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Today's prices ask more of Asian Paints than of SRF.
At current prices, buyers of Asian Paints are assuming about 25% growth against 4% in its own record; for SRF it is 14% against 35%. 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; SRF on discounted cash flow.
- Size: Asian Paints is worth about 3.3 times SRF on the stock market.
- Record: SRF has grown revenue faster: Asian Paints compounded at about 9% a year (FY2018–FY2026) and SRF at about 14% (FY2018–FY2026).
- What to watch: volume growth at Asian Paints; specialty chemicals at SRF.
| Asian Paints | SRF | |
|---|---|---|
| Price | ₹2,550 | ₹2,475 |
| Market cap | ₹2.45L Cr | ₹0.74L Cr |
| P/E | 50.5 | 32.2 |
| P/B | 11.44 | 5.24 |
| 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.
A diversified chemicals maker from Gurugram
SRF, based in Gurugram, began in technical textiles such as nylon tyre-cord fabric and has grown into one of India's largest specialty chemicals companies. It makes fluorochemicals — refrigerant gases and their building blocks — and custom-made intermediates for global agrochemical and pharmaceutical companies.
02The records side by side
SRF has grown revenue faster: Asian Paints compounded at about 9% a year (FY2018–FY2026) and SRF at about 14% (FY2018–FY2026). By revenue, Asian Paints is about 2.3 times the size of SRF. Asian Paints kept 12.4% of revenue as net profit in FY2026; SRF kept 11.6% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Asian Paints · SRF.
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.
- Specialty chemicalsLong-term contracts with global innovators earn the best margins.
- Refrigerant gasesNew-generation refrigerants and pricing drive fluorochemical profit.
05What could go wrong
- Price competitionRivals offering bigger dealer incentives could force price cuts.
- Slower housing demandWeak urban demand slows repainting.
- Chinese competitionChinese capacity pressures chemical and film prices.
- Agrochemical downturnsDestocking by global agrochemical firms hits orders.
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 SRF 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 SRF at 32.2 times earnings and 5.24 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 SRF?
Asian Paints, founded in 1942, is India's largest paint company and has led the decorative-paints market for decades. SRF, based in Gurugram, began in technical textiles such as nylon tyre-cord fabric and has grown into one of India's largest specialty chemicals companies.
Are Asian Paints and SRF valued the same way?
No. Asian Paints is valued on estimate withheld and SRF 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 SRF?
Worked backwards from the share price, Asian Paints needs about 25% growth and SRF about 14% growth, against 4% and 35% in their own records.