Paint Company Shares

The country's leading paint manufacturers expect competitive intensity to remain elevated in the coming months, even as they foresee an improvement in demand and volume growth in the March quarter (Q4), along with sustained margins. The top management of leading paint companies, such as Asian Paints, Kansai Nerolac, Berger Paints and AkzoNobel India, in their earnings calls, acknowledged the impact on sales in October and a sustained recovery in November and December. The markers also pointed out the impact of a shorter festive period, along with a prolonged monsoon, on sales in the December quarter. They remain cautiously optimistic that the cyclical recovery, infrastructure push and stabilising consumption patterns will support volume growth even as competitive intensity stays elevated. Asian Paints MD and CEO Amit Syngle said the market continues to witness strong competitive pressure with no signs of a pullback. He added that the company is focusing on structural cost reductio

ICICI Securities, which had upgraded the Asian Paints stock in June 2025, said several tailwinds are now in place.

Few stay in frame as soft sales and rising competition blur the outlook canvas

Given the multiple headwinds facing the sector, the stock has shed about 15 per cent over the past year and is down 25 per cent over the past three years

Asian Paints' consolidated net profit attributable to the owners of the company declined 23.3 per cent year-on-year (Y-o-Y) to Rs 1,110.5 crore in Q3FY25, down from Rs 1,447.7 crore in Q3FY24

The brokerage sees brighter prospects for these emerging contenders (Berger & Indigo) in the second half of FY25 (H2FY25), citing several headwinds for Asian Paints that could limit its growth

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

Sales performance in the festival season was muted; volumes expected to recover

Listed paint companies could report over 30 per cent revenue growth year-on-year (YoY), aided by double-digit volume growth in decorative paints and cumulative gains from pricing action

JSW Paints, which is present in the south and west of the country, is looking to launch in the north and the east

Analysts foresee some cost saving measures to provide additional support to the paint companies' Ebitda margin