Asian Paints Limited — PPTs, 27-01-2026: Investor Presentation

Asian Paints delivered a solid Q3 FY26.

**Business Performance:** The India Decorative segment saw robust 7.9% volume growth, driven by rural areas and contributions from all product categories including PreLux and Waterproofing. Home Décor showed mixed results: Kitchen revenue grew with reduced losses, Bath broke even despite lower revenue, while White Teak and Weatherseal saw impressive revenue jumps of 12.4% and 58.6%. International business grew 6.3% (INR), with profitability improving after exiting Indonesian operations. Industrial segments (PPGAP & APPPG) posted strong revenue growths of 16.5% and 16.9%. Gross Margins hit 44.9%, boosted by material deflation and efficiencies.

**Growth Drivers & Strategy:** Asian Paints is intensely focusing on brand building with major partnerships like BCCI and KBC. Innovation is key, with new products contributing ~16% of revenues. They are expanding B2B presence via a new digital platform, AP Assure, and enhancing customer experience in Beautiful Homes Painting Services with AI. The integrated home décor ecosystem is growing, now with 74 Beautiful Homes Stores.

**Key Financial Metrics:** Consolidated Q3 FY26 Net Sales rose 3.9% to ₹8,850 Cr. Profit Before Depreciation, Interest, and Tax (PBDIT) increased 8.8%, with a 20.1% margin. Profit After Tax (before minority interest & exceptional items) was ₹1,216 Cr, up 7.7%.

**Management Commentary / Outlook:** Management anticipates maintaining growth in Q4 FY26 amidst high competition. Industrial and International businesses are expected to drive momentum, supported by infrastructure spending. Geopolitical and currency risks could impact input costs.