ASIANPAINT · Chemical Manufacturing · INE021A01026
Analyst mean 2.63 · 35 analysts · 4% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is 147% of trailing profit — the earnings are converting to cash, not just accruals.
Last operating cash flow ₹7,088 cr against trailing net profit ₹4,836 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.
Both revenue and profit grew over the last year (9.8% and 32.9%) — growth is translating to the bottom line.
Trailing revenue ₹37,187 cr, trailing profit ₹4,836 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 12.5% to 14.8% year-on-year — the business is keeping more of each rupee.
Quarter net margin 14.8% vs 12.5% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Free cash flow is positive and consistent — the business funds itself after capex.
Latest free cash flow ₹5,604 cr. Negative in only 0 of 12 years. A self-funding business needs less external capital and dilutes less.
Borrowings rose 59% over two years while the company also carries ₹7,062 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹3,929 cr from ₹2,474 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,028 | 8,549 | 8,359 | 8,939 | 8,531 | 8,867 | 9,247 | 10,542 |
| Expenses | 6,788 | 6,913 | 6,923 | 7,314 | 7,028 | 7,086 | 7,460 | 8,373 |
| Other Income | 25 | 193 | -60 | 229 | 237 | 69 | 197 | 279 |
| Depreciation | 242 | 256 | 301 | 301 | 305 | 313 | 310 | 304 |
| Profit before tax | 959 | 1,518 | 1,022 | 1,509 | 1,392 | 1,489 | 1,614 | 2,096 |
| Net Profit | 694 | 1,128 | 701 | 1,117 | 1,018 | 1,074 | 1,185 | 1,559 |
| EPS | 7.24 | 11.58 | 7.22 | 11.47 | 10.36 | 11.05 | 12.22 | 16.05 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 96 | 96 | 96 | 96 | 96 | 96 |
| Reserves | 12,710 | 13,716 | 15,896 | 18,632 | 19,304 | 21,276 |
| Borrowings | 1,093 | 1,587 | 1,933 | 2,474 | 2,290 | 3,929 |
| Fixed Assets | 5,859 | 5,519 | 5,770 | 7,147 | 9,220 | 9,640 |
| CWIP | 183 | 426 | 1,020 | 2,698 | 1,254 | 1,849 |
| Investments | 4,737 | 3,248 | 4,262 | 4,588 | 4,725 | 7,062 |
| Total Assets | 20,355 | 22,958 | 25,779 | 29,901 | 30,355 | 34,519 |