Asian Paints has posted spectacular results in 4QFY16 backed by ~14% volume growth in decorative segment. Its consolidated revenue and net profit grew 12.3% yoy and 19.9% yoy to Rs39.2bn and Rs4.1bn, respectively. While its revenue exceeded our estimates by 3% and net profit came in line, we were positively surprised by the volume growth posted during the quarter. We expect Asian Paints to report 13.5% revenue CAGR and 17.9% earnings CAGR through FY16-18E and revise our rating on...