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APL/SEC/26/2026-27/15 13th July 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Security Code: 500820 Symbol: ASIANPAINT Sir/Madam, Sub: Chairman’s Speech at the 80th Annual General Meeting (“AGM”) of the Company Please find enclosed the speech delivered by Mr. R Seshasayee, Chairman of the Company, at the 80th AGM of the Company held on Thursday, 9th July 2026 through video conference. This is for your information and record. Thanking you, Yours truly, For ASIAN PAINTS LIMITED R J JEYAMURUGAN CFO & COMPANY SECRETARY Encl.: As above Dear Shareholders, Namaskar. It is my privilege to welcome you to the 80th Annual General Meeting of Asian Paints Limited. This 80th Annual General Meeting marks much more than the passage of time. It represents an enduring institution built on trust, enterprise, discipline and imagination. On behalf of the Board, I thank each one of you for your continued confidence in Asian Paints and for being partners in this remarkable journey. The financial year 2025-26 was, in many ways, a year that tested both resilience and resolve. Across the world, businesses had to operate amidst uncertainty—shifting trade policies, tariff-related developments, geopolitical tensions and supply chain disruptions. In the final quarter, the escalation of the West Asia conflict brought renewed volatility, including a sharp rise in energy costs and resulting pressure on imported input costs. In such times, the true character of an organisation is revealed not merely by the numbers it reports, but by the choices it makes. I am pleased to say that your Company responded with agility, discipline and strategic clarity. Against the uncertain global backdrop, India continued to stand out. The domestic economy remained resilient, supported by real GDP growth of 7.7 percent. The year also saw important policy and regulatory developments aimed at improving the ease of doing business and supporting consumption and investment activity. Manufacturing momentum remained encouraging, and government-led infrastructure outlays continued to provide support to investment activity. At the same time, our own industry faced significant headwinds. A prolonged monsoon compressed the important festive painting season. Consumer discretionary spending remained measured. Competitive intensity rose further, driven by industry consolidation and aggressive market actions. In such an environment, your Company did not retreat. We strengthened the fundamentals of the business, sharpened execution in the marketplace and continued to invest in capabilities that will matter over the long term. The Board’s focus remained on ensuring that growth is pursued with discipline, resilience and a clear view of sustainable value creation. Our first priority was to deepen the bond between Asian Paints and the Indian consumer. In an extremely competitive market, trust remains our strongest differentiator. We refreshed our iconic “Har Ghar Kuch Kehta Hai” platform, reminding consumers that a home is not merely a physical space, but a living expression of memories, aspirations and belonging. We also continued to reinforce our promises of durability, service and reliability through consumer- facing initiatives that kept the brand culturally relevant and close to millions of Indian homes. Innovation continued to be a powerful engine of growth. New products contributed approximately 16 percent to our overall revenues during the year. We launched SmartCare Damp Secure and Apcolite All Protek to address specific consumer needs. We introduced WoodTech PU Gold, with termite-repellent technology designed for premium wood finishes. We also established the ColourNext Lab as a dedicated platform for research, experimentation and dialogue across colour, surfaces, finishes, craft and cultural context. This is not just about colour trends; it is about understanding how India lives, feels and expresses itself. We also strengthened our service-led platforms, which are increasingly becoming an important part of our differentiation. Beautiful Homes Painting Service has grown into one of the most significant service-led platforms in the painting category, combining technology, trust and execution capability to deliver a superior consumer experience. For large-scale projects, our Total Assure platform uses AI to help builders and institutions monitor painting cycles across large sites. Our Metacare service continues to support industrial customers in asset preservation through advanced corrosion resistance and coating management. Our Smart Assure service provides expert waterproofing solutions, helping customers address dampness with confidence and professionalism. India is not one market. It is a collection of many markets, each with its own rhythms, preferences and aspirations. During the year, we sharpened our regional execution through localised festive packs and deeper market engagement. We have expanded our distribution network by adding nearly 6,000 new retail touchpoints, further strengthening our reach and availability across the country. Beyond the retail consumer market, we continued to build scale in the institutional and projects space. India’s infrastructure and construction activity presents significant long-term opportunity. We launched the AP Assure digital platform to enable seamless institutional engagement. Driven by demand from factory expansions and our wider presence across infrastructure-led segments, our B2B projects business continued to expand its footprint. Our industrial joint ventures delivered strong full-year performance, with double-digit growth. During the year, we formally extended our joint venture partnership with the PPG Group for another 15 years. This reinforces our competitive position in industrial coatings—an area that remains under-indexed in India when compared with global coatings markets, and therefore offers meaningful long-term potential. One of the most significant strategic initiatives of your Company is our backward integration journey. We are building India’s first integrated VAM-VAE manufacturing ecosystem at Dahej. With an annual capacity of 150,000 MT of VAE and 100,000 MT of VAM, this facility will strengthen supply chain resilience, reduce import dependence and support the development of next-generation, eco-friendly emulsion technologies. During the year, we also commissioned our white cement facility in Fujairah, UAE. These are not short-term initiatives. They are investments in capability, resilience and leadership. They reflect our conviction that enduring companies must look beyond the immediate cycle and build the foundations for the next decade. This execution-led approach enabled your Company to deliver resilient financial performance. Consolidated net sales stood at ₹35,516 crores, representing growth of 5.1 percent. We expanded our consolidated operating margins, measured by Profit before Depreciation, Interest and Tax margins, to 18.9 percent from 17.8 percent in the previous year. Net profit after minority interest grew by 17.9 percent to ₹4,325.4 crores. Your Board remains firmly committed to long-term wealth creation. We have recommended a final dividend of ₹23.00 per equity share. This is in addition to the interim dividend of ₹4.50 per equity share paid in November 2025. If approved, the total dividend for financial year 2025-26 will be ₹27.50 per equity share, compared with ₹24.80 per equity share in the previous year, representing an increase of about 11 percent and a pay-out of 60 percent. I request all shareholders to approve the recommended final dividend for financial year 2025-26. Our commitment to responsible growth also continued to gather strength. ESG is not a parallel agenda for us; it is integral to operating resilience, regulatory readiness, resource efficiency and long-ter [Showing first 8,000 characters — download PDF for full document]