“The weak demand conditions prevalent for the past few quarters continued to affect the paint industry,” said Amit Syngle, managing director and CEO. “The domestic decorative business saw only marginal volume growth, while international markets like Africa faced macroeconomic challenges.”

Key Business Segment Performance:

• Decorative Coatings (India): Volume grew 1.8% in Q4, but revenue declined 5.2%. Downtrading and intensified competition weighed on results.

• Industrial Coatings: Revenue rose 6.1% in Q4, led by growth in general industrial and automotive segments.

• International Business: Q4 revenue declined 1.5%, with constant currency growth of 6.0%. Performance varied across regions, with strength in the Middle East and Asia and challenges in Africa.

• Home Décor: Overall performance was muted due to pressure on household incomes. The company recorded impairment charges related to investments in White Teak and Weatherseal.

Financial Highlights:

• Consolidated PBDIT margin was 17.8% for FY2025, down from 21.4% the previous year.

• Standalone Q4 net profit fell 42.6% to ₹694 crore.

• International Q4 revenue dropped 1.5% to ₹800 crore, with a Q4 loss before tax of ₹109 crore.

• Home Décor: FY2025 revenue from kitchen and bath segments remained flat or modestly up, but operating losses widened in some areas.

Despite these challenges, Syngle said the company remains “cautiously optimistic” about a demand recovery and continues to focus on leveraging its brand and operational efficiency.

For full results click here.