# Building Materials - Paints — company-by-company sector analysis

> Building Materials - Paints: Asian Paints Ltd owns the largest revenue base; Sirca Paints India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 2 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Asian Paints Ltd leads with revenue of ₹35,584 crore, based on 6 of 6 comparable companies through Mar 2026. Sirca Paints India Ltd has the fastest current revenue growth at 31.6%, across 6 of 6 comparable companies.

### Is the Building Materials - Paints sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Building Materials - Paints company is largest by revenue?

Asian Paints Ltd leads with revenue of ₹35,584 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Building Materials - Paints company is growing fastest?

Sirca Paints India Ltd has the fastest current revenue growth at 31.6%, across 6 of 6 comparable companies.

### Which Building Materials - Paints company has the strongest 4-Factor Sector Score?

Sirca Paints India Ltd ranks first at 63.8/100 with 81% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Building Materials - Paints company has the least gross debt?

Indigo Paints Ltd has the lowest comparable gross debt at ₹21 crore. Asian Paints Ltd has the highest at ₹3,929 crore.

### Which Building Materials - Paints company has the lowest comparable PEG?

Berger Paints India Ltd has the lowest comparable Guarded PEG at 4.15, among 3 of 6 companies that pass the metric’s comparability rules.

### How much history does this Building Materials - Paints comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Building Materials - Paints against NIFTY 500 is not available from the current market series. 2 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Sirca Paints India Ltd is the strongest against the sector itself at +17.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/6
Stocks leading sector: 4/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹3.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sirca Paints India Ltd (SIRCA): 64/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 27.1/35 | Capital efficiency 13.1/25 | Valuation 11.6/20 | Relative strength 12.0/20
   - Exact sum: 27.1 + 13.1 + 11.6 + 12 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Asian Paints Ltd (ASIANPAINT): 58/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 22.3/35 | Capital efficiency 18.1/25 | Valuation 2.5/20 | Relative strength 14.8/20
   - Exact sum: 22.3 + 18.1 + 2.5 + 14.8 = 57.7
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Indigo Paints Ltd (INDIGOPNTS): 48/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 15.4/35 | Capital efficiency 17.4/25 | Valuation 8.1/20 | Relative strength 6.8/20
   - Exact sum: 15.4 + 17.4 + 8.1 + 6.8 = 47.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. JSW Dulux Ltd (AKZOINDIA): 47/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 11.3/35 | Capital efficiency 16.5/25 | Valuation 7.4/20 | Relative strength 12.1/20
   - Exact sum: 11.3 + 16.5 + 7.4 + 12.1 = 47.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Kansai Nerolac Paints Ltd (KANSAINER): 42/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 13.7/35 | Capital efficiency 9.9/25 | Valuation 14.9/20 | Relative strength 3.8/20
   - Exact sum: 13.7 + 9.9 + 14.9 + 3.8 = 42.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. Berger Paints India Ltd (BERGEPAINT): 42/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 9.8/35 | Capital efficiency 15.8/25 | Valuation 4.4/20 | Relative strength 11.8/20
   - Exact sum: 9.8 + 15.8 + 4.4 + 11.8 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Asian Paints Ltd is the scale leader at ₹35,584 crore, 199.5% ahead of Berger Paints India Ltd. Sirca Paints India Ltd's growth is 31.6% from a ₹492 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Asian Paints Ltd is the scale benchmark; Sirca Paints India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Asian Paints Ltd's growth falls below Sirca Paints India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Asian Paints Ltd · ₹35,584 crore | 199.5% versus #2 · Berger Paints India Ltd | 3/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Asian Paints Ltd (ASIANPAINT): ₹35.6K Cr
2. Berger Paints India Ltd (BERGEPAINT): ₹11.9K Cr
3. Kansai Nerolac Paints Ltd (KANSAINER): ₹8.1K Cr
4. JSW Dulux Ltd (AKZOINDIA): ₹3.6K Cr
5. Indigo Paints Ltd (INDIGOPNTS): ₹1.4K Cr

### Revenue growth — fastest growers
1. Sirca Paints India Ltd (SIRCA): 32%
2. Asian Paints Ltd (ASIANPAINT): 5.0%
3. Indigo Paints Ltd (INDIGOPNTS): 4.7%
4. Kansai Nerolac Paints Ltd (KANSAINER): 2.9%
5. Berger Paints India Ltd (BERGEPAINT): 2.9%

### 20-quarter Revenue history
- ASIANPAINT: Jun 2021 ₹5.6K Cr | Sep 2021 ₹7.1K Cr | Dec 2021 ₹8.5K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹8.6K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 ₹8.8K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹8.5K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹9.0K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.9K Cr | Mar 2026 ₹9.2K Cr
- BERGEPAINT: Jun 2021 ₹1.8K Cr | Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr
- KANSAINER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr
- AKZOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹987 Cr | Mar 2023 ₹951 Cr | Jun 2023 ₹999 Cr | Sep 2023 ₹956 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹973 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹982 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹995 Cr | Sep 2025 ₹835 Cr | Dec 2025 ₹894 Cr | Mar 2026 ₹883 Cr
- INDIGOPNTS: Jun 2021 ₹156 Cr | Sep 2021 ₹196 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹288 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹243 Cr | Dec 2022 ₹281 Cr | Mar 2023 ₹325 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹311 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹343 Cr | Mar 2025 ₹388 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹359 Cr | Mar 2026 ₹425 Cr
- SIRCA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹65 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹134 Cr

