.71 -0.74% 01-10-2023 19,079.60 -2.84%
01-11-2023 318.83 1.63% 01-11-2023 20,133.15 5.52%
01-12-2023 331.78 4.06% 01-12-2023 21,731.40 7.94%
01-01-2024 340.24 2.55% 01-01-2024 21,725.70 -0.03%
01-02-2024 288.32 -15.26% 01-02-2024 21,982.80 1.18%
01-03-2024 261.09 -9.44% 01-03-2024 22,326.90 1.57%
01-04-2024 278.51 6.67% 01-04-2024 22,604.85 1.24%
01-05-2024 268.41 -3.63% 01-05-2024 22,530.70 -0.33%
01-06-2024 270.1 0.63% 01-06-2024 24,010.60 6.57%
01-07-2024 307.2 13.74% 01-07-2024 24,951.15 3.92%
01-08-2024 296.5 -3.48% 01-08-2024 25,235.90 1.14%
01-09-2024 309.5 4.38% 01-09-2024 25,810.85 2.28%
01-10-2024 285.1 -7.88% 01-10-2024 24,205.35 -6.22%
01-11-2024 280.95 -1.46% 01-11-2024 24,131.10 -0.31%
01-12-2024 265 -5.68% 01-12-2024 23,644.80 -2.02%
01-01-2025 233.1 -12.04% 01-01-2025 23,508.40 -0.58%
01-02-2025 226.66 -2.76% 01-02-2025 22,124.70 -5.89%
01-03-2025 232.9 2.75% 01-03-2025 23,519.35 6.30%
01-04-2025 249 6.91% 01-04-2025 22,875.30 -2.74%
 Beta Drifting Akzo Nobel - Monthly returns

Levered Raw Beta 0.91 Date Closing Price Returns

Beta Weight 75% 01-05-2020 1,878.90
01-06-2020 1,834.20 -2.38%
Market Beta 1 01-07-2020 1,898.95 3.53%
Market Beta Weight 25% 01-08-2020 2,100.10 10.59%
01-09-2020 2,165.20 3.10%
Adjusted Beta 0.93 01-10-2020 1,983.35 -8.40%
01-11-2020 2,153.00 8.55%
01-12-2020 2,399.50 11.45%
01-01-2021 2,228.00 -7.15%
01-02-2021 2,158.10 -3.14%
01-03-2021 2,296.05 6.39%
01-04-2021 2,243.15 -2.30%
01-05-2021 2,277.60 1.54%
01-06-2021 2,354.60 3.38%
01-07-2021 2,271.75 -3.52%
01-08-2021 2,211.45 -2.65%
01-09-2021 2,284.35 3.30%
01-10-2021 2,100.90 -8.03%
01-11-2021 2,058.70 -2.01%
01-12-2021 2,045.45 -0.64%
01-01-2022 1,930.80 -5.61%
01-02-2022 1,886.10 -2.32%
01-03-2022 1,908.55 1.19%
01-04-2022 1,878.45 -1.58%
01-05-2022 1,843.15 -1.88%
01-06-2022 1,885.15 2.28%
01-07-2022 1,945.00 3.17%
01-08-2022 1,940.65 -0.22%
01-09-2022 2,205.65 13.66%
01-10-2022 2,132.30 -3.33%
01-11-2022 2,284.75 7.15%
01-12-2022 2,219.55 -2.85%
01-01-2023 2,244.90 1.14%
01-02-2023 2,150.45 -4.21%
01-03-2023 2,300.55 6.98%
01-04-2023 2,324.70 1.05%
01-05-2023 2,453.65 5.55%
01-06-2023 2,432.85 -0.85%
01-07-2023 2,775.20 14.07%
01-08-2023 2,747.50 -1.00%
01-09-2023 2,508.60 -8.70%
01-10-2023 2,416.25 -3.68%
01-11-2023 2,449.35 1.37%
01-12-2023 2,607.45 6.45%
01-01-2024 2,614.95 0.29%
01-02-2024 2,516.10 -3.78%
01-03-2024 2,384.70 -5.22%
01-04-2024 2,449.85 2.73%
01-05-2024 2,565.00 4.70%
01-06-2024 2,835.40 10.54%
01-07-2024 2,975.85 4.95%
01-08-2024 3,465.15 16.44%
01-09-2024 3,773.55 8.90%
01-10-2024 4,402.30 16.66%
01-11-2024 3,707.20 -15.79%
01-12-2024 3,588.75 -3.20%
01-01-2025 3,788.10 5.55%
01-02-2025 3,110.25 -17.89%
01-03-2025 3,598.00 15.68%
01-04-2025 3,493.05 -2.92%
 Nifty- Monthly returns Beta Drifting

