Asian Paints Ltd. · NSE:ASIANPAINT
Asian Paints — Q3 FY26 Earnings Presentation
34 slides from Asian Paints's earnings presentation, Jan 27, 2026
Slide 1: Regulation 30 intimation cover letter
APL/SEC/38/2025-26/05 27th January 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Security Code: 500820 Symbol: ASIANPAINT Sir/Madam, Sub: Intimati
Slide 2: Investor Conference Q3 and 9M FY26 Results
Investor Conference Q3 and 9M 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: Persistent Actions on Key Growth Initiatives driving Momentum
Persistent Actions on Key Growth Initiatives driving Momentum 1 Massive Upsurge on 2 Dialed up Innovation 3 Services Brand Building Quotient Ignition 4 Regional Market 5 Widening the Net 6 Backward Integration Ignition in B2B
Slide 6: Asian Paints x BCCI Partnership: Official Colour Partner to Team India
Asian Paints x BCCI Partnership: Official Colour Partner to Team India Asian Paints partners with BCCI as Team India’s Official Colour Partner for three years
Slide 7: Asian Paints x BCCI Partnership: Official Colour Partner to Team India
Asian Paints x BCCI Partnership: Official Colour Partner to Team India Asian Paints partners with BCCI as Team India’s Official Colour Partner for three years, driving colour-led fan engagement through activations like ColourCam and Colour Countdown across 110+ matches
Slide 8: Celebration of Women's Cricket with 'Meri Wali Blue'
Celebration of Women’s Cricket with ‘Meri Wali Blue’ “Meri Wali Blue’ celebrates Asian Paints’ colour-led storytelling, fostering cultural pride and fan engagement around India’s iconic blue jersey Link for Commercial Ad
Slide 9: Celebration of Knowledge: 25 Years of Colours of Knowledge with KBC
Celebration of Knowledge: Celebrated 25 Years of Colours of Knowledge with KBC • Continued association with the 25th year of Kaun Banega Crorepati (KBC), one of India’s most enduring prime-time property • Presented a mural celebrating 25 years of KBC, themed “Colours of Knowledge” • Two distinctive
Slide 10: Celebration of Pop: Asian Paints Lights Up Spotify I-POP
Celebration of Pop: Asian Paints Lights Up Spotify I-POP • First-ever Asian Paints x Spotify I-POP collaboration • Immersive colour-driven experience for fans & Spotify Premium members • Mural inspired by music featuring 5,300+ Chromacosm shades • Photo booth made with the brand’s iconic paint bucke
Slide 11: Asian Paints x Bigg Boss (South): Strategic Brand Integration
Asian Paints x Bigg Boss(South): Strategic Brand Integration Asian Paints partnered with Bigg Boss - Telugu, Kannada, and Tamil editions, for impactful brand integrations • Royale Glitz branded zone featured inside Bigg Boss houses, showcasing Asian Paints’ premium décor • House construction integra
Slide 12: Introduced Apex Dust Proof Special Edition Pack - 'Garv se Haryana'
Introduced Apex Dust Proof Special Edition Pack - ‘Garv se Haryana’ A tribute to the unwavering spirit of Haryana - A state that stands tall through every season, every change Link for Commercial Ad
Slide 13: Apex Ultima - Grandmaster of Tough Protection – New Campaign
Apex Ultima - Grandmaster of Tough Protection – New Campaign Powered by Graphene technology, stands as the ‘Grandmaster of Home Protection’ blending world-class science with a chess-themed campaign for intelligent defense against extreme weather • Graphene-powered lamination for unmatched strength a
Slide 14: Services as a Differentiator
Services as a Differentiator 1 2 Service specializing in preventive maintenance of large factories ✓ Comprehensive assessments ✓ Expert execution Our flagship direct-to-consumer service 3 Highly-sophisticated, predictive asset- ✓ Timely completion protection service for B2B ✓ Tailored colour guidanc
Slide 15: Exploding the Paradigm of B2B Play
Exploding the Paradigm of B2B Play Factories Hospitality Segment Government Strong growth in Factories and Government segments driving synergy across Coatings solutions and services
Slide 16: Launched AP Assure: A Dedicated Digital Platform for B2B Professionals
Launched AP Assure: A Dedicated Digital Platform for B2B Professionals Redefining B2B engagement through innovation and customization • Industry-first B2B platform, • System-based solutions across delivering end-to-end solutions for coatings, waterproofing, flooring, construction chemicals and coati
Slide 17: Resilient Volume Growth Momentum
Resilient Volume Growth Momentum 11.6% 10.9% Decorative Business (India) 9.7% 7.9% 7.1% 6.0% 3.9% 1.6% 1.8% -0.5% Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26
Slide 18: Decorative Business (India): Strong Volume Growth in a Compressed Festive Season
Decorative Business (India) Strong Volume Growth in a Compressed Festive Season Q3 FY25 Q3 FY26 9M FY25 9M FY26 7.5% 7.9% 2.8% 2.4% 2.8% 1.6% -7.8% -5.8% Volume Gr% Value Gr% Volume Gr% Value Gr%
Slide 19: Decorative Plus Industrial (India): Acceleration in Industrial Segments
