Do these 3 things before closing this tab:
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstall1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problems
ThatPainter is reader-supported. When you buy through links on our site, we may earn an affiliate commission. Learn More
Read Asian Paints’ FY2024-25 report in this order: management messages, Management Discussion and Analysis (MD&A), standalone and consolidated audited statements, notes and audit report, governance and board reports, the Business Responsibility and Sustainability Report (BRSR), then the AGM notice. That sequence lets you test management’s explanation against cash flow, accounting detail, governance evidence and the resolutions you are asked to vote on.
The report covers the year ended 31 March 2025. The 79th AGM was scheduled for 26 June 2025 at 11:00 a.m. IST by video conference or other audio-visual means, so that meeting is now past. Use the method below for that document set, and check the eventual voting results and later exchange filings before treating any proposed resolution or dividend as approved.
As an Amazon Associate I earn from qualifying purchases.
Is this the right Asian Paints report and AGM notice?
For the 79th AGM, the relevant document is Asian Paints Limited’s Integrated Annual Report FY2024-25, covering the financial year ended 31 March 2025. The investor archive also separates the AGM notice, Board’s Report, Corporate Governance Report, BRSR, and standalone and consolidated financial statements. Keep all of those documents open rather than relying on the glossy integrated report alone.
The AGM notice states that the meeting was to be held on Thursday, 26 June 2025, at 11:00 a.m. IST through video conference or other audio-visual means, with the registered office treated as the venue. Because the date has passed, the notice records proposals, not their final outcome. Locate the subsequent voting-results filing and any exchange filing that confirms dividend, appointment or other approvals.
Popular on Amazon
- COMPLETE 5-PIECE BRUSH SET FOR EVERY PAINTING TASK — Includes 1 Inch Flat, 1.5 Inch Angle, 2 Inch Flat, 2 Inch Angle Stubby, and 2.5 Inch Angle brush giving you every size professional painters use daily. Get all 5 for less than the price of a single brush from hardware store brands — professional grade performance at a fraction of the cost. Perfect for walls, trim, cabinets, doors, furniture, and detailed cutting-in work on any project.
- ZERO BRISTLE LOSS — GUARANTEED BY PRECISION ADHESIVE BONDING — Every bristle is locked in place with precision-set adhesive that keeps them in the brush — not in your paint job. The coated steel ferrule provides structural support while the adhesive bond ensures clean performance on every stroke. Premium SRT synthetic filaments load more paint and release it evenly for a smooth streak-free finish on walls, ceilings, and trim. Works with latex, oil-based paint, primer, sealer, and wood stain.
- INCLUDES THE ANGLE STUBBY MOST SETS LEAVE OUT — Professional painters know the 2 Inch Angle Stubby is the go-to brush for tight cabinet interiors, window sashes, inside corners, and detailed trim where standard angle brushes are too long. Combined with the 1.5 and 2.5 inch angle sash brushes you have precision cutting-in covered at every scale — baseboards, crown molding, door casings, and ceiling lines.
- FLAT BRUSHES FOR BROAD SMOOTH COVERAGE ON ANY SURFACE — The 1 and 2 inch flat brushes deliver even coverage on walls, furniture, shelving, doors, fences, decks, and wood surfaces. Ideal for applying primers, stains, varnishes, polyurethane, and specialty coatings. Solid wood handles provide all-day comfort and control for both professional contractors and weekend DIY homeowners tackling interior or exterior painting projects.
- TRUSTED BY PROFESSIONAL PAINTERS AND CONTRACTORS NATIONWIDE — Pro Grade delivers professional-grade results at a price that makes sense for crews who go through brushes on every job. Ideal for property managers, remodeling contractors, apartment turnover crews, maintenance teams, and commercial painting operations. Backed by thousands of verified reviews from working painters. Washable and reusable for multiple projects.
What should I read first in the annual report?
Use a fixed sequence. It prevents a prominent headline or a management highlight from becoming your conclusion before you have checked the underlying numbers and the resolutions.
1. Read the Chairman’s and MD & CEO’s messages
These pages explain how management wants shareholders to frame the year. Amit Syngle, Managing Director & CEO, described it as “a challenging and rigorous year for the entire domestic coatings industry despite the steady levels of overall economic activity in the country.” Treat that sentence as a claim to investigate, not as evidence by itself.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Mark every explanation involving demand, pricing, volumes, margins, raw-material costs, international markets or competition. You will test each one in MD&A, the income statement, segment information and the notes.
2. Read Management Discussion and Analysis (MD&A)
Extract the company’s account of demand conditions, price and volume changes, margin movements, segment drivers, international performance and principal risks. Make a two-column note: “management explanation” and “where the accounts can confirm or challenge it.”
