India Paints & Adhesives

Research evidence excerpt

India Paints & Adhesives

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Asian Paints (APNT IN) None

Outperform

12-month target:INR2,900.00 - DCF

Valuation: INR 2,900.00 - DCF

Price:INR2,599

Berger Paints (BRGR IN) None

Underperform

12-month target:INR395.00 - DCF

Valuation: INR 395.00 - DCF

Price:INR508.05

Kansai Nerolac (KNPL IN) None

Neutral

12-month target:INR200.00 - DCF

Valuation: INR 200.00 - DCF

Price:INR214.55

Target Price Risk Disclosures

Company Name Risk Disclosure

Sharp moderation in demand. Asian Paints (APNT IN) •

The inability to pass on inflation in input costs. •

Material impact of Grasim’s entry on market shares. •

Sharper market-share gains from peers. Berger Paints (BRGR IN) •

Limited hit on margin from Grasim's competitive pressures. •

Input cost inflation. Kansai Nerolac (KNPL IN) • Downside: