Asian Paints' numbers for 2QFY16 were below our estimate. On a consolidated basis, revenue increased by 4% to Rs37.3bn compared to our estimate of Rs38.9bn. EBITDA and net profit too came in lower at Rs5.7bn and Rs4bn, respectively, which were 7% and 11% below our estimate. Taking into account the below par performance, we have reduced our revenue and earnings estimates by 3% and 9%, respectively. At the current price, the stock is trading at 47.1x FY16E and 41.4x FY17E, respectively. We...