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Q2 and H1 FY26 Results Investor Conference asianpaints

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Delivering joy since 1942.. We exist to Beautify, Preserve, Transform all Spaces and Objects, bringing happiness to the World!

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Disclaimer This communication, except for the historical information, may contain statements which reflect the Management’s current views and estimates and could be construed as forward -looking statements . The future involves many risks and uncertainties that could cause actual results to differ materially from the current views being expressed . Potential risks and uncertainties include such factors as general economic conditions, foreign exchange and commodity price fluctuations, competitive product and pricing pressures and regulatory developments .

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Massive upsurge on brand building Dialed up Innovation Quotient Regional Market Ignition Widening the Net in B2B Services Ignition Backward Integration Series of initiatives accelerating growth 1 2 3 4 5 6 Of) BEAUTIFUL HOMES Pa1ntrng Serv ice with•••.-,,.;n<, T <Jl, TAL ASSURE

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New campaign for Royale Glitz The campaign redefined luxury wall décor by showcasing how curated color palettes—not just shades—create picture-perfect homes Link for Commercial Ad I ap asianpaints I royale

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Owning Homes: ‘Har Ghar Kuch Keha Hai’ Link for Commercial Ad

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Deepening our Regional Customization Strategy Expanding state-specific variants across the full portfolio – from Economy to Luxury op asianpaints royale I~ LUXURY EMULSION (<>!• Capturing the Capital's Spirit in Every Shade TRACTOR EMULSION

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Leveraged Prime -Time Excitement Strategic media placement during India -England Test Series to showcase Product AttributesHigh -Impact Brand Showcase during pre -match Countdown in Asia Cup SmartCare Damp Proof Rain Cover - ' ---- .,,,. IND 0-0 _._.11 , OVut Q U Ml(H(l(IHAj .. .1,•- $HUIIMAN GILL .. SHAHIEN .•n10 1 0·0·0 · 0 ~ ,O U,UJ ~• - ' ----- .,.,. IND 0-0 -u.11 1 OVEII 0 AIHl5H(l($H ,0M.I. .. SHUBMA.NGILL~ SHAHE[N A.FIIDI 0·0·0-0 ~ . ·-----""" ' IND 0-0 .,..._.,1 t OVIII Q AIHISH(KlHAtNA •- SHU8MA.N Gill .. SHA.HUN AFll:IDI 0 · 0 · 0·0 9iOl(UD 1<17 11Vt,1UO"'U O-...u.t -------· 2 YEARS WARRIINTY 3 ~ , aslanpaints • Op .... ~._..,, 1 asianpaints - ' Mlf ... """ -- tPJJI IND 0-0 , Ml.Ill t OVU 0 AllllllllltlllAIMA ' .. IHUIMAN OlLL .. l14AIIIINM•lll>I 0 •0-0-0 -.0Hl t0 14'~ ! ,r I INDO-Offl)I "'"'-"I I 0Vllt 0 Al1"11111tlUAIMA 'am. IHUIMAN OILL.nl lttAllllN "'11101 0-0-0-0 ~~ .. """-•~' 91 ... 8 YEARS WARRANTY 7 { Op , n,~111p11h 11 < , WAIIJ.IAHJ'I' 1 --

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Asian Paints Shades of India - Independence Day Campaign Of> asianpaints I Colours that unite India. Colours that India trusts. o,.,,,.,._ C.mpfot• Xl13 X11' + asianpaints + I WARRANTY 5000+ colours of freedom. Decades of Trust. Backed by Warranty.

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SmartCare Damp Secure – Exterior waterproofing Primer It locks in paint and forms a strong base to protect against dampness—keeping homes safe and stylish •• SMARTCARE ~~~l~R SECUR~ WATEAPRoOFING PAIMEA

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Introduced Sparc Shyne in Tractor and Ace Aspiration meets affordability: Delivering a rich finish at an affordable price point 7 - SMOOTH ~ FINISH I d =, SUPERIOR ~ m HIDING I

