- Decorative segment saw poor results due to short pre-Diwali sales period
- Industrial coatings, especially automotive, show signs of revival post-GST cut
- Kansai Nerolac Paints reported slight revenue and EBITDA growth year-on-year
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.
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Kansai Nerolac Paints Ltd. reported revenue and Ebitda growth of 0.1% and 1.6%, respectively YoY. However, adjusted PAT was up 9.9% due to higher other income and lower effective tax rate YoY.
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Gross margin was up 120 bps due to lower commodity prices as well as anniversary effect in carryover price cuts. Ebitda margin was up 20bps due to higher staff cost and other expenditure as % of net sales.
It was largely due to negative operating leverage led by 12 straight quarters of low-single-digit revenue growth.
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