Date Closing Price Returns Levered Raw Beta 0.46

01-05-2020 9,580.30 Beta Weight 75%
01-06-2020 10,302.10 7.53%
01-07-2020 11,073.45 7.49% Market Beta 1
01-08-2020 11,387.50 2.84% Market Beta Weight 25%
01-09-2020 11,247.55 -1.23%
01-10-2020 11,642.40 3.51% Adjusted Beta 0.59
01-11-2020 12,968.95 11.39%
01-12-2020 13,981.75 7.81%
01-01-2021 13,634.60 -2.48%
01-02-2021 14,529.15 6.56%
01-03-2021 14,690.70 1.11%
01-04-2021 14,631.10 -0.41%
01-05-2021 15,582.80 6.50%
01-06-2021 15,721.50 0.89%
01-07-2021 15,763.05 0.26%
01-08-2021 17,132.20 8.69%
01-09-2021 17,618.15 2.84%
01-10-2021 17,671.65 0.30%
01-11-2021 16,983.20 -3.90%
01-12-2021 17,354.05 2.18%
01-01-2022 17,339.85 -0.08%
01-02-2022 16,793.90 -3.15%
01-03-2022 17,464.75 3.99%
01-04-2022 17,102.55 -2.07%
01-05-2022 16,584.55 -3.03%
01-06-2022 15,780.25 -4.85%
01-07-2022 17,158.25 8.73%
01-08-2022 17,759.30 3.50%
01-09-2022 17,094.35 -3.74%
01-10-2022 18,012.20 5.37%
01-11-2022 18,758.35 4.14%
01-12-2022 18,105.30 -3.48%
01-01-2023 17,662.15 -2.45%
01-02-2023 17,303.95 -2.03%
01-03-2023 17,359.75 0.32%
01-04-2023 18,065.00 4.06%
01-05-2023 18,534.40 2.60%
01-06-2023 19,189.05 3.53%
01-07-2023 19,753.80 2.94%
01-08-2023 19,253.80 -2.53%
01-09-2023 19,638.30 2.00%
01-10-2023 19,079.60 -2.84%
01-11-2023 20,133.15 5.52%
01-12-2023 21,731.40 7.94%
01-01-2024 21,725.70 -0.03%
01-02-2024 21,982.80 1.18%
01-03-2024 22,326.90 1.57%
01-04-2024 22,604.85 1.24%
01-05-2024 22,530.70 -0.33%
01-06-2024 24,010.60 6.57%
01-07-2024 24,951.15 3.92%
01-08-2024 25,235.90 1.14%
01-09-2024 25,810.85 2.28%
01-10-2024 24,205.35 -6.22%
01-11-2024 24,131.10 -0.31%
01-12-2024 23,644.80 -2.02%
01-01-2025 23,508.40 -0.58%
01-02-2025 22,124.70 -5.89%
01-03-2025 23,519.35 6.30%
01-04-2025 22,875.30 -2.74%
 Indigo paint - Monthly returns Nifty- Monthly returns