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Woodfinishes - Chrome & Metallics A landmark innovation offering 100+ designer chrome and metallic wood shades 0 \ icl i zccl (Oxid ized Meta llic & Chrome 'Series) When'"""9M'~meul, .. ,..,..._1m,o _,.,.thonlltrufyl--0>:ldind-TN rooq,.o Oi<ldlNd nnloh ~ • """"'"'· --•lo,garcewlth•--po,""'-,8dd"'9 unm&tchloll<MplhM><ICI\Mxt,tllOrt<>t,w.,..,.,, ..-.c!f\Jmltut<1.SuDU.~s1ril<lng.ll'S•i:.:.d ~o1..n..-~anc1an.,my . Bo lcl 13rilli a ncc ......... ......,....,,,,,~ .......... -.,..., .... __ .,__,.,__ t>flng a .......,_n.cNc •-• _,n • h,o O olonlm..- . ~at><>l<J-~ant ::::::-~: ~-::-.: -.y ::a: Tfmclcss I -:lc2crncc (Class ic Ser les) The Class.re Serie!. t ran sforms t he essenc~ of ~ by int~oduc ing !nncwa t ive textur es and contempora ry fin ishes. This collection 9~ bl,yo nd trad n:lonal wood aesthetic!., offe,ing un ique docoi:3uve d C!'$.lgns that blend 50phlstic:at lon \Nlth versa ti lity_ From 5Ubtlt:! grains to bokl pa tterns. it bri ngs ch aracte r and depth toev«y surf ace, makin g It Ideal fo r stateme nt Interiors.

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Services Ignition Service specializing in preventive maintenance of large factories , offering comprehensive assessments & expert execution of maintenance and repair work A highly -sophisticated, predictive asset -protection service for B2B . It uses a data-driven model to forecast corrosion and share maintenance solution. Our flagship direct -to-consumer service focusing on timely completion, offering tailored colour guidance and dedicated supervision Continued focus on Services as a differentiator Driving Beautiful Homes Painting Service & Trusted Contractor Service with a strong NPS focus 11 Lakhs+ Satisfied customers 650+ Towns serviceable across India Pa1ntirrg . . r I with asianpaints

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Widening the APPS (Project Sales) footprint Factories Hospitality Segment Government In Q2FY26, Projects / Institutional Business did well across segments Strong demand from Builders, Factories and Government

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Backward Integration – Next -level Differentiation / Cost Supremacy White Cement plant commissioned successfully and in record time VAM-VAE Project on Track

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Supportive Base; Yet a significant improvement in volume growth trajectoryDecorative Business (India) 10.1% 6.0% 11.6% 9.7% 7.1% -0.5% 1.6% 1.8% 3.9% 10.9% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26

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Strong performance for the Quarter despite prolonged monsoon Supported by improved demand conditions as we moved in the festive seasonDecorative Business (India) -0.5% -6.7% 10.9% 6.0% Volume Gr% Value Gr% Q2 FY25 Q2 FY26 3.3% -4.8% 7.2% 2.1% Volume Gr% Value Gr% H1 FY25 H1 FY26  Improved consumer sentiments with s upportive policy actions and aided by early festive season; Overcoming the impact of extended monsoon even in September  Broad- based growth across urban and rural centres  All product categories contributing to the g rowth  Improved Pr eLux offtake aiding performance □ ■ □ ■

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Industrial Segments Momentum Fueling The Overall Coatings PerformanceDecorative Plus Industrial (India) Flat -5.5% 11.0% 6.7% Volume Gr% Value Gr% Q2 FY25 Q2 FY26 4.0% -3.8% 7.4% 3.0% Volume Gr% Value Gr% H1 FY25 H1 FY26□ ■ ■ ■

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Our Home Décor Foray Modular Kitchen, Kitchen Hardware & Components Bath Fittings & Sanitaryware Wardrobes and Vanities Fabrics & Furnishings Wall CoveringsFurniture RugsDecorative Lighting uPVC Windows and Doors No. 1 in Wallcovering & Textures ~ 4% of Decorative Revenue Collaborations with Sabyasachi, Jaipur Rugs, Sarita Handa No. 2 in Fabric & Furnishing No. 1 in Decorative Lighting No. 1 Integrated Home Décor Player 73 Beautiful Homes Stores / Studio – One Stop Home Décor Destinations

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Beautiful Homes Network expands to 73 Stores With the 73rd Beautiful Homes store in Ahmedabad, launched a new exquisite Kitchen and Wardrobe range

