A Trend Analysis of Three Listed Companies of your choice

(Three-Year Comparative Study)

Subject: Management Accounting

Academic Year: 2026–27

Name: Mohd Daneeyal Mohammed Ayub Ansari

Class: [Link] (Accounting & Finance)
Divison/Roll No.: B/81
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Introduction to Trend Analysis

Trend Analysis is a financial analysis technique used to study the direction and pattern of
changes in financial data over a period of time. It helps determine whether a company’s
sales, expenses, profits, assets, liabilities or other financial indicators are increasing, decreasing
or remaining stable.

The technique developed alongside financial statement analysis during the late 19th and
early 20th centuries, when businesses, investors and financial institutions increasingly began
comparing financial statements across different years. Therefore, it is not attributed to one
particular person. The development of ratio analysis and comparative financial statements
contributed significantly to the evolution of modern trend analysis.

In trend analysis, one year is selected as the base year and its value is normally taken as 100.
The figures for subsequent years are expressed as a percentage of the base-year figure. This
makes it easier to identify long-term movements and patterns in a company's financial
performance.

For example, if a company's sales were ₹10 lakh in the base year and ₹15 lakh after three years,
the trend percentage would be 150%, indicating that sales increased by 50% compared with
the base year.

Trend analysis is useful for management, investors, creditors and other stakeholders
because it provides a simple picture of the company's financial direction. A consistent increase
in revenue and profit may indicate growth, while declining profits or continuously increasing
expenses may indicate areas requiring attention.

Thus, trend analysis is an important tool of financial statement analysis that helps users
understand past performance, identify patterns and support future financial planning
and decision-making.
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Objectives of Trend Analysis

The main objectives of Trend Analysis are as follows:

1. To Study Financial Performance

Trend analysis helps to study the movement of financial items such as sales, revenue,
expenses, profits, assets and liabilities over several years.

2. To Identify Growth or Decline

It helps determine whether a particular financial item is increasing or decreasing over
time. This makes it easier to identify positive or negative developments in the
business.

3. To Identify Long-Term Trends

The technique helps management understand the long-term direction of the company
rather than focusing only on the results of a single financial year.

4. To Compare Different Years

Trend analysis provides a systematic basis for comparing financial performance
across different accounting periods by using a common base year.

5. To Assist in Forecasting
Past trends can provide useful information for estimating possible future performance.
Management can use these patterns while preparing budgets and financial plans.

6. To Support Decision-Making
The information obtained through trend analysis helps management and investors
make better financial and business decisions.

7. To Identify Areas of Concern

A continuous fall in sales, profit or cash flow, or a rapid increase in expenses, may
highlight areas that require investigation and corrective action.

8. To Evaluate Business Growth

Trend analysis helps determine whether the overall financial position and operating
performance of a company are improving over time.

9. To Facilitate Comparison
Trend percentages can make it easier to compare the movement of different financial
items and, where appropriate, the performance of different companies.

10. To Improve Financial Planning

By understanding historical movements, management can develop more realistic
strategies, budgets and financial plans for the future.
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Importance of Trend Analysis in Financial Decision Making

Trend Analysis plays an important role in financial decision-making because it helps

management and other stakeholders understand the direction of a company's financial
performance over a period of time. By studying past trends, users can make more informed
decisions about the future.

1. Helps in Future Planning

Trend analysis provides information about past financial movements, which helps
management prepare future budgets, business plans and financial strategies.

2. Supports Investment Decisions

Investors can examine trends in sales, profits, earnings and assets to understand
whether the company's financial performance is improving or declining before
making investment decisions.

3. Helps Control Costs

By analysing the trend of expenses over several years, management can identify
continuously increasing costs and take appropriate steps to control unnecessary
expenditure.

4. Assists in Profit Planning

Trends in revenue and expenses help management estimate future profitability and
determine suitable strategies for improving profits.

5. Helps in Resource Allocation

Management can use trend information to decide where financial resources should be
allocated, such as expansion, technology, marketing or debt repayment.

6. Identifies Financial Problems

A continuous decline in revenue, profitability or cash flows can act as an early
warning signal. Management can investigate the reasons and take corrective action.

7. Facilitates Performance Evaluation

Trend analysis helps management compare the company's current performance with
previous years and evaluate whether business objectives are being achieved.