### 20-quarter Revenue growth history
- ASIANPAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 54% | Sep 2022 19% | Dec 2022 1.3% | Mar 2023 13% | Jun 2023 6.7% | Sep 2023 0.3% | Dec 2023 5.4% | Mar 2024 -0.6% | Jun 2024 -2.3% | Sep 2024 -5.3% | Dec 2024 -6.1% | Mar 2025 -4.3% | Jun 2025 -0.4% | Sep 2025 6.3% | Dec 2025 3.7% | Mar 2026 11%
- BERGEPAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 54% | Sep 2022 20% | Dec 2022 5.6% | Mar 2023 12% | Jun 2023 9.8% | Sep 2023 3.6% | Dec 2023 7.0% | Mar 2024 3.1% | Jun 2024 2.0% | Sep 2024 0.3% | Dec 2024 3.2% | Mar 2025 7.3% | Jun 2025 3.6% | Sep 2025 1.9% | Dec 2025 0.3% | Mar 2026 6.1%
- KANSAINER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.0% | Mar 2024 2.0% | Jun 2024 -1.1% | Sep 2024 -0.3% | Dec 2024 0.2% | Mar 2025 2.7% | Jun 2025 1.4% | Sep 2025 0.2% | Dec 2025 3.1% | Mar 2026 7.5%
- AKZOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.7% | Mar 2024 2.3% | Jun 2024 3.7% | Sep 2024 2.7% | Dec 2024 1.7% | Mar 2025 4.2% | Jun 2025 -4.0% | Sep 2025 -15% | Dec 2025 -15% | Mar 2026 -13%
- INDIGOPNTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 24% | Dec 2022 6.0% | Mar 2023 13% | Jun 2023 29% | Sep 2023 15% | Dec 2023 26% | Mar 2024 18% | Jun 2024 8.0% | Sep 2024 7.5% | Dec 2024 -3.1% | Mar 2025 0.8% | Jun 2025 -0.6% | Sep 2025 4.0% | Dec 2025 4.7% | Mar 2026 9.5%
- SIRCA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 22% | Jun 2024 8.2% | Sep 2024 25% | Dec 2024 24% | Mar 2025 22% | Jun 2025 44% | Sep 2025 25% | Dec 2025 27% | Mar 2026 33%

## Operating Economics & Margin Trend

What the numbers say: Indigo Paints Ltd leads opm at 22%; Asian Paints Ltd leads margin change at +2 percentage points.

Investor read: Indigo Paints Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Indigo Paints Ltd · 22% | 15.8% versus #2 · Asian Paints Ltd | 3/8 recent comparable periods | 6/6 companies · 120 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Indigo Paints Ltd (INDIGOPNTS): 22%
2. Asian Paints Ltd (ASIANPAINT): 19%
3. Sirca Paints India Ltd (SIRCA): 19%
4. Berger Paints India Ltd (BERGEPAINT): 17%
5. JSW Dulux Ltd (AKZOINDIA): 14%

### Margin change — fastest expanders
1. Asian Paints Ltd (ASIANPAINT): +2.0 pp
2. Kansai Nerolac Paints Ltd (KANSAINER): +2.0 pp
3. Berger Paints India Ltd (BERGEPAINT): +1.0 pp
4. Sirca Paints India Ltd (SIRCA): 0.0 pp
5. Indigo Paints Ltd (INDIGOPNTS): −1.0 pp

### 20-quarter OPM history
- ASIANPAINT: Jun 2021 16% | Sep 2021 13% | Dec 2021 18% | Mar 2022 18% | Jun 2022 18% | Sep 2022 15% | Dec 2022 19% | Mar 2023 21% | Jun 2023 23% | Sep 2023 20% | Dec 2023 23% | Mar 2024 19% | Jun 2024 19% | Sep 2024 15% | Dec 2024 19% | Mar 2025 17% | Jun 2025 18% | Sep 2025 18% | Dec 2025 20% | Mar 2026 19%
- BERGEPAINT: Jun 2021 13% | Sep 2021 16% | Dec 2021 15% | Mar 2022 16% | Jun 2022 15% | Sep 2022 14% | Dec 2022 13% | Mar 2023 14% | Jun 2023 18% | Sep 2023 17% | Dec 2023 17% | Mar 2024 14% | Jun 2024 17% | Sep 2024 16% | Dec 2024 16% | Mar 2025 16% | Jun 2025 17% | Sep 2025 12% | Dec 2025 16% | Mar 2026 17%
- KANSAINER: Jun 2021 14% | Sep 2021 10% | Dec 2021 12% | Mar 2022 5.5% | Jun 2022 12% | Sep 2022 10% | Dec 2022 11% | Mar 2023 10% | Jun 2023 15% | Sep 2023 14% | Dec 2023 13% | Mar 2024 10% | Jun 2024 15% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 14% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11%
- AKZOINDIA: Jun 2021 14% | Sep 2021 13% | Dec 2021 14% | Mar 2022 14% | Jun 2022 13% | Sep 2022 11% | Dec 2022 14% | Mar 2023 16% | Jun 2023 16% | Sep 2023 15% | Dec 2023 16% | Mar 2024 17% | Jun 2024 16% | Sep 2024 15% | Dec 2024 16% | Mar 2025 16% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 14%
- INDIGOPNTS: Jun 2021 13% | Sep 2021 12% | Dec 2021 15% | Mar 2022 19% | Jun 2022 16% | Sep 2022 14% | Dec 2022 14% | Mar 2023 22% | Jun 2023 17% | Sep 2023 15% | Dec 2023 18% | Mar 2024 22% | Jun 2024 15% | Sep 2024 14% | Dec 2024 17% | Mar 2025 23% | Jun 2025 14% | Sep 2025 15% | Dec 2025 19% | Mar 2026 22%
- SIRCA: Jun 2021 8.9% | Sep 2021 22% | Dec 2021 23% | Mar 2022 17% | Jun 2022 25% | Sep 2022 26% | Dec 2022 22% | Mar 2023 19% | Jun 2023 24% | Sep 2023 25% | Dec 2023 19% | Mar 2024 20% | Jun 2024 18% | Sep 2024 18% | Dec 2024 17% | Mar 2025 19% | Jun 2025 20% | Sep 2025 21% | Dec 2025 20% | Mar 2026 19%

