Consumer – Sector Update – Strong primary demand as stocking continuous
Published on 18 Jun 2026
We remain constructive on KNPL, supported by a healthy industrial coatings outlook and attractive valuations. While our channel checks suggest APNT's market share trends are stabilizing, but rich valuations limit near-term upside post recent rally in the stock price. While persistent inflation remains key monitorable for demand, strong summer and weak monsoons will likely increase the window for painting in FY27. We estimate FY26-28 sales/EPS CAGR of 8.6%/9.9% for KNPL and 8.8%/10.5% for APNT. We retain Accumulate on KNPL (TP of Rs248) and Hold on APNT (TP of Rs2,654).