8. Supports Credit Decisions

Banks and other creditors can study trends in profitability, assets, liabilities and cash
flows to assess the company's ability to meet its financial obligations.

9. Improves Strategic Decision-Making

Understanding long-term financial trends helps management formulate strategies
relating to expansion, pricing, investment, cost control and financing.

10. Reduces Uncertainty

Although past trends cannot guarantee future results, they provide useful evidence for
making financial decisions and reducing uncertainty in planning.
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Practical Analysis

BMW

BMW Group, officially known as Bayerische Motoren Werke AG (BMW AG), is a leading
German automobile and motorcycle manufacturer headquartered in Munich, Germany. The
company was founded in 1916 and initially operated in the aircraft-engine industry before
becoming well known for automobiles and motorcycles. BMW Group operates major brands
including BMW, MINI and Rolls-Royce Motor Cars and sells its products in markets around
the world. The company is known for producing premium automobiles, electric vehicles,
motorcycles and mobility-related products, with a strong focus on engineering, technology,
performance and innovation. BMW has also been expanding its electric vehicle portfolio as
part of its strategy for sustainable and technologically advanced mobility.

Financial Data

Liabilities Mar 26 Mar 25 Mar 24

EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 22.51 22.51 22.51
Total Share Capital 22.51 22.51 22.51
Reserves and Surplus 784.44 671.55 612.69
Total Reserves and Surplus 784.44 671.55 612.69
Total Shareholders’ Funds 806.95 694.06 635.20
NON-CURRENT LIABILITIES
Long Term Borrowings 207.40 49.94 41.88
Deferred Tax Liabilities [Net] 40.85 33.15 34.54
Other Long Term Liabilities 44.26 42.24 38.54
Long Term Provisions 2.80 2.58 2.18
Total Non-Current Liabilities 295.32 127.90 117.14
CURRENT LIABILITIES
Short Term Borrowings 134.58 56.70 42.59
Trade Payables 20.39 35.72 39.27
Other Current Liabilities 33.72 20.77 15.21
Short Term Provisions 0.20 0.09 0.08
Total Current Liabilities 188.89 113.28 97.15
Total Capital And Liabilities 1,291.16 935.24 849.50
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ASSETS Mar 26 Mar 25 Mar 24

NON-CURRENT ASSETS
Tangible Assets 646.36 557.05 449.60
Intangible Assets 0.00 0.00 0.00
Capital Work-In-Progress 195.83 34.49 72.59
Other Assets 0.00 10.80 11.17
Fixed Assets 842.18 602.34 533.36
Non-Current Investments 4.80 11.84 11.84
Deferred Tax Assets [Net] 0.00 0.00 0.00
Long Term Loans And Advances 0.00 0.00 0.00
Other Non-Current Assets 142.22 54.73 70.33
Total Non-Current Assets 989.21 668.91 615.53
CURRENT ASSETS
Current Investments 0.00 39.05 0.00
Inventories 67.29 56.47 68.19
Trade Receivables 148.63 95.98 108.39
Cash And Cash Equivalents 11.27 5.92 3.39
Short Term Loans And Advances 7.76 8.36 13.32
OtherCurrentAssets 66.99 60.56 40.67
Total Current Assets 301.95 266.33 233.96
Total Assets 1,291.16 935.24 849.50
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Trend Analysis
2024 Trend 2025 Trend 2026 Trend
Particulars 2024 2025 2026
% % %
Equity Share Capital 22.51 22.51 22.51 100.00 100.00 100.00
Reserves & Surplus 612.69 671.55 784.44 100.00 109.61 128.03
Total Shareholders' Funds 635.20 694.06 806.95 100.00 109.27 127.04
Long-Term Borrowings 41.88 49.94 207.40 100.00 119.25 495.22
Deferred Tax Liabilities 34.54 33.15 40.85 100.00 95.98 118.27
Other Long-Term Liabilities 38.54 42.24 44.26 100.00 109.60 114.84
Total Non-Current Liabilities 117.14 127.90 295.32 100.00 109.19 252.11
Short-Term Borrowings 42.59 56.70 134.58 100.00 133.13 315.99
Trade Payables 39.27 35.72 20.39 100.00 90.96 51.92
Other Current Liabilities 15.21 20.77 33.72 100.00 136.55 221.70
Total Current Liabilities 97.15 113.28 188.89 100.00 116.60 194.43
Total Capital & Liabilities 849.50 935.24 1,291.16 100.00 110.09 151.99
Tangible Assets 449.60 557.05 646.36 100.00 123.90 143.76
Capital Work-in-Progress 72.59 34.49 195.83 100.00 47.51 269.78
Fixed Assets 533.36 602.34 842.18 100.00 112.93 157.90
Non-Current Investments 11.84 11.84 4.80 100.00 100.00 40.54
Other Non-Current Assets 70.33 54.73 142.22 100.00 77.82 202.22
Total Non-Current Assets 615.53 668.91 989.21 100.00 108.67 160.71
Inventories 68.19 56.47 67.29 100.00 82.81 98.68
Trade Receivables 108.39 95.98 148.63 100.00 88.55 137.13
Cash & Cash Equivalents 3.39 5.92 11.27 100.00 174.63 332.45
Short-Term Loans & Advances 13.32 8.36 7.76 100.00 62.76 58.26
Other Current Assets 40.67 60.56 66.99 100.00 148.91 164.72
Total Current Assets 233.96 266.33 301.95 100.00 113.84 129.06
Total Assets 849.50 935.24 1,291.16 100.00 110.09 151.99
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State Bank of India (SBI)

