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Revenue
₹8,867 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Asian Paints reported a 7.9% volume growth in Q3 FY26, with decorative volume growth at 8.3% 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% (+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% 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume growth to sustain in the 8-10% range for Q4 and near term, with value growth around 5-6% due to mix shift.
- Despite higher gross margins, management reiterated the 18-20% EBITDA margin band, citing competitive intensity and investments.
- Management expects B2B and industrial growth to continue outpacing retail, driven by government and private capex.
- Management stated no immediate price cuts, but will monitor raw material volatility and competitive actions.
Risks flagged
- Industry growth remains muted due to changing consumption patterns, lower painting frequency, and shift to destination weddings.
- New player price hikes seen as artificial; competitive pressure expected to remain elevated, potentially impacting pricing power.
- Crude and TiO2 prices could spike due to geopolitical tensions, impacting margins despite current deflation.
- White teak and bath categories remain weak; impairment of ~₹944 crore taken in white goods business.
Key quotes
- We have been able to drive a strong high-digit volume growth of 7.9% which is strong.
- The whole area of backward integration... will kind of give us a lot of advantages as we kind of go ahead.
- We would kind of keep the guidance between that 18 and 20% as we kind of go ahead.
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