Asian Paints is India’s largest paint company and a direct play on rising consumer spending due to its focus on decorative paints. Its track record has been phenomenal and its dominance in the paint industry is noteworthy. For industrial and automotive coatings, it has JVs with world leaders; however, architectural / decorative coating remains its major growth engine. Due to intermittent lockdowns, business had been impacted but it is noteworthy that for FY21 value growth was 8 % and volume growth was 13%, displaying good long term demand fundamentals. Despite good secular growth prospects, we have a neutral rating due to high valuation and risk of growth not matching high expectations and pressure on margins due to rising input costs – 12-05-2021 Price: 2556.00 Rating: Neutral Weight Recommendation: Hold
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