Kansai Nerolac Paints Limited — Investor Meet, 14-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Kansai Nerolac Paints sees stable automotive demand and government infrastructure driving growth. Q4 standalone revenue rose 4.7%, full-year consolidated revenue up 0.3%. EBITDA margins have shrunk over five years due to inflation and ad spend but should stabilize near 13-14% this year. Decorative growth is modest, helped by new Paint+ products; industrial coatings remain strong margin drivers. Subsidiaries in Sri Lanka and Bangladesh face challenges; domestic ones improve. Competition from JSW Paints intensifies in decorative, but Kansai defends key markets. New Vizag capacity boosts South India growth by cutting logistics costs. Management remains confident yet cautious about margins and competitive pressures.