Asian Paints

Asian Paints reported a 7.9% volume growthCurrent 7.9% volume growth. Reported change: +7.9pp YoY. in Q3 FY26, with decorative volume growth at 8.3%Current 8.3%. Reported change: +8.3pp YoY. including industrial. Value growth lagged at 2.8% (decorative) and 4.4% (overall), reflecting a ~5% volume-value gap due to mix shift toward economy segments. Gross margins hit an all-time high of 44.9%Current 44.9%. Reported change: +200bps YoY. (+200bps YoY) aided by raw material deflation and cost efficiencies. Management maintained EBITDA margin guidance of 18-20%, citing competitive intensity and investments in brand, services, and technology. The B2B and industrial segments grew strongly (17%Current 17%. Reported change: +17% YoY. and 16% respectively), while retail demand remained subdued due to a shorter festive season and prolonged monsoon. Rural outperformed urban. The key risk is sustained weak consumption and competitive pricing pressure from new entrants.