State Bank of India (SBI) is a leading public sector banking and financial services
institution in India, headquartered in Mumbai, Maharashtra. Its history dates back to 1806,
when the Bank of Calcutta was established; it later became part of the Imperial Bank of India.
SBI was officially established on 1 July 1955 after the nationalisation of the Imperial Bank of
India.

SBI provides a wide range of services including personal banking, corporate banking, loans,
deposits, investment services, digital banking and international banking. It also operates
through subsidiaries in areas such as insurance, mutual funds and credit cards. SBI is one of
India's largest banking organisations, serving customers through a large domestic and
international network.

Financial Data

Indicator Mar 26 Mar 25 Mar 24

EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 923.06 892.46 892.46
Total Share Capital 923.06 892.46 892.46
Revaluation Reserve 34,405.22 27,355.62 27,555.65
Reserves and Surplus 509,114.00 412,914.04 348,798.43
Total Reserves and Surplus 543,519.22 440,269.66 376,354.07
Total ShareHolders Funds 544,442.28 441,162.12 377,246.53
Deposits 5,975,642.12 5,382,189.53 4,916,076.77
Borrowings 731,253.80 563,572.52 597,560.91
Other Liabilities and Provisions 371,673.81 289,129.10 288,809.73
Total Capital and Liabilities 7,623,012.01 6,676,053.27 6,179,693.95
ASSETS
Cash and Balances with Reserve Bank of India 268,445.30 227,217.49 225,141.70
Balances with Banks Money at Call and Short Notice 116,114.53 113,012.19 85,660.29
Investments 1,801,254.08 1,690,572.75 1,671,339.66
Advances 4,877,894.83 4,163,312.10 3,703,970.85
Fixed Assets 54,790.35 44,107.55 42,617.25
Other Assets 504,512.93 437,831.18 450,964.19
Total Assets 7,623,012.01 6,676,053.27 6,179,693.95
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Trend Analysis

