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Latest broker research reports with buy recommendations along with share price targets forecast and upside. Browse thousands of reports and search by company.

Broker Research reports: Buy reports for Industry - Paints

Reco - This broker has downgraded this stock from it's previous report.
(eg. - Buy->Hold)

Target - Broker has maintained previous recommendation but reduced share price target.

Reco - This broker has upgraded this stock from it's previous report.
(eg. - Sell->Hold)

Target - Broker has maintained previous recommendation but increased share price target.

Click on any table column to sort reports by date, stock name, broker, price, target, upside or recommendation.

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report		Discuss
	08 Aug 2025	Indigo Paints	Motilal Oswal Target	1004.10	1400.00	1152.40 (-12.87%)	39.43	Buy	pdf post cache		Broker Report Weak print; all eyes on demand recovery in festive period Motilal Oswal Indigo Paints’ (INDIGOPN) standalone sales were flat YoY in 1QFY26 due to consistent demand headwinds and the early onset of monsoon. Apple Chemie’s (subsidiary) sales declined 18% YoY. pdf Copy Link Share on Share on Share on Share on Alert
	29 May 2025	Indigo Paints	Sharekhan Target	1004.10	1234.00	1056.95 (-5.00%)	Target met	Buy	pdf post cache		Broker Report Soft Q4; recovery to be gradual Sharekhan IPL’s Q4FY25 numbers were muted as sluggishness in the paints industry continued to impact performance. Consolidated revenues grew 0.7% y-o-y to Rs. 388 crore (versus our expectation of Rs. 389 crore). pdf Copy Link Share on Share on Share on Share on Alert
	26 May 2025	Indigo Paints	Motilal Oswal Target	1004.10	1350.00	1045.45 (-3.96%)	34.45	Buy	pdf post cache		Broker Report Growth pressure persists; demand green shoots visible Motilal Oswal Indigo Paints (INDIGOPN)’s standalone sales were flat YoY in 4QFY25 due to consistent demand headwinds. The paint industry saw a 1% YoY decline in 4Q. Apple Chemie (subsidiary) sales grew 8% YoY. Consolidated sales inched up 1% YoY to INR3.9b (in line). pdf Copy Link Share on Share on Share on Share on Alert
	21 Apr 2025	Kansai Nerolac	Asit C Mehta Investment Interrmediates	246.32	335.00	258.12 (-4.57%)	36.00	Buy	pdf post cache		Broker Report Strategy continuity with focus on industrial and new businesses growth and overall margin expansion Asit C Mehta Investment Interrmediates Kansai Nerolac Paints’ promoter company, Kansai Paint Co., Ltd., Japan, hosted an investors’ meet to discuss their India market strategy under the new management. The management discussed their shorter-term (3 years) and longer-term (till 2030) business strategy in detail. pdf Copy Link Share on Share on Share on Share on Alert
	10 Feb 2025	Indigo Paints	Motilal Oswal Target	1004.10	1500.00	1241.40 (-19.12%)	49.39	Buy	pdf post cache		Broker Report Miss on revenue; demand pick up a key monitorable Motilal Oswal Indigo Paints (INDIGOPN)’s standalone sales declined 4% YoY in 3QFY25 due to consistent pressure on demand. The paint industry dipped 4% YoY in 3Q. Apple Chemie (subsidiary) clocked a robust sales growth of 21% YoY. pdf Copy Link Share on Share on Share on Share on Alert
	05 Feb 2025	Asian Paints	Asit C Mehta Investment Interrmediates	2613.80	2715.00	2275.20 (14.88%)	3.87	Buy	pdf post cache		Broker Report Better on margins; but path to recovery lengthens Asit C Mehta Investment Interrmediates Asian Paints’ Q3FY25 reported numbers were a mixed bag. Volume growth improved compared to the dip seen in the preceding quarter, while value growth took a further hit. On the other hand, EBITDA margin and net profit performance were better than estimated. pdf Copy Link Share on Share on Share on Share on Alert
