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ICICI Securities Report
ICICI Securities noted that Kansai Nerolac reported 9.8% YoY revenue growth in Q1 FY27, its strongest growth performance in the last 13 quarters. The brokerage said the improvement was encouraging and reflected broad-based strength across segments, particularly in premium decorative paints, which delivered double-digit growth during the quarter.
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The brokerage highlighted that the company added 1,700 dealers during the quarter and is focusing its expansion efforts on regions where its market presence remains relatively lower. Kansai Nerolac is also undertaking a significant capacity expansion programme, with plans to invest around Rs 600 crore across three locations, adding 65,880 KL of paint and powder coating capacity while also pursuing backward integration through resin manufacturing.
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ICICI Securities believes these investments will help Kansai Nerolac strengthen its leadership position in industrial coatings while protecting its share in the competitive decorative paints segment. The brokerage also pointed to increased brand-building expenditure and a sharper focus on premium products as key strategic initiatives.
While rising raw material costs and input price volatility remain challenges, ICICI Securities believes smaller and unorganised players could face greater pressure, potentially helping Kansai Nerolac defend its market position in FY27. The brokerage has therefore maintained its 'Add' rating on the stock with an unchanged target price of Rs 230.
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