2024 Trend 2025 Trend 2026 Trend

Particulars 2024 2025 2026
% % %
Equity Share Capital 892.46 892.46 923.06 100.00 100.00 103.43
Total Share Capital 892.46 892.46 923.06 100.00 100.00 103.43
Revaluation Reserve 27,555.65 27,355.62 34,405.22 100.00 99.27 124.86
Reserves & Surplus 348,798.43 412,914.04 509,114.00 100.00 118.38 145.96
Total Reserves &
376,354.07 440,269.66 543,519.22 100.00 116.99 144.42
Surplus
Total Shareholders'
377,246.53 441,162.12 544,442.28 100.00 116.95 144.32
Funds
Deposits 4,916,076.77 5,382,189.53 5,975,642.12 100.00 109.48 121.56
Borrowings 597,560.91 563,572.52 731,253.80 100.00 94.31 122.37
Other Liabilities &
288,809.73 289,129.10 371,673.81 100.00 100.11 128.76
Provisions
Total Capital &
6,179,693.95 6,676,053.27 7,623,012.01 100.00 108.03 123.36
Liabilities
Cash & Balances with
225,141.70 227,217.49 268,445.30 100.00 100.92 119.24
RBI
Balances with Banks 85,660.29 113,012.19 116,114.53 100.00 131.91 135.52
Investments 1,671,339.66 1,690,572.75 1,801,254.08 100.00 101.15 107.77
Advances 3,703,970.85 4,163,312.10 4,877,894.83 100.00 112.40 131.69
Fixed Assets 42,617.25 44,107.55 54,790.35 100.00 103.50 128.56
Other Assets 450,964.19 437,831.18 504,512.93 100.00 97.09 111.87
Total Assets 6,179,693.95 6,676,053.27 7,623,012.01 100.00 108.03 123.36
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Asian Paints
Asian Paints is one of India’s leading paint and home décor companies. It was established in
1942 by four friends and began as a small partnership firm. Over the years, the company
expanded significantly and became the market leader in paints in India in 1967. Asian Paints
manufactures and sells a wide range of decorative and industrial paints, coatings,
waterproofing products, adhesives and home décor products. The company has also
developed an international presence, operating across multiple countries and serving customers
in more than 60 countries. According to its 2025–26 annual report, the Asian Paints Group has
25 paint manufacturing facilities worldwide and more than 16,000 employees globally.

Financial Data

Indicator 2026 2025 2024

EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 95.92 95.92 95.92
Total Share Capital 95.92 95.92 95.92
Reserves and Surplus 20,685.64 18,887.56 18,329.17
Total Reserves and Surplus 20,685.64 18,887.56 18,329.17
Total Shareholders Funds 20,781.56 18,983.48 18,425.09
NON-CURRENT LIABILITIES
Long Term Borrowings 848.94 37.25 35.58
Deferred Tax Liabilities [Net] 223.07 237.22 187.61
Other Long Term Liabilities 1,026.75 987.83 948.29
Long Term Provisions 198.06 191.13 164.32
Total Non-Current Liabilities 2,296.82 1,453.43 1,335.80
CURRENT LIABILITIES
Short Term Borrowings 340.73 2.15 17.86
Trade Payables 3,114.48 3,123.69 3,238.83
Other Current Liabilities 3,363.70 3,039.10 2,926.46
Short Term Provisions 186.97 51.26 37.86
Total Current Liabilities 7,005.88 6,216.20 6,221.01
Total Capital And Liabilities 30,084.26 26,653.11 25,981.90
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ASSETS 2026 2025 2024

NON-CURRENT ASSETS
Tangible Assets 7,623.62 7,797.62 5,269.23
Intangible Assets 118.63 133.05 91.03
Capital Work-In-Progress 1,754.12 386.15 2,560.93
Other Assets 0.00 0.00 0.00
Fixed Assets 9,496.37 8,316.82 7,921.19
Non-Current Investments 1,349.08 2,929.84 2,609.11
Deferred Tax Assets [Net] 0.00 0.00 0.00
Long Term Loans And Advances 0.00 0.00 0.00
Other Non-Current Assets 1,982.58 1,118.51 898.39
Total Non-Current Assets 12,828.03 12,365.17 11,428.69
CURRENT ASSETS
Current Investments 6,161.08 3,113.67 3,095.47
Inventories 4,824.74 5,848.23 5,074.76
Trade Receivables 3,227.71 3,197.55 3,633.45
Cash And Cash Equivalents 446.34 202.28 349.80
Short Term Loans And Advances 0.00 0.00 0.00
OtherCurrentAssets 2,596.36 1,926.21 2,399.73
Total Current Assets 17,256.23 14,287.94 14,553.21
Total Assets 30,084.26 26,653.11 25,981.90
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Trend Analysis

