Kansai Nerolac Paints (KNPL IN) – Q3FY26 Result Update – Deco paints revival key to re-rating – Accumulate
Published on 04 Feb 2026
We expect 8.4% volume CAGR growth and ~50bps margin expansion over FY26-28. We estimate a CAGR of 6.4% in sales and 7.9% in PAT over FY26-28. We value the stock at 26xDec27 EPS (No change) and assign a target price of Rs248 (Rs255 earlier). While the valuations at 23.5XFY28 have little room for further de-rating, it lacks any meaningful triggers. Retain Accumulate.