### 20-quarter Margin change history
- ASIANPAINT: Jun 2021 +0.2 pp | Sep 2021 −10.9 pp | Dec 2021 −8.3 pp | Mar 2022 −1.5 pp | Jun 2022 +1.8 pp | Sep 2022 +1.8 pp | Dec 2022 +0.9 pp | Mar 2023 +2.7 pp | Jun 2023 +4.9 pp | Sep 2023 +5.5 pp | Dec 2023 +4.0 pp | Mar 2024 −2.0 pp | Jun 2024 −4.0 pp | Sep 2024 −5.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp
- BERGEPAINT: Jun 2021 +3.8 pp | Sep 2021 −3.3 pp | Dec 2021 −4.2 pp | Mar 2022 −0.7 pp | Jun 2022 +1.5 pp | Sep 2022 −2.3 pp | Dec 2022 −2.4 pp | Mar 2023 −1.8 pp | Jun 2023 +3.3 pp | Sep 2023 +3.4 pp | Dec 2023 +4.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 −4.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp
- KANSAINER: Jun 2021 +1.6 pp | Sep 2021 −9.4 pp | Dec 2021 −7.4 pp | Mar 2022 −9.2 pp | Jun 2022 −1.2 pp | Sep 2022 +0.3 pp | Dec 2022 −0.7 pp | Mar 2023 +4.5 pp | Jun 2023 +2.6 pp | Sep 2023 +3.7 pp | Dec 2023 +2.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp
- AKZOINDIA: Jun 2021 +19.3 pp | Sep 2021 −4.4 pp | Dec 2021 −3.4 pp | Mar 2022 −0.8 pp | Jun 2022 −1.6 pp | Sep 2022 −1.3 pp | Dec 2022 +0.0 pp | Mar 2023 +2.2 pp | Jun 2023 +3.1 pp | Sep 2023 +3.5 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp
- INDIGOPNTS: Jun 2021 — | Sep 2021 −6.9 pp | Dec 2021 −0.5 pp | Mar 2022 +1.8 pp | Jun 2022 +2.8 pp | Sep 2022 +2.0 pp | Dec 2022 −0.6 pp | Mar 2023 +3.4 pp | Jun 2023 +1.3 pp | Sep 2023 +1.1 pp | Dec 2023 +4.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp
- SIRCA: Jun 2021 +11.2 pp | Sep 2021 +36.5 pp | Dec 2021 +3.9 pp | Mar 2022 −2.2 pp | Jun 2022 +16.1 pp | Sep 2022 +4.1 pp | Dec 2022 −0.7 pp | Mar 2023 +1.6 pp | Jun 2023 −1.0 pp | Sep 2023 −1.3 pp | Dec 2023 −3.0 pp | Mar 2024 +1.0 pp | Jun 2024 −6.0 pp | Sep 2024 −7.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Asian Paints Ltd leads with ₹4,394 crore of TTM profit, 122.6% above JSW Dulux Ltd. JSW Dulux Ltd shows ≥100% on the scoring scale (359.1% uncapped) growth from a ₹1,974 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Asian Paints Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Asian Paints Ltd · ₹4,394 crore | 122.6% versus #2 · JSW Dulux Ltd | 2/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Asian Paints Ltd (ASIANPAINT): ₹4.4K Cr
2. JSW Dulux Ltd (AKZOINDIA): ₹2.0K Cr
3. Berger Paints India Ltd (BERGEPAINT): ₹1.1K Cr
4. Kansai Nerolac Paints Ltd (KANSAINER): ₹576 Cr
5. Indigo Paints Ltd (INDIGOPNTS): ₹147 Cr

### Profit growth — fastest growers
1. JSW Dulux Ltd (AKZOINDIA): 100%
2. Sirca Paints India Ltd (SIRCA): 35%
3. Asian Paints Ltd (ASIANPAINT): 18%
4. Indigo Paints Ltd (INDIGOPNTS): 3.5%
5. Berger Paints India Ltd (BERGEPAINT): -4.7%

### 20-quarter Net profit history
- ASIANPAINT: Jun 2021 ₹574 Cr | Sep 2021 ₹605 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹874 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹804 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹701 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr
- BERGEPAINT: Jun 2021 ₹141 Cr | Sep 2021 ₹219 Cr | Dec 2021 ₹253 Cr | Mar 2022 ₹221 Cr | Jun 2022 ₹253 Cr | Sep 2022 ₹219 Cr | Dec 2022 ₹201 Cr | Mar 2023 ₹186 Cr | Jun 2023 ₹355 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹300 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹354 Cr | Sep 2024 ₹270 Cr | Dec 2024 ₹296 Cr | Mar 2025 ₹263 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹335 Cr
- KANSAINER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹109 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹734 Cr | Sep 2023 ₹175 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹662 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹216 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹110 Cr
- AKZOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹97 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹126 Cr
- INDIGOPNTS: Jun 2021 ₹12 Cr | Sep 2021 ₹14 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹59 Cr
- SIRCA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr

