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Motilal Oswal Report
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Motilal Oswal has trimmed its FY26–28 EPS estimates for Asian Paints Ltd. by 1–3%, citing prolonged softness in demand and continued high competitive intensity across the decorative paints market.
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The brokerage noted that Asian Paints expects competition to remain elevated, even as demand gradually improves. In response, the company is sharpening its focus on innovation, brand salience, regionalisation, and execution excellence to sustain consistent growth in the medium term.
Despite benign raw‑material prices and ongoing formulation efficiencies, Asian Paints has maintained its Ebitda margin guidance at 18–20%, emphasising that it will continue to invest aggressively in marketing and brand equity. Motilal Oswal highlighted that this disciplined brand‑building approach is appropriate given the current competitive landscape.
The brokerage is modelling a 10% revenue CAGR over FY26–28, supported by a favourable base and steady demand recovery, while projecting ~19% Ebitda margins for FY27 and FY28.
Motilal Oswal has valued Asian Paints at 50x Dec'27E EPS, arriving at a target price of Rs 2,950, and has reiterated its Neutral rating on the stock, noting that near‑term demand challenges and stiff competition limit upside potential.
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