Kansai Nerolac Paints (KNPL IN) – Q1FY27 Result Update – Steady demand outlook across deco & industrial – Accumulate
Published on 04 Aug 2026
KNPL’s focus on decorative innovations, increasing distribution, project business and increasing share in total pie remains intact. We expect 7.3% volume CAGR and ~80bps margin expansion over FY26-28. We estimate a CAGR of 8.6% in sales and 10.9% in EPS over FY26-28 and value the stock at 25xJun28 EPS which gives a target price of Rs259 (Rs248 earlier). KNPL trades at inexpensive valuations of 20.2xFY28 EPS which caps downside in the stock. Retain Accumulate.