### 20-quarter Profit growth history
- ASIANPAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 33% | Dec 2022 6.4% | Mar 2023 44% | Jun 2023 52% | Sep 2023 53% | Dec 2023 34% | Mar 2024 1.4% | Jun 2024 -25% | Sep 2024 -44% | Dec 2024 -24% | Mar 2025 -45% | Jun 2025 -5.9% | Sep 2025 47% | Dec 2025 -4.8% | Mar 2026 69%
- BERGEPAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 0.0% | Dec 2022 -21% | Mar 2023 -16% | Jun 2023 40% | Sep 2023 33% | Dec 2023 49% | Mar 2024 20% | Jun 2024 -0.3% | Sep 2024 -7.5% | Dec 2024 -1.3% | Mar 2025 18% | Jun 2025 -11% | Sep 2025 -24% | Dec 2025 -8.5% | Mar 2026 27%
- KANSAINER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 39% | Mar 2024 19% | Jun 2024 -69% | Sep 2024 -31% | Dec 2024 336% | Mar 2025 -11% | Jun 2025 -4.0% | Sep 2025 11% | Dec 2025 -82% | Mar 2026 7.8%
- AKZOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 15% | Jun 2024 4.6% | Sep 2024 4.3% | Dec 2024 -4.4% | Mar 2025 -0.9% | Jun 2025 -21% | Sep 2025 1,617% | Dec 2025 -32% | Mar 2026 17%
- INDIGOPNTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 164% | Dec 2022 8.3% | Mar 2023 40% | Jun 2023 60% | Sep 2023 -32% | Dec 2023 46% | Mar 2024 10% | Jun 2024 -16% | Sep 2024 -12% | Dec 2024 -5.3% | Mar 2025 5.6% | Jun 2025 -3.7% | Sep 2025 14% | Dec 2025 2.8% | Mar 2026 3.5%
- SIRCA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 44% | Jun 2024 -23% | Sep 2024 -19% | Dec 2024 0.0% | Mar 2025 7.7% | Jun 2025 40% | Sep 2025 38% | Dec 2025 36% | Mar 2026 29%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Asian Paints Ltd has the clearest covered balance-sheet capacity with ₹4,673 crore net cash and gross debt of ₹3,929 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Indigo Paints Ltd · ₹21 crore | 34.4% versus #2 · Sirca Paints India Ltd | 8/8 recent comparable periods | 6/6 companies · 84 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Indigo Paints Ltd (INDIGOPNTS): ₹21 Cr
2. Sirca Paints India Ltd (SIRCA): ₹32 Cr
3. JSW Dulux Ltd (AKZOINDIA): ₹79 Cr
4. Kansai Nerolac Paints Ltd (KANSAINER): ₹303 Cr
5. Berger Paints India Ltd (BERGEPAINT): ₹635 Cr

### Net debt — lowest net debt
1. Asian Paints Ltd (ASIANPAINT): ₹-4.7K Cr
2. Berger Paints India Ltd (BERGEPAINT): ₹-624 Cr
3. Indigo Paints Ltd (INDIGOPNTS): ₹-311 Cr
4. Sirca Paints India Ltd (SIRCA): ₹-76 Cr

### 20-quarter Gross debt history
- ASIANPAINT: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.9K Cr
- BERGEPAINT: Jun 2021 ₹634 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹753 Cr | Jun 2024 ₹753 Cr | Sep 2024 ₹797 Cr | Dec 2024 ₹797 Cr | Mar 2025 ₹670 Cr | Jun 2025 ₹670 Cr | Sep 2025 ₹697 Cr | Dec 2025 ₹697 Cr | Mar 2026 ₹635 Cr
- KANSAINER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹203 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹160 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹276 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹296 Cr | Jun 2025 — | Sep 2025 ₹276 Cr | Dec 2025 — | Mar 2026 ₹303 Cr
- AKZOINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹70 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹70 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹60 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹62 Cr | Jun 2025 — | Sep 2025 ₹71 Cr | Dec 2025 — | Mar 2026 ₹79 Cr
- INDIGOPNTS: Jun 2021 ₹9 Cr | Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹21 Cr
- SIRCA: Jun 2021 ₹13 Cr | Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹50 Cr | Jun 2025 — | Sep 2025 ₹45 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹32 Cr

### 20-quarter Net debt history
- ASIANPAINT: Jun 2021 ₹-3.7K Cr | Sep 2021 ₹-2.1K Cr | Dec 2021 ₹-2.1K Cr | Mar 2022 ₹-2.5K Cr | Jun 2022 ₹-2.5K Cr | Sep 2022 ₹-677 Cr | Dec 2022 ₹-677 Cr | Mar 2023 ₹-1.6K Cr | Jun 2023 ₹-2.7K Cr | Sep 2023 ₹-1.7K Cr | Dec 2023 ₹-1.7K Cr | Mar 2024 ₹-3.0K Cr | Jun 2024 ₹-3.0K Cr | Sep 2024 ₹-316 Cr | Dec 2024 ₹-316 Cr | Mar 2025 ₹-2.4K Cr | Jun 2025 ₹-2.4K Cr | Sep 2025 ₹-2.1K Cr | Dec 2025 ₹-2.1K Cr | Mar 2026 ₹-4.7K Cr
- BERGEPAINT: Jun 2021 ₹-9 Cr | Sep 2021 ₹540 Cr | Dec 2021 ₹540 Cr | Mar 2022 ₹619 Cr | Jun 2022 ₹619 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹896 Cr | Jun 2023 ₹896 Cr | Sep 2023 ₹762 Cr | Dec 2023 ₹762 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹-165 Cr | Jun 2025 ₹-165 Cr | Sep 2025 ₹-92 Cr | Dec 2025 ₹-92 Cr | Mar 2026 ₹-624 Cr
- INDIGOPNTS: Jun 2021 ₹-299 Cr | Sep 2021 ₹-282 Cr | Dec 2021 ₹-282 Cr | Mar 2022 ₹-261 Cr | Jun 2022 ₹-261 Cr | Sep 2022 ₹-163 Cr | Dec 2022 ₹-163 Cr | Mar 2023 ₹-168 Cr | Jun 2023 ₹-168 Cr | Sep 2023 ₹-154 Cr | Dec 2023 ₹-154 Cr | Mar 2024 ₹-179 Cr | Jun 2024 ₹-179 Cr | Sep 2024 ₹-180 Cr | Dec 2024 ₹-180 Cr | Mar 2025 ₹-236 Cr | Jun 2025 ₹-236 Cr | Sep 2025 ₹-234 Cr | Dec 2025 ₹-234 Cr | Mar 2026 ₹-311 Cr
- SIRCA: Jun 2021 ₹-66 Cr | Sep 2021 ₹-62 Cr | Dec 2021 ₹-62 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-77 Cr | Dec 2022 ₹-77 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-114 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-6 Cr | Jun 2025 — | Sep 2025 ₹-63 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹-76 Cr

