Earnings · Asian Paints
Asian Paints’ December 2025 quarter on one page: the three profit numbers explained, what the Rs 157.6 crore exceptional charge did, every business, and the base that Q2 FY27 results on 29 October 2026 will be compared with.
Quick answer
Asian Paints Q3 results FY26 (quarter ended 31 December 2025, declared 27 January 2026): consolidated net sales rose 3.9% to Rs 8,849.7 crore and PBDIT rose 8.8% to Rs 1,781.0 crore, but net profit after minority interest fell 4.6% to Rs 1,059.9 crore because of Rs 157.6 crore of exceptional items.
Latest update (27 October 2026, 10:30 PM IST): Asian Paints’ board is reported to meet on Thursday, 29 October 2026 to consider Q2 FY27 results and an interim dividend. No Q2 FY27 numbers were out as of this time. This page was rebuilt from the company’s filings and press releases.
Key takeaways
- Net profit: Rs 1,059.9 crore after minority interest, down 4.6% from Rs 1,110.5 crore. Rs 1,073.9 crore including minority interest.
- Operations: PBDIT up 8.8% to Rs 1,781.0 crore; margin 20.1% against 19.2%.
- Exceptional items: Rs 157.6 crore pre-tax. Net profit before minority interest and exceptional items rose 7.7% to Rs 1,215.7 crore.
- Demand: India decorative volume +7.9%, value only +2.8%.
- Since then: Q1 FY27 net profit after minority interest was Rs 1,539.3 crore (+40.0%).
- Next: board meeting on Thursday, 29 October 2026. Year-ago base: net sales Rs 8,513.7 crore, net profit Rs 993.6 crore.
In plain words: PBDIT is operating profit before depreciation, interest, tax, other income and exceptional items. “Exceptional items” are one-off gains or charges that the company reports separately. “Minority interest” is the share of subsidiary profit that belongs to outside shareholders.
Data note: as of 27 October 2026, 10:30 PM IST. Q3 FY26 consolidated figures follow the company’s 27 January 2026 results release as carried by multiple reports; standalone figures are from the exchange filing. Derived numbers are labelled “my calculation”. Correction: an earlier version of this page showed Rs 8,675 crore sales, a 16.8% margin and Rs 1,025 crore profit. Those did not match the filings (Rs 1,025.3 crore is the standalone profit). They are replaced here.
Asian Paints Q3 Results FY26: What Were the Key Numbers?
Asian Paints’ consolidated net sales rose 3.9% to Rs 8,849.7 crore in the quarter ended 31 December 2025, and PBDIT rose 8.8% to Rs 1,781.0 crore. The company declared the numbers on Tuesday, 27 January 2026. The cards show the headline figures. The table sets each line against the year-ago quarter, in Rs crore.
| Consolidated, Rs crore | Q3 FY26 | Q3 FY25 | YoY | Why it matters |
|---|---|---|---|---|
| Net sales (press release) | 8,849.7 | 8,521.5 | +3.9% | The company’s headline sales line |
| Revenue from operations (exchange filing) | 8,867.0 | 8,549.4 | +3.7% | Includes other operating revenue |
| PBDIT | 1,781.0 | 1,636.7 | +8.8% | Operating strength |
| PBDIT margin | 20.1% | 19.2% | +90 bps | Margin expanded, not shrank |
| Profit before exceptional items and tax | 1,646.7 | 1,518.2 | +8.5% | Profit before the one-off charge |
| Exceptional items (pre-tax) | (157.6) | Nil | n.a. | Labour Codes and impairment, as reported |
| Profit before tax | 1,489.1 | 1,518.2 | -1.9% | After the charge (my calculation) |
| Net profit before minority interest and exceptional items | 1,215.7 | 1,128.4 | +7.7% | Underlying profit trend |
| Net profit including minority interest | 1,073.9 | 1,128.4 | -4.8% | Statutory profit for the period |
| Net profit after minority interest | 1,059.9 | 1,110.5 | -4.6% | Owners’ share, company headline |
| Basic EPS (Rs per share) | 11.06 | 11.58 | -4.5% | Per-share view |
Two sales numbers circulate. Rs 8,849.7 crore is “net sales” in the press release. Rs 8,867.0 crore is “revenue from operations” in the exchange filing. Both are right; the gap is Rs 17.3 crore of other operating revenue (my calculation).
Cite this table: PositionalCalls, “Asian Paints Q3 FY26 consolidated key numbers, as of 27 October 2026”.
Asian Paints Q3 Net Profit: Rs 1,059.9 Crore, Rs 1,073.9 Crore or Rs 1,025.3 Crore?
