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Hold Kansai Nerolac Paints; target of Rs 515: ICICI Direct

ICICI Direct recommended hold rating on Kansai Nerolac Paints with a target price of Rs 515 in its research report dated November 03, 2022.

November 05, 2022 / 01:07 PM IST
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ICICI Direct's research report on Kansai Nerolac Paints

Kansai Nerolac (KNL) is global leader in industrial coatings (auto). However, in the last 10 years, it has increased its decorative paint mix to 55% of its total topline. Currently, KNL is the third largest decorative paint player in India. Strong distribution network of ~28,000 dealers across the country with 75-80% penetration of tinting machine • In the last two years, KNL has increased its total paint manufacturing capacity by 28% to 5.3 lakh tonnes at an investment of ~Rs 1100 crore.


We maintain our HOLD rating on the stock. We value Kansai at Rs 515 i.e. 40x P/E on FY24E EPS.

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Kansai Nerolac Paints - 04-11-2022 - icici

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first published: Nov 5, 2022 01:07 pm