APL/SEC/26/2026-27/22

Nature of the Disclosure

This document contains the minutes of the 80th Annual General Meeting (AGM) of Asian Paints Limited, held on Thursday, 9th July 2026, from 11:00 A.M. IST to 12:57 P.M. IST via video conference. The deemed venue was the company's registered office at 6A & 6B, Shantinagar, Santacruz (East), Mumbai – 400 055, Maharashtra, India.

Key Quantitative Figures and Resolutions

  • Final Dividend: A final dividend of ₹23 (Rupees twenty-three only) per equity share of face value ₹1 was declared for the financial year ended 31st March 2026. This is in addition to an interim dividend of ₹4.50 per share paid in November 2025, making the total dividend for FY 2025-26 ₹27.50 per share, an 11% increase from the previous year (₹24.80) and representing a 60% pay-out.
  • FY26 Financial Performance (from Chairman's Speech): Consolidated net sales stood at ₹35,516 crores (5.1% growth). Profit before Depreciation, Interest and Tax (PBDIT) margin expanded to 18.9% from 17.8% in the previous year. Net profit after minority interest grew by 17.9% to ₹4,325 crores.
  • Cost Auditor Remuneration: Shareholders ratified the remuneration of ₹10,50,000 (Rupees ten lakhs and fifty thousand only) plus applicable taxes and out-of-pocket expenses for Joshi Apte & Associates, Cost Accountants, for auditing cost records for FY 2026-27.

Dates of Action

  • AGM Date: Thursday, 9th July 2026.
  • Remote e-Voting Period: Commenced on Sunday, 5th July 2026 at 9:00 a.m. IST and concluded on Wednesday, 8th July 2026 at 5:00 p.m. IST.
  • Director Tenures: Mr. Milind Sarwate was re-appointed as an Independent Director for a second term from 21st October 2026 to 20th October 2031. Mr. Sudhir Sitapati was appointed as an Independent Director for a term from 29th May 2026 to 28th May 2031.
  • Auditor Tenure: S R B C & CO LLP was appointed as Statutory Auditors for a term of five consecutive years from the conclusion of the 80th AGM till the conclusion of the 85th AGM.

Parties Involved

  • Board Members Present: Mr. R Seshasayee (Chairman), Mr. Manish Choksi, Mr. Amit Syngle, Mr. Malav Dani, Ms. Amrita Vakil, Mr. Milind Sarwate, Ms. Nehal Vakil, Ms. Ireena Vittal, Mr. Soumitra Bhattacharya, Dr. Gopichand Katragadda, Mr. Varun Berry, Mr. Ashish Choksi, and Mr. Sudhir Sitapati.
  • Company Representative: Mr. R J Jeyamurugan, CFO & Company Secretary.
  • Auditors Present: Mr. Rupen Bhatt (Partner, Deloitte Haskins & Sells LLP, Statutory Auditors), Mr. Kulbhushan Rane (representative of Dr. K R Chandratre, Secretarial Auditor), Mr. Ashish Thatte (Partner, Joshi Apte & Associates, Cost Auditors).
  • Scrutinizer: Mr. Makarand Joshi, Partner, Makarand M. Joshi & Co., Practicing Company Secretaries.

Shareholder Queries and Management Responses

A gist of shareholder comments and management responses was provided:

  • Appreciation: Shareholders appreciated the company's FY26 performance, dividend, Integrated Annual Report, and CSR initiatives. Suggestions included issuing bonus shares and organizing factory visits.
  • Queries & Responses:
  • Geopolitical Impact (West Asia): Acknowledged inflationary pressure on crude-linked inputs and logistics. Implemented measured price increases (~12%) and is evaluating alternative raw materials.
  • Competition: Viewed as an opportunity. Focus remains on customer connect, brand, innovation, dealer network, and supply chain. Premiumisation and cost rationalization are key to protecting margins.
  • Backward Integration (VAM-VAE): A strategic investment for control over inputs, developing unique products, cost competitiveness, and value realization. First phase expected to be commissioned in the next quarter (Q2 FY27).
  • Industrial Coatings: Confident in the long-term potential supported by consumption demand and infrastructure investments.
  • Home Décor (Whiteteak, Bath): Performance below expectations. An impairment loss was recognized on the investment in Whiteteak, but the company remains committed to the strategy.
  • MD & CEO Remuneration Increase: Attributed to the payment of variable pay linked to achieved performance parameters, whereas only fixed pay was paid in the previous year.
  • Other topics addressed included sustainability/ESG targets, patents (181 applied, 91 granted), use of Artificial Intelligence, advertising strategy, and per capita paint consumption growth potential.

Voting Results

All eight resolutions were passed with the requisite majority. A detailed breakdown of votes polled (remote e-voting and e-voting during the AGM) by promoter group, public institutions, and public non-institutions was provided for each resolution. The total number of shares voted across all resolutions was approximately 78.53 crore, representing 81.88% of the total 95.92 crore outstanding shares.