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The market asks roughly as much of Asian Paints as of Pidilite.
At current prices, buyers of Asian Paints are assuming about 25% growth against 4% in its own record; for Pidilite it is 30% against 10%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Asian Paints on estimate withheld; Pidilite on discounted cash flow.
- Size: Asian Paints is worth about 1.6 times Pidilite on the stock market.
- Record: On revenue the two have grown at much the same pace: Asian Paints compounded at about 9% a year (FY2018–FY2026) and Pidilite at about 11% (FY2018–FY2026).
- What to watch: volume growth at Asian Paints; construction and furniture demand at Pidilite.
| Asian Paints | Pidilite | |
|---|---|---|
| Price | ₹2,550 | ₹1,526 |
| Market cap | ₹2.45L Cr | ₹1.55L Cr |
| P/E | 50.5 | 57.9 |
| P/B | 11.44 | 14.35 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
India's paint leader, under attack
Asian Paints, founded in 1942, is India's largest paint company and has led the decorative-paints market for decades. Its strength is distribution: a network of dealers across the country and a supply chain that can restock them quickly.
The company behind Fevicol
Pidilite Industries, controlled by the Parekh family, makes adhesives and sealants sold to carpenters, plumbers, households and industry. Fevicol, Fevikwik, M-Seal and Araldite (whose Indian business it bought in 2020) dominate their categories.
02The records side by side
On revenue the two have grown at much the same pace: Asian Paints compounded at about 9% a year (FY2018–FY2026) and Pidilite at about 11% (FY2018–FY2026). By revenue, Asian Paints is about 2.4 times the size of Pidilite. Asian Paints kept 12.4% of revenue as net profit in FY2026; Pidilite kept 16.9% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Asian Paints · Pidilite.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Volume growthRepainting cycles and new housing drive demand.
- Market shareHow much share new entrants take decides whether Asian Paints can keep its margins.
- Construction and furniture demandReal-estate and renovation cycles drive volumes.
- Pricing powerBrand strength lets Pidilite pass on costs.
05What could go wrong
- Price competitionRivals offering bigger dealer incentives could force price cuts.
- Slower housing demandWeak urban demand slows repainting.
- The multipleA very high valuation leaves little room for slowdown.
- Input costsCrude-linked chemicals can spike.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Asian Paints or Pidilite better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Asian Paints trades at 50.5 times earnings and 11.44 times book value, and Pidilite at 57.9 times earnings and 14.35 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Asian Paints and Pidilite?
Asian Paints, founded in 1942, is India's largest paint company and has led the decorative-paints market for decades. Pidilite Industries, controlled by the Parekh family, makes adhesives and sealants sold to carpenters, plumbers, households and industry.
Are Asian Paints and Pidilite valued the same way?
No. Asian Paints is valued on estimate withheld and Pidilite on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Asian Paints and Pidilite?
Worked backwards from the share price, Asian Paints needs about 25% growth and Pidilite about 30% growth, against 4% and 10% in their own records.