ASIANPAINT / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Asian Paints · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

12

Answered directly

33%

Numeric claims

0

Consistency

Question ledger

What was answered, and how?

Abneesh Roy · Nuvama

partial

How many states have regional offerings and is growth faster there? Also demand from new homes.

We now almost cater to almost about 8-9 states, where we have kind of taken different kind of products. The proof of the concept comes in from the point of view of we are saying that, one, there is an acceleration in terms of what we see in terms of the growth which happened.

Abneesh Roy · Nuvama

evasive

Strategy on pricing and media spend, share of voice, digital vs traditional split.

We are very clear that... we look at a certain overall pricing from a market perspective... not tinkering with the prices... Our digital spends have also increased... Possibly from a share of voice point of view, we are leading the game today...

Manoj Menon · ICICI Securities

direct

Why is industry growth muted despite your initiatives and increased media spends?

There is a little bit cyclicity to it... consumption trends... frequency of painting has come down... occasion-led painting has also kind of really come down... wedding is a very big phenomenon... more destination weddings happening than home weddings...

Manoj Menon · ICICI Securities

evasive

Confidence level (60-100%) of material market share gains in next 12-18 months?

I think that's the endeavor in terms of what we want to kind of take. All our strategies are geared towards the fact that today, we would like to possibly grow, to some extent, higher than the market. We are reasonably confident in terms of doing that.

Avi Mehta · Macquarie

partial

Growth momentum in decorative paints: November and December vs overall Q3?

October was definitely depressed... growths came in were, you know, definitely much higher in the months of November and December. In fact, the exit growth rates were even higher than what possibly we saw in November... October was largely possibly... very little growths.

Avi Mehta · Macquarie

evasive

By when do you see volume growth moving to double digit?

Progressively, we see that this is the third quarter in terms of which is seeing volume growth. In fact, last quarter we had a double digit. This year, we had high single digit to that extent. So possibly, I see that I think that regime should kind of really continue...

Avi Mehta · Macquarie

evasive

Home décor profitability and whether consolidation is impacting sales growth.

As far as décor is concerned, it's a very, very fragmented market... What we are leading the game is, one, we are looking at maximizing our sales on the Beautiful Homes stores... We are opening some of the stores every year... we spend sensibly here...

Mihir Shah · Nomura

partial

Volume growth outlook for coming quarters and January trend.

We are seeing some of the trajectory of December into January as well... I think as we go ahead, I think this band would kind of remain in terms of what we would be able to target for the quarter four as well...

Mihir Shah · Nomura

evasive

Can margins sustain at current levels? Any case for price cut?

At the moment, I don't think so we are looking at any price changes as we kind of go ahead... we want to kind of really look at spending very, very constructively from a point of view of brand building...

Mihir Shah · Nomura

partial

Update on NeoBharat latex paints and share gains from unorganized players.

We had launched NeoBharat... we have seeded in terms of certain states where we would kind of continue to focus... we are seeing some uptick for us, which comes in from the point of view of those geographies, digging into some of the unorganized markets...

Percy Panthaki · IIFL

evasive

What is constraining domestic growth: competition or weak industry? Will improvement be certain or hope?

The overall coatings growth is about 4.4%, and even from a point of view of volume level, it goes to almost about 8.5%... we believe that... it should be possibly higher than the industry average... I think that band of 8%-10% from a volume... is a good growth...

Percy Panthaki · IIFL

direct

Will volume-value gap become zero or remain at 3-4%?

The gap has come down... earlier... used to be... 6%-8%... I would kind of really say that this 4%-5% is a more realistic thing, which would remain in the market in terms of going forward.