All three are correct, for three definitions: Rs 1,059.9 crore is the owners’ share after minority interest, Rs 1,073.9 crore includes minority interest, and Rs 1,025.3 crore is the standalone profit of Asian Paints Limited alone. News desks pick different ones, which is why searches for Asian Paints Q3 net profit show different figures.
| Profit definition | Basis | Q3 FY26 (Rs crore) | Q3 FY25 (Rs crore) | YoY |
|---|---|---|---|---|
| Net profit after minority interest | Consolidated, owners’ share (company headline) | 1,059.9 | 1,110.5 | -4.6% |
| Net profit including minority interest | Consolidated, statutory profit for the period | 1,073.9 | 1,128.4 | -4.8% |
| Standalone net profit | Asian Paints Limited alone | 1,025.3 | 1,104.1 | -7.1% |
The gap between the first two is about Rs 14.0 crore (my calculation: 1,073.92 minus 1,059.87). It is the profit that belongs to minority holders in subsidiaries. Use one definition when you compare two quarters.
What does the standalone filing show?
The audited standalone results on NSE show revenue from operations of Rs 7,624.5 crore and a net profit of Rs 1,025.3 crore after an exceptional charge of Rs 166.5 crore. Standalone net sales were Rs 7,601.5 crore (+2.9%), as reported by the company.
| Standalone, Rs crore | Q3 FY26 | What it tells you |
|---|---|---|
| Profit before exceptional items and tax | 1,581.4 | Up 7.1% on Q3 FY25 (company) |
| Exceptional items | (166.5) | One-off charge |
| Profit before tax | 1,414.9 | After the charge |
| Total tax expense | 389.6 | 27.5% of profit before tax (my calculation) |
| Net profit | 1,025.3 | Down 7.1% from Rs 1,104.1 crore |
| Basic EPS (Rs) | 10.70 | Per share, standalone |
Cite this table: PositionalCalls, “Asian Paints Q3 FY26 net profit: three definitions, as of 27 October 2026”.
Why Did Asian Paints’ Profit Fall When Operating Profit Rose?
Because Rs 157.6 crore of exceptional items hit the quarter. Profit before exceptional items and tax rose 8.5% to Rs 1,646.7 crore. After the charge, profit before tax fell about 1.9% to Rs 1,489.1 crore (my calculation). Reports tie the charge to the new Labour Codes and to an impairment of intangible assets linked to the White Teak acquisition.
| Consolidated bridge | Rs crore | Note |
|---|---|---|
| PBDIT | 1,781.0 | +8.8% YoY |
| Profit before exceptional items and tax | 1,646.7 | +8.5% YoY |
| Less: exceptional items | (157.6) | One-off, pre-tax |
| Profit before tax | 1,489.1 | -1.9% YoY (my calculation) |
| Net profit including minority interest | 1,073.9 | After tax and share of associates |
| Less: minority interest | (14.0) | My calculation |
| Net profit after minority interest | 1,059.9 | -4.6% YoY |
Net profit before minority interest and exceptional items was Rs 1,215.7 crore (+7.7%). Against the reported Rs 1,073.9 crore, the exceptional items cost about Rs 141.8 crore after tax (my calculation). That is the number that explains the headline fall.
How should you read an exceptional charge?
- Start with PBDIT. It shows whether the core business earned more.
- Move to profit before exceptional items. This strips the one-off line.
- Read the note. The filing says what the charge is and whether it is cash.
- Ask if it can repeat. A Labour Codes cost is a change in rules; an impairment is a write-down.
Cite this table: PositionalCalls, “Asian Paints Q3 FY26 profit bridge, as of 27 October 2026”.
How Did Each Asian Paints Business Perform in Q3 FY26?
India decorative paints grew volume 7.9% but value only 2.8%; industrial coatings grew in double digits and international sales rose 6.3%. The overall coatings business grew revenue 4.4%.
| Business | Q3 FY26 | Change YoY | What it tells you |
|---|---|---|---|
| India decorative paints | Volume +7.9%, value +2.8% | Revenue +2.8% | Volume strong despite a shorter festive period and an extended monsoon |
| Industrial: APPPG | Rs 334.7 crore | +16.5% | Double-digit growth |
| Industrial: PPGAP | Rs 713.3 crore | +16.9% | Double-digit growth |
| International | Rs 869.6 crore | +6.3% (from Rs 818.0 crore) | Led by Sri Lanka, UAE and Ethiopia |
| Bath fittings | Rs 84.0 crore | -4.1% (from Rs 87.6 crore) | Still shrinking |
| Kitchen | Rs 105.4 crore | +2.6% (from Rs 102.8 crore) | Small and growing |
The decorative gap matters most. Volume grew 5.1 percentage points faster than value (my calculation: 7.9 minus 2.8). Paint volume is litres sold; value is rupees earned. A wide gap means more discounting or a cheaper product mix. International is about 9.8% of consolidated net sales (my calculation: 869.6 divided by 8,849.7).
