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HDFC Securities Report
Kansai Nerolac Paints Ltd. No.1 of No. 3 in Industrial/Decorative Paints) remains joined at the hip with auto original equipment manufacturers, which are likely to see their second straight year of 16-18% volume declines (given auto slowdown/Covid-19).
Meanwhile, it has been beefing up its relatively less cyclical non-auto industrial portfolio.
In Decorative, Kansai Nerolac has outpaced bigger rivals over FY15-19, given its aggressive marketing and distribution push.
This trend, however, is unlikely to continue over FY20-23 as the company's predisposition would likely be to safeguard margins/restrict advertisement and promotion spend amid the demand destruction and until auto recovery is in sight.
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