Adani Enterp. 2633.70↑307.60(13.22%)
Adani Ports 734.05↑4.35(0.60%)
Apollo Hospitals 4550.40↓-54.90(-1.19%)
Asian Paints 3120.60↑35.70(1.16%)
Axis Bank 916.15↓-1.40(-0.15%)
B P C L 366.60↑5.00(1.38%)
Bajaj Auto 4498.10↓-25.15(-0.56%)
Bajaj Finance 6780.55↓-12.50(-0.18%)
Bajaj Finserv 1437.25↑24.25(1.72%)
Bharti Airtel 799.95↓-1.90(-0.24%)
Britannia Inds. 4521.65↑22.70(0.50%)
Cipla 930.40↑5.45(0.59%)
Coal India 239.30↑0.60(0.25%)
Divi's Lab. 3385.80↑120.80(3.70%)
Dr Reddy's Labs 4460.55↑2.90(0.07%)
Eicher Motors 3601.60↑56.15(1.58%)
Grasim Inds 1697.95↓-20.40(-1.19%)
H D F C 2705.85↑1.10(0.04%)
HCL Technologies 1107.35↓-12.50(-1.12%)
HDFC Bank 1637.20↓-3.85(-0.23%)
HDFC Life Insur. 562.70↓-4.30(-0.76%)
Hero Motocorp 2710.45↑18.30(0.68%)
Hind. Unilever 2628.30↓-9.80(-0.37%)
Hindalco Inds. 410.30↑2.60(0.64%)
ICICI Bank 953.40↑3.05(0.32%)
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Infosys 1300.05↑7.25(0.56%)
ITC 429.15↑4.40(1.04%)
JSW Steel 704.10↓-0.50(-0.07%)
Kotak Mah. Bank 1921.50↓-18.70(-0.96%)
Larsen & Toubro 2197.65↓-18.95(-0.85%)
M & M 1268.55↑3.00(0.24%)
Maruti Suzuki 9200.70↑44.05(0.48%)
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NTPC 174.15↑0.05(0.03%)
O N G C 165.00↓-0.60(-0.36%)
Power Grid Corpn 234.10↓-0.25(-0.11%)
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SBI Life Insuran 1165.60↑14.80(1.29%)
St Bk of India 581.60↑4.45(0.77%)
Sun Pharma.Inds. 931.60↓-5.85(-0.62%)
Tata Consumer 770.05↑3.95(0.52%)
Tata Motors 528.50↑6.00(1.15%)
Tata Steel 105.60↑0.60(0.57%)
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Titan Company 2683.45↓-29.10(-1.07%)
UltraTech Cem. 7654.25↓-61.40(-0.80%)
UPL 680.65↑10.25(1.53%)
Wipro 397.65↑1.90(0.48%)

Near-term outlook remains strong for India's listed paint companies

A bigger canvas for volumes likely in double digits, while margins could expand on lower costs

Ram Prasad Sahu Mumbai

Premium

4 min read Last Updated : May 22 2023 | 6:15 AM IST

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The 2022-23 (FY23) January-March quarter performance of the country’s largest listed paint companies was better than Street expectations. Asian Paints, Berger Paints, and Kansai Nerolac Paints (Kansai Nerolac) registered double-digit revenue growth, compared with the year-ago quarter, reinforced by strong volume/value growth. Falling raw material prices also helped the paint majors hoist their gross margins.

On a consolidated basis, Kansai Nerolac was slightly ahead of its bigger peers, chronicling revenue growth of 12.8 per cent year-on-year (YoY), compared to the 11.3–11.7 per cent growth registered by its peers. While growth was broad-based across segments, the company saw increased traction in the industrial segment due to higher production by automotive companies. The company highlighted it had gained market share across industrial paint categories.

Price hikes, especially in the industrial segment, moderating input costs, and