Meanwhile, some brokerages have upgraded the company’s FY27/FY28 earnings estimates following strong Q4FY26 results. But the sector’s price-demand elasticity will be tested in the coming quarters. The worst of the pressure on competition is behind, but uncertainty over margins persists, according to Jefferies India. So far in 2026, Asian Paints shares are down 3%, a lower decline than Berger and the Nifty 50 index. Asian Paints trades at a rich FY27 price-to-earnings multiple of 53, according to Bloomberg data, making FY27 revival crucial to justify the valuation.
