Buy Indigo Paints Ltd. For Target Rs.1,650 - Motilal Oswal Financial Services
* Demand remained subdued and we expect ~5% YoY sales growth in 3QFY25.
* The company has taken discounting amid rising competition, which has impacted the margins. We expect 190bp YoY decline in GP margin and 160bp in EBITDA margins.
* Watch out for commentaries on demand trends of the waterproofing business and expansion to larger cities.
* Expect strong competition and pressure on profits in the near future, as new competitors enter the market.
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