For example, a claim that margins improved because of pricing should be checked against revenue growth, volume commentary, input-cost trends and operating cash flow. A claim that overseas operations were resilient should be compared with the consolidated segment and subsidiary information, not inferred from the parent’s standalone result.
3. Read both audited sets of financial statements
Read the standalone and consolidated income statements, balance sheets and cash-flow statements side by side. The standalone statements isolate the parent company; consolidated statements include the group’s subsidiaries and other entities accounted for under the applicable consolidation rules. The AGM asks shareholders to adopt both sets for the year ended 31 March 2025, so neither is optional.
Free tools Windows power users keep installed
One-click scans. No signup required.
4. Read the notes, audit report and Board’s Report
The notes contain the details that headline figures conceal: accounting policies, exceptional items, debt, working capital, subsidiaries and associates, related-party transactions and contingent liabilities. Read the independent auditor’s report and key audit language before accepting management’s presentation of profit or risk.
5. Read governance, BRSR and ESG sections
Check board composition, committee responsibilities, attendance, remuneration, related-party disclosures and the directors proposed for appointment or reappointment. Then examine BRSR and ESG metrics, including their definitions, reporting boundaries and any assurance statement. A percentage without a denominator, period or boundary is not a useful trend.
Also popular on Amazon
- Great Value Pack Artist Paint Brushes: Soucolor 20 brushes in 10 sizes professional paintbrushes set — no shedding, holds paint well, cleans easily, Acrylic, watercolor, oil, gouache, Halloween pumpkin decoration & face painting, rock painting, ceramics. Fantastic high quality gifts for creative, artistic siblings to share!
- Awesome Set of Paint brushes: Professional paint brushes can cover all of your needs. The multi-purposed brushes are ideal for Watercolor, Oil, Gouache, enamel, Acrylic Painting, Body, Nail, Face Painting, Miniature, Model, Wood, Glass, Cup, Ceramic, Fine work, Art class, Craft Art Painting, DIY Art Crafts etc.
- Soft and long-lasting: The bristles are soft and strong, with nickel metal ferrules and blue wooden handles. After cleaning, the bristles will become soft and fluffy again and will not fall off.
- Easy to clean: it’s very convenient to Wash well in soap and water. Retain shape after drying. the brushes hold up very well. Nice selection to beginners and professionals. Keep them clean and they last a long time.
- Halloween Pumpkin Ceramic Crafts Supplies: A Great painting gift for family, friends, kids, girls, women, student, classmate, teacher. For using in school, travel or used in the home and office.
6. Finish with the AGM notice
Only after understanding the business and accounts should you turn each resolution into a yes-or-no decision. Read the explanatory statements and candidate biographies, then verify voting instructions, record-date information and the eventual results.
How do I test the story in MD&A against the accounts?
Build a simple reconciliation rather than reading MD&A as a standalone narrative. For each major statement, identify the financial line, note or non-financial metric that should move if the explanation is true.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →- Demand: Compare volume commentary with revenue growth and any disclosed volume or mix information. Revenue growth alone can reflect price or product mix rather than more litres sold.
- Pricing and mix: Compare changes in revenue per unit, gross margin and product-category commentary. A favourable mix can lift margins even when total demand is weak.
- Costs: Check raw-material and other operating-cost disclosures, inventory movements and exceptional items. Separate recurring cost changes from one-time credits or charges.
- International performance: Use consolidated statements, segment information and subsidiary notes. Standalone figures cannot show the full group effect.
- Cash conversion: Compare profit with cash generated from operations and inspect receivables, inventories and payables. Weak operating cash flow can indicate that earnings have not converted into cash.
- Risk statements: Trace each material risk to a contingency, sensitivity, provision, borrowing covenant or subsequent event note where one is disclosed.
Keep prior-year figures beside FY2024-25. Separate volume, price, mix, cost and one-off movements instead of describing every year-on-year change as “growth” or “decline.”
What is the difference between standalone and consolidated statements?
Standalone statements show the parent company’s own financial position and results. Consolidated statements show the economic group, including subsidiaries and other consolidated entities, so they can capture overseas operations, associates, intercompany eliminations and group-level debt or cash that do not appear in the parent alone.
| Comparison | What it can tell you | What to check next |
|---|---|---|
| Standalone profit and cash flow | How the listed parent performed directly | Parent-level margins, working capital, debt and dividend capacity |
| Consolidated profit and cash flow | How the wider group performed | Subsidiary results, minority interests, associates and eliminations |
| Standalone versus consolidated gap | Whether group entities materially change the picture | Subsidiary and associate notes, segment data and related-party balances |
| Profit versus operating cash flow | Whether accounting earnings converted into cash | Receivables, inventories, payables, provisions and one-off items |
A large difference between the two sets is not automatically a problem. It is a prompt to identify which subsidiaries, associates, financing arrangements or eliminations create the difference and whether those effects recur.
