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ICICI Securities Report
Waterproofing, a sunrise sector, offers healthy growth potential (approximately 15% per annum) over 2020-2030 (and beyond).
Relative size of waterproofing versus paints in India is 1:10 (1:3 in developed markets), whereas both are near-necessities.
Pidilite Industries Ltd. and Asian Paints Ltd. enjoy market leadership with moats of
- prescription route of plumbers to leverage their consumer relationships,
- complementary products with paints such as putty/primer with waterproofing properties and base coats to be used prior to paints,
- large portfolio of problem solution products,
- strong brand equity (important in a ‘problem solution’ / functional category) and 5. distribution network.
We believe Akzo Nobel India Ltd. has technological superiority and hence it’s a long-term winner. While there are no pure-plays in waterproofing, we recommend exposure via paint companies and Pidilite.
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