2026-01-10 03:36:15 pm | Source: Motilal Oswal Financial Services Ltd
Neutral Asian Paints Ltd for the Target Rs. 3,000 by Motilal Oswal Financial Services Ltd
* We model 6.5% revenue growth in 3Q on a weak base. Two-year revenue CAGR is flat.
* APNT aims to achieve mid-single-digit value growth in domestic decorative paints in FY26.
* Volume growth expected to be 12% in domestic decorative paints. The gap in volume and value growth is due to down trading.
* We expect GP margin expansion of 140bp YoY to 43.8% on deflation in RM prices. EBITDA margin expected to improve 70bp YoY to 19.8%.
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