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ICICI Securities Report
Akzo Nobel India Ltd.’s YoY revenue growth of 2.3% was higher than Asian Paints Ltd. (-0.6%) and Kansai Nerolac Paints Ltd. (+2.1%) which indicates it has likely gained market share in Q4 FY24 (in our view).
We believe steady investments in distribution expansion, innovation and higher share of premium products have led to market share gains over H2 FY23-FY24. It has continued to introduce differentiated products even in Q4 FY24 with launch of affordable acrylic distemper and two products in Industrial coatings.
Ebitda margin expansion of 35 bps YoY is commendable - delivered in spite of higher share of value-for-money products and price cuts of ~4% in H2 FY24. At 25 times FY26E price/earnings, there's margin of safety. Hold.
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