30-Oct-2026 07:51:53

MACQUARIE ON ASIAN PAINTS ; OUTPERFORM | TP ₹3,300

• Macquarie maintains Outperform rating on Asian Paints with a target price of ₹3,300. • Q2 revenue grows 16.9% YoY, while EBITDA rises just 3.6%, missing estimates. • Decorative paint volumes grow 6.4% YoY, indicating continued demand growth. • Gross margin contracts approximately 400 bps YoY, reflecting profitability pressures. • Company retains EBITDA margin guidance of 18–20%, expecting pricing measures and backward integration to support margin recovery.

ASIAN PAINTS LIMITED

← Back to feed