Asian Paints Limited
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Briefing
Asian Paints Limited — the brief
Asian Paints Limited (ASIANPAINT) trades on the NSE at ₹2,737.80 with a market capitalisation of 3 L Cr. Classified under Basic Materials · Specialty Chemicals.
Auditor’s report (CARO 2020)
Auditor’s assessment Material flags. Auditor: Deloitte Haskins & Sells LLP. Opinion: Unqualified. Fiscal year FY24-25. 0 critical, 4 material, 1 minor flag.
- Disputed statutory dues - Income Tax: The Company has pending income tax disputes totalling ₹118.50 crores, with ₹54.47 crores unpaid, relating to assessment years 2006-07 through 2022-23, representing material contingent liabilities.
- Disputed statutory dues - Sales Tax: The Company faces sales tax disputes across multiple financial years with outstanding unpaid amounts of ₹130.78 crores pending at various appellate forums, indicating historical compliance challenges.
- Disputed statutory dues - Central Excise and Customs: The Company has unresolved excise and customs duty disputes involving ₹9.94 crores in unpaid amounts, some dating back to 1986-87, indicating aged contingent liabilities.
- Disputed statutory dues - Goods and Service Tax: The Company has GST disputes involving ₹63.48 crores in unpaid amounts pending at the first appellate stage, representing recent and ongoing tax compliance matters.
Related-party transactions
Assessment Notable. 43 related parties disclosed. Fiscal year FY24-25.
- Material impairment losses on two subsidiaries: The Company recognised impairment losses totalling ₹201.84 crores on Obgenix Software Private Limited (₹188.88 Cr) and Weatherseal Fenestration Private Limited (₹12.96 Cr), indicating significant deterioration in value of these subsidiary i
- Large derivative liability for subsidiary stake acquisition: A derivative liability of ₹139.67 crores (carrying value) exists for further stake acquisition obligations in subsidiaries Weatherseal, Harind Chemicals, and Obgenix Software, representing a material contingent cash outflow to related parti
- Doubtful receivables from subsidiaries rising sharply: Doubtful receivables from subsidiaries (royalties and dues) rose to ₹17.78 crores (FY25) from ₹6.99 crores (FY24), a 154% increase, suggesting collection issues from certain subsidiary entities.
Contingent liabilities
Assessment Notable. Total disclosed: ₹444 Cr (2.3% of net worth). Fiscal year FY24-25.
- VAT, GST, Sales Tax, Entry Tax, Octroi & Trade Tax disputes under appeal
Corporate governance
Board of 12 directors, 50% independent. Chair: R Seshasayee. Chair and CEO roles are separated. Statutory auditor: Deloitte Haskins & Sells LLP. Fiscal year FY24-25.
“Details of statutory dues referred to in sub clause (a) above which have not been deposited as on 31st March 2025 on account of disputes are given below: Income Tax IT Matters under dispute - CIT (A)/ITAT A.Y. 2021-22 Amount involved ₹ 17.40 Crores, Amount Unpaid ₹ 16.04 Crores”
Forensic signal
From the company's own filingsStrong: 52-Week · Size · Weak: Valuation · Yield