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Kansai Nerolac Q4 Results Review: ICICI Securities Maintains 'Add' Rating - Here's Why
With correction in commodity prices and FY25’s favourable base, ICICI Securities' see Kansai’s FY26E revenue/PAT growth in mid-single-digits.
07 May 2025, 11:08 AM IST 
There is a slowdown in automotive production, but Kansai was able to gain market share and has grown ahead of the market in automotive coatings. (Photo: freepik)
Kansai reported revenue growth of 2.7% YoY. However, Ebitda and adjusted PAT declined 7.4% and 7.2%, respectively YoY. Gross margin expanded 22 bps with correction in commodity prices. Even so, Ebitda margin contracted 99 bps YoY due to higher staff cost and other expenditure as % of net sales. ICICI Securities believes, there is negative impact of operating leverage with 10 straight quarters of low-single-digit YoY revenue growth.
