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Prabhudas Lilladher Report
Kansai Nerolac Paints Ltd.’s price-to-earning discount to Asian Paints Ltd. at 45% is at the lowest ebb in the last decade as it had multiple pain points across portfolio. However, we believe worst is over as-
resolution of semiconductor issue will boost auto paints demand,
gradual pick up in decorative segments partly aided by waterproofing and wood coatings segment and
increasing presence in niche industrial paints like performance coatings, coil coatings, rebar coatings and products for Infra and railways.
We expect Kansai Nerolac's margins to bottom out in Q3 post 18-20% average price increase in current year and estimate 21% profit after tax compound annual growth rate over FY21-24.
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