2024 Trend 2025 Trend 2026 Trend

Particulars 2024 2025 2026
% % %
Equity Share Capital 95.92 95.92 95.92 100.00 100.00 100.00
Reserves & Surplus 18,329.17 18,887.56 20,685.64 100.00 103.05 112.86
Total Shareholders' Funds 18,425.09 18,983.48 20,781.56 100.00 103.03 112.79
Long-Term Borrowings 35.58 37.25 848.94 100.00 104.69 2,386.00
Deferred Tax Liabilities 187.61 237.22 223.07 100.00 126.44 118.90
Other Long-Term Liabilities 948.29 987.83 1,026.75 100.00 104.17 108.27
Long-Term Provisions 164.32 191.13 198.06 100.00 116.32 120.53
Total Non-Current
1,335.80 1,453.43 2,296.82 100.00 108.81 171.94
Liabilities
Short-Term Borrowings 17.86 2.15 340.73 100.00 12.04 1,907.78
Trade Payables 3,238.83 3,123.69 3,114.48 100.00 96.45 96.16
Other Current Liabilities 2,926.46 3,039.10 3,363.70 100.00 103.85 114.94
Short-Term Provisions 37.86 51.26 186.97 100.00 135.39 493.85
Total Current Liabilities 6,221.01 6,216.20 7,005.88 100.00 99.92 112.62
Total Capital & Liabilities 25,981.90 26,653.11 30,084.26 100.00 102.58 115.79
Tangible Assets 5,269.23 7,797.62 7,623.62 100.00 147.98 144.68
Intangible Assets 91.03 133.05 118.63 100.00 146.16 130.32
Capital Work-in-Progress 2,560.93 386.15 1,754.12 100.00 15.08 68.50
Fixed Assets 7,921.19 8,316.82 9,496.37 100.00 104.99 119.89
Non-Current Investments 2,609.11 2,929.84 1,349.08 100.00 112.29 51.71
Other Non-Current Assets 898.39 1,118.51 1,982.58 100.00 124.50 220.68
Total Non-Current Assets 11,428.69 12,365.17 12,828.03 100.00 108.19 112.24
Current Investments 3,095.47 3,113.67 6,161.08 100.00 100.59 199.04
Inventories 5,074.76 5,848.23 4,824.74 100.00 115.24 95.07
Trade Receivables 3,633.45 3,197.55 3,227.71 100.00 88.00 88.83
Cash & Cash Equivalents 349.80 202.28 446.34 100.00 57.83 127.60
Other Current Assets 2,399.73 1,926.21 2,596.36 100.00 80.27 108.19
Total Current Assets 14,553.21 14,287.94 17,256.23 100.00 98.18 118.57
Total Assets 25,981.90 26,653.11 30,084.26 100.00 102.58 115.79
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Interpretation and Comparative Analysis

The trend analysis of BMW has been prepared by taking 2024 as the base year (100). The
analysis covers the financial position of the company for 2024, 2025 and 2026.

Interpretation

BMW's total assets increased from 100 in 2024 to 110.09 in 2025 and further to 151.99 in
2026. This indicates that the overall size of the company's balance sheet increased by
approximately 51.99% over the three-year period. The significant increase in 2026 indicates
considerable expansion in the company's asset base.

The shareholders' funds also showed a positive trend, increasing from 100 in 2024 to 109.27
in 2025 and 127.04 in 2026. This was mainly due to the increase in reserves and surplus,
which reached 128.03% in 2026. This indicates that the company's internal funds and
accumulated reserves strengthened during the period.

A significant change can be observed in borrowings. Long-term borrowings increased from

the base of 100 in 2024 to 119.25 in 2025 and 495.22 in 2026. Short-term borrowings also
increased to 315.99% in 2026. This indicates a substantial increase in the company's use of
borrowed funds. However, the very high percentage should be considered carefully because
the 2024 borrowing base was relatively small.

On the asset side, fixed assets increased to 157.90% in 2026, indicating significant investment
in fixed assets. Capital work-in-progress also increased sharply to 269.78%, which may
indicate that the company had substantial projects or investments under development during
2026.

Current assets increased from 100 in 2024 to 113.84 in 2025 and 129.06 in 2026. Cash and
cash equivalents showed particularly strong growth, reaching 332.45% in 2026. Trade
receivables also increased to 137.13%, while inventories remained almost at the 2024 level at
98.68%.
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Comparative Analysis within BMW

