Asianpaint Management Guidance Tracker

39 forward-looking guidance items tracked across 11 quarters.

Margins

Q1 FY24PBDIT margin band of 18%-20% for FY24Active

Management reiterated commitment to maintain PBDIT margin between 18%-20% for the full year, despite Q1 margin of ~23%.

Q2 FY24PBDIT margin band of 18-20%Active

Management guided that PBDIT margins will remain in the 18-20% range, balancing input cost inflation and pricing actions.

Q3 FY24PBDIT margin band of 18-20%Active

Company reiterated its PBDIT margin guidance of 18-20%, with plans to deploy higher marketing spends.

Q4 FY24PBDIT margin guidance maintained at 18-20%Tracked

Management reiterated its medium-term PBDIT margin guidance of 18-20%, with levers including supply chain efficiencies and backward integration.

Q1 FY25Further price increases of ~1.5% expectedActive

Management anticipates additional raw material inflation of 1.4-1.5% in Q2 and will take further price hikes accordingly.

Q2 FY25PBIT margin band of 18-20% for H2Active

Management aims to keep PBIT margins in the 18-20% range for H2, supported by price increases and potential raw material deflation.

Q3 FY25PBIT margin guidance maintained at 18%-20%Active

Despite top-line weakness, the company aims to sustain PBIT margins through cost optimization and operational efficiencies.

Q4 FY25Maintain 18-20% consolidated EBITDA margin guidanceTracked

Management reaffirmed the 18-20% consolidated EBITDA margin guidance, supported by backward integration, cost efficiencies, and deflation benefits.

Q1 FY26PBIT margin guidance maintained at 18-20%Active

Management reiterated its 18-20% PBIT margin guidance, citing cost excellence, formulation efficiencies, and sourcing improvements as levers.

Q2 FY26EBITDA margin guidance of 18-20%Tracked

Management reiterated the 18-20% EBITDA margin band for standalone business, despite higher marketing investments.

Q3 FY26PBDIT margin guidance maintained at 18-20%Active

Despite current margins at the upper end, management reiterated the 18-20% PBDIT margin band for the medium term, given competitive intensity and investment needs.

Growth

Q1 FY24Home decor to reach 7%-8% of decorative sales by FY26Tracked

Target for home decor segment to contribute 7%-8% of decorative revenue by end of FY26.

Q2 FY24Double-digit volume growth trajectory maintainedActive

Management reiterated commitment to double-digit volume CAGR, expecting Q3 to recover with festive and wedding demand.

Q3 FY24Sustain double-digit volume growthActive

Management expects to sustain double-digit volume growth in decorative business, supported by recovery in Tier 3/4 cities and project business.

Q4 FY24Double-digit volume growth for FY25Active

Management expects to continue delivering double-digit volume growth in FY25, supported by rural recovery, Neo Bharat launch, and deferred demand.

Q4 FY24Neo Bharat launch to boost economy segmentActive

The new latex-based product priced at distemper level is expected to drive significant volume growth in the bottom-of-pyramid market.

Q1 FY25Double-digit volume growth expected in Q2 FY25Active

Management expects volume growth to return to double digits in Q2, driven by festive season and rural recovery.

Q2 FY25Single-digit volume growth for FY25Tracked

Management expects single-digit volume growth for the full year, with H2 likely to see improvement in Q4.

Q3 FY25Single-digit volume growth in coming quartersActive

Management expects volume growth to improve to single digits, driven by rural recovery and B2B pickup, but urban stress may persist for two quarters.

Q3 FY25B2B business to grow double-digitActive

B2B segment (16-17% of revenue) expected to grow at double-digit rates, driven by government spending, factory capex, and hospitality.

Q1 FY26Single-digit volume and value growth expected near-termActive

Management expects single-digit growth in both volume and value in the near term, given current demand conditions.

Q3 FY26Volume growth to sustain in 8-10% band in Q4Active

Management expects volume growth to remain in the high single-digit to low double-digit range for the next quarter, similar to Q3.

Q3 FY26Volume-value gap of 4-5% to persistActive

Management indicated that the gap between volume and value growth will likely remain around 4-5% due to product mix, with economy and upgradation segments balancing premiumization.

Q3 FY26B2B and industrial segments to grow faster than retailActive

Management expects the B2B and industrial paints segments to continue outpacing retail decorative growth, driven by government infrastructure and private capex.

Expansion

Q1 FY24Beautiful Homes stores to expand to 65-70 by year-endActive

Plans to increase Beautiful Homes stores from 44 to 65-70 during the current fiscal year.

Q2 FY24Distribution expansion of 8,000-10,000 touchpoints in FY24Active

Target to add 8,000-10,000 retail touchpoints in FY24, with 5,000 already added in H1.

Q3 FY24Home décor to reach 8-10% of decorative revenueTracked

Home décor business currently at 4% of decorative revenue; target is to reach 8-10% over time.

Capex

Q1 FY24Capex of INR 8,750 crore over three yearsTracked

Capacity expansion plan of INR 8,750 crore over three years is on schedule.

Q2 FY24CapEx projects on track: white cement by Dec 2025, VAM/VAE by Q4 2026Tracked

White cement project in Fujairah expected by Dec 2025; VAM/VAE project by Q4 2026. Brownfield expansions largely complete.

Q3 FY24Backward integration benefits from FY26Tracked

Cement project expected by Dec 2025, VAM/VAE projects 4-5 months later; benefits likely from FY26.

Q4 FY25White cement plant operational by June 2025Active

The 2.75 lakh ton white cement plant in Fujairah will be operational by June 2025, aiding backward integration and margin improvement.

Q4 FY25Futuristic emulsion plant partially operational by March-April 2026Tracked

A ₹3,000 crore emulsion plant (VAM/VA) will be partially operational by March-April 2026 and fully by April 2027, enhancing margins and product quality.

Q1 FY26CapEx of ~INR 700 crore for FY26Tracked

Company committed ~INR 700 crore CapEx for the year, with ~INR 100 crore already spent. White cement plant near commissioning; VAM VAE plant expected by Q1/Q2 FY27.

Q2 FY26VAM/VAE project commissioning in Q1 FY27Active

The backward integration project (VAM/VAE) with ~₹3,000 Cr capex is nearing completion and will be commissioned in Q1 of next fiscal.

Revenue

Q4 FY24Value-volume gap to normalize to 5-6%Active

Management expects the gap between value and volume growth to be around 5-6% going forward, excluding one-off price cuts.

Q1 FY25Value-volume gap to remain at 5-6%Active

The gap between volume growth and value growth is expected to stay in the 5-6% range, aided by price increases and mix improvement.

Q2 FY25Price increase of 1.2% to fully reflect in Q3Active

The 1.2% price increase taken in Q2 will fully impact Q3, aiding margin recovery.

Q4 FY25Single-digit value growth for Asian Paints in FY26Tracked

Management expects single-digit value growth for the company in FY2026, driven by government spending recovery, mid-to-luxury housing demand, and rural demand.

Q2 FY26Mid-digit value growth for FY26Tracked

Management expects full-year value growth in mid-single digits, with volume growth outpacing value by 4-5%.