Asian Paints Q2FY26 earnings preview: Muted quarter expected, but sentiment turning positive

Asian Paints is set to announce its September quarter (Q2FY26) results on Wednesday, November 12. The stock has been painting a positive picture on the bourses, gaining nearly 25% from its recent lows, as the Street senses a change in sentiment across the paint sector.

Investors believe that the worst of the competitive pressure may be behind, and valuations are now more reasonable than they were a few quarters ago.

Operationally, however, Q2FY26 is likely to be a subdued quarter. The company faced challenges from heavy and prolonged monsoons, a weaker product mix, and sustained competitive intensity. Increased cost of sales is also expected to weigh on performance, as seen in peer commentary from Berger Paints.

That said, a favourable base from one of the weakest quarters in recent memory (Q2FY25) is expected to make this quarter’s numbers appear stronger. According to a CNBC-TV18 poll, Asian Paints is likely to report a modest 1% revenue growth and a 7% rise in EBITDA. Margins are expected at around 16.3% — higher year-on-year, but still below the company’s guided range of 18–20%. Net profit is estimated to grow by about 25% on the back of a low base.

Volume growth of 4–6% could be viewed positively by the market. Analysts also suggest that even if the results fall short of expectations, stock performance may remain resilient, given that much of the pessimism appears to be already priced in.



The Mumbai-headquartered paint major currently commands a market capitalisation of ₹2.55 lakh crore and has delivered returns of around 14% over the past six months.Read about our editorial guidelines and ethics policy