Asian Paints Ltd. share price target

APL’s Q3FY25 revenue growth was hit by multiple headwinds, while OPM came better than expectation. Consolidated revenues fell by 6.1% y-o-y to Rs. 8,549 crore owing to muted demand conditions, downtrading by consumers and a weak festive season.

With an upside of 4% from the CMP, we maintain our HOLD rating on the stock.

While there will be a favourable base starting from Q4FY25, Asian Paints is likely to post muted growth rates in CY25 considering: (1) The stress in urban markets is likely to continue. It has also resulted in downtrading impacting the profit pool.

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.

Asian Paints (APNT) reported a weak 3QFY25. Its consolidated/standalone revenue declined 6%/8% YoY (in line).

With an upside of 6% from the CMP, we maintain our HOLD rating on the stock.

Asian Paints (APNT) registered weak 2Q performance with a 5%/7% YoY decline in consolidated/standalone revenue.

Asian Paints Limited’s (APL’s) Q2FY2025 performance was a miss on all fronts with consolidated revenue declining by 5% y-o-y, OPM lower by 480 bps y-o-y to 15.4%; adjusted PAT decreased 34% y-o-y. Decorative paints’ volumes decreased by 0.5%.

With a downside of 1% from the CMP, we maintain our HOLD rating on the stock.

Asian Paints (APNT) posted 2%/3% YoY decline in consolidated/standalone revenue in 1QFY25.

We upgrade Asian Paints Ltd (APL) from Hold to Buy with a revised PT of Rs. 3,385. Stock trades at 51x/45x its FY2025E/26E EPS, which is a discount to its historical average, making risk reward favourable.

With a 4% upside from the CMP, we maintain our HOLD rating on the stock.

Asian Paints (APNT) posted 1%/2% YoY decline in consolidated/standalone
revenue in 4QFY24, with decorative volume growth at 10% YoY (vs. est.
9%). The value-to-volume gap expanded to ~12% in 4Q from ~7% in
3QFY24. Revenue growth was hit by price cuts (~3.5% in 4Q), and an
unfavorable product mix (subdued growth of the premium segment).

Asian Paints Limited’s (APL’s) Q4FY2024 performance was a miss on all fronts with consolidated revenue coming in flat
at Rs. 8,731 crore (affected by value decline), OPM declining by 125 bps y-o-y to 19.4% due to higher media spends, and PAT remaining flat y-o-y at Rs. 1,250 crore