## Return On Capital Employed

What the numbers say: Asian Paints Ltd leads ROCE at 26.3%, 3.6 percentage points above JSW Dulux Ltd. Sirca Paints India Ltd has the strongest latest improvement at +1.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Asian Paints Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Asian Paints Ltd · 26.3% | 15.9% versus #2 · JSW Dulux Ltd | 1/8 recent comparable periods | 6/6 companies · 60 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Asian Paints Ltd (ASIANPAINT): 26%
2. JSW Dulux Ltd (AKZOINDIA): 23%
3. Berger Paints India Ltd (BERGEPAINT): 22%
4. Sirca Paints India Ltd (SIRCA): 20%
5. Indigo Paints Ltd (INDIGOPNTS): 19%

### ROCE change — fastest improvers
1. Sirca Paints India Ltd (SIRCA): +1.7 pp
2. Indigo Paints Ltd (INDIGOPNTS): −0.2 pp
3. Asian Paints Ltd (ASIANPAINT): −0.8 pp
4. Kansai Nerolac Paints Ltd (KANSAINER): −1.0 pp
5. Berger Paints India Ltd (BERGEPAINT): −3.3 pp

### 20-quarter ROCE history
- ASIANPAINT: Jun 2021 — | Sep 2021 29% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 31% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 34% | Dec 2023 44% | Mar 2024 32% | Jun 2024 36% | Sep 2024 28% | Dec 2024 30% | Mar 2025 22% | Jun 2025 24% | Sep 2025 22% | Dec 2025 26% | Mar 2026 22%
- BERGEPAINT: Jun 2021 — | Sep 2021 29% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 28% | Dec 2023 32% | Mar 2024 26% | Jun 2024 30% | Sep 2024 23% | Dec 2024 27% | Mar 2025 23% | Jun 2025 25% | Sep 2025 21% | Dec 2025 22% | Mar 2026 19%
- INDIGOPNTS: Jun 2021 — | Sep 2021 15% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 19% | Dec 2023 24% | Mar 2024 19% | Jun 2024 22% | Sep 2024 17% | Dec 2024 20% | Mar 2025 16% | Jun 2025 19% | Sep 2025 15% | Dec 2025 19% | Mar 2026 15%
- SIRCA: Jun 2021 — | Sep 2021 16% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 22% | Dec 2023 25% | Mar 2024 20% | Jun 2024 23% | Sep 2024 17% | Dec 2024 21% | Mar 2025 16% | Jun 2025 21% | Sep 2025 15% | Dec 2025 21% | Mar 2026 17%

### 20-quarter ROCE change history
- ASIANPAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 — | Mar 2023 +4.6 pp | Jun 2023 — | Sep 2023 +3.1 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 −6.3 pp | Dec 2024 −13.8 pp | Mar 2025 −9.1 pp | Jun 2025 −12.0 pp | Sep 2025 −6.2 pp | Dec 2025 −4.3 pp | Mar 2026 −0.8 pp
- BERGEPAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 — | Mar 2023 −0.6 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −4.1 pp | Dec 2024 −5.2 pp | Mar 2025 −3.2 pp | Jun 2025 −4.6 pp | Sep 2025 −2.7 pp | Dec 2025 −4.9 pp | Mar 2026 −3.3 pp
- INDIGOPNTS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.1 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 — | Sep 2023 +0.9 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 −4.3 pp | Mar 2025 −3.3 pp | Jun 2025 −3.4 pp | Sep 2025 −1.8 pp | Dec 2025 −1.1 pp | Mar 2026 −0.2 pp
- SIRCA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 — | Mar 2023 +7.1 pp | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 — | Mar 2024 −1.8 pp | Jun 2024 — | Sep 2024 −4.4 pp | Dec 2024 −3.6 pp | Mar 2025 −4.8 pp | Jun 2025 −2.5 pp | Sep 2025 −2.0 pp | Dec 2025 −0.8 pp | Mar 2026 +1.7 pp

## Valuation Against Growth & Quality

What the numbers say: Berger Paints India Ltd has the lowest comparable Guarded PEG at 4.15×, 25.8% below Indigo Paints Ltd. Only 3 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Berger Paints India Ltd · 4.15× | 25.8% versus #2 · Indigo Paints Ltd | 0/8 recent comparable periods | 3/6 companies · 32 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Berger Paints India Ltd (BERGEPAINT): 4.2
2. Indigo Paints Ltd (INDIGOPNTS): 5.6
3. Asian Paints Ltd (ASIANPAINT): 6.9

### P/E — lowest P/E
1. Kansai Nerolac Paints Ltd (KANSAINER): 27.0
2. Indigo Paints Ltd (INDIGOPNTS): 33.5
3. Sirca Paints India Ltd (SIRCA): 34.4
4. JSW Dulux Ltd (AKZOINDIA): 37.2
5. Berger Paints India Ltd (BERGEPAINT): 51.3

