Strong balance sheet to navigate short-term challenges Kansai is the third largest decorative paint players with organised market share of ~10%. While the sales recovery was 95% in FY21, the EBITDA margin of the company increased 200 bps YoY at ~18%. This has helped in a ~100% bottomline recovery for the company in FY21. On the balance sheet front, Kansai maintained its debt free status with net cash balance of | 650 crore. We believe the company's strong balance sheet, supported by...