Date Closing Price Returns Date Closing Price Returns

01-05-2020 2,395.85 01-05-2020 9,580.30
01-06-2020 2,315.50 -3.35% 01-06-2020 10,302.10 7.53%
01-07-2020 2,521.35 8.89% 01-07-2020 11,073.45 7.49%
01-08-2020 2,512.55 -0.35% 01-08-2020 11,387.50 2.84%
01-09-2020 2,605.10 3.68% 01-09-2020 11,247.55 -1.23%
01-10-2020 2,585.95 -0.74% 01-10-2020 11,642.40 3.51%
01-11-2020 2,560.25 -0.99% 01-11-2020 12,968.95 11.39%
01-12-2020 2,390.35 -6.64% 01-12-2020 13,981.75 7.81%
01-01-2021 2,222.40 -7.03% 01-01-2021 13,634.60 -2.48%
01-02-2021 2,130.75 -4.12% 01-02-2021 14,529.15 6.56%
01-03-2021 2,022.60 -5.08% 01-03-2021 14,690.70 1.11%
01-04-2021 1,790.65 -11.47% 01-04-2021 14,631.10 -0.41%
01-05-2021 1,605.85 -10.32% 01-05-2021 15,582.80 6.50%
01-06-2021 1,556.00 -3.10% 01-06-2021 15,721.50 0.89%
01-07-2021 1,600.35 2.85% 01-07-2021 15,763.05 0.26%
01-08-2021 1,395.65 -12.79% 01-08-2021 17,132.20 8.69%
01-09-2021 1,391.70 -0.28% 01-09-2021 17,618.15 2.84%
01-10-2021 1,679.25 20.66% 01-10-2021 17,671.65 0.30%
01-11-2021 1,499.40 -10.71% 01-11-2021 16,983.20 -3.90%
01-12-2021 1,443.80 -3.71% 01-12-2021 17,354.05 2.18%
01-01-2022 1,342.25 -7.03% 01-01-2022 17,339.85 -0.08%
01-02-2022 1,302.60 -2.95% 01-02-2022 16,793.90 -3.15%
01-03-2022 1,177.15 -9.63% 01-03-2022 17,464.75 3.99%
01-04-2022 998.3 -15.19% 01-04-2022 17,102.55 -2.07%
01-05-2022 1,008.35 1.01% 01-05-2022 16,584.55 -3.03%
01-06-2022 1,153.55 14.40% 01-06-2022 15,780.25 -4.85%
01-07-2022 1,456.25 26.24% 01-07-2022 17,158.25 8.73%
01-08-2022 1,428.90 -1.88% 01-08-2022 17,759.30 3.50%
01-09-2022 1,592.35 11.44% 01-09-2022 17,094.35 -3.74%
01-10-2022 1,570.30 -1.38% 01-10-2022 18,012.20 5.37%
01-11-2022 1,485.80 -5.38% 01-11-2022 18,758.35 4.14%
01-12-2022 1,400.00 -5.77% 01-12-2022 18,105.30 -3.48%
01-01-2023 1,488.65 6.33% 01-01-2023 17,662.15 -2.45%
01-02-2023 1,490.50 0.12% 01-02-2023 17,303.95 -2.03%
01-03-2023 1,443.45 -3.16% 01-03-2023 17,359.75 0.32%
01-04-2023 1,398.85 -3.09% 01-04-2023 18,065.00 4.06%
01-05-2023 1,256.60 -10.17% 01-05-2023 18,534.40 2.60%
01-06-2023 1,373.95 9.34% 01-06-2023 19,189.05 3.53%
01-07-2023 1,340.30 -2.45% 01-07-2023 19,753.80 2.94%
01-08-2023 1,373.00 2.44% 01-08-2023 19,253.80 -2.53%
01-09-2023 1,498.95 9.17% 01-09-2023 19,638.30 2.00%
01-10-2023 1,450.50 -3.23% 01-10-2023 19,079.60 -2.84%
01-11-2023 1,459.20 0.60% 01-11-2023 20,133.15 5.52%
01-12-2023 1,645.40 12.76% 01-12-2023 21,731.40 7.94%
01-01-2024 1,433.55 -12.88% 01-01-2024 21,725.70 -0.03%
01-02-2024 1,402.05 -2.20% 01-02-2024 21,982.80 1.18%
01-03-2024 1,267.20 -9.62% 01-03-2024 22,326.90 1.57%
01-04-2024 1,019.85 -19.52% 01-04-2024 22,604.85 1.24%
01-05-2024 942.7 -7.56% 01-05-2024 22,530.70 -0.33%
01-06-2024 984.8 4.47% 01-06-2024 24,010.60 6.57%
01-07-2024 2,975.85 202.18% 01-07-2024 24,951.15 3.92%
01-08-2024 3,465.15 16.44% 01-08-2024 25,235.90 1.14%
01-09-2024 3,773.55 8.90% 01-09-2024 25,810.85 2.28%
01-10-2024 4,402.30 16.66% 01-10-2024 24,205.35 -6.22%
01-11-2024 3,707.20 -15.79% 01-11-2024 24,131.10 -0.31%
01-12-2024 3,588.75 -3.20% 01-12-2024 23,644.80 -2.02%
01-01-2025 3,788.10 5.55% 01-01-2025 23,508.40 -0.58%
01-02-2025 3,110.25 -17.89% 01-02-2025 22,124.70 -5.89%
01-03-2025 3,598.00 15.68% 01-03-2025 23,519.35 6.30%
01-04-2025 3,493.05 -2.92% 01-04-2025 22,875.30 -2.74%
 Beta Drifting