For a peer read in the same December quarter, see HUL’s Q3 results, Nestlé India’s Q3 results and Dabur’s Q3 FY26 results.
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Did Asian Paints’ Margin Fall in Q3 FY26?
No. Consolidated PBDIT margin rose to 20.1% from 19.2%, a gain of 90 basis points. Standalone PBDIT margin rose to 21.4% from 20.4%. Against Q2 FY26 (17.7%), the margin was 2.4 percentage points higher (my calculation).
| Quarter | Consolidated PBDIT margin | Decorative volume | Decorative value |
|---|---|---|---|
| Q3 FY25 | 19.2% | +1.6% | -7.8% |
| Q2 FY26 | 17.7% | +10.9% | +6.0% |
| Q3 FY26 | 20.1% | +7.9% | +2.8% |
| Q4 FY26 | 19.4% | +12.4% | +10.2% |
| Q1 FY27 | 20.6% | +9.0% | +16.6% |
The trend shows volume recovering first and value following. Value caught up in Q4 FY26 and Q1 FY27 when price increases came through. In Q1 FY27 the weighted decorative price increase was reported at 6.8%. Management guidance for FY27, as reported, is volume growth of 8% to 10% and a PBDIT margin of 18% to 20%.
How much of the PBDIT rise came from sales and how much from margin?
PBDIT rose Rs 144.3 crore. About Rs 63.0 crore (44%) came from higher sales at last year’s margin, and about Rs 81.3 crore (56%) came from the better margin (my calculation, using unrounded ratios of 19.21% and 20.12%). Margin did more of the work than growth.
Cite this table: PositionalCalls, “Asian Paints Q3 FY26 PBDIT growth split, as of 27 October 2026”.
What Has Changed at Asian Paints Since the Q3 FY26 Results?
Profit has recovered sharply: Q1 FY27 net profit after minority interest was Rs 1,539.3 crore, up 40.0%, on net sales up 17.9% to Rs 10,521.4 crore. The company declared Q1 FY27 on Wednesday, 29 July 2026.
Q4 FY26 came first. On the 29 May 2026 earnings call the company reported decorative volume growth of 12.4% and value growth of 10.2%, with a consolidated PBDIT margin of 19.4%, as summarised by call reports. It also announced a final dividend of Rs 23 per share.
| Consolidated, Rs crore | Q1 FY27 | Q1 FY26 | YoY |
|---|---|---|---|
| Net sales | 10,521.4 | 8,924.5 | +17.9% |
| PBDIT | 2,168.8 | 1,625.0 | +33.5% |
| PBDIT margin | 20.6% | 18.2% | +240 bps |
| Profit before tax | 2,095.7 | 1,508.7 | +38.9% |
| Net profit after minority interest | 1,539.3 | 1,099.8 | +40.0% |
| International net sales | 936.5 | 736.1 | +27.2% |
| Decorative volume / value | +9.0% / +16.6% | n.a. | Price increases helped value |
Source: Asian Paints Q1 FY27 press release, 29 July 2026. Q1 FY27 is not a clean read on demand: value growth of 16.6% includes price increases. Volume growth of 9.0% is the better test.
What Is the Base Asian Paints Must Beat in Q2 FY27 Results on 29 October 2026?
The year-ago base is Q2 FY26: consolidated net sales of Rs 8,513.7 crore, PBDIT of Rs 1,503.4 crore at a 17.7% margin, and net profit after minority interest of Rs 993.6 crore. The board is reported to meet on Thursday, 29 October 2026 for Q2 and H1 FY27 results and to consider an interim dividend. No numbers were out as of 27 October 2026, 10:30 PM IST.
| Consolidated, Rs crore | Q2 FY26 (year-ago base) | Q1 FY27 (last reported) | What to check |
|---|---|---|---|
| Net sales | 8,513.7 | 10,521.4 | Growth over the base |
| PBDIT | 1,503.4 | 2,168.8 | Absolute operating profit |
| PBDIT margin | 17.7% | 20.6% | Against 18% to 20% FY27 guidance |
| Profit before tax | 1,391.5 | 2,095.7 | Any exceptional items |
| Net profit after minority interest | 993.6 | 1,539.3 | Use the same definition |
| Decorative volume / value | +10.9% / +6.0% | +9.0% / +16.6% | Volume against a high base |
| Standalone net sales | 7,335.9 | 9,156.5 | Standalone differs from consolidated |
Q2 FY26 volume growth of 10.9% is a high base. That makes volume the harder test in Q2 FY27. One preview reported by Zee Business in October 2026 expects EBITDA up 9.3% to Rs 1,643 crore and a margin near 17%. Treat that as one reported estimate, not a verified consensus.
