On this page ▾
Today's prices ask more of Asian Paints than of UltraTech Cement.
At current prices, buyers of Asian Paints are assuming about 25% growth against 4% in its own record; for UltraTech Cement it is 19% against 14%. 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; UltraTech Cement on discounted cash flow.
- Size: UltraTech Cement is worth about 1.5 times Asian Paints on the stock market.
- Record: UltraTech Cement has grown revenue faster: Asian Paints compounded at about 9% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026).
- What to watch: volume growth at Asian Paints; cement prices at UltraTech Cement.
| Asian Paints | UltraTech Cement | |
|---|---|---|
| Price | ₹2,550 | ₹12,100 |
| Market cap | ₹2.45L Cr | ₹3.57L Cr |
| P/E | 50.5 | 40.5 |
| P/B | 11.44 | 4.65 |
| 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 biggest cement maker in India
UltraTech Cement, part of the Aditya Birla group through Grasim Industries, is India's largest cement producer, with plants and grinding units across the country and a capacity well ahead of its nearest rival. It also sells ready-mix concrete and building products, and has announced a move into cables and wires.
02The records side by side
UltraTech Cement has grown revenue faster: Asian Paints compounded at about 9% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026). By revenue, UltraTech Cement is about 2.5 times the size of Asian Paints. Asian Paints kept 12.4% of revenue as net profit in FY2026; UltraTech Cement kept 9.3% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Asian Paints · UltraTech Cement.
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.
- Cement pricesRealisation per tonne moves with regional demand and how disciplined producers are on price.
- Capacity utilisationPlants are expensive to build; running them closer to capacity lifts returns.
05What could go wrong
- Price competitionRivals offering bigger dealer incentives could force price cuts.
- Slower housing demandWeak urban demand slows repainting.
- A price warRapid expansion by the Adani group's cement companies could pressure prices.
- Construction slowdownsWeaker housing or government infrastructure spending cuts demand.
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 UltraTech Cement 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 UltraTech Cement at 40.5 times earnings and 4.65 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 UltraTech Cement?
Asian Paints, founded in 1942, is India's largest paint company and has led the decorative-paints market for decades. UltraTech Cement, part of the Aditya Birla group through Grasim Industries, is India's largest cement producer, with plants and grinding units across the country and a capacity well ahead of its nearest rival.
Are Asian Paints and UltraTech Cement valued the same way?
No. Asian Paints is valued on estimate withheld and UltraTech Cement 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 UltraTech Cement?
Worked backwards from the share price, Asian Paints needs about 25% growth and UltraTech Cement about 19% growth, against 4% and 14% in their own records.