Levered Raw Beta 0.73

Beta Weight 75%

Market Beta 1
Market Beta Weight 25%

Adjusted Beta 0.80

Returns on Markets

Year Annual
2000 -14.65%
2001 -16.18% Average Return 15.33%
2002 3.25% Dividend Yield 1.32%
2003 71.90% Total return 16.65%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42%
2024 8.75%
Particulars Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Equity Capital 96.00 96.00 96.00 96.00 96.00

Reserves 3,288.00 3,943.00 4,646.00 6,429.00 7,508.00
Borrowings -
Long term Borrowings 47.00 41.00 78.00 73.00 41.00
Short term Borrowings 190.00 199.00 332.00 231.00 504.00
Lease Liabilities 0.00 0.00 0.00 0.00 0.00
Other Borrowings 14.00 9.00 8.00 20.00 15.00
Other Liabilities -
Non controlling int 161.00 246.00 264.00 384.00 375.00
Trade Payables 1,442.00 1,746.00 1,549.00 1,565.00 1,923.00
Advance from Customers 0.00 0.00 5.00 12.00 17.00
Other liability items 1,547.00 1,795.00 1,937.00 1,750.00 1,925.00
Total Liabilities 6,784.00 8,075.00 8,914.00 10,559.00 12,405.00

Fixed Assets -
Land 238.00 247.00 251.00 429.00 408.00
Building 874.00 931.00 962.00 923.00 931.00
Plant Machinery 1,956.00 2,054.00 2,132.00 1,793.00 1,980.00
Equipments 137.00 155.00 171.00 97.00 119.00
Furniture n fittings 57.00 71.00 83.00 49.00 59.00
Vehicles 11.00 14.00 18.00 11.00 14.00
Intangible Assets 57.00 203.00 351.00 339.00 276.00
Other fixed assets 99.00 128.00 145.00 103.00 128.00
Gross Block 3,429.00 3,804.00 4,112.00 3,744.00 3,914.00
Accumulated Depreciation 979.00 1,223.00 1,438.00 275.00 610.00
Net Block 2,450.00 2,581.00 2,674.00 3,469.00 3,304.00

CWIP 59.00 72.00 196.00 107.00 258.00

Investments 296.00 1,424.00 1,588.00 2,712.00 2,652.00

Other Assets - 3,989.00 4,019.00 4,471.00 4,324.00 6,192.00

Inventories 1,830.00 2,070.00 2,259.00 1,998.00 2,627.00
Trade receivables 981.00 1,110.00 1,182.00 1,187.00 1,447.00
Cash Equivalents 737.00 229.00 204.00 424.00 801.00
Loans n Advances 4.00 7.00 8.00 9.00 14.00
Other asset items 437.00 603.00 817.00 705.00 1,303.00
Total Assets 6,784.00 8,075.00 8,914.00 10,559.00 12,405.00

Cash from Operating Activity - ₹ 1,187.00 ₹ 1,402.00 ₹ 1,188.00 ₹ 2,243.00 ₹ 1,527.00

Profit from operations ₹ 1,784.00 ₹ 2,051.00 ₹ 2,271.00 ₹ 2,848.00 ₹ 3,056.00

Receivables (299.00)- (254.00)- (155.00)- (146.00)- (475.00)-
Inventory (247.00) (231.00) (144.00) ₹ 202.00 (629.00)
Payables ₹ 388.00 ₹ 317.00 (151.00) ₹ 142.00 ₹ 501.00
Other WC items - - - - -
Working capital changes (159.00) (168.00) (450.00) ₹ 198.00 (603.00)
Direct taxes (438.00) (480.00) (633.00) (802.00) (925.00)

Cash from Investing Activity - (463.00) (586.00) (465.00) (866.00) (681.00)

Fixed assets purchased (644.00) (251.00) (454.00) (817.00) (684.00)