Which figures in the FY2024-25 report deserve attention?
The integrated report gives operating-scale and ESG highlights. Quote them with their stated scope—Asian Paints, FY2024-25—rather than treating them as financial forecasts or automatically comparable historical series.
| Reported figure | How to use it |
|---|---|
| 26 in-house paint manufacturing facilities worldwide | Indicates manufacturing footprint; pair it with utilisation, geography and investment disclosures if provided. |
| More than 60 countries served | Shows market reach; check which businesses and reporting boundaries are included. |
| 2,290,000 kilolitres per annum of installed in-house decorative paint capacity in India | Represents installed capacity, not actual production or sales. |
| More than 169,000 retail touchpoints | Signals distribution reach; it does not by itself measure outlet productivity or profitability. |
| More than 14,000 employees globally | Provides workforce scale; compare with employee-cost, safety and turnover disclosures. |
| 258 scientists driving innovation | Indicates the reported research workforce; check the company’s definition of “scientist” and the boundary used. |
| 57.6% of electricity from renewable sources at decorative paint manufacturing plants | Read the plant boundary, energy denominator and whether the figure is location-based or otherwise defined. |
| 478% of annual freshwater consumption replenished at paint manufacturing plants | Ask how replenishment is calculated, where projects are located and whether the figure covers all plants or a stated subset. |
| 20,150 tonnes of recycled plastic used in packaging | Check whether the quantity covers all packaging, which polymers are included and how recycled content is verified. |
These are operating and sustainability indicators, not substitutes for revenue, margins, leverage or cash-flow analysis. The report’s definitions and boundaries determine whether a metric can be compared with another year or another company.
How should I read the notes and auditor’s report?
Start with accounting policies and then move to the notes most likely to change your view of risk or recurring earnings.
Also popular on Amazon
- 【All sizes of art brushes】: The 10 sizes of multi-functional brushes have various shapes, making the mixing color easier, which is very suitable for artists, students, teenagers, children and painters at all levels. Wonderful Present ideas for friends and family who like painting!
- 【general brush set】: Professional paint brush can meet all your needs. Multifunctional brush is very suitable for watercolor, oil, gouache, acrylic painting, body, nail, face painting, miniature, model, ceramics, arts and crafts painting, etc.
- 【high quality process】: It is designed with anti falling bristles, anti-rust nickel ferrule and solid wood handle. You can use the brush to focus on the painting and always be creative.
- 【easy to maintain】: After using the brush, it is very convenient to clean the brush with warm soapy water and reshape the tip of the brush. Air dry the brush and place it on top of the top for long use.
- 【100% satisfaction guarantee - buy now】1 packs of set brushes, you can also get friendly customer service, any questions feel free to contact us, within 24 hours to help you! There is no risk in buying our paint brush kit.
Accounting policies and estimates
Look for revenue recognition, inventory valuation, depreciation, impairment, provisions, leases, employee benefits and tax. Identify estimates that could materially affect profit or net assets, and see whether the auditor highlights them as key audit matters.
Exceptional items and one-off movements
Reconcile every exceptional item to its note. Determine whether it is genuinely unusual, whether cash was paid, and whether a similar item appeared in prior periods. Do not use an adjusted profit measure unless the adjustment is clearly defined and consistently applied.
Recommended Free Tools
Debt, liquidity and working capital
Read maturity schedules, interest rates, security, lease liabilities and undrawn facilities. Then inspect receivables ageing, inventories, payables and provisions. A profitable year with rising working-capital investment can produce less cash than the income statement suggests.
Subsidiaries, associates and related parties
Map the entities included in consolidation and identify material transactions or balances with related parties. Check whether transactions were in the ordinary course, approved through the required process and described with enough detail to understand their effect.
Contingent liabilities and subsequent events
Separate recognised provisions from possible obligations disclosed only as contingencies. Read events after 31 March 2025, because a later development may affect how you interpret the AGM materials even when it is not in the year-end numbers.
What governance signals should I check before voting?
