Top Paint Companies Q3 Performance Report (FY25-26 Standalone)

India’s Paint Industry in FY26 – Q3 Performance Overview

India’s paint and coatings industry is closely linked to housing construction, renovation activity, infrastructure projects, and consumer demand. The sector reflects trends in real estate, urbanization, and discretionary spending, making quarterly performance a key indicator of market sentiment.

The Q3 FY26 (October–December 2025) standalone financial performance of major paint companies—Asian Paints, Berger Paints, Kansai Nerolac Paints, and Akzo Nobel India (Dulux Paints)—shows muted revenue growth and pressure on profitability, driven by demand moderation and margin challenges.

Paint Companies Q3 FY26 Financial Highlights (Standalone)

Asian Paints Ltd.

Revenue Performance
Asian Paints reported Revenue from Operations of ₹7,624.50 crore, registering a 2.79% YoY growth compared to ₹7,417.83 crore in Q3 FY25. Demand from decorative paints remained steady, supported by urban housing and renovation activity.

Net Profit (PBT) Performance
Net Profit (PBT) declined to ₹1,414.89 crore, down 4.15% YoY from ₹1,476.22 crore. Margin pressure and higher operating costs impacted profitability during the quarter.

Berger Paints India Ltd.

Revenue Performance
Berger Paints reported Revenue of ₹2,595.01 crore, showing a marginal 0.40% YoY growth over ₹2,584.76 crore. Demand remained stable but subdued amid cautious consumer spending.

Net Profit (PBT) Performance
Net Profit fell to ₹373.40 crore, a 5.35% YoY decline from ₹394.51 crore, reflecting increased cost pressure and limited pricing flexibility.

Kansai Nerolac Paints Ltd.

Revenue Performance
Kansai Nerolac posted Revenue of ₹1,907.35 crore, up 3.54% YoY from ₹1,842.16 crore. The growth was supported by industrial coatings demand.

Net Profit (PBT) Performance
However, Net Profit declined sharply to ₹174.99 crore, marking a steep 75.26% YoY fall from ₹707.28 crore, primarily due to margin contraction and higher expenses.

Akzo Nobel India (Dulux Paints)

Revenue Performance
Akzo Nobel India reported Revenue of ₹907.70 crore, down 13.59% YoY from ₹1,050.50 crore, indicating weaker demand during the quarter.

Net Profit (PBT) Performance
Net Profit stood at ₹101.00 crore, a 30.92% YoY decline from ₹146.20 crore, impacted by lower volumes and cost pressures.

Comparative Performance Analysis – Q3 FY26

Revenue Growth Comparison

• Kansai Nerolac Paints: +3.54%

• Asian Paints: +2.79%

• Berger Paints: +0.40%

• Akzo Nobel India: -13.59%

Net Profit (PBT) Trend

• Asian Paints: -4.15%

• Berger Paints: -5.35%

• Kansai Nerolac Paints: -75.26%

• Akzo Nobel India: -30.92%

Read More: Top 10 Paint Companies in India

Key Trends Impacting the Paint Industry

Soft Demand Environment

Moderate housing activity and cautious consumer spending led to subdued volume growth across paint companies.

Margin Pressure

Rising raw material and logistics costs impacted profitability despite stable revenues.

Industrial vs Decorative Demand

While decorative paint demand remained stable, industrial coatings showed mixed performance across players.

Outlook for FY26

The paint industry outlook remains cautiously stable, supported by:

• Urban housing and renovation demand

• Infrastructure development

• Seasonal demand recovery

However, margin recovery will depend on cost stabilization and demand improvement in coming quarters.

Conclusion

The Q3 FY26 standalone performance of India’s leading paint companies reflects steady but muted revenue growth, with profitability under pressure. Asian Paints and Berger Paints maintained stable operations, while Kansai Nerolac and Akzo Nobel faced sharper margin challenges.

Overall, the paint sector remains resilient, but cost control and demand revival will be critical for improved performance in FY26.