Asian Paints Reports 4Q, Full FY 2025 Results

Asian Paints announced its financial results for the quarter and year ended March 31, 2025.

Consolidated sales for the full year 2024 were ₹33,797 crores ($3.96 billion), down 4.5%, and stand-alone sales reached ₹29,421 crores ($3.45 billion), a decrease of 5.4%. For Q4 FY’24, Asian Paints’ consolidated sales decreased by 4.3% to ₹ 8,329.6 crores ($976 million).

Asian Paints’ Decorative Business (India) registered volume growth of 1.8% with revenue decline of 5.2% in Q4 FY’25, due to muted demand conditions and consumer sentiment, coupled with downtrading, and increased competitive intensity impacted revenue. The Industrial Business grew 6.1% in Q4 FY’25 on the back of good growth in thr general industrial and automotive segments.

Standalone PBDIT (profit before depreciation, interest, tax) margin was 18.5%, down 210 bps over Q4 last year, while consolidated PBDIT margin was 17.2%, down 220 bps over Q4 last year.

“The weak demand conditions prevalent for the past few quarters continued to affect the paint industry even in the last quarter of the financial year,” said Amit Syngle, managing director and CEO, Asian Paints Limited. The demand for decorative coatings was only marginally better than in the third quarter. The domestic decorative business registered a volume growth of 1.8%, but standalone revenues declined by 5%.

“The adverse mix and overall lower revenues impacted the quarter’s operating margins on a year-on-year basis,” Syngle observed. “The industrial business fared relatively better, growing by 6.1%, aided by growth in the General Industrial and Automotive coatings segments. Overall, revenues from the coatings business in India declined by 4.1% in the quarter. Our home décor business faced multiple headwinds, resulting in a muted performance for the quarter.

“In the international portfolio, revenues declined by 1.5% (6% revenue growth in constant currency terms),” added Syngle. “Key markets in Middle East and Asia performed well, while markets in Africa faced macro-economic challenges. While the overall macroeconomic environment remains uncertain, we are cautiously optimistic about a recovery in demand conditions and continue to work diligently on leveraging our brand strength and driving operational efficiencies to pursue growth.”