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The brokerage expects Asian Paints to deliver volume growth of about 11% in Q4, aided by improving cost dynamics and a shift toward more rational competitive behaviour in the industry. It noted that a new paint entrant is likely to adopt a more measured strategy following price hikes implemented in January.
The research firm also expects a reversal of the earlier 10% promotional intensity on 4-litre packs. From a valuation perspective, the brokerage said Asian Paints is now trading in a more comfortable zone.
Asian Paints, established in 1942, is the largest listed company in India's decorative paints segment. It ranked among the top eight decorative coatings companies in the world. It is engaged in the business of manufacturing, selling, and distributing paints, coatings, and products related to home décor and bath fittings and providing related services.
The company’s consolidated net profit declined 4.55% to Rs 1,059.87 crore in Q3 FY26 as against Rs 1,110.48 crore in Q3 FY25. However, revenue from sales rose 3.85% year on year (YoY) to Rs 8,849.72 crore in Q3 FY26.
Asian Paints Ltd fell 6.27% today to trade at Rs 2460.4. The BSE Consumer Durables index is down 0.93% to quote at 55656.76. The index is down 6.72 % over last one month. Among the other constituents of the index, Berger Paints India Ltd decreased 0.55% and Blue Star Ltd lost 0.42% on the day. The BSE Consumer Durables index went down 1.33 % over last one year compared to the 7.89% surge in benchmark SENSEX.
Asian Paints Ltd has lost 11.34% over last one month compared to 6.72% fall in BSE Consumer Durables index and 3.31% drop in the SENSEX. On the BSE, 13610 shares were traded in the counter so far compared with average daily volumes of 50500 shares in the past one month. The stock hit a record high of Rs 2985.5 on 04 Dec 2025. The stock hit a 52-week low of Rs 2125 on 04 Mar 2025.
However, revenue from sales rose 3.85% year on year (YoY) to Rs 8,849.72 crore in Q3 FY26.
Profit before exceptional items and tax increased by 8.5% to Rs 1,646.7 crore in Q3 FY26 from Rs 1,518.2 Crore in Q3 FY25.
PBDIT (Profit before depreciation, interest, tax, other income, and exceptional items) (before share in profit of associates) increased 8.8% to Rs 1,781.4 crore in Q3 FY26 from Rs 1,636.7 crore in Q3 FY25.
In Q3 FY26, PBDIT margin as % to Net Sales increased to 20.1%, up from 19.2% posted in the same quarter last year.
The company recognised exceptional items totalling Rs 157.61 crore in its consolidated financial results for Q3 FY26. This included a one-time labour code impact of Rs 63.74 crore, arising from an increase in gratuity liability of Rs 52.88 crore and a rise in compensated absences liability of Rs 10.86 crore, along with an impairment loss of Rs 93.87 crore on intangible assets related to the acquisition of Obgenix Software (White Teak).
The Decorative Business in India delivered strong volume growth of 7.9% despite a shorter festive period and an extended monsoon, while value growth stood at 2.8%. Although demand remained subdued, a series of internal initiatives helped drive resilient performance.
Net sales from the International Business rose 6.3% year-on-year to Rs 869.6 crore in Q3 FY26, driven by strong performance in Sri Lanka, the UAE, and Ethiopia.
Within the industrial business segment, revenue from APPPG increased 16.5% year-on-year to Rs 334.7 crore in Q3 FY26, while PPGAP sales rose 16.9% year-on-year to Rs 713.3 crore in Q3 FY26.
Within the Home Décor segment, net sales from the Bath Fittings business declined 4.1% year-on-year to Rs 84 crore in Q3 FY26 from Rs 87.6 crore in Q3 FY25.
Kitchen business net sales increased 2.6% year-on-year to Rs 105.4 crore in Q3 FY26 from Rs 102.8 crore in Q3 FY25.
Meanwhile, net sales at White Teak rose 12.4% year-on-year to Rs 29.2 crore, while Weatherseal posted a sharp 58.6% year-on-year increase to Rs 18.7 crore in Q3 FY26.