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Home Décor Business Challenging dynamics Beautiful Homes Stores – one stop home décor model – showing steady progress Kitchen and Bath Business  Kitchen: Revenue declined by 7% to ₹ 98 crs in the quarter  However, re duced PBT loss in Q2 to ₹ 4 crs from ₹ 5 crs LY  Bath: Revenue for the quarter at ₹ 79 crs, lower by 5%  However, re duced PBT loss in Q2 to ₹ 4 crs from ₹ 7 crs LY  White Te ak : Revenue at ₹ 26 crs for the quarter, lower by 15%  Weatherseal: Sust ained scale up; 57% Revenue growth to ₹ 21 crs for the quarter White Teak and Weatherseal Business 98 79 196 168 Kitchen Revenue Bath Revenue Q2 FY26 H1 FY26 26 21 47 36 White Teak Revenue Weatherseal Revenue Q2 FY26 H1 FY26 -7% -5% -5% -5% -15% -23% 57% 45% □ ■ □ ■

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International Business Our Presence 1 2 asianpaints 3 m~Al!' Eigyplt 5 Bahra i lil 4 Qatar Omalil IUI\AE B:h iopia Nepa l Bang l adesh Sri Lanka 5 .sc1b , 6 TAUBMANS I Sol omolil ls ~ands Vanuatu 7 6 ' amoa 7 0 opco

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76 18 17 41 8 114 30 31 56 15 AP Global Overall Africa Middle East Asia South Pacific PBT* Q2 FY26 H1 FY26 Double -digit Revenue growth – led by key units in Asia, the Middle East & Africa International Business  Q2 growth of 9.9% in INR terms; constant currency g rowth of 10.6% • Key units of Nepal, Sri Lanka and UAE driving growth • Focus on prelux and water proofing categories yielding results  Marked improvement in profitability • Material cost deflation supporting improvement • Aided by divestment of loss-making operations in Indonesia  PBT margin at 9% for the quarter, higher by 450 bps figures in columns in Rs. Crs; 846 152 299 364 41 1,582 289 581 658 77 AP Global Overall Africa Middle East Asia South Pacific Revenue Q2 FY26 H1 FY26 10% 9% 8% 2% 6% 17% 16% -9% -4% 120% 178% -21% -35% -35% -22% -5% 15% * PBT before exceptional item D □ •

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Steady growth in Industrial Businesses Industrial Business PPGAP APPPG  Revenue g rowth of 10% in the quarter driven by Protective coatings segment  PBT ma rgin at 8.9% for the quarter, higher by 190 bps  Automotive & G eneral Industrial segments continue to drive double-digit revenue growth  PBT ma rgin at 17.3% for the quarter, higher by 160 bps594 103 1,169 200 Revenue PBT Q2 FY26 H1 FY26 293 26 600 51 Revenue PBT Q2 FY26 H1 FY26 10% 7% 13% 12% 25% 10% 40% 5% figures in columns in Rs. Crs Joint Venture Agreement with PPG renewed for a 15-year period – Continued commitment to service the growing needs of the domestic sector through industry-leading solutions ■ □ ■

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Sustained work on Sourcing & Formulation Efficiencies coupled with raw material deflation supporting Gross Margins despite lower mix and higher discounting Note: Gross Margin is computed as a % of Net sales Material Deflation ~4% Material Deflation ~0.2% Price Decrease ~1% Material Deflation ~1.8% Price Decrease ~2% Material Inflation ~1.8% Material Inflation ~1.5% Price Increase ~1.2% Material Deflation ~2.1% Price Increase ~0.4% Material Deflation ~1.5% Price Decrease ~0.4% Material Deflation ~1% 43.7% 44.1% 44.2% 42.8% 41.0% 43.0% 44.9% 43.2% 43.7% Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Quarterly Gross Margin(Standalone) Trend Material Deflation ~1.6%

