Asian Paints vs Indigo Paints: share price, P/E, ROE and financials compared
Asian Paints
Indigo Paints
Asian Paints and Indigo Paints at a glance
Asian Paints is the larger by market cap, at ₹2.4L Cr against ₹4,364 Cr for Indigo Paints (55.9 times as large). On valuation, Indigo Paints has the lower P/E (29.3× against 50.5×) and the lower price-to-book (3.68× against 11.23×). On returns and margins, Asian Paints has the higher ROCE (24.4% against 15.9%), the higher ROE (23.0% against 13.5%) and the higher operating margin (18.9% against 4.2%). Over three years, Indigo Paints has faster 3-year sales growth (+9.4% against +1.1% a year) and faster 3-year profit growth (+3.2% against +1.7% a year). Indigo Paints carries less debt for its equity, with a debt-to-equity of 0.02× against 0.21×.
Key metrics, side by side
| Metric | Asian PaintsASIANPAINT | Indigo PaintsINDIGOPNTS |
|---|---|---|
| Price (₹) | 2,546.00 | 914.35 |
| Market cap (₹ Cr) | 2,44,025 | 4,364 |
| P/E | 50.5× | 29.3× (the lower figure, shaded) |
| P/B | 11.23× | 3.68× (the lower figure, shaded) |
| Dividend yield, trailing | 1.31% (the higher figure, shaded) | 0.55% |
| ROE | 23.0% (the higher figure, shaded) | 13.5% |
| ROCE | 24.4% (the higher figure, shaded) | 15.9% |
| Operating margin (OPM) | 18.9% (the higher figure, shaded) | 4.2% |
| Net margin (NPM) | 12.5% (the higher figure, shaded) | 9.9% |
| Sales CAGR 3Y | +1.1% | +9.4% (the higher figure, shaded) |
| Profit CAGR 3Y | +1.7% | +3.2% (the higher figure, shaded) |
| Debt to equity | 0.21× | 0.02× (the lower figure, shaded) |
| Interest cover | 31.7× | 77.6× (the higher figure, shaded) |
| Net profit TTM (₹ Cr) | 4,839 | – |
| 1Y return | +1.5% (the higher figure, shaded) | −9.5% |
| Promoter holding | 52.65% | 53.81% |
Asian Paints vs Indigo Paints: common questions
Which is bigger, Asian Paints or Indigo Paints?
By market cap, Asian Paints is bigger at ₹2.4L Cr, against ₹4,364 Cr for Indigo Paints (prices as of 6 Nov 2026).
Which has a lower P/E ratio, Asian Paints or Indigo Paints?
Asian Paints trades at a P/E of 50.5× and Indigo Paints at 29.3×. Indigo Paints has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Asian Paints or Indigo Paints?
Asian Paints reports a return on equity of 23.0% and Indigo Paints 13.5%. Asian Paints has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Asian Paints or Indigo Paints?
Over the last three years: Sales grew +1.1% a year at Asian Paints and +9.4% at Indigo Paints, so Indigo Paints grew sales faster; profit grew +1.7% a year at Asian Paints and +3.2% at Indigo Paints, so Indigo Paints grew profit faster. Past growth doesn’t predict future growth.