Asian Paints share price dropped over 5% in early trade on Wednesday after the company’s weak Q3 results disappointed the Street, leading analysts to maintain their bearish view and cut target prices on the stock.

Asian Paints shares declined as much as 5.10% to ₹2,235.00 apiece on the BSE.

The largest paints maker in the country, Asian Paints reported a 23.3% year-on-year (YoY) fall in its consolidated net profit for the third quarter of FY25 to ₹1,110.48 crore.

The company’s consolidated revenue from operations in Q3FY25 fell 6% YoY to ₹8,549.44 crore impacted by subdued demand conditions amid weak festive season.

“In the near term, we remain cautiously optimistic on a recovery in demand conditions while we continue to invest in our brand and focus on innovation and customer centricity,” said Amit Syngle, Managing Director & CEO of Asian Paints.