Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Investor Conference held on Tuesday, 29th July 2025, with regard to the business and financial performance of the Company for the quarter ended 30th June 2025.
ASIANPAINT · price
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Asian Paints reported a muted Q1 FY2026 with standalone net sales declining 1.2% YoY, while volume growth in the India decor business was a modest 3.9% (versus 7.1% YoY base). Industrial business was the bright spot — PPGAP grew 11% and APPPG grew ~5%, helping overall coatings volume to 4.2%. International business grew 8.4% in INR (17.5% constant currency) led by Lanka, Nepal, UAE and Egypt. Gross margins held at 43.2% standalone (40 bps higher YoY) and PBDIT margin came in at 19.4%, though mix was weaker than expected. Management flagged TiO2 anti-dumping duty from China as a 1.5–2.5% raw material cost headwind, partly offset by ~1% overall deflation. CapEx of ~700 crores committed for the year; white cement plant near commissioning and VAM VAE plant expected to deliver benefits from Q1 FY27. Guidance of single-digit value/volume growth reaffirmed, with 18–20% PBDIT margin band maintained. Premium/luxury saw some downtrading and home decor business remained under pressure due to weak discretionary spends.
Near-term stock may remain soft as flat-to-negative value growth, downtrading in luxury, and raw material pressure from the TiO2 anti-dumping duty offset healthy industrial and international momentum. However, maintenance of the 18–20% PBDIT margin guidance and upcoming backward integration benefits from the white cement and VAM VAE plants provide a medium-term cushion for shareholders.