### 20-quarter Guarded PEG history
- ASIANPAINT: Jun 2021 5.9 | Sep 2021 3.2 | Dec 2021 2.3 | Mar 2022 9.4 | Jun 2022 — | Sep 2022 — | Dec 2022 5.0 | Mar 2023 2.7 | Jun 2023 2.3 | Sep 2023 2.2 | Dec 2023 1.8 | Mar 2024 1.2 | Jun 2024 1.6 | Sep 2024 6.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- BERGEPAINT: Jun 2021 11.4 | Sep 2021 — | Dec 2021 — | Mar 2022 2.4 | Jun 2022 4.5 | Sep 2022 — | Dec 2022 4.9 | Mar 2023 7.1 | Jun 2023 — | Sep 2023 — | Dec 2023 7.5 | Mar 2024 2.2 | Jun 2024 1.4 | Sep 2024 2.9 | Dec 2024 4.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- INDIGOPNTS: Jun 2021 5.0 | Sep 2021 — | Dec 2021 5.7 | Mar 2022 2.4 | Jun 2022 — | Sep 2022 — | Dec 2022 6.5 | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 — | Dec 2023 1.3 | Mar 2024 4.2 | Jun 2024 — | Sep 2024 6.2 | Dec 2024 — | Mar 2025 5.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- ASIANPAINT: Jun 2021 92.2 | Sep 2021 94.8 | Dec 2021 99.7 | Mar 2022 96.4 | Jun 2022 86.0 | Sep 2022 89.6 | Dec 2022 78.7 | Mar 2023 69.3 | Jun 2023 78.0 | Sep 2023 65.1 | Dec 2023 64.2 | Mar 2024 50.1 | Jun 2024 51.3 | Sep 2024 62.5 | Dec 2024 46.4 | Mar 2025 51.5 | Jun 2025 57.6 | Sep 2025 58.4 | Dec 2025 65.5 | Mar 2026 51.9
- BERGEPAINT: Jun 2021 108.7 | Sep 2021 96.6 | Dec 2021 89.0 | Mar 2022 81.5 | Jun 2022 69.3 | Sep 2022 63.4 | Dec 2022 59.7 | Mar 2023 63.2 | Jun 2023 76.7 | Sep 2023 69.0 | Dec 2023 68.2 | Mar 2024 59.0 | Jun 2024 50.3 | Sep 2024 61.7 | Dec 2024 45.0 | Mar 2025 51.1 | Jun 2025 57.6 | Sep 2025 52.0 | Dec 2025 57.2 | Mar 2026 43.1
- KANSAINER: Jun 2021 61.0 | Sep 2021 55.5 | Dec 2021 59.6 | Mar 2022 53.4 | Jun 2022 57.7 | Sep 2022 65.8 | Dec 2022 56.0 | Mar 2023 51.6 | Jun 2023 51.9 | Sep 2023 46.9 | Dec 2023 44.1 | Mar 2024 32.3 | Jun 2024 33.3 | Sep 2024 36.9 | Dec 2024 33.9 | Mar 2025 28.7 | Jun 2025 32.1 | Sep 2025 31.2 | Dec 2025 29.5 | Mar 2026 22.3
- AKZOINDIA: Jun 2021 50.7 | Sep 2021 33.1 | Dec 2021 31.8 | Mar 2022 30.6 | Jun 2022 28.1 | Sep 2022 34.7 | Dec 2022 33.8 | Mar 2023 33.5 | Jun 2023 33.1 | Sep 2023 31.0 | Dec 2023 29.9 | Mar 2024 26.3 | Jun 2024 30.3 | Sep 2024 39.9 | Dec 2024 35.7 | Mar 2025 38.1 | Jun 2025 36.2 | Sep 2025 37.6 | Dec 2025 36.3 | Mar 2026 35.5
- INDIGOPNTS: Jun 2021 161.4 | Sep 2021 177.0 | Dec 2021 136.4 | Mar 2022 90.9 | Jun 2022 71.9 | Sep 2022 61.6 | Dec 2022 52.6 | Mar 2023 36.4 | Jun 2023 47.5 | Sep 2023 53.6 | Dec 2023 53.8 | Mar 2024 42.0 | Jun 2024 44.4 | Sep 2024 49.2 | Dec 2024 45.5 | Mar 2025 32.4 | Jun 2025 39.0 | Sep 2025 36.7 | Dec 2025 37.3 | Mar 2026 23.4
- SIRCA: Jun 2021 53.5 | Sep 2021 48.3 | Dec 2021 43.2 | Mar 2022 34.7 | Jun 2022 43.4 | Sep 2022 43.9 | Dec 2022 44.4 | Mar 2023 41.3 | Jun 2023 41.1 | Sep 2023 45.0 | Dec 2023 46.4 | Mar 2024 32.2 | Jun 2024 34.2 | Sep 2024 38.5 | Dec 2024 39.9 | Mar 2025 27.9 | Jun 2025 42.7 | Sep 2025 50.0 | Dec 2025 46.6 | Mar 2026 38.1

## Enterprise Value & Book Value

What the numbers say: Kansai Nerolac Paints Ltd leads both ev/ebitda at 12.8× and p/bv at 2.33×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Kansai Nerolac Paints Ltd · 12.8× | 3% versus #2 · Indigo Paints Ltd | 0/8 recent comparable periods | 6/6 companies · 120 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Kansai Nerolac Paints Ltd (KANSAINER): 12.8
2. Indigo Paints Ltd (INDIGOPNTS): 13.2
3. JSW Dulux Ltd (AKZOINDIA): 23.0
4. Sirca Paints India Ltd (SIRCA): 24.9
5. Berger Paints India Ltd (BERGEPAINT): 25.2

### P/BV — lowest P/BV
1. Kansai Nerolac Paints Ltd (KANSAINER): 2.3
2. Indigo Paints Ltd (INDIGOPNTS): 4.3
3. Sirca Paints India Ltd (SIRCA): 4.7
4. JSW Dulux Ltd (AKZOINDIA): 5.5
5. Berger Paints India Ltd (BERGEPAINT): 8.4