Fixed assets sold ₹ 7.00 ₹ 16.00 ₹ 16.00 ₹ 15.00 ₹ 17.00
Investments purchased (247.00) (872.00) (243.00) (282.00) (153.00)
Investments sold ₹ 330.00 ₹ 463.00 ₹ 278.00 ₹ 205.00 ₹ 357.00
Interest received ₹ 11.00 ₹ 14.00 ₹ 11.00 ₹ 15.00 ₹ 32.00
Dividends received ₹ 33.00 ₹ 65.00 ₹ 71.00 ₹ 69.00 ₹ 74.00
Investment in group cos - - - - -
Redemp n Canc of Shares - - - - -
Acquisition of companies - - - - -
Other investing items ₹ 46.00 (21.00) (144.00) (70.00) (324.00)

Cash from Financing Activity - (601.00) (626.00) (576.00) (849.00) (756.00)

Proceeds from shares - - - - -

Proceeds from borrowings ₹ 33.00 ₹ 44.00 ₹ 239.00 ₹ 8.00 ₹ 271.00
Repayment of borrowings (135.00) (81.00) (86.00) (119.00) (58.00)
Interest paid fin (37.00) (42.00) (35.00) (40.00) (36.00)
Dividends paid (462.00) (547.00) (695.00) (764.00) (947.00)
Financial liabilities - - - - -
Other financing items - - - ₹ 66.00 ₹ 13.00

Net Cash Flow ₹ 123.00 ₹ 190.00 ₹ 147.00 ₹ 528.00 ₹ 90.00

 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

96.00 96.00 96.00 96.00 96.00 96.00 96.00

8,314.00 9,375.00 10,034.00 12,710.00 13,716.00 15,896.00 18,632.00

28.00 19.00 19.00 15.00 45.00 76.00 54.00

492.00 597.00 321.00 334.00 731.00 896.00 1,053.00
0.00 693.00 764.00 745.00 811.00 960.00 1,367.00
13.00 11.00 15.00 0.00 0.00 0.00 0.00

328.00 361.00 404.00 423.00 388.00 454.00 695.00

2,160.00 2,394.00 2,137.00 3,379.00 4,164.00 3,635.00 3,831.00
16.00 13.00 29.00 41.00 76.00 108.00 154.00
2,316.00 2,690.00 2,320.00 2,613.00 2,932.00 3,657.00 4,017.00
13,763.00 16,249.00 16,138.00 20,355.00 22,958.00 25,779.00 29,901.00

586.00 605.00 640.00 644.00 644.00 804.00 1,126.00

957.00 2,402.00 2,257.00 2,249.00 2,325.00 2,883.00 3,390.00
2,157.00 4,006.00 4,208.00 4,340.00 4,531.00 4,825.00 5,422.00
200.00 221.00 241.00 243.00 253.00 270.00 298.00
72.00 88.00 94.00 99.00 113.00 146.00 175.00
27.00 47.00 43.00 38.00 32.00 36.00 40.00
468.00 512.00 505.00 476.00 345.00 422.00 850.00
238.00 261.00 293.00 302.00 294.00 289.00 321.00
4,705.00 8,141.00 8,282.00 8,392.00 8,538.00 9,676.00 11,622.00
973.00 1,592.00 2,010.00 2,533.00 3,019.00 3,814.00 4,381.00
3,732.00 6,549.00 6,272.00 5,859.00 5,519.00 5,862.00 7,241.00

1,405.00 210.00 140.00 183.00 426.00 1,020.00 2,698.00

2,141.00 2,569.00 2,019.00 4,737.00 3,248.00 4,262.00 4,588.00

6,485.00 6,974.00 7,707.00 9,577.00 13,765.00 14,728.00 15,468.00

2,658.00 3,150.00 3,390.00 3,799.00 6,153.00 6,211.00 5,923.00
1,731.00 1,907.00 1,795.00 2,602.00 3,871.00 4,637.00 4,889.00
405.00 445.00 783.00 611.00 864.00 844.00 1,084.00
13.00 16.00 12.00 11.00 8.00 12.00 17.00
1,678.00 1,456.00 1,727.00 2,555.00 2,869.00 3,024.00 3,555.00
13,763.00 16,249.00 16,138.00 20,355.00 22,958.00 25,779.00 29,901.00