What does the base imply? An arithmetic illustration, not a forecast
| Assumed net sales growth | Implied Q2 FY27 net sales (Rs crore) | 1 point of margin is worth (Rs crore) | Read-across |
|---|---|---|---|
| +8% | 9,194.8 | 91.9 | Volume-only growth at the low end of FY27 guidance |
| +12% | 9,535.3 | 95.4 | Volume plus part of the price increase |
| +17.9% | 10,037.7 | 100.4 | Same pace as Q1 FY27 |
My calculation: Rs 8,513.7 crore multiplied by 1.08, 1.12 and 1.179. A one-point change in margin moves PBDIT by roughly Rs 92 to 100 crore on that sales range.
Dividend facts. Asian Paints paid Rs 27.50 per share for FY26: an interim dividend of Rs 4.50 (record date 18 November 2025) and a final dividend of Rs 23 (record date 23 June 2026). For FY27 the record date is reported as Wednesday, 4 November 2026, if the board declares an interim dividend. Under T+1 settlement the ex-date normally falls on the record date, so buy before it. Dividend income is taxable; see our guide to dividend TDS and tax on shares. Confirm every date in the exchange filing, and read the 29 May 2026 board outcome.
Cite this table: PositionalCalls, “Asian Paints Q2 FY27 base to beat, as of 27 October 2026”.
Asian Paints Q2 FY27 Results-Day Checklist
- Compare net sales with Rs 8,513.7 crore and decorative volume with 10.9%.
- Check PBDIT margin against 17.7% a year ago and 20.6% in Q1 FY27.
- Note which profit is quoted: after minority interest, including minority interest or standalone.
- Open the notes for any exceptional item before reading the profit line.
- See the interim dividend amount against Rs 4.50 last year and the record date of 4 November 2026.
- Read the international line against Q1 FY27 growth of 27.2%.
- Check whether FY27 guidance of 8% to 10% volume growth is repeated.
Where Can You Read Asian Paints’ Results Yourself?
Read the filing on NSE or BSE, or the results and press-release pages of the company’s investor site. Doing it yourself takes about five minutes and removes any doubt about which profit figure a page is quoting.
- Open the investor page. Go to the Asian Paints investor relations page and pick the quarter’s press release.
- Check the exchange filing. On NSE or BSE, search for the company and open “Financial Results”. The standalone and consolidated results are separate files.
- Read the first table. Note whether the profit line is before or after minority interest.
- Open the notes. Exceptional items, Labour Codes and impairments are explained there.
- Compare the same quarter. Use the year-ago column, not the previous quarter.
What you need: a free exchange website and the company name or symbol (ASIANPAINT). What it costs: nothing. Safer alternative: if a social post shows a profit number, match it with the filing before you share it. Brokerage and demat charges apply only if you trade; check your broker’s current schedule.
What Most People Miss When Reading Asian Paints’ Results
Scam warning
Fake “results alert” groups and OTP requests are common around results. Read results only from the exchange or the company site, and never share an OTP or password.
Analyst’s Note: How to Read Asian Paints’ Q3 FY26 Numbers
- What stands out: margin did more of the work than sales in the PBDIT rise (56% against 44%, my calculation).
- Easy to miss: the standalone profit of Rs 1,025.3 crore is lower than the consolidated figure, and it is the one many pages mislabel.
- What would change the read: if Q2 FY27 shows volume growth below the 8% to 10% guidance while margin holds, price is carrying the numbers.
- Caution: these are reasoned observations from reported numbers, not forecasts or advice.
Bottom Line
Bottom line
Asian Paints’ December 2025 quarter was stronger than its headline. Sales rose 3.9%, PBDIT rose 8.8% and margin reached 20.1%, but Rs 157.6 crore of exceptional items cut net profit after minority interest 4.6% to Rs 1,059.9 crore. Since then Q1 FY27 profit rose 40.0%. The Q2 FY27 filing on 29 October 2026 will be read against a base of Rs 8,513.7 crore sales and Rs 993.6 crore profit.