### 20-quarter EV/EBITDA history
- ASIANPAINT: Jun 2021 55.8 | Sep 2021 58.4 | Dec 2021 60.6 | Mar 2022 57.7 | Jun 2022 51.4 | Sep 2022 54.7 | Dec 2022 48.1 | Mar 2023 42.3 | Jun 2023 48.1 | Sep 2023 41.0 | Dec 2023 41.1 | Mar 2024 32.3 | Jun 2024 33.5 | Sep 2024 40.1 | Dec 2024 29.4 | Mar 2025 32.0 | Jun 2025 33.9 | Sep 2025 33.8 | Dec 2025 38.1 | Mar 2026 29.9
- BERGEPAINT: Jun 2021 63.9 | Sep 2021 58.7 | Dec 2021 54.0 | Mar 2022 49.1 | Jun 2022 41.4 | Sep 2022 39.1 | Dec 2022 36.6 | Mar 2023 37.3 | Jun 2023 43.6 | Sep 2023 40.1 | Dec 2023 39.8 | Mar 2024 35.0 | Jun 2024 30.4 | Sep 2024 36.9 | Dec 2024 26.9 | Mar 2025 30.4 | Jun 2025 34.4 | Sep 2025 30.7 | Dec 2025 33.2 | Mar 2026 25.2
- KANSAINER: Jun 2021 35.8 | Sep 2021 33.4 | Dec 2021 35.1 | Mar 2022 30.3 | Jun 2022 30.6 | Sep 2022 36.3 | Dec 2022 31.1 | Mar 2023 28.0 | Jun 2023 29.1 | Sep 2023 27.6 | Dec 2023 26.5 | Mar 2024 19.7 | Jun 2024 20.3 | Sep 2024 22.1 | Dec 2024 19.8 | Mar 2025 17.4 | Jun 2025 19.7 | Sep 2025 18.6 | Dec 2025 17.8 | Mar 2026 12.8
- AKZOINDIA: Jun 2021 27.5 | Sep 2021 19.9 | Dec 2021 19.5 | Mar 2022 18.8 | Jun 2022 16.3 | Sep 2022 20.2 | Dec 2022 19.8 | Mar 2023 19.5 | Jun 2023 19.3 | Sep 2023 18.3 | Dec 2023 17.8 | Mar 2024 15.7 | Jun 2024 18.6 | Sep 2024 24.8 | Dec 2024 22.0 | Mar 2025 23.3 | Jun 2025 22.6 | Sep 2025 23.7 | Dec 2025 23.5 | Mar 2026 23.0
- INDIGOPNTS: Jun 2021 99.2 | Sep 2021 105.6 | Dec 2021 82.6 | Mar 2022 56.5 | Jun 2022 43.7 | Sep 2022 43.9 | Dec 2022 37.9 | Mar 2023 26.2 | Jun 2023 35.2 | Sep 2023 36.7 | Dec 2023 37.1 | Mar 2024 25.1 | Jun 2024 25.9 | Sep 2024 27.9 | Dec 2024 25.2 | Mar 2025 18.2 | Jun 2025 21.9 | Sep 2025 20.7 | Dec 2025 21.3 | Mar 2026 13.2
- SIRCA: Jun 2021 31.3 | Sep 2021 29.4 | Dec 2021 28.5 | Mar 2022 22.8 | Jun 2022 27.0 | Sep 2022 28.3 | Dec 2022 29.0 | Mar 2023 26.9 | Jun 2023 27.2 | Sep 2023 30.2 | Dec 2023 30.9 | Mar 2024 21.1 | Jun 2024 22.7 | Sep 2024 25.2 | Dec 2024 25.9 | Mar 2025 17.7 | Jun 2025 27.9 | Sep 2025 34.3 | Dec 2025 31.1 | Mar 2026 24.9

### 20-quarter P/BV history
- ASIANPAINT: Jun 2021 22.5 | Sep 2021 25.8 | Dec 2021 25.9 | Mar 2022 23.4 | Jun 2022 19.2 | Sep 2022 22.7 | Dec 2022 21.0 | Mar 2023 19.2 | Jun 2023 20.2 | Sep 2023 19.0 | Dec 2023 19.7 | Mar 2024 16.5 | Jun 2024 14.9 | Sep 2024 17.0 | Dec 2024 12.1 | Mar 2025 12.5 | Jun 2025 11.7 | Sep 2025 11.6 | Dec 2025 13.5 | Mar 2026 10.8
- BERGEPAINT: Jun 2021 29.4 | Sep 2021 24.2 | Dec 2021 21.6 | Mar 2022 19.3 | Jun 2022 17.1 | Sep 2022 14.6 | Dec 2022 13.8 | Mar 2023 14.4 | Jun 2023 16.8 | Sep 2023 14.8 | Dec 2023 14.6 | Mar 2024 13.8 | Jun 2024 13.0 | Sep 2024 13.4 | Dec 2024 9.2 | Mar 2025 10.4 | Jun 2025 12.7 | Sep 2025 9.9 | Dec 2025 10.1 | Mar 2026 7.7
- KANSAINER: Jun 2021 7.8 | Sep 2021 8.4 | Dec 2021 7.9 | Mar 2022 6.0 | Jun 2022 4.9 | Sep 2022 6.1 | Dec 2022 5.4 | Mar 2023 5.0 | Jun 2023 5.3 | Sep 2023 5.7 | Dec 2023 5.1 | Mar 2024 4.0 | Jun 2024 3.9 | Sep 2024 4.5 | Dec 2024 3.7 | Mar 2025 3.3 | Jun 2025 3.1 | Sep 2025 3.1 | Dec 2025 3.0 | Mar 2026 2.1
- AKZOINDIA: Jun 2021 8.5 | Sep 2021 7.8 | Dec 2021 7.3 | Mar 2022 6.9 | Jun 2022 6.3 | Sep 2022 8.1 | Dec 2022 8.1 | Mar 2023 8.3 | Jun 2023 8.8 | Sep 2023 8.7 | Dec 2023 8.9 | Mar 2024 8.1 | Jun 2024 9.8 | Sep 2024 12.9 | Dec 2024 10.9 | Mar 2025 11.5 | Jun 2025 11.7 | Sep 2025 11.5 | Dec 2025 6.3 | Mar 2026 6.0
- INDIGOPNTS: Jun 2021 21.2 | Sep 2021 20.7 | Dec 2021 17.2 | Mar 2022 11.8 | Jun 2022 10.2 | Sep 2022 10.3 | Dec 2022 8.9 | Mar 2023 6.2 | Jun 2023 8.8 | Sep 2023 9.1 | Dec 2023 8.7 | Mar 2024 7.3 | Jun 2024 7.2 | Sep 2024 7.8 | Dec 2024 6.8 | Mar 2025 4.8 | Jun 2025 6.1 | Sep 2025 5.0 | Dec 2025 5.0 | Mar 2026 3.3
- SIRCA: Jun 2021 4.4 | Sep 2021 4.7 | Dec 2021 7.0 | Mar 2022 6.1 | Jun 2022 6.0 | Sep 2022 6.7 | Dec 2022 7.5 | Mar 2023 7.8 | Jun 2023 8.4 | Sep 2023 8.0 | Dec 2023 7.9 | Mar 2024 5.5 | Jun 2024 6.0 | Sep 2024 6.1 | Dec 2024 5.7 | Mar 2025 4.1 | Jun 2025 6.8 | Sep 2025 7.6 | Dec 2025 6.2 | Mar 2026 5.4