Amit Syngle, managing director & CEO of Asian Paints, said, “We had a third consecutive quarter of good volume growth with our India Decorative Business delivering a robust 7.9% volume growth in the quarter. The overall coatings business registered a 4.4% revenue growth for the quarter with Decorative business revenue growth of 2.8%.
This performance for the quarter reflects the sustained momentum delivered through persistent actions across our identified growth initiatives even as the broader market faced persistent competitive intensity and subdued demand conditions.
We have intensified our brand building efforts, launched a robust wave of retailing initiatives and introduced a wide range of innovative product and service propositions. Our disciplined cost management, backward integration efforts and enhanced operational efficiencies enabled us to fuel these brand investments while simultaneously improving our operating margins.
Our industrial coatings segment registered good double-digit growth, boosting our overall coatings performance. In the same league, our international business achieved a 6.3% revenue increase led by steady performance in key markets of UAE, Sri Lanka and Ethiopia. As the external environment remains dynamic, we continue to drive differentiated strategies, harness our structural strengths, and embrace technology to sustain momentum, respond with agility, creating long term value for all stakeholders.”
Asian Paints Ltd rose 0.87% today to trade at Rs 2839. The BSE Consumer Durables index is up 0.4% to quote at 61485.6. The index is up 1.08 % over last one month. Among the other constituents of the index, Titan Company Ltd increased 0.39% and Voltas Ltd added 0.19% on the day. The BSE Consumer Durables index went down 5.65 % over last one year compared to the 9.45% surge in benchmark SENSEX.
Asian Paints Ltd has lost 4.32% over last one month compared to 1.08% gain in BSE Consumer Durables index and 0.44% drop in the SENSEX. On the BSE, 1648 shares were traded in the counter so far compared with average daily volumes of 32813 shares in the past one month. The stock hit a record high of Rs 2985.5 on 04 Dec 2025. The stock hit a 52-week low of Rs 2125 on 04 Mar 2025.
Asian Paints Ltd, Coforge Ltd, Apollo Micro Systems Ltd and H.G. Infra Engineering Ltd are among the other losers in the BSE's 'A' group today, 09 December 2025.
eClerx Services Ltd crashed 5.26% to Rs 4530 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 7423 shares were traded on the counter so far as against the average daily volumes of 23209 shares in the past one month.
Asian Paints Ltd lost 4.27% to Rs 2801. The stock was the second biggest loser in 'A' group.On the BSE, 54014 shares were traded on the counter so far as against the average daily volumes of 81194 shares in the past one month.
Coforge Ltd tumbled 4.25% to Rs 1868.9. The stock was the third biggest loser in 'A' group.On the BSE, 80499 shares were traded on the counter so far as against the average daily volumes of 48919 shares in the past one month.
Apollo Micro Systems Ltd shed 4.02% to Rs 238.85. The stock was the fourth biggest loser in 'A' group.On the BSE, 7.48 lakh shares were traded on the counter so far as against the average daily volumes of 4.15 lakh shares in the past one month.
H.G. Infra Engineering Ltd pared 3.89% to Rs 764. The stock was the fifth biggest loser in 'A' group.On the BSE, 37170 shares were traded on the counter so far as against the average daily volumes of 14517 shares in the past one month.
Asian Paints’ step-down subsidiary, Berger Paints Emirates (L.L.C), UAE proposes to set up its second paint manufacturing facility in UAE with an investment of AED 140 million (approximately Rs 340 crore), having an initial capacity of 55,800 KL per annum.
Havells India board has approved acquiring a stake of 26% in Kundan Solar (Pali), a special purpose vehicle (SPV), established for the business of developing, installing, operating, managing and maintaining solar power plant.
One97 Communications (Paytm)’s wholly owned subsidiary, Paytm Payments Services has received certificate of authorization (COA) to operate as a payment aggregator under the Payment and Settlement Systems Act, 2007.
Info Edge (India) has agreed to invest Rs 5 crore in its wholly owned subsidiary, Smartweb Internet Services and about Rs 70 crore in its arm Startup Investments.
