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Asian Paints Q3FY26 (Consolidated) results
27 Jan 2026, 3:11PM

  • Asian Paints Ltd’s (APL’s) consolidated revenue grew by 3.7% y-o-y to Rs. 8,867 crore against our expectation of Rs. 9,108 crore. Domestic decorative paints business registered volume growth of 7.9% and value growth of 2.8%. Bath fitting business revenue declined by 4.1% y-o-y, while kitchen business registered 2.6% y-o-y growth. White Teak and Weatherseal reported y-o-y revenue growth of 12.4% and 58.6% y-o-y, respectively. Industrial businesses - PPG-AP and AP-PPG reported revenue growth of 16.9% and 16.5% y-o-y, respectively. International business grew by 6.3% y-o-y.
  • Gross margin increased by 197 bps y-o-y to 44.4%, while OPM improved by 94 bps y-o-y to 20.1%, beating our expectation of 19.7%.
  • Operating profit grew by 8.8% y-o-y to Rs. 1,781 crore. In line with operating profit growth, adjusted PAT grew by 6.3% y-o-y to Rs. 1,200 crore, slightly lower than our expectation of Rs. 1,227 crore. Reported PAT fell by 4.8% y-o-y to Rs. 1,074 crore. 

Results (Consolidated)                                                                         Rs. crore

Particulars

Q3FY26

Q3FY25

y-o-y (%)

Q2FY26

q-o-q (%)

Total Revenue

8,867.0

8,549.4

3.7

8,531.3

3.9

Operating Profit

1,781.0

1,636.7

8.8

1,503.6

18.4

Adjusted PAT after MI

1,200.0

1,128.4

6.3

1,018.5

17.8

Exceptional Items

126.1

0.0

-

0.0

-

Reported PAT

1,073.9

1,128.4

-4.8

1,018.5

5.4

Adj. EPS (Rs)

12.5

11.8

6.3

10.6

17.8

 

 

 

Bps

 

bps

GPM (%)

44.4

42.4

197

43.2

122

OPM (%)

20.1

19.1

94

17.6

246

NPM (%)

12.1

13.2

-109

11.9

17

Tax rate (%)

28.3

26.5

171

27.6

67

 

Actual vs estimates                                                   Rs. crore

Particulars

Q3FY26

Q3FY26E

% var

Total Revenue

8,867.0

9,108.3

-2.6

Operating Profit

1,781.0

1,793.2

-0.7

Adjusted PAT after MI

1,200.0

1,227.2

-2.2

 

 

 

bps

GPM (%)

44.4

44.0

41

OPM (%)

20.1

19.7

40

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