## Market action

Asian Paints Ltd has the strongest one-year price move in Building Materials - Paints at +12.9%. It also leads on Mansfield relative strength against NIFTY at +3.9%. 2 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-27.

### Strongest one-year price performers
1. Asian Paints Ltd (ASIANPAINT): 13%
2. Sirca Paints India Ltd (SIRCA): -5.7%
3. Indigo Paints Ltd (INDIGOPNTS): -8.0%
4. Berger Paints India Ltd (BERGEPAINT): -11%
5. Kansai Nerolac Paints Ltd (KANSAINER): -21%

### Strongest relative strength versus NIFTY 500
1. Asian Paints Ltd (ASIANPAINT): 3.9%
2. Indigo Paints Ltd (INDIGOPNTS): 1.8%
3. Berger Paints India Ltd (BERGEPAINT): -1.4%
4. JSW Dulux Ltd (AKZOINDIA): -5.8%
5. Kansai Nerolac Paints Ltd (KANSAINER): -12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Asian Paints Ltd (ASIANPAINT) — market value ₹2.5 L Cr; latest fundamentals Mar 2026
- Berger Paints India Ltd (BERGEPAINT) — market value ₹58.1K Cr; latest fundamentals Mar 2026
- Kansai Nerolac Paints Ltd (KANSAINER) — market value ₹15.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- JSW Dulux Ltd (AKZOINDIA) — market value ₹13.4K Cr; latest fundamentals Mar 2026
- Indigo Paints Ltd (INDIGOPNTS) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- Sirca Paints India Ltd (SIRCA) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 2. Withheld: 1. Graded companies: 6.

1 of 6 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Kansai Nerolac Paints Ltd (KANSAINER) — its two data sources disagree by up to 5.8% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | KANSAINER | Kansai Nerolac Paints Ltd | diff_gt_2pct | disagreement up to 5.84% over 14 comparable periods

- UNVERIFIED | SIRCA | Sirca Paints India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-27.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Building Materials - Paints index?

The Nifty Building Materials - Paints index tracks India's listed Building Materials - Paints companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Building Materials - Paints sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Building Materials - Paints stocks in India?

Ranked by this page's four-factor score, Sirca Paints India Ltd places first among 6 listed Building Materials - Paints companies, followed by Asian Paints Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Building Materials - Paints stocks are listed in India?

This comparison covers 6 listed Building Materials - Paints companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Building Materials - Paints company is the biggest?

Asian Paints Ltd is the largest, with trailing-twelve-month revenue of ₹35,584 crore, ahead of Berger Paints India Ltd at ₹11,880 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Building Materials - Paints company is growing fastest?

Sirca Paints India Ltd has the fastest revenue growth at 31.6% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Building Materials - Paints company has the best profit margins?

Indigo Paints Ltd has the highest operating margin at 22%, from 6 of 6 comparable companies. Asian Paints Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Building Materials - Paints company makes the most profit?

Asian Paints Ltd earns the most, at ₹4,394 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. JSW Dulux Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Building Materials - Paints company earns the highest return on capital?

Asian Paints Ltd leads on return on capital employed at 26.3%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Building Materials - Paints stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Berger Paints India Ltd screens cheapest at 4.15×. Only 3 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Building Materials - Paints company has the strongest balance sheet?

Indigo Paints Ltd carries the lowest comparable gross debt at ₹21 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Building Materials - Paints stock has the strongest price momentum?

Asian Paints Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Building Materials - Paints company scores highest for research priority?

Sirca Paints India Ltd scores 63.8 out of 100 with 81% evidence confidence, from 27.1 points on growth and earnings, 13.1 on capital efficiency, 11.6 on valuation and 12 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Building Materials - Paints companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Building Materials - Paints sector?

The 6 Building Materials - Paints companies on this page carry ₹3,47,390 crore of combined market value. Asian Paints Ltd is the largest at ₹2,53,027 crore, about 73% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Building Materials - Paints sector's P/E ratio?

The median price-to-earnings ratio across the 6 Building Materials - Paints companies on this page is 37.2×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Building Materials - Paints sector performing?

2 of the 6 covered Building Materials - Paints companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/building-materials-paints