Accumulate Asian Paints; target of Rs 1855: 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 reported 7th consecutive quarter of double digit volume growth (~16%) led by migration from unorganized players in entry level distempers and emulsions (launch of Tractor Emulsion Spark and ACE Spark) and Putty segment. Although near term demand conditions are challenging due to 1) prolonged monsoons 2) slower growth of premium paints in metros and Tier-I cities and 3) Slowdown in auto, construction and real estate sector. We remain positive in the structural growth story due to 1) product portfolio straddling across price points 2) huge scope in entry level paints given deep distribution (2x nearest competitor) and 3) lower share of Automotive/ Industrial paints (5% of Consol sales) which faces near term headwinds.

Outlook

We value the stock at 45xFY22 EPS of 41.2 and arrive at a target price of 1855 (Earlier Rs1640 at 45xJune21 EPS). Retain Accumulate.

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