Particulars 2024 Trend % 2025 Trend % 2026 Trend % Change from 2024

Shareholders' Funds 100.00 109.27 127.04 +27.04%

Reserves & Surplus 100.00 109.61 128.03 +28.03%

Long-Term Borrowings 100.00 119.25 495.22 +395.22%

Short-Term Borrowings 100.00 133.13 315.99 +215.99%

Fixed Assets 100.00 112.93 157.90 +57.90%

Current Assets 100.00 113.84 129.06 +29.06%

Cash & Cash Equivalents 100.00 174.63 332.45 +232.45%

Total Assets 100.00 110.09 151.99 +51.99%

Overall Conclusion

Overall, BMW showed strong financial expansion between 2024 and 2026. The growth in
total assets, shareholders' funds and fixed assets indicates an expanding financial base. The
company also experienced a substantial increase in cash and cash equivalents, which may
improve its liquidity position. However, the sharp rise in both long-term and short-term
borrowings indicates increased reliance on external financing. Therefore, while BIL's overall
trend is positive in terms of growth and expansion, its increasing borrowings should be
monitored to ensure that the company's financial risk remains under control.
 15

State Bank of India (SBI)

The trend analysis of State Bank of India (SBI) has been prepared by taking 2024 as the
base year (100) and comparing the financial position for 2025 and 2026.

Interpretation

SBI's total assets increased from 100 in 2024 to 108.03 in 2025 and further to 123.36 in
2026. This indicates that the overall size of SBI's balance sheet increased by approximately
23.36% over the period. The continuous increase shows a steady expansion in the bank's
financial operations.

The shareholders' funds showed a strong positive trend, increasing from 100 in 2024 to
116.95 in 2025 and 144.32 in 2026. The major reason for this increase was the growth in
reserves and surplus, which reached 145.96% in 2026. This indicates that SBI strengthened
its internal capital base during the period.

The bank's deposits increased from 100 in 2024 to 109.48 in 2025 and 121.56 in 2026.
This reflects growth in the bank's deposit base and indicates that SBI continued to attract
funds from customers. At the same time, advances increased to 131.69% in 2026, showing
significant expansion in lending activities.

Comparative Analysis within SBI

Particulars 2024 Trend % 2025 Trend % 2026 Trend % Change from 2024

Shareholders' Funds 100.00 116.95 144.32 +44.32%

Reserves & Surplus 100.00 116.99 144.42 +44.42%

Deposits 100.00 109.48 121.56 +21.56%

Borrowings 100.00 94.31 122.37 +22.37%

Investments 100.00 101.15 107.77 +7.77%

Advances 100.00 112.40 131.69 +31.69%

Fixed Assets 100.00 103.50 128.56 +28.56%

Cash & Balances with RBI 100.00 100.92 119.24 +19.24%

Total Current/Other Assets* 100.00 113.84 129.06 +29.06%

Total Assets 100.00 108.03 123.36 +23.36%

*Based on the balance-sheet classification used in your analysis.

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Overall Conclusion

Overall, SBI showed a strong and steady positive trend from 2024 to 2026. The most
significant growth was observed in shareholders' funds and reserves, which increased by
more than 44% from the base year. Advances also grew considerably, indicating expansion in
the bank's core lending business. Total assets increased by 23.36%, demonstrating overall
growth in the financial position of the bank.

The trend analysis suggests that SBI's financial position strengthened during the period,
particularly through the growth of its equity base, deposits and advances. The relatively
moderate increase in borrowings and investments indicates that the bank's balance-sheet
growth was not driven solely by additional borrowing. Overall, SBI demonstrated stable
expansion, strengthening of its capital base and growth in core banking operations during
2024–2026.

ASIAN PAINTS
The trend analysis of Asian Paints has been prepared by taking 2024 as the base year (100)
and comparing the financial position of the company for 2025 and 2026.

Interpretation

Asian Paints' total assets increased from 100 in 2024 to 102.58 in 2025 and further to 115.79
in 2026. This indicates that the overall asset base of the company increased by approximately
15.79% during the period. The growth was gradual, showing a moderate expansion in the
company's financial position.

The shareholders' funds increased from 100 in 2024 to 103.03 in 2025 and 112.79 in 2026.
The increase was mainly supported by the growth in reserves and surplus, which reached
112.86% in 2026. This indicates a strengthening of the company's internal funds and equity
position.