	29 Nov 2024	Asian Paints	Geojit BNP Paribas Target	2613.80	2701.00	2479.60 (5.41%)	3.34	Buy	pdf post cache		Broker Report ASIAN PAINTS LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	09 Nov 2024	Indigo Paints	Motilal Oswal Target	1004.10	1750.00	1534.45 (-34.56%)		Buy	pdf post cache		Broker Report In-line revenue; watchful for demand pickup in 2HFY25 Motilal Oswal Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in 1HFY25). pdf Copy Link Share on Share on Share on Share on Alert
	25 Oct 2024	Indigo Paints	FundsIndia	1004.10	1888.00	1642.95 (-38.88%)		Buy	pdf post cache		Broker Report INDIGO PAINTS LIMITED FundsIndia pdf Copy Link Share on Share on Share on Share on Alert
	07 Aug 2024	Indigo Paints	Sharekhan Target	1004.10	1750.00	1478.20 (-32.07%)		Buy	pdf post cache		Broker Report Weak Q1; focus on market share gains ahead Sharekhan Indigo Paints Limited’s (IPL’s) Q1FY2025 numbers were weak as margins lagged expectations. OPM fell by ~180 bps y-o-y to 15.2%, while PAT declined by 15% y-o-y. Consolidated revenue grew by 7.8%. pdf Copy Link Share on Share on Share on Share on Alert
	07 Aug 2024	Indigo Paints	Motilal Oswal Target	1004.10	1700.00	1478.20 (-32.07%)	Target met	Buy	pdf post cache		Broker Report Weak performance; watchful for industry trends Motilal Oswal INDIGOPN’s standalone sales growth decelerated to 6% YoY (from 12% in 4QFY24 and 18% in FY24) due to subdued industry sales (down 2% YoY) and demand weakness in Kerala. pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2024	Kansai Nerolac	Geojit BNP Paribas Reco Target	246.32	355.00	302.60 (-18.60%)		Buy	pdf post cache		Broker Report KANSAI NEROLAC Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	19 Jul 2024	Asian Paints	Geojit BNP Paribas Reco Target	2613.80	3305.00	2946.05 (-11.28%)	Target met	Buy	pdf post cache		Broker Report ASIAN PAINTS LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	04 Jul 2024	Indigo Paints	Keynote Capitals Ltd	1004.10	1594.00	1380.70 (-27.28%)	Target met	Buy	pdf post cache		Broker Report Indigo Paints Limited Keynote Capitals Ltd Initiating Coverage Report pdf Copy Link Share on Share on Share on Share on Alert
	23 May 2024	Indigo Paints	Motilal Oswal Target	1004.10	1600.00	1386.90 (-27.60%)	Target met	Buy	pdf post cache		Broker Report Slow organic growth; FY24 print better than peers’ Motilal Oswal Indigo Paints (INDIGOPN) delivered consolidated sales growth of 18% YoY to INR3.8b (est. INR3.9b). Standalone sales growth decelerated to 12.5% YoY in 4QFY24 vs. 19% in 9MFY24. Apple Chemie clocked 24% YoY growth in FY24 to INR517mn (since acquisition in 1QFY24) and supported consolidated growth pdf Copy Link Share on Share on Share on Share on Alert
	27 Apr 2024	Asian Paints	BP Wealth	2613.80	3300.00	2844.15 (-8.10%)	Target met	Buy	pdf post cache		Broker Report Asian Paints Ltd. target price 3,300 BP Wealth pdf Copy Link Share on Share on Share on Share on Alert
	06 Nov 2023	Indigo Paints	Sharekhan	1004.10	1850.00	1467.95 (-31.60%)		Buy	pdf post cache		Broker Report Indigo Paints Sharekhan pdf Copy Link Share on Share on Share on Share on Alert
	06 Nov 2023	Indigo Paints	Motilal Oswal Target	1004.10	1770.00	1421.05 (-29.34%)		Buy	pdf post cache		Broker Report Below our estimates, but better than peer trends resume Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	31 Oct 2023	Asian Paints	Geojit BNP Paribas Target	2613.80	3399.00	2995.70 (-12.75%)	Target met	Buy	pdf post cache		Broker Report ASIAN PAINTS LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	31 Aug 2023	Kansai Nerolac	Geojit BNP Paribas	246.32	388.00	332.65 (-25.95%)		Buy	pdf post cache		Broker Report KANSAI NEROLAC Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
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