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Asian Paints targets ₹50,000 cr revenue by FY28 with 10% CAGR growth

ICICIdirect Research 05 Dec 2025 DISCLAIMER

In its recent media interaction, Mr. Amit Syngle, MD & CEO of Asian Paints, shared the company’s plan on entering next phase after two years of lull.

Key takeaways of its media interaction

Consumer sentiments are improving and competitive intensity is stabilising which provides opportunity for market leader to improve its growth in the coming years.
He expects the company’s decorative paint business growth to stay ahead of industry growth.
The company is strengthening its brand-building efforts, sharpening its regional strategy, innovation and expanding its market presence through initiatives like its new partnership with Indian cricket to improve its retail (B2C) growth. Volume growth to stay ahead industry growth.
Further the company has increased its focus on scaling up its B2B business due to higher demand from growing real estate market, turnkey painting/service proposition for housing societies and industrial asset protecting service.
He expects B2B business to be 20% of the overall standalone decorative business from around 6-8% currently.
Further the company targets to increase the contribution of industrial coating (including automotive, infra) business from current 5% in the coming years.
For its home-décor business, the company is giving another two years to bring out excellence from each category of presence. Aims for increasing home décor contribution to 7-8% in the coming years.
Overall, Mr. Single is targeting revenues of Rs50,000cr by FY28 (to grow at CAGR of 10%). Large part of growth will be volume led growth. EBIDTA margins to remain at 18-20% in the near term but will improve with better mix and accrued benefits form backward integration investments over the medium term.
We recommend Buy on Asian Paint with a price target of Rs3,330. The stock is trading at 62x and 55x its FY26E and FY27E earnings.

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