The company's fixed assets showed a positive trend, increasing to 119.89% in 2026. This
indicates that Asian Paints increased its investment in long-term operating assets. Current
investments showed particularly strong growth, reaching 199.04% in 2026 compared with the
2024 base.
 17

Comparative Analysis within Asian Paints

Particulars 2024 Trend % 2025 Trend % 2026 Trend % Change from 2024

Shareholders' Funds 100.00 103.03 112.79 +12.79%

Reserves & Surplus 100.00 103.05 112.86 +12.86%

Long-Term Borrowings 100.00 104.69 2,386.00 +2,286.00%

Short-Term Borrowings 100.00 12.04 1,907.78 +1,807.78%

Fixed Assets 100.00 104.99 119.89 +19.89%

Non-Current Assets 100.00 108.19 112.24 +12.24%

Current Investments 100.00 100.59 199.04 +99.04%

Inventories 100.00 115.24 95.07 -4.93%

Trade Receivables 100.00 88.00 88.83 -11.17%

Cash & Cash Equivalents 100.00 57.83 127.60 +27.60%

Current Assets 100.00 98.18 118.57 +18.57%

Total Assets 100.00 102.58 115.79 +15.79%

Overall Conclusion
Overall, Asian Paints showed moderate and positive growth between 2024 and 2026.
Total assets increased by 15.79%, while shareholders' funds increased by 12.79%. Fixed
assets and current investments showed notable growth, indicating continued investment and
changes in the company's asset allocation.

The company's borrowing percentages increased sharply in 2026, but these figures need to be
viewed in light of the very low 2024 base values. Overall, the trend analysis indicates that
Asian Paints maintained a growing financial position with moderate expansion in assets
and shareholders' funds, while certain components of its financing and investment structure
changed considerably during the period.
 18

Key Finding
Based on the trend analysis of BIL, SBI and Asian Paints, taking 2024 as the base year
(100), the following key findings can be drawn:

 BIL recorded the highest overall growth, with total assets increasing to 151.99% in
2026.
 SBI showed strong growth in shareholders' funds, reaching 144.32%, along with
growth in deposits and advances.
 Asian Paints showed moderate growth, with total assets reaching 115.79% in 2026.
 BIL experienced a significant increase in borrowings, indicating greater use of
external financing.
 SBI showed strong expansion in its core banking activities, particularly advances.
 Asian Paints recorded significant growth in current investments, reaching 199.04%.
 Overall, BIL had the highest asset growth, SBI had the strongest equity growth,
and Asian Paints showed moderate and stable expansion.

Comparative Summary

Particular BIL SBI Asian Paints

Total Assets – 2026 151.99% 123.36% 115.79%

Shareholders' Funds – 2026 127.04% 144.32% 112.79%

Fixed Assets – 2026 157.90% 128.56% 119.89%

Major Growth Area Assets & Borrowings Equity & Advances Investments

Overall Growth Highest Strong Moderate

Final Finding

BIL demonstrated the highest overall expansion, SBI demonstrated the strongest growth
in shareholders' funds and core banking activities, and Asian Paints showed moderate
but steady growth with significant changes in investments and financing. Thus, each
company followed a different financial growth pattern during 2024–2026.
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Conclusion
Trend analysis is an important technique for understanding the financial performance and
position of a company over different years. By taking 2024 as the base year (100), the financial
trends of BIL, State Bank of India (SBI), and Asian Paints were analysed for the subsequent
years.

The analysis shows that all three companies experienced overall growth in their total assets.
BIL recorded the highest growth in total assets, while SBI showed strong growth in
shareholders' funds, deposits and advances. Asian Paints experienced comparatively
moderate growth, with notable changes in investments and fixed assets.

Overall, the study shows that trend analysis helps identify changes in a company's assets,
liabilities and shareholders' funds and provides useful information for evaluating financial
performance. However, trend percentages should always be interpreted along with the actual
financial figures and other financial ratios before making final financial decisions.

Bibliography / References

1. BIL – Official Website

2. State Bank of India – Official Website
3. SBI Investor Relations
4. Asian Paints – Official Website
5. Asian Paints – Investor Relations
6. Ministry of Corporate Affairs – Government of India
7. SEBI – Securities and Exchange Board of India
8. Reserve Bank of India
9. Moneycontrol
10. [Link]
11. NSE India
12. BSE India
13. Economic Times
14. Business Standard
15. ICICI Direct
16. [Link]
17. Yahoo Finance
18. Reuters
19. India Infoline (IIFL)
20. Google Finance