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Kansai Nerolac Q2 Review: ICICI Securities Maintains 'Add', Sees 12% Upside Potential — Check Target Price
Revival in revenue growth could potentially drive Kansai Nerolac's valuation multiples upwards.
04 Nov 2025, 01:10 PM IST 
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Kansai Nerolac Paints' decorative segment reported soft quarter due to incessant and prolonged rainfall. (Source: company website)
As expected, the decorative segment continued to report poor results due to shorter pre-Diwali sales with practically no gap between ‘end of monsoon’ and ‘beginning of Diwali’. However, there are green shoots of revival in Industrial coatings, especially automotive coatings. The GST cut in automobiles is likely to drive growth and it was visible in auto sales data in Oct’25.
