Asian Paints ends FY26 with a sharp Q4 rebound as volumes recover and margins expand

Consolidated net sales were 9,228.5 crore in Q4 FY26, up 10.8% year on year. PBDIT margin was 19.4%, up 210 bps versus Q4 FY25.

Standalone net sales were 7,894.1 crore in Q4 FY26, up 10.3% year on year. Standalone PBDIT margin was 21.2%, up 260 bps versus Q4 FY25.

Decorative business (India) delivered volume growth of 12.4% and value growth of 10.2% in Q4 FY26 as per the investor presentation and press release.

International business net sales rose 8.9% to 3,339.7 crore in FY26. Profit before exceptional items and tax increased to 266.4 crore in FY26 from 140.1 crore in FY25.

Management stated there was no let-up in discounting in the market and that discounting intensity is expected to continue across retailers, contractors and other stakeholders.

Management said demand conditions are holding steady but macro volatility persists due to West Asia conflict-linked inflation risks. It cited around 10.4% cumulative price increase in India decorative so far and indicated calibrated pricing actions alongside sourcing and cost optimization.

Management said the VAM-VAE project is on track and expects to commission the first phase in H1 FY27. In Q&A, it clarified that VAE is expected first, with full benefits phased over about 1.5 to 2 years.