ASIANPAINT · Consumer Durables
Asian Paints Ltd. reported revenue of ₹9,977 cr for July to September 2026, +16.9% on the year and −5.2% on the quarter. That is faster than this quarter has grown in recent years (+0.5% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹38,612 cr, +12.4% on the four before.
Operating profit (EBITDA) was ₹1,557 cr, a margin of 15.6%, −201 bps on the year and −501 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 15.6% to 20.6%). Operating costs grew +19.8%, faster than revenue at +16.9%, so operating profit grew less than sales.
Net profit was ₹1,085 cr, +6.6% on the year and −30.4% on the quarter, with earnings per share of ₹11.13. Profit before other income, one-offs and tax grew 2.9%, so 4 points of the headline growth came from outside the core business. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹4,903 cr, +23.7% on the four before.
Of the 17 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Asian Paints Ltd. ranks 8th on revenue growth; the sector median is +16.4%. Its margin moved −201 bps on the year against a sector median of +133 bps.
Asian Paints Ltd. is a Nifty 50 company. Of the 47 Nifty 50 companies reported so far, the median profit growth is +21.2%; Asian Paints Ltd.'s +6.6% puts it below that.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹50.45 over the last four quarters, the stock at ₹2,509.30 trades at 49.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,103 cr | ₹8,731 cr | ₹8,970 cr | ₹8,028 cr | ₹8,549 cr | ₹8,359 cr | ₹8,924 cr | ₹8,531 cr | ₹8,867 cr | ₹9,247 cr | ₹10,521 cr | ₹9,977 cr |
| YoY | — | — | −2% | −5% | −6% | −4% | −1% | +6% | +4% | +11% | +18% | +17% |
| EBITDA margin | 22.6% | 19.4% | 18.9% | 15.4% | 19.1% | 17.2% | 18.2% | 17.6% | 20.1% | 19.3% | 20.6% | 15.6% |
| Other income, % of PBT | 9% | 13% | 12% | 3% | 13% | −6% | 15% | 17% | 5% | 12% | 13% | 20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 21% | 26% | 28% | 26% | 31% | 26% | 27% | 28% | 27% | 26% | 27% |
| Net profit | ₹1,475 cr | ₹1,275 cr | ₹1,187 cr | ₹694 cr | ₹1,128 cr | ₹701 cr | ₹1,117 cr | ₹1,018 cr | ₹1,074 cr | ₹1,185 cr | ₹1,559 cr | ₹1,085 cr |
| YoY | — | — | −25% | −44% | −24% | −45% | −6% | +47% | −5% | +69% | +40% | +7% |
| Core profit YoY | — | — | −25% | −36% | −26% | −23% | −9% | +24% | +7% | +31% | +42% | +3% |
| EPS | ₹15.09 | ₹13.10 | ₹12.20 | ₹7.24 | ₹11.58 | ₹7.22 | ₹11.47 | ₹10.36 | ₹11.05 | ₹12.22 | ₹16.05 | ₹11.13 |
| Flags | · | · | 1 | 1 | 1 | ✓ | ✓ | 1 | ✓ | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Asian Paints Ltd. reported revenue of ₹9,977 cr (+16.9% on the year) and net profit of ₹1,085 cr (+6.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +2.9% on the year, against +6.6% for reported profit.
None of the 7 checks that could run raised a question.
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