Next read: Reliance Q2 FY27 results: date, base and what to read
Part of the Results and earnings series.
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Frequently Asked Questions on Asian Paints Q3 Results FY26
What are the Asian Paints Q3 results FY26 headline numbers?
Asian Paints Q3 results FY26 (quarter ended 31 December 2025, declared 27 January 2026): consolidated net sales Rs 8,849.7 crore (+3.9%), PBDIT Rs 1,781.0 crore (+8.8%), PBDIT margin 20.1% and net profit after minority interest Rs 1,059.9 crore (-4.6%).
What was Asian Paints Q3 net profit: Rs 1,059.9 crore, Rs 1,073.9 crore or Rs 1,025.3 crore?
All three are correct for different definitions. Rs 1,059.9 crore is consolidated profit after minority interest. Rs 1,073.9 crore includes minority interest. Rs 1,025.3 crore is the standalone profit of Asian Paints Limited alone.
Why did Asian Paints Q3 results FY26 show lower profit when PBDIT rose?
Exceptional items of Rs 157.6 crore hit the quarter. Profit before exceptional items and tax rose 8.5% to Rs 1,646.7 crore, but profit before tax fell about 1.9% to Rs 1,489.1 crore after the charge, as reported by the company.
What were the exceptional items in Asian Paints’ December quarter results?
The company reported exceptional items of Rs 157.6 crore on a consolidated basis. Reports link them to the impact of the new Labour Codes and an impairment of intangible assets tied to the White Teak acquisition. The notes to the filing carry the detail.
How much did Asian Paints’ decorative volume grow in Q3 FY26?
India decorative volume grew 7.9% in Q3 FY26, despite a shorter festive period and an extended monsoon. Value growth was only 2.8%, so revenue lagged volume by 5.1 percentage points (my calculation), per the company’s results commentary.
What was Asian Paints’ PBDIT margin in Q3 FY26?
Consolidated PBDIT margin was 20.1% against 19.2% in Q3 FY25, a rise of 90 basis points. PBDIT is the company’s operating profit before depreciation, interest, tax, other income and exceptional items, close to what most readers call EBITDA.
How did Asian Paints’ international business do in Q3 FY26?
International net sales rose 6.3% to Rs 869.6 crore from Rs 818.0 crore, led by Sri Lanka, the UAE and Ethiopia, as reported. That is about 9.8% of consolidated net sales (my calculation: 869.6 divided by 8,849.7).
When are Asian Paints’ Q2 FY27 results and will there be an interim dividend?
Asian Paints’ board is reported to meet on Thursday, 29 October 2026 to consider Q2 FY27 results and an interim dividend. The record date is Wednesday, 4 November 2026 if a dividend is declared. Confirm both in the exchange filing.
How did Asian Paints perform after Q3 FY26?
In Q1 FY27 (quarter ended 30 June 2026) net sales rose 17.9% to Rs 10,521.4 crore and net profit after minority interest rose 40.0% to Rs 1,539.3 crore, per the company’s 29 July 2026 press release.
What was Asian Paints’ total dividend for FY26?
Asian Paints paid Rs 27.50 per share for FY26: an interim dividend of Rs 4.50 (record date 18 November 2025) and a final dividend of Rs 23 (record date 23 June 2026), as reported from exchange data and the board outcome.
Sources
- Asian Paints Investor Relations
- NSE: Asian Paints standalone audited results, Q3 FY26, 27 January 2026
- Asian Paints press release, Q1 FY27, 29 July 2026
- Asian Paints press release, Q3 FY25
- Asian Paints board outcome, 29 May 2026
- Business Today, Outlook Business, Kalkine, Storyboard18, Arihant Capital, Business Standard, HDFC Sky, CNBC-TV18 (board meeting date) and Zee Business (Q2 FY27 preview), as reported. Call summaries from Quartr and GuruFocus.
Editorial disclosure: PositionalCalls.com is an independent research site founded by Shubham Chaudhary. PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. This page explains reported results and does not recommend buying or selling any security. How I researched this: figures were read from the company’s filings and press releases, cross-checked against published reports and recalculated; derived numbers are labelled “my calculation”.
Shubham Chaudhary is the founder of PositionalCalls, an independent Indian stock market research website. He writes company fundamentals, quarterly results analysis, IPO analysis and sector research for NSE and BSE listed companies, with a focus on banking stocks, insurance and long-term value investing. Every article is built from primary sources such as RBI, SEBI, NSE and BSE filings and company annual reports, and states its risks plainly in simple language for retail investors.
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