Asian Paints Ltd. · NSE:ASIANPAINT
Asian Paints — Q2 FY26 Earnings Presentation
32 slides from Asian Paints's earnings presentation, Nov 12, 2025
Slide 1: Regulation 30 intimation of investor presentation
Asian Paints Limited GA & 6B Shant1nagar. Santacruz (East) Mumbai 400 055 Maharashtra. India asianpaints T : (022) 6218 1000 www.asianpaints.com APL/SEC/57/2025-26/16 12th November 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dala
Slide 2: Investor Conference Q2 and H1 FY26 Results
asianpaints Investor Conference Q2 and H1 FY26 Results
Slide 3: Delivering joy since 1942
Delivering joy since 1942.. We exist to Beautify, Preserve, Transform all Spaces and Objects, bringing happiness to the World!
Slide 4: Disclaimer
Disclaimer This communication, except for the historical information, may contain statements which reflect the Management’s current views and estimates and could be construed as forward-looking statements. The future involves many risks and uncertainties that could cause actual results to differ mat
Slide 5: Series of initiatives accelerating growth
Series of initiatives accelerating growth 1 Massive upsurge on 2 Dialed up Innovation 3 Services brand building Quotient Ignition Of) BEAUTIFUL HOMES T <Jl, TAL Pa1ntrng Service with•••.-,,.;n<, ASSURE 4 Regional Market 5 Widening the Net 6 Backward Integration Ignition in B2B
Slide 6: New campaign for Royale Glitz
New campaign for Royale Glitz The campaign redefined luxury wall décor by showcasing how curated color palettes—not just shades—create picture-perfect homes I ap asianpaints I royale Link for Commercial Ad
Slide 7: Owning Homes: 'Har Ghar Kuch Keha Hai'
Owning Homes: ‘Har Ghar Kuch Keha Hai’ Link for Commercial Ad
Slide 8: Deepening our Regional Customization Strategy
Deepening our Regional Customization Strategy Expanding state-specific variants across the full portfolio – from Economy to Luxury Capturing op asianpaints the Capital's Spirit in Every Shade royale I~ LUXURY EMULS ION (<>!• TRACTOR EMULSION
Slide 9: Leveraged Prime-Time Excitement
Leveraged Prime-Time Excitement ' - tPJJI 91 "- - Ml f ..."" IND 0-0 , OV U 0 Ml .Ill t . IMA'. AllllllllltlllA OlLL. . IHUIMAN ----- .,,,. ' I lll> l14AIIIIN M• YEARS TY 0 • 0- 0- 0 WARRIIN ... 2 ! IND 0-0 -.0 Hl t0 14' ~ I OVut Q YEARS Y INDO-Offl)I _._.11 , - ,r WARRANT 8 (IH Aj .. .1,•- U Ml( H(
Slide 10: Shades of India - Independence Day Campaign
Asian Paints Shades of India - Independence Day Campaign Of> asianpaints I Colours that unite India. Colours that India trusts. o,.,,,.,._ Xl13 C.mpfot• X11' + asianpaints + I WARRANTY 5000+ colours of freedom. Decades of Trust. Backed by Warranty.
Slide 11: SmartCare Damp Secure – Exterior waterproofing Primer
SmartCare Damp Secure – Exterior waterproofing Primer It locks in paint and forms a strong base to protect against dampness—keeping homes safe and stylish •• SMARTCARE ~~~l~R SECUR~ WATEAPRoOFING PAIMEA
Slide 12: Introduced Sparc Shyne in Tractor and Ace
Introduced Sparc Shyne in Tractor and Ace Aspiration meets affordability: Delivering a rich finish at an affordable price point 7 - SMOOTH ~ FINISH m SUPERIOR HIDING d ~ =, I I
Slide 13: Woodfinishes - Chrome & Metallics
Woodfinishes - Chrome & Metallics A landmark innovation offering 100+ designer chrome and metallic wood shades Bo lcl 13rillia ncc ......... ......,....,,,,,~ .......... - .,..., .... __ . , _ _ , . , _ _ t>flng a .......,_n.cNc • - • _,n • h,oO olonlm..-. ~ a t > < > l < J - ~ a n t ::::::-~: ~ - :
Slide 14: Services Ignition
Services Ignition Pa1ntirrg . .r I with asianpaints Our flagship direct-to-consumer Service specializing in A highly-sophisticated, predictive service focusing on timely preventive maintenance of large asset-protection service for B2B. completion, offering tailored factories, offering comprehensive
Slide 15: Widening the APPS (Project Sales) footprint
Widening the APPS (Project Sales) footprint Factories Hospitality Segment Government In Q2FY26, Projects / Institutional Business did well across segments Strong demand from Builders, Factories and Government
Slide 16: Backward Integration – Next-level Differentiation / Cost Supremacy
Backward Integration – Next-level Differentiation / Cost Supremacy White Cement plant commissioned successfully and in record time VAM-VAE Project on Track
Slide 17: Decorative Business (India)
