Asian Paints Q3 Earnings: Key Highlights Demand & Market Trends Q3 demand weak due to urban slowdown, muted festivals & seasonality. Decorative Business (India): Volumes +2% YoY, value -8% YoY. Industrial & Decorative: Q3 volumes +1.7% YoY, value -6.6% YoY. Rural demand strong; government spending supported B2B growth. Weakest demand in decades; recovery expected after two quarters. Expansion & Innovation Retail touchpoints at ~169,000; focus on mechanization & painting services. New products (12% of Q3 revenue): Apex Ultima Suprema, Nilaya WALL W.R.A.P, Ultima Protek, NEO latex paint. Backward integration for white cement & VAM/VAE on track. Home Decor & International Business Home decor (4.5% of decorative revenue); White Teak (-22.8%) & Weatherseal (-14.1%) underperformed. Bath fittings (+2.6%), kitchens (+2.7%) with continued losses. International revenue +5% INR, +17.1% CC; growth in the Middle East, recovery in South Asia. Industrial & Margins Industrial business +3.8% YoY, B2B strong