Asian Paints Q4 Results Review - Entering A Slow Lane For Now: Prabhudas Lilladher

Prabhudas Lilladher Report

We cut FY25/26 earnings per share estimates of Asian Paints Ltd. by 1.2%/2.2% given little scope to improve margins (all time high levels ex of covid year), higher spends on distribution, advertising and supply chain post Grasim’s entry and high capex phase despite sustained double digit volume growth expectations.

Asian Paints has launched Neo Bharat latex based emulsion, which can push volumes at the entry-level segment and help boost volume growth.

Asian Paints is banking upon its brand equity, strong distribution and innovations to ward off any threat from Birla Opus launch. Domestic outlook remains positive across decorative, Auto and industrial segments while IBD has uncertainty due to geopolitical issues.

Home décor is showing noticeable signs of improvement and it is looking at re-branding kitchen and bath business under “Beautiful Homes” for improving sales.

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