Reduce Asian Paints; target of Rs 1740: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on Asian Paints

Over the years, Asian Paints (APL) has transformed from being a product-centric to a consumer and service-oriented brand. With unparalleled dealer network of 70K+, the company has been gaining market share in the domestic paint market as a leader, with product innovation being the hallmark of its strategy. During FY15-20, the company exhibited a strong 8%/14% growth in revenue and net profit respectively. Given the volatile Covid-19 situation, we expect painting demand to remain muted in the short term.

Outlook

However, with >40% share in decorative paint business, diversification into waterproofing and home improvement, and healthy financials; APL would continue to command premium valuations.

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