Decorative Business (India) Supportive Base; Yet a significant improvement in volume growth trajectory 11.6% 10.9% 10.1% 9.7% 7.1% 6.0% 3.9% 1.6% 1.8% -0.5% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26
Slide 18: Decorative Business (India)
Strong performance for the Quarter despite prolonged monsoon Supported by improved demand conditions as we moved in the festive season □ Q2 FY25 ■ Q2 FY26 Improved consumer sentiments with 10.9% Decorative Business (India) supportive policy actions and aided by 6.0% early festive season; Overcomin
Slide 19: Decorative Plus Industrial (India)
Industrial Segments Momentum Fueling The Overall Coatings Performance Decorative Plus Industrial (India) □ Q2 FY25 ■ Q2 FY26 ■ H1 FY25 ■ H1 FY26 11.0% 7.4% 6.7% 4.0% 3.0% Flat -5.5% -3.8% Volume Gr% Value Gr% Volume Gr% Value Gr%
Slide 20: Our Home Décor Foray
Our Home Décor Foray No. 1 Integrated Home Décor No. 1 in Player ~ 4% of Decorative Decorative Modular Kitchen, Kitchen Bath Fittings & Fabrics & Furnishings Hardware & Components Lighting 73 Beautiful Revenue Sanitaryware Homes Stores / Studio – One Stop Home Décor Destinations No. 1 in No. 2 in Fa
Slide 21: Beautiful Homes Network expands to 73 Stores
Beautiful Homes Network expands to 73 Stores With the 73rd Beautiful Homes store in Ahmedabad, launched a new exquisite Kitchen and Wardrobe range
Slide 22: Home Décor Business
Challenging dynamics Beautiful Homes Stores – one stop home décor model – showing steady progress Kitchen and Bath Business □ Q2 FY26 ■ H1 FY26 Home Décor Business Kitchen: Revenue declined by 7% to ₹ 98 crs in the quarter -5% However, reduced PBT loss in Q2 to ₹ 4 crs from ₹ 5 crs LY -5% -7% -5
Slide 23: International Business: Our Presence
International Business Nepa l Bangl adesh Our Presence Sol omolil ls ~ands 5 Vanuatu Bahrai lil 4 Qatar Eigyplt Omalil 7 IUI\AE Sri Lanka 6 B:hiopia ' amoa 1 3 2 asianpaints m~Al!' 5 .sc1b , 6 TAUBMANS I 7 0 opco
Slide 24: International Business
Double-digit Revenue growth – led by key units in Asia, the Middle East & Africa Revenue D Q2 FY26 H1 FY26 International Business □ • Q2 growth of 9.9% in INR terms; constant currency 9% growth of 10.6% 1,582 10% • Key units of Nepal, Sri Lanka and UAE driving 16% 6% growth 17% 2% 846 -4% -9% 8% 6
Slide 25: Industrial Business
Steady growth in Industrial Businesses Joint Venture Agreement with PPG renewed for a 15-year period – Continued commitment to service the growing needs of the domestic sector through industry-leading solutions PPGAP Q2 FY26 ■ H1 FY26 Automotive & General Industrial segments continue to 12% Indust
Slide 26: Quarterly gross margin trend
Sustained work on Sourcing & Formulation Efficiencies coupled with raw material deflation supporting Gross Margins despite lower mix and higher discounting Material Deflation Material Deflation Material Inflation Material Deflation Material Deflation ~0.2% Material Inflation ~2.1% ~1.5% Material Def
Slide 27: Summary Standalone Financials
Summary Standalone Financials □ Q2 FY25 ■ Q2 FY26 Q2FY26 6% Net Sales grew by 5.8% led by volume growth; partially offset by lower mix & higher rebating 6,936 7,336 12% D Gross Margin at 43.7%; higher by 270 bps over Q2 LY 22% 21% 60% 2,873 3,227 1,123 1,359 1,053 1,288 956 PBDIT grew by 21.0%
Slide 28: Summary Consolidated Financials
Summary Consolidated Financials 6% □ Q2 FY25 ■ Q2 FY26 Q2FY26 Net Sales grew by 6.4%; Supported by growth across Decorative, Industrial and International business 8,003 8,514 13% D D 22% 21% Gross Margin at 43.1%; higher by 250 bps 47% 3,273 3,685 1,240 1,503 1,139 1,392 1,018 694 PBDIT growth
Slide 29: Dividend Distribution
Dividend Distribution FY 2025-26 Interim Dividend 450% (₹ 4.50) Interim Dividend 425% (₹ 4.25) FY 2024-25 Final Dividend 2055% (₹ 20.55) Total Dividend 2480% (₹ 24.80) Payout Ratio : 60%
Slide 30: Outlook for Q3 FY26
Outlook for Q3 FY26 Seeing improvement in demand conditions; Continue to watch for sustainability, especially in the urban markets Festival and Marriage season expected to provide support GST 2.0 and benign inflation to augur well for uptick in broader domestic consumption Competitive intens
Slide 31: Progress on Medium-Term Sustainability Targets
Progress on Medium-Term Sustainability Targets 4.7x 8.5x 6.0x 6.8% 7.1% 30% ~.• • Fresh Water Replenishment - Renewable/bio-based Raw Materials in Products (%) n Reduction in Specific 79% 77% 83% 58% 64% 100% DD Hazardous Waste/KL Finished Product (%) A % Renewable Electricity 79% 79% 81% 2.8 1.2 6.
Slide 32: Thankyou
Thankyou