M&B Engineering’s wholly owned subsidiary, Phenix Construction Technologies INC., USA, secured a sizable export order for design, manufacturing and supply of pre-engineered building/ structural steel to its customer in the USA. The said order is worth Rs 7.53 million.
Axis Bank appointed Anand Viswanathan as chief risk officer for a period of 3 years with erfect from 1 January 2026 to 31 December 2028. Amit Talgeri will cease to be the chief risk officer upon completion of his 2nd term, with effect from close of business hours of December 31, 2025.
Realty, IT and metal shares declined while private and PSU bank shares advanced.
At 13:30 IST, the barometer index, the S&P BSE Sensex, fell 78.22 points or 0.09% to 84,874.05. The Nifty 50 index lost 43.65 points or 0.16% to 25,972.15.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.53% and the S&P BSE Small-Cap index slipped 0.64%.
The market breadth was weak. On the BSE, 1,463 shares rose and 2,600 shares fell. A total of 177 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.67% to 12.10.
Gainers & Losers:
Bharti Airtel (up 2.07%), Axis Bank (up 1.72%), Asian Paints (up 0.80%), Powergrid Corporation of India (up 0.77%) and Maruti Suzuki India (up 0.57%) were the major Nifty50 gainers.
Interglobe Aviation (Indigo) (down 2.03%), Tech Mahindra (down 1.80%), Hindalco Industries (down 1.29%), Bajaj Finance (down 1.25%) and Infosys (down 1.23%) were the major Nifty50 losers.
Stocks in Spotlight:
DCX Systems rose 0.39% after the company said that it has, along with its subsidiary Raneal Advanced Systems, received purchase orders totaling Rs 22.89 crore.
Mufin Green Finance advanced 1.19% after the company announced that its board is scheduled to meet on Thursday, 20 November 2025, to consider fund raising funds via debt securities on a private placement basis.
WPIL surged 5.93% after its South African subsidiary has secured a major contract from METSI KE MATLA JV. The total value of the contract stands at 821 million Rand (Rs 426 crore), with a project execution timeline of 48 months, the company said.
Fairchem Organics surged 14.80% after the company’s board announced that it will meet on Thursday, 20 November 2025, to consider the buyback of fully paid up equity shares.
Newgen Software Technologies shed 0.62%. The company has secured a contract worth GBP 1,468,804 (approximately Rs 1.5 crore) from an overseas entity based in the United Kingdom. Under the contract, Newgen will provide software licenses, AWS managed cloud services, and implementation support. The engagement involves deploying Newgen’s Contract Management platform across the customer’s enterprise, enabling users to create and manage policy documents efficiently.The order has been awarded by an international entity and is scheduled to be executed over a 3-year period.
Sayaji Hotels fell 1.43%. The company has announced that it has signed a Hotel Management Agreement with Om Shivam Buildcon to provide operational services and manage the company’s properties in line with its brand standards.
Global Market:
European and Asia-Pacific markets declined Tuesday, following a tech-led slide on Wall Street.
Overnight in the U.S., stocks pulled back, plagued once again by declines in tech, as Wall Street awaited key releases this week, including Nvidia earnings and the September jobs report.
The Dow Jones Industrial Average lost 557.24 points, or 1.18%, to close at 46,590.24, as losses in the artificial intelligence chip darling, along with Salesforce and Apple, pushed the blue-chip index lower. The S&P 500 sank 0.92% to end the day at 6,672.41, while the Nasdaq Composite tumbled 0.84% to settle at 22,708.07.
The AI sector faced market pressure, with Nvidia dropping nearly 2% ahead of its third-quarter results scheduled for Wednesday after the market close. This decline, shared by other AI-related stocks, reflected growing investor anxiety regarding stretched valuations within the chipmaker and related technology companies.
The concern also impacted financial institutions linked to the sector. Blue Owl Capital, a private credit lender, shed nearly 6% amid worries surrounding its substantial lending exposure to the ongoing AI data center buildout.