Asian Paints surpassed expectations by delivering 26% domestic growth in Q3, indicative of 20%+ volume growth. Growth was partially supported by a delayed festive season and soft comparables, but it also signals demand pick-up and market share gains. Despite the strong sales performance, earnings grew only 15%, due to higher input inflation, overhead expenses toward the new plants, and higher ad spends and one-off staff expenses. Though input inflation has eased, we expect higher fixed costs relating to...