External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We cut FY25/FY26/FY27 EPS by 0.4%/3.6%/4.6% given 24% decline in 9mFY25 PAT and tepid outlook in medium term.</li><li>We believe APNT is facing pressures on multiple fronts led by 1) tepid urban demand due to high inflation 2) consumer downtrading as mass and economy segments are growing faster and 3) rising competitive intensity in decorative paints post entry of Birla Opus.</li><li>While we expect demand scenario to improve post 1Q/2Q26 aided by benefits of recently announced tax cuts by GOI, the impact of competitive intensity is here to stay.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut FY25/FY26/FY27 EPS by 0.4%/3.6%/4.6% given 24% decline in 9mFY25 PAT and tepid outlook in medium term.We believe APNT is facing pressures on multiple fronts led by 1) tepid urban demand due to high inflation 2) consumer downtrading as mass and economy segments are growing faster and 3) rising competitive intensity in decorative paints post entry of Birla Opus.While we expect demand scenario to improve post 1Q/2Q26 aided by benefits of recently announced tax cuts by GOI, the impact of competitive intensity is here to stay.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APNT IN) - Growth Outlook Remains Hazy

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Subdued demand: Asian Paints' Q3FY25 revenue was below expectations, impacted by subdued urban demand and a weak festive season.</li><li>Consolidated revenue declined 6% YoY, as the decorative segment contracted by 7.8% YoY with modest volume growth of 1.6% due to downtrading.</li><li>The industrial segment grew 3.8% YoY, supported by strong traction in the General Industrial and Refinish categories. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Subdued demand: Asian Paints' Q3FY25 revenue was below expectations, impacted by subdued urban demand and a weak festive season.Consolidated revenue declined 6% YoY, as the decorative segment contracted by 7.8% YoY with modest volume growth of 1.6% due to downtrading.The industrial segment grew 3.8% YoY, supported by strong traction in the General Industrial and Refinish categories. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Weak Demand Outlook Remains; Maintain HOLD

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.</li>
<li>Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.</li>
<li>Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.</li>
</ul>


The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.
Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.
Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.


Asian Paints (APNT IN) | Navigating Turbulence

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> reported a 42.4% drop in Q2FY25 net profit and a 5.3% revenue decline.</li>
<li>Intense competition, extended monsoons, weak urban demand, and margin pressures are impacting performance.</li>
<li>Asian Paints’ resilience hinges on premiumization, sustainability, and industrial coatings to offset short-term challenges.</li>
</ul>



Asian Paints (APNT IN) reported a 42.4% drop in Q2FY25 net profit and a 5.3% revenue decline.
Intense competition, extended monsoons, weak urban demand, and margin pressures are impacting performance.
Asian Paints’ resilience hinges on premiumization, sustainability, and industrial coatings to offset short-term challenges.


Why Is India's Paint Giant Asian Paint Falling?

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)