The integrated report reports several headline governance indicators for 31 March 2025. Use them as navigation points, then verify the detailed governance report.
| Reported signal | Verification step |
|---|---|
| Five of six committees chaired by an Independent Director | Check each committee’s membership, chair, mandate, meeting dates and attendance. |
| 50% independent directors as at 31 March 2025 | Review the board-composition table and the independence declarations and qualifications. |
| 40% of Board time spent on strategic matters | Read how “Board time” and “strategic matters” are defined and whether the measure covers the full year. |
| 100% of new suppliers screened using environmental and social criteria | Check the supplier population, screening methodology, exclusions and follow-up for failed screens. |
Also review attendance, remuneration, related-party transactions, auditor observations and the prior AGM and postal-ballot context. A strong percentage is not a conclusion about effectiveness unless the underlying process and exceptions are disclosed.
How do I evaluate the BRSR and ESG claims?
Read ESG claims as measurable assertions. For every headline, record the reporting boundary, denominator, base year, period, methodology and assurance level.
Also popular on Amazon
- Bates paint brushes come in a convenient 6 pieces with 3 flat and 3 angled bristle styles, including (1”, 1.5”, 2”) flat and (1.5”, 2”, 2.5”) angled bristles, perfect for tackling any surface painting or staining job.
- The sturdy natural bristles of each brush are designed to hold more paint, creating a smoother finish with fewer streaks and saving you time on the job.
- The lightweight wooden handles provide extra comfort and ease during long painting processes like walls, trims, cabinets, and doors.
- These versatile brushes are ready-to-use, easy to clean, and can be reused multiple times, making them economical as well as reliable tools for any painting project.
- Bates paint brushes can be used for both oil-based paints as well as latex stains and are ideal for home or commercial projects such as decks, fences or DIY painting jobs.
- Identify the boundary. Determine whether the metric covers all operations, decorative paint plants, India only, or a wider global footprint.
- Check the denominator. “Renewable electricity” and “freshwater replenished” can produce very different results depending on how consumption and replenishment are defined.
- Look for targets and progress. A current percentage is more informative when paired with a target, baseline and time frame.
- Read assurance language. Distinguish limited or reasonable assurance from an unaudited management assertion, and note which indicators were assured.
- Compare with financial effects. Link environmental investments, provisions, carbon costs, remediation or efficiency savings to the financial statements where disclosed.
Do not compare an ESG percentage across years until the report confirms that the scope and method stayed consistent.
What resolutions were in the 79th AGM notice?
The notice divided the business into ordinary and special matters. Read each explanatory statement and biography before deciding; the category tells you the type of business, not whether you should vote for it.
| Business | Proposal in the notice | Questions to ask |
|---|---|---|
| Ordinary | Adoption of audited standalone financial statements for the year ended 31 March 2025 and the reports of the Board and auditors | Have you checked accounting policies, audit language, contingencies and cash flow? |
| Ordinary | Adoption of audited consolidated financial statements for the year ended 31 March 2025 and the reports of the Board and auditors | Do group entities or associates materially change the parent-only picture? |
| Ordinary | Declaration of a ₹20.55 final dividend per equity share for FY2024-25, subject to shareholder approval | What is the record date, payment timing and relationship between the proposed final dividend and the interim dividend? |
| Ordinary | Reappointment of Malav Dani as a director retiring by rotation | Read the profile, attendance, skills, committee roles and the board’s recommendation. |
| Special | Appointment of Ashish Choksi as a non-executive director | Read the explanatory statement, qualifications, independence status, tenure and potential interests. |
| Special | Appointment of Dr K. R. Chandratre as secretarial auditor | Review the proposed term, professional credentials, scope and any disclosed relationship or eligibility issue. |
The notice proposes these actions; it does not prove that shareholders approved them. Confirm the final voting results separately.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do I analyse the dividend proposal?
The AGM notice recommended a final dividend of ₹20.55 per equity share for FY2024-25, subject to shareholder approval. Asian Paints’ shareholder information shows ₹24.80 per share for FY2024-25 including that recommended final dividend, so distinguish the final component from the total for the year.
Check three dates in the notice or the relevant exchange filing: the record date, the approval or declaration date and the payment date. Also distinguish interim, final and total dividends. The 9 May 2024 exchange filing illustrates why: it separately reported audited results, a recommended dividend, a record date and the AGM date.
For sustainability, compare the proposed distribution with consolidated and standalone cash flow, earnings, balance-sheet liquidity and stated capital needs. Do not infer approval or payment from the recommendation alone.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
How did the virtual AGM and e-voting work?
The notice said the report and notice were sent electronically, NSDL provided remote e-voting, and members could participate through video conference or other audio-visual means and vote during the AGM. Proxy forms were not available because the meeting was held through that electronic format. Members attending through VC/OAVM counted for quorum.
