Accumulate Asian Paints; target of Rs 1522: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Asian Paints

APNT has posted ~20% volume growth in domestic decorative business aided by sustained migration from unorganized segment, lower trade inventory in base quarter and channel filling led by dealer promotion schemes. Slowdown in demand is impacting the demand for automotive and industrial coatings, and we expect moderation in volume growth for domestic decorative paints in the coming quarter. Margin outlook remain positive given soft crude prices and favorable USD/INR, however gains from lower freight from new units will be partly neutralized by higher overheads.

Outlook

We increase EPS estimates by 2.3-2.6% and now estimate CAGR of 14% in revenue and 20.5% in Adj. PAT over FY19-21. We value the stock at 45xJune21 EPS of 33.8 and arrive at a target price of 1533 (Earlier Rs1433). Retain Accumulate.

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