Asian Paints Limited: Strong Q1 sets the canvas, watch Q2 volumes & crude

Research evidence excerpt

Asian Paints Limited: Strong Q1 sets the canvas, watch Q2 volumes & crude

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Asian Paints Limited Overweight

ASPN.NS, APNT IN

Strong Q1 sets the canvas, watch Q2 volumes & crude Price (29 Jul 26):Rs2,758.40

▲Price Target (Sep-27):Rs2,970.00

Prior (Sep-27):Rs2,920.00

APNT’s Q1 operational performance was strong, with consolidated revenue growth

accelerating to ~18%. Decorative volumes were up +9%, aided by healthy underlying Consumer, Retail, Media

demand through the quarter and continued execution on its strategic levers— Latika Chopra, CFA AC

innovation, premiumization, and a more regionalized go-to-market approach. On the (91-22) 6157-3584

earnings call (First Take), management shared a confident narrative of sustaining 8– latika.chopra@jpmorgan.com

10% decorative volume growth in FY27, supported by steady demand and an Himanshu Singh

expected uplift from the festive season, even as trends in Tier-1/Tier-2 cities appeared (91-22) 6157-3610

himanshu.x6.singh@jpmorgan.com

relatively modest. B2B/Industrial demand remained strong and rural continued to

Saransh S Gokhale

outperform urban growth. Further pricing actions (wt avg: 6-7%; mix: 3%) across the

(91-22) 6157 3578

portfolio are likely to keep the growth trajectory intact. Value–volume gap turned saransh.gokhale@jpmchase.com

positive (after multiple quarters), and management expects it to remain so until further J.P. Morgan India Private Limited, J.P. Morgan

price corrections flow through. Competitive intensity continues to remain elevated, Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

but APNT gained shares (vs smaller players) on the back of stronger supply-chain