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Indigo Paints equity stake was sold in block deals on 6 September, with Peak XV Partners likely offloading a part of their shareholding.
Indigo Paints Chairman and Managing Director Hemant Jalan says consumers have taken inflation in their stride as far as the paint industry is concerned but warns that a continued increase in the price of raw materials may affect demand.
Jefferies' equity research team maintains that Asian Paints is expensive at 65x price to earnings ratio and has maintained underperform rating.
Higher crude prices are major headwinds for paint industry as oil derivatives such as monomers and titanium dioxide are used as raw materials in paints.
Raw material costs increase, calibrated price hikes and entry of new players, are heating up the Indian Paints industry like never before
Asian Paints faces the fight of its life, for sure. But when two giants fight, it’s said the grass underneath that suffers the most
Amit Jain, MD of Akzo Nobel India says there is consumer downtrading as buyers shift from premium to mid-tier.
About half of the different types of raw materials used in manufacturing coatings are imported into India, which corresponds to approximately 30 percent of raw material requirements. Most are petrochemical based, and therefore fluctuations in crude oil pricing and changes in import duties had a significant impact on profitability.
Paint and coating company AkzoNobel today announced the launch of its new single global brand identity in India for its consumer paint range, including Dulux, Flexa and Levis.
Indian paint makers are expected to see growth slowing in the coming months as a dent in demand for homes, offices and cars is seen hurting the industry.