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Summary Standalone Financials  Net Sa les grew by 5.8% led by volume growth; partially offset by lower mix & higher rebating  Gross M argin at 43.7%; higher by 270 bps over Q2 LY  PBDIT g rew by 21.0%; supported by higher gross margins and cost optimization • Brand inv estments pushed up to enhance brand saliency  PBDIT m argin at 18.5%; higher by 230 bps Q2FY26 H1FY26 14,880 6,302 2,719 2,642 1,787 15,185 6,635 2,879 2,756 2,055 Net Sales Gross Contribution PBDIT PBT* PAT H1 FY25 H1 FY26 6,936 2,873 1,123 1,053 597 7,336 3,227 1,359 1,288 956 Net Sales Gross Contribution PBDIT PBT* PAT Q2 FY25 Q2 FY26  Net Sales grew by 2.0%  Gross Margin at 43.4%; 150 bps higher  PBDIT grew by 5.9% in the first half  PBDIT margin at 19.0%; 70 bps higher 6% 12% 21% 22% 60% 2% 5% 6% 4% 15% Note: PAT before exceptional item in Q2FY25 was ₹797 crs; Resulting in growth of 19.9% in PAT before exceptional item Note: PAT before exceptional item in H1FY25 was ₹1,986 crs; Resulting in growth of 3.5% in PAT before exceptional item PBT is before exceptional items; Figures in columns in Rs. crs □ ■ D □ ■ D D D

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Summary Consolidated Financials Q2FY26 H1FY26 8,003 3,273 1,240 1,139 694 8,514 3,685 1,503 1,392 1,018 Net Sales Gross Contribution PBDIT PBT* PAT Q2 FY25 Q2 FY26 16,946 7,088 2,933 2,743 1,880 17,438 7,500 3,128 2,900 2,135 Net Sales Gross Contribution PBDIT PBT* PAT H1 FY25 H1 FY26  Net Sales grew by 6.4%; Supported by growth across Decorative, Industrial and International business  Gross Margin at 43.1%; higher by 250 bps  PBDIT growth of 21.3% in the quarter • PBDIT margin at 17.7%; higher by 220 bps  Net Sales grew by 2.9%  Gross Margin at 42.8% was higher by 130 bps  PBDIT growth of 6.7% for the first half • PBDIT margin at 17.9%; higher by 60 bps 6% 13% 21% 22% 47% 3% 6% 6% 14% 7% Note: PAT before exceptional item in Q2FY25 was ₹874 crs; Resulting in growth of 16.5% in PAT before exceptional item Note: PAT before exceptional item in H1FY25 was ₹2,061 crs; Resulting in growth of 3.6% in PAT before exceptional item *PBT is before exceptional items; PAT is before Minority Interest; Figures in columns in Rs. crs □ ■ D D D □ ■ D D

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Dividend Distribution Interim Dividend 425% ( ₹ 4.25) Final Dividend 2055% ( ₹ 20.55) Total Dividend 2480% ( ₹ 24.80) Payout Ratio : 60% FY 2024 -25 FY 2025 -26 Interim Dividend 450% ( ₹ 4.50)

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Outlook for Q3 FY26  Seeing improvement in demand conditions; Continue to watch for sustainability, especially in the urban markets  Festival and Marriage season expected to provide support  GST 2.0 and benign inflation to augur well for uptick in broader domestic consumption  Competitive intensity to remain; Strong focus on driving the Innovation Quotient and enhancing Brand Saliency will be the Company’s focus  Continued momentum in Industrial and International Businesses  Raw material prices expected to remain stable; Geopolitical uncertainty / exchange volatility may weigh on prices

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Progress on Medium -Term Sustainability Targets Fresh Water Replenishment % Renewable Electricity % Recycled Plastic in Packaging 4.7x 8.5x 6.0x 58% 64% 100% 30% 30% 60% Renewable/bio -based Raw Materials in Products (%) Reduction in Scope 1 & 2 Emission/KL of Finished Product ( %) Reduction in Specific Hazardous Waste/KL Finished Product ( %) Employee Engagement Score (%) Trained at Asian Paints Beautiful Homes Academy(in lakhs) 6.8% 7.1% 30% 69% 71% 80% 78% 77% 80% 9.5 4.4 10 Reduction in Specific Effluent Generated per KL of Finished Product ( %) 79% 79% 81% 79% 83%77% Beneficiaries of Healthcare Initiatives (in lakhs) 2.8 6.51.2 H1FY2026 Progress Target for 2030Performance in FY2025 Asian Paints Sustainability Report FY'25 ~. • • -n DD A ~ ~ ~ ••• ,_ .... _,,..,,.-} • t~ ---<,--<r--1:;- 4-l:r-1:;- -1:;--l:r-<,- ■ ■ ■ -<,-~-<,- 4~4 4~4 4-~4 ,}-<?-~-<?-~ 4-~4 -}-~~ __A_~__A_

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Thankyou

Slides