Asian Paints
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Asian Paints (ASIANPAINT) investor relations material

Asian Paints Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary27 Jan, 2026

Executive summary

  • Achieved 7.9% volume growth and 2.8% value growth in Q3 FY26, with all product categories contributing despite a shorter festive season and prolonged monsoon.

  • Consolidated net sales for Q3 FY26 rose 3.9% year-over-year to ₹8,850 crore, with standalone net sales up 2.9% to ₹7,602 crore.

  • B2B, industrial, and international segments showed strong momentum, with international business net sales up 6.3% in Q3 FY26, led by Sri Lanka, UAE, and Ethiopia.

  • Premium and luxury categories, new product launches, and digital initiatives drove margin improvement and business expansion.

  • Rural markets outperformed urban, aided by good rainfall and infrastructure spending.

Financial highlights

  • Q3 FY26 consolidated net sales reached ₹8,850 crore, up 3.9% year-over-year; 9M FY26 net sales at ₹26,288 crore, up 3.2%.

  • Gross margin improved to 44.3% (Q3 FY26 consolidated), up 200 bps year-over-year; standalone gross margin at 44.9%.

  • PBDIT margin at 20.1% (Q3 FY26 consolidated), up 90 bps; standalone PBDIT margin at 21.4%, up 100 bps.

  • PAT before exceptional items at ₹1,216 crore in Q3 FY26, up 7.7% year-over-year; consolidated net profit after minority interest fell 4.6% to ₹1,059.9 crore due to exceptional items.

  • Exceptional items included Labour Code impact (₹63.74 crore consolidated) and impairment loss on White Teak (₹93.87–₹94.4 crore consolidated).

Outlook and guidance

  • Focus on sustaining growth momentum in Q4 FY26, with continued emphasis on B2B, industrial, and international segments.

  • Margin guidance maintained at 18%-20%, with cost control and brand investment as priorities.

  • Competitive intensity and geopolitical/exchange rate risks expected to persist, impacting input prices and demand.

  • International business momentum expected to continue, except for Bangladesh due to elections.

Future Labour Code impact on costs?
Why White Teak impairment despite Q3 sales growth?
Decorative business volume-value growth gap?
Competitor price hike: rationale
Industry growth: consumption pattern shifts
Margin sustainability drivers
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Frequently asked questions

Asian Paints Limited, manufactures and sells paints and coatings for decorative and industrial use in India and internationally. It offers decorative paints, such as emulsions, enamels, distempers, All-in-One paint, laminates and wood finishes, primers, putties and fillers, metal finishes, home painting tools, toilet cleaners and sprays. Asian Paints Limited was founded in 1942 and is headquartered in Mumbai, India.

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