Asian Paints Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Asian Paints Q4 FY26: Revenue ₹9,246.70 Cr (vs ₹8,358.91 Cr YoY), PAT ₹1,185.49 Cr (vs ₹700.83 Cr YoY)
Consolidated Q4 FY26 revenue increased to ₹9,246.70 Cr driven by double-digit volume growth in domestic decorative and industrial coatings, while consolidated PAT rose to ₹1,185.49 Cr on margin expansion and cost discipline. PBDIT margin expanded to 19.4% in Q4 FY26 supported by material deflation and operational efficiencies. Management recommended a final dividend of ₹23 per share (total ₹27.50 per share for FY26) and noted near-term external uncertainty from the West Asia conflict but expressed resilience. The company continues targeted capex and international portfolio improvements while...Consolidated Revenue from operations (Q4 FY26)
₹9,246.70 Crvs ₹8,358.91 Cr in Q4 FY25
Consolidated Profit for the period (Q4 FY26)
₹1,185.49 Crvs ₹700.83 Cr in Q4 FY25
Consolidated PBDIT (Q4 FY26)
₹1,786.60 Crvs ₹1,436.20 Cr in Q4 FY25
Consolidated PBDIT margin (Q4 FY26)
19.4% of Net Salesvs 17.2% in Q4 FY25
Basic EPS (Consolidated, Q4 FY26)
₹12.23* per sharevs ₹7.22* per share in Q4 FY25
International Net Sales (Q4 FY26)
₹888.10 Crvs ₹799.70 Cr in Q4 FY25
Exceptional items (Consolidated, Q4 FY26)
₹157.61 Crvs ₹182.96 Cr in Q3 FY26
Key Highlights
9
Domestic Decorative business delivered volume growth of 12.4% in Q4 FY26, driving core demand expansion in India, supporting consolidated Net Sales growth; management attributes this to improving retail traction and distribution execution
Industrial Coatings showed strong double-digit growth in Q4 FY26 (domestic coatings value growth ~11.0%) led by Automotive, General Industrial and Protective segments, which aided overall margin and revenue mix improvement
Margin expansion in Q4 FY26 was driven by material deflation and operational efficiencies, which management cites as the primary reason for the PBDIT margin widening to 19.4%
Company recommended a final dividend of ₹23 per share (Record Date 23 June 2026), taking total FY26 dividend to ₹27.50 per share, reflecting strong cash generation and shareholder return focus
International business improved profitability in Q4 FY26 with Net Sales up in INR terms (+11.0%) and 8.2% in constant currency, reflecting recovery in Sri Lanka, Egypt and UAE markets and better pricing/ mix
Home Décor verticals showed mixed performance
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Key Highlights
9
Domestic Decorative business delivered volume growth of 12.4% in Q4 FY26, driving core demand expansion in India, supporting consolidated Net Sales growth; management attributes this to improving retail traction and distribution execution
Industrial Coatings showed strong double-digit growth in Q4 FY26 (domestic coatings value growth ~11.0%) led by Automotive, General Industrial and Protective segments, which aided overall margin and revenue mix improvement
Margin expansion in Q4 FY26 was driven by material deflation and operational efficiencies, which management cites as the primary reason for the PBDIT margin widening to 19.4%
Company recommended a final dividend of ₹23 per share (Record Date 23 June 2026), taking total FY26 dividend to ₹27.50 per share, reflecting strong cash generation and shareholder return focus
Consolidated cash generation remained robust in FY26 with Net Cash generated from operating activities at ₹7,088.18 Cr for the year, underpinning capex and dividend capacity
International business improved profitability in Q4 FY26 with Net Sales up in INR terms (+11.0%) and 8.2% in constant currency, reflecting recovery in Sri Lanka, Egypt and UAE markets and better pricing/ mix
Home Décor verticals showed mixed performance
On 16 Jan 2026 the Group’s shareholding in Asian White Cement Holdings Ltd reduced from 70% to 60% following issuance of sweat equity to a JV partner, representing a strategic adjustment in the White Cement JV ownership
NCLT-approved Scheme of Amalgamation of Asian Paints (Polymers) Private Limited with the Parent became effective on 31 Mar 2026 with appointed date 1 Apr 2025 and management states no material impact on results
Guidance & Outlook
5
Management expects to navigate near-term demand volatility from the West Asia conflict and remains focused on execution discipline and cost control to sustain margins
Shareholder returns remain a priority as evidenced by the recommended final dividend of ₹23 per share and continued strong free cash flow generation for funding dividends and capex
Company will continue investments in long-term growth drivers despite margin tailwinds, with FY26 capex activity including significant spends on property, plant and equipment (ongoing purchases disclosed in cash flow)
International business to focus on profitability improvement in key markets (Sri Lanka, Egypt, UAE) while monitoring currency volatility; management highlighted 8.2% constant-currency growth in Q4 FY26
Company to host investor conference to comment on business and financial performance which indicates continued engagement and transparency with investors
Risks & Concerns
5
External geopolitical risk
West Asia conflict cited by management as contributing to near-term uncertainty in demand for select international markets, posing revenue and margin downside risk
Input-cost rebound risk
Forex and country-risk in international markets
Exceptional items
Concentration risk in domestic decorative demand
AI-generated analysis. May contain inaccuracies — verify against original sources.