₹ 2,113.00 ₹ 2,470.00 ₹ 3,038.00 ₹ 3,683.00 ₹ 986.00 ₹ 4,193.00 ₹ 6,104.00

₹ 3,274.00 ₹ 3,861.00 ₹ 4,380.00 ₹ 4,970.00 ₹ 4,957.00 ₹ 6,460.00 ₹ 7,929.00

(483.00)- (205.00)- ₹ 160.00 (849.00)- (1,326.00)- (834.00)- (362.00)-
 (39.00) (492.00) (251.00) (409.00) (2,354.00) (56.00) ₹ 315.00
₹ 442.00 ₹ 287.00 (241.00) ₹ 1,143.00 ₹ 644.00 (539.00) ₹ 269.00
- - - (92.00) ₹ 242.00 ₹ 657.00 (212.00)
(80.00) (410.00) (331.00) (206.00) (2,795.00) (772.00) ₹ 10.00
(1,081.00) (982.00) (1,011.00) (1,080.00) (1,176.00) (1,494.00) (1,835.00)

(1,556.00) (918.00) (518.00) (541.00) (317.00) (1,282.00) (2,548.00)

(1,426.00) (1,151.00) (404.00) (282.00) (551.00) (1,446.00) (2,496.00)

₹ 17.00 ₹ 17.00 ₹ 37.00 ₹ 28.00 ₹ 40.00 ₹ 26.00 ₹ 5.00
(320.00) (573.00) (25.00) (140.00) - (146.00) (212.00)
₹ 362.00 ₹ 733.00 ₹ 134.00 ₹ 272.00 ₹ 207.00 ₹ 446.00 ₹ 240.00
₹ 39.00 ₹ 40.00 ₹ 65.00 ₹ 73.00 ₹ 77.00 ₹ 87.00 ₹ 135.00
₹ 38.00 ₹ 40.00 ₹ 27.00 ₹ 8.00 ₹ 15.00 ₹ 56.00 ₹ 129.00
- - - - - (180.00) -
₹ 141.00 - - - - - -
(525.00) - - - - - -
₹ 118.00 (24.00) (353.00) (500.00) (105.00) (126.00) (350.00)

(1,379.00) (1,117.00) (2,871.00) (650.00) (1,808.00) (2,140.00) (2,982.00)

- - - - - - ₹ 1.00
₹ 10.00 ₹ 243.00 ₹ 18.00 ₹ 155.00 ₹ 418.00 ₹ 254.00 ₹ 101.00
(54.00) (26.00) (279.00) (14.00) (8.00) (25.00) (98.00)
(35.00) (106.00) (101.00) (89.00) (94.00) (142.00) (191.00)
(1,218.00) (1,049.00) (2,121.00) (499.00) (1,763.00) (1,936.00) (2,551.00)
- (180.00) (179.00) (203.00) (221.00) (256.00) (286.00)
(82.00) - (209.00) - (140.00) (36.00) ₹ 41.00

(822.00) ₹ 434.00 (351.00) ₹ 2,492.00 (1,138.00) ₹ 771.00 ₹ 573.00

 Name of the co. CMP Rs. No. Eq. Shares Cr. Market Cap EV Rs.Cr. EVEBITDA

1 Asian Paints 2,417.1 95.9 2,31,843.4 2,33,558.4 33.1

2 Berger Paints 526.6 116.6 61,390.5 61,730.0 32.0
3 Kansai Nerolac 255.8 80.8 20,679.7 20,857.7 19.0
4 Akzo Nobel 3,482.2 4.6 15,844.0 15,299.8 22.5
5 Indigo Paints 1,001.7 4.8 4,768.1 4,772.3 19.6
6 Shalimar Paints 112.1 8.4 938.1 1,078.8 (16.3)
7 MCON Rasayan 139.1 0.7 101.5 122.6 17.8
8 Retina Paints 61.9 1.5 94.7 102.8 50.9
EBITDA Debt Rs.Cr. Cash End Rs.Cr. Net debt Sales Rs.Cr. NP 12M Rs.Cr.

7,064.7 2,516.0 1,084.0 1,432.0 34,277.5 4,284.2

1,930.3 796.5 450.7 345.9 11,361.0 1,142.5
1,097.8 291.9 260.0 31.9 7,775.7 1,121.2
679.4 64.5 523.2 (458.7) 4,042.5 429.9
243.6 20.0 32.7 (12.6) 1,276.1 140.6
(66.1) 162.5 56.2 106.3 565.5 (97.1)
6.9 20.9 0.7 20.2 46.5 2.4
2.0 8.1 8.1 11.7 0.7