Asian Paints Limited reported an 18.3% rise in standalone net profit to ₹4,244.17 crore for the financial year ended March 31, 2026, compared to ₹3,588.07 crore in the previous year. On a consolidated basis, net profit increased 17.9% to ₹4,325.35 crore from ₹3,667.23 crore in FY25. The company delivered robust volume growth of 12.4% in Q4 FY26, which elevated the overall performance for the year, with the Decorative Business in India reporting 12% volume growth, surpassing the guidance of 8-10%. The board recommended a final dividend of ₹23 per share, taking the total dividend for the year to ₹27.50 per share.

The standalone revenue from operations for FY26 grew 4.3% to ₹30,769.48 crore, while consolidated revenue increased 5.1% to ₹35,583.54 crore. For the quarter ended March 31, 2026, consolidated net profit stood at ₹11.7 billion versus ₹7 billion in the same period last year. Q4 consolidated revenue came in at ₹92.5 billion compared to ₹84 billion year-on-year. The company's profit before exceptional items and tax for the year stood at ₹5,900.13 crore on a standalone basis and ₹6,161.05 crore on a consolidated basis.

Financial Performance

The company's operating margins improved during the year. Standalone PBDIT margin for FY26 was 20.1%, an increase of 130 basis points from the previous year. Consolidated PBDIT margin rose to 18.9%, up 110 basis points. For the fourth quarter, Q4 EBITDA stood at ₹17.96 billion versus ₹14.36 billion year-on-year, with Q4 EBITDA margin expanding to 19.4% from 17.18% in the same period last year. Standalone PBDIT margin for Q4 FY26 was 21.2%. Gross margins improved on sourcing and formulation efficiencies and raw material deflation, with Q4 FY26 standalone gross margin at 45.6%, higher by 70 basis points year-on-year.

Dividend Declaration

The Board of Directors approved a final dividend of ₹23 per equity share of face value ₹1 each for FY26. This includes an interim dividend of ₹4.50 per share paid in November 2025. The record date for the final dividend is fixed for June 23, 2026, and payment will be made on or after July 13, 2026, subject to shareholder approval at the Annual General Meeting.

Operational Highlights

The Decorative Business in India delivered volume growth of 12%, surpassing the company's guidance of 8-10%, along with value growth of 10.2% in Q4 FY26. The International Business reported an 11% increase in net sales in INR terms for the quarter, with profitability improving significantly due to material deflation and the divestment of loss-making Indonesia operations. The company noted strong growth in the Industrial Coatings segment, with PPGAP reporting revenue growth of 20.9% and APPPG reporting 15.0% growth in Q4 FY26. New product contribution improved to approximately 17% of overall revenues.

Key Financial Metrics

The following table summarises Asian Paints' key financial metrics for FY26 on both standalone and consolidated bases:

Deloitte Haskins & Sells LLP, the statutory auditors, issued an unmodified opinion on the standalone and consolidated financial results. The 80th Annual General Meeting is scheduled for July 9, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the Investor Conference held on May 29, 2026, discussing the business and financial performance for the quarter and financial year ended March 31, 2026, has been uploaded on the company's website.

Asian Paints Limited has approved the re-appointment of Mr. Milind Sarwate as an Independent Director for a second term of five years, effective from October 21, 2026, to October 20, 2031. The decision was taken by the Board of Directors at its meeting held on May 29, 2026, based on the recommendation of the Nomination and Remuneration Committee. This re-appointment is subject to the approval of the shareholders at the ensuing 80th Annual General Meeting.

Mr. Milind Sarwate (DIN: 00109854) is not related to any of the Directors, Key Managerial Personnel, or members of the Promoter and Promoter Group of the company. The company confirmed that he meets the criteria of independence as prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Additionally, he has not been debarred from holding the office of Director by the Securities and Exchange Board of India or any other authority.

Profile of Mr. Milind Sarwate

Mr. Sarwate, aged 66, is a Chartered Accountant, Cost Accountant, and Company Secretary with over four decades of experience across finance, governance, audit, risk management, and strategy. He holds a Bachelor's degree in Commerce (Honours) from the University of Bombay and participated in the Fulbright-CII Fellowship for Leadership in Management at Carnegie Mellon University, USA.

Current Board Positions

Mr. Sarwate serves as an Independent Director on the boards of several companies, including:

He is the Founder and Designated Partner of Increate Value Advisors LLP and Increate Social Value Advisors & Resourcers LLP. He also serves as the Promoter Director of Increate Foundation, a Section 8 company. His previous leadership roles include positions at Godrej Soaps Limited and Marico Limited. Mr. Sarwate has received several awards, including the ICAI Award 2011 in the CFO - FMCG sector and the Best Performing CFO Award in the FMCG & Retail sector by CNBC-TV18 in 2012.