ASIAN PAINTS Q2 FY27 results: net profit up 6.6% to ₹1,085 crore, revenue up 16.9%

How did ASIAN PAINTS perform in Q2 FY27?

Asian Paints’ consolidated Q2 FY27 revenue was ₹9,977 crore, up 16.9% from ₹8,531 crore in Q2 FY26. EBITDA rose 3.6% to ₹1,557 crore, but the margin fell 2.0 percentage points to 15.6%. Net profit rose 6.6% to ₹1,085 crore, while basic EPS increased 7.4% to ₹11.14.

Against Q1 FY27, revenue fell 5.4% to ₹9,977 crore and EBITDA fell 28.2% to ₹1,557 crore. The EBITDA margin declined 5.0 percentage points to 15.6%, while net profit fell 30.4% to ₹1,085 crore and basic EPS fell 30.6% to ₹11.14. On the standalone basis, revenue was ₹8,453.83 crore and profit after tax was ₹1,095.55 crore, against ₹955.56 crore in the year-ago quarter.

What changed in ASIAN PAINTS's costs and profit?

Total expenses rose 19.1% year on year to ₹8,789 crore, ahead of the 16.9% increase in revenue. Cost of materials was the largest increase, rising 35.2% by ₹1,324 crore to ₹5,084 crore. Employee cost rose 13.0% by ₹89.42 crore to ₹775.64 crore, finance costs rose 26.3% by ₹11.53 crore to ₹55.40 crore, and depreciation rose 2.9% by ₹8.74 crore to ₹313.67 crore.

Other expenses increased 9.0% by ₹135.18 crore to ₹1,631 crore, while other income rose 24.7% by ₹49.15 crore to ₹247.79 crore. Tax expense rose 5.1% by ₹19.14 crore to ₹392.43 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Despite the higher expense base, PBT increased 6.1% by ₹82.57 crore to ₹1,436 crore and net profit rose 6.6% by ₹67.12 crore to ₹1,085 crore.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹20,518.45 crore, up 17.5% from ₹17,469.82 crore in H1 FY26. Total income rose 17.6% by ₹3,145.84 crore to ₹21,007.09 crore, while PBT increased 23.6% by ₹667.77 crore to ₹3,493.38 crore.

Net profit for H1 FY27 was ₹2,644.8 crore, up 23.9% by ₹509.52 crore from ₹2,135.28 crore in H1 FY26. Basic EPS increased 24.5% by ₹5.36 crore to ₹27.2 from ₹21.84.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹36,215.03 crore, up from ₹34,534.49 crore on 31 March 2026. Total equity rose to ₹22,409.0 crore from ₹22,014.98 crore, while borrowings increased to ₹2,899.88 crore from ₹2,293.26 crore. Cash and cash equivalents fell to ₹259.66 crore from ₹672.83 crore.

Inventories increased to ₹7,262.77 crore from ₹5,743.69 crore, trade receivables rose to ₹5,049.44 crore from ₹4,461.8 crore, and trade payables increased to ₹4,298.71 crore from ₹3,863.04 crore. H1 FY27 operating cash flow was ₹1,899.83 crore, compared with ₹3,482.26 crore in H1 FY26; investing cash flow was -₹913.44 crore against -₹44.83 crore, and financing cash flow was -₹2,084.24 crore against -₹1,886.19 crore.

How has ASIAN PAINTS done over the last 8 quarters?

Revenue rose year on year in each of the last five quarters. It reached a high of ₹10,541.94 crore in Q1 FY27 before falling to ₹9,976.51 crore in Q2 FY27. Profit after tax peaked at ₹1,559.45 crore in Q1 FY27 and declined to ₹1,085.35 crore in Q2 FY27.

The EBITDA margin also reached its high of 20.6% in Q1 FY27 before falling to 15.6% in Q2 FY27. The latest quarter therefore showed lower revenue, profit and margin than the preceding quarter, although revenue and profit remained above their Q2 FY26 levels of ₹8,531.27 crore and ₹1,018.23 crore.

What else did the company announce?

On 29 October 2026, the board approved audited standalone and unaudited consolidated financial results for the quarter and half year ended 30 September 2026. It also approved payment of an interim dividend of ₹5.75 per equity share of face value ₹1 for the financial year ending 31 March 2027.

The record date for the interim dividend was fixed as 4 November 2026, with payment scheduled on or after 13 November 2026. The board also approved a press release on the financial results and an investor conference for 29 October 2026 at 5.00 p.m. IST. The filings did not announce a fund raise or any appointment.

What did ASIAN PAINTS's management say?

Management maintained FY27 EBITDA margin guidance at 18%-20% and expected gross margin in a 41%-43% band from H2 FY27, depending on inflation. It expected volume growth of about 8%-9% going forward and said an almost 3.5% price increase had been announced for November 2026, including the anti-dumping-duty impact.

Management said the VAE project carried ₹3,250 crore of Phase 1 capital expenditure and was targeted to ramp to full 150 KT capacity within a year, with full utilisation planned in FY28. It expected VAE to provide a 300-500 bps benefit on relevant products at full potential. New products contributed about 18% of revenue.

Management identified raw-material inflation, the TiO2 anti-dumping duty, competitive intensity, promotional spending, price elasticity, geopolitical volatility and a monsoon deficit as risks. It said the company was pursuing a six-part strategy covering brand, innovation, services, regionalisation, B2B and integration, while industrial growth remained strong.

How did ASIAN PAINTS shares react?

Asian Paints’ stock closed the reaction session unchanged from its pre-results close. By the next day’s close, it was up 1.5% from that close, while the median Paints stock was down 2.3%. Asian Paints therefore outperformed the industry median by 3.9 percentage points over the same period. The Nifty 100 was up 1.4% from the pre-results close by the next day’s close.

Earlier reaction-day moves were mixed: the stock fell 1.8% on 6 October 2026, rose 0.7% on 29 July 2026 and 0.5% on 29 May 2026, fell 2.8% on 27 January 2026, and rose 6.5% on 12 November 2025.