Decorative Plus Industrial (India) Acceleration in Industrial Segments; Elevating Overall Coatings Performance Q3 FY25 Q3 FY26 9M FY25 9M FY26 8.3% 7.7% 4.4% 3.0% 3.5% 1.7% -6.6% -4.8% Volume Gr% Value Gr% Volume Gr% Value Gr%
Slide 20: Continued Momentum – Building on the Progress from Previous Quarter
Continued Momentum – Building on the Progress from Previous Quarter ❑ High-single digit volume growth despite a shorter festive period and impact of prolonged monsoon in certain regions ▪ Growth in Rural parts slightly ahead of the Urban centres ❑ All product categories contributing to the growth mo
Slide 21: Launched WoodTech PU Gold - Premium PU with Termite Shield
Launched WoodTech PU Gold - Premium PU with Termite Shield • First-of-its-kind PU wood finish with termite-repellent technology for long-term wood protection • Superior Durability: Scratch, stain, and heat resistant for interiors; Weather-proof and UV-resistant for exteriors • Premium Finish Options
Slide 22: Har Ghar Kuch Kehta Hai: From Surface Décor to Space Décor
Har Ghar Kuch Kehta Hai: From Surface Décor to Space Décor: Owning Homes No. 1 Integrated Home Décor Player No. 1 in ~ 4% of Decorative Decorative Modular Kitchen, Kitchen Bath Fittings & Sanitaryware Fabrics & Furnishings Lighting 74 Beautiful Revenue Hardware & Components Homes Stores / Studio – O
Slide 23: Beautiful Homes Network expands to 74 Stores
Beautiful Homes Network expands to 74 Stores Asian Paints strengthens its integrated décor presence with the launch of a 15,000 sq. ft. Beautiful Homes luxury studio in Hyderabad, offering complete home solutions under one roof
Slide 24: Progressing towards Building a Profitable Home Décor Ecosystem
Progressing towards Building a Profitable Home Décor Ecosystem Kitchen and Bath Business White Teak and Weatherseal Business Q3 FY26 9M FY26 Q3 FY26 9M FY26 2% 5% Home Décor Business 301 13% 3% 252 50% 4% 12% 59% 105 76 84 55 29 19 Kitchen Revenue Bath Revenue White Teak Revenue Weatherseal Revenue
Slide 25: Our Presence
International Business Our Presence
Slide 26: International Business: Steady Growth with Improved Profitability
Steady Growth with Improved Profitability Net Sales 8% Q3 FY26 9M FY26 ❑ Q3 growth of 6.3% in INR terms; constant currency 2,452 International Business growth of 4.2% 12% 7% 6% 2% • Growth was led by units in Sri Lanka, UAE and 6% 8% 909 1,018 6% 870 7% Ethiopia 441 328 361 153 43 120 AP Global Afri
Slide 27: Industrial Business: Significant Growth Uptick in Industrial Segment
Significant Growth Uptick in Industrial Segment PPGAP Q3 FY26 9M FY26 ❑ Revenue growth of 16.9% in the quarter; driven by 14% Automotive & General Industrial segment Industrial Business 17% 1,882 20% 33% ❑ PBT margin at 25.1% for the quarter; higher by 713 179 379 300 bps yoy Net Sales PBT APPPG Q3
Slide 28: Gross Margin elevated by Sourcing & Formulation Efficiencies and Raw Material Deflation
Sustained work on Sourcing & Formulation Efficiencies coupled with raw material deflation elevated Gross Margins despite lower mix and higher discounting Material Deflation Material Deflation Material Inflation Material Deflation Material Deflation ~0.2% Material Inflation ~1.5% ~2.1% ~1.5% Material
Slide 29: Summary Standalone Financials
Summary Standalone Financials Q3FY26 ❑ Net Sales growth of 2.9% despite a shorter festive season led by high Q3 FY25 Q3 FY26 single-digit volume growth ❑ Gross Margin at 44.9%; higher by 200 bps yoy primarily driven by 3% deflation & efficiencies 7,384 7,602 7% ❑ PBDIT growth of 7.8% on account of h
Slide 30: Summary Consolidated Financials
Summary Consolidated Financials Q3FY26 Q3 FY25 Q3 FY26 ❑ Net Sales growth of 3.9% yoy; supported by growth across all businesses 4% ❑ Gross Margin at 44.3%; higher by 200 bps yoy 8,522 8,850 9% ❑ PBDIT growth of 8.8% yoy 9% 8% 5% 3,629 3,938 1,637 1,781 1,518 1,647 1,128 1,074 ❑ PBDIT margin at 20.1
Slide 31: Exceptional Items in Q3FY26 Financials
Exceptional Items in Q3FY26 Financials ❑ On Consolidated Financials: Exceptional items of ₹ 157.61 crores in the Consolidated Financial Results for the quarter ended 31st December 2025 comprising of: • Impact of Labour Code: One-time expense of ₹ 63.74 crores towards increase in the gratuity liabili
Slide 32: Outlook for Q4 FY26
Outlook for Q4 FY26 ❑ Endeavour to maintain growth momentum; Close watch on sustainability of demand ❑ Competitive intensity to remain elevated; Focused execution of key identified initiatives to drive competitive growth ❑ Enhanced traction from Industrial Segment to aid growth with continuity expec
Slide 33: Progress on Medium-Term Sustainability Targets
Water Neutrality Progress on Medium-Term Sustainability Targets 4.7x 7.8x Stewardship 6.0x 6.8% 6.9% 30% Renewable/bio-based Product Fresh Water Replenishment Raw Materials in Products (%) 58% 60% 100% Conservation Energy Reduction in Specific 79% 74% 83% % Renewable Electricity Hazardous Waste/KL F
Slide 34: Thank You
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