External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury income</li><li>P&amp;M margins stood at 7.6% (+flat YoY) LT continues to guide for 10% order inflow growth (vs flat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%</li><li>NWC to sales stood at 10.1% (Q4FY25: 11%) and LT maintained FY26 guidance at 12%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury incomeP&amp;M margins stood at 7.6% (+flat YoY) LT continues to guide for 10% order inflow growth (vs flat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%NWC to sales stood at 10.1% (Q4FY25: 11%) and LT maintained FY26 guidance at 12%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury income</li><li>P&amp;M margins stood at 7.6% (+flat YoY)</li><li>LT continues to guide for 10% order inflow growth (vsflat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower finance cost and marginally higher treasury incomeP&amp;M margins stood at 7.6% (+flat YoY)LT continues to guide for 10% order inflow growth (vsflat expectation) for FY26 on a high FY25 base and 15% revenue growth (in-line), with P&amp;M margin guidance at 8.5%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

<ul><li>Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negative</li><li>Excluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%</li><li>We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for most</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few outliers, both positive and negativeExcluding the strong growth from new age businesses (~49% growth YoY) and headwinds faced by paint companies (~2% growth YoY, negative), our universe is still likely to grow at ~17%We anticipate continued margin pressure as SSSGs remain weak, ranging from negative to lower single-digits for mostContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

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Nimish Maheshwari

Market & Forensics Analyst

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Read Business Not Stock Prices

<ul>
<li>INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.</li>
<li>Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.</li>
<li>Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.</li>
</ul>


INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.
Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.
Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.


India’s Paints Sector: A Tale of Disruption and Transformation

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, a beat/(miss) of...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower...

HDFC Securities

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few...

HDFC Securities

India’s Paints Sector: A Tale of Disruption and Transformation

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

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HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, a beat/(miss) of...

HDFC Securities

HSIE Results Daily: Larsen & Toubro, Asian Paints, Gail (India), KEC International...

Larsen & Toubro: Larsen & Toubro (LT) reported revenue/EBITDA/APAT at INR 636.8/63.2/36.2bn, a beat/(miss) of +0.5/-2.2/+4.3%, aided by lower...

HDFC Securities

Consumer Discretionary (Q1FY26 Results Preview): Q1FY26–a mixed bag

Our discretionary universe is set for a mixed performance in Q1FY26, with overall revenue projected to grow by ~18% YoY in Q1FY26, driven by a few...

HDFC Securities

India’s Paints Sector: A Tale of Disruption and Transformation

​Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...