Follow the notice’s record-date and cut-off instructions for the relevant meeting, use the e-voting credentials and timetable supplied to members, and retain the confirmation of your vote. For a later meeting, never assume the mechanics are unchanged: use the current notice and the current e-voting instructions.
Also popular on Amazon
- 2 Inch Angled Paint Brush for Precision Cutting-In – Designed for clean, sharp lines around trim, baseboards, ceilings, corners, and detailed edge work. The perfect size for control and coverage.
- Value 3-Pack for Pros & DIY Projects – Includes three professional 2-inch angled sash brushes — ideal for contractors, remodelers, and homeowners tackling multiple rooms or repeat paint jobs.
- Smooth Results on Walls, Trim & Cabinets – Great for interior wall painting, cabinet edges, furniture projects, and trim work where a smooth finish and crisp control matter most.
- Works with Latex Paint, Oil-Based Paint & Stains – Premium synthetic filaments hold more paint, reduce streaks, and provide a clean finish with latex paints, oil coatings, and wood stains.
- Works with Latex Paint, Oil-Based Paint & Stains – Premium synthetic filaments hold more paint, reduce streaks, and provide a clean finish with latex paints, oil coatings, and wood stains.
What red flags should make me slow down?
- Management attributes a result to volume, price or cost without a matching figure or note.
- Standalone profit looks strong while consolidated cash flow or group liabilities deteriorate.
- Large exceptional items, provisions, reversals or “other” balances obscure recurring earnings.
- Receivables or inventories grow much faster than sales without an explanation.
- Related-party balances or transactions are material but difficult to reconcile.
- A contingent liability is described broadly, with no estimate, status or sensitivity where one would reasonably be expected.
- An ESG percentage changes sharply without a boundary, denominator or methodology explanation.
- Board or committee attendance, independence, remuneration or auditor comments raise questions that the notice does not address.
- A dividend is described as recommended, but no later filing confirms approval, record date or payment.
A red flag is a prompt for a specific note, filing or question—not proof of misconduct. Record what is established, what is uncertain and what document could resolve the uncertainty.
Where should I verify later filings and AGM outcomes?
Use Asian Paints’ investor archive as the canonical location for later annual reports, quarterly filings, AGM notices, governance reports and investor presentations. The investor overview also links statutory filings, financial results, annual reports and board information.
For the 79th AGM, look specifically for the scrutiniser’s or company’s voting-results disclosure and subsequent exchange filings. Compare the approved resolution wording with the notice, and check whether the dividend, appointments and dates match what was proposed.
Can I turn the reading into a one-page voting worksheet?
Yes. Before voting, complete one line for each item below and attach the page or note reference.
- Business performance: What changed in demand, volume, price, mix, margins and international operations?
- Cash and balance sheet: Did profit convert to operating cash, and did debt or working capital move materially?
- Accounting risk: Which policies, estimates, exceptional items, contingencies or audit comments could change your view?
- Group structure: What do consolidated statements add or subtract from the standalone result?
- Governance: Are board composition, attendance, committees, remuneration and related-party disclosures satisfactory?
- ESG evidence: Are the scope, denominator, target and assurance clear for each material claim?
- Resolution decision: For every proposal, write “yes,” “no” or “abstain” and one evidence-based reason.
- Verification: After the meeting, confirm the voting result, dividend status and any subsequent exchange filing.
This worksheet separates an investment or governance judgment from the company’s preferred narrative and leaves an audit trail for why you voted.
Frequently Asked Questions
Is the FY2024-25 AGM notice still useful after 26 June 2025?
Yes, as a record of the resolutions, proposed dividend and meeting mechanics. It cannot establish what passed, so pair it with the published voting results and later exchange filings.
Why can Asian Paints’ total dividend differ from the final dividend in the notice?
A company may report a year’s total dividend as interim plus final amounts. The notice’s ₹20.55 figure is the recommended final component, while the shareholder information reports ₹24.80 per share including that final amount.
What does a 478% freshwater-replenishment figure mean?
It is the FY2024-25 figure reported for paint manufacturing plants, expressed as replenishment relative to annual freshwater consumption. The report’s boundary and calculation method are essential before comparing it with another year or company.
Can I vote by proxy for a VC/OAVM AGM?
The 79th AGM notice said proxy forms were not available because participation was electronic. For any later AGM, follow that meeting’s own notice and e-voting instructions rather than assuming the same rule.
Where can I find Asian Paints’ later annual reports and statutory filings?
The company’s investor archive and investor overview are the designated places for annual reports, AGM notices, governance reports, financial results and statutory filings. Use the latest version posted there when reviewing a subsequent meeting.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
