Asian Paints shares dropped over 9% on November 11 after several brokerages voiced concerns about its disappointing Q2 FY25 performance. The company faced weak demand and rising competition, leading to a sharp fall in its stock price.
By 9:20 AM, the stock was down over 7%, trading at ₹2,565. So far this year, it has lost nearly 25%, underperforming the Nifty 50, which has gained 10% during the same period.
Brokerages Lower Ratings and Price Targets
- JPMorgan downgraded the stock to "Underweight" and reduced its target price from ₹2,800 to ₹2,400, citing weaker-than-expected operating results. The company's PBDIT (profit before depreciation, interest, and tax) margin fell to 15.5% in Q2 FY25, down from 20.3% last year. CEO Amit Syngle said margins were hit by last year’s price cuts, higher material costs, and increased sales expenses.
- CLSA kept its "Underperform" rating with a target price of ₹2,290, highlighting that weaker consumer sentiment caused Asian Paints to lag behind competitors in sales growth.
- Nomura cut its target price from ₹2,850 to ₹2,500 and gave a "Neutral" rating. It noted that competitors improved their product mix, focusing on higher-value products, while Asian Paints continued to see lower-value product sales. Nomura expects some recovery in the second half due to improved rural demand but anticipates overall sales and profits to remain flat.
Q2 Performance
The company's Q2 revenue fell 5.3% year-on-year to ₹8,003 crore, missing the estimated ₹8,528 crore. Consolidated net profit plunged 42.4% to ₹694.64 crore, far below the forecasted ₹1,205 crore.
Other Analysts’ Views
- Morgan Stanley gave an "Underweight" rating, citing weather issues and weak demand.
- Jefferies rated the stock "Underperform" and raised concerns about its broad underperformance and increasing competition.
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