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Asian Paints shares rally 4% after Q4 results. Here’s what Nomura and Motilal Oswal are saying
During the quarter under review, total income increased by more than 11% year-on-year to Rs 9,418 crore. Total expenses rose at a slower pace, increasing nearly 8% to Rs 7,829.17 crore.
EBITDA for the quarter rose 24.4% year-on-year to Rs 1,787 crore from Rs 1,436.2 crore in the corresponding period last year. EBITDA margin expanded by more than 200 basis points to 19.3%, compared with 17.2% a year earlier.
For the full financial year ended March 31, 2026, Asian Paints reported a consolidated net profit of Rs 4,325.35 crore, up 18% from Rs 3,667.23 crore recorded in the previous financial year. Annual revenue from operations rose around 5% year-on-year to Rs 35,583.54 crore in FY26.
Asian Paints shares: Buy, sell or hold?
Nomura raised its target price to Rs 3,600 (35% upside) while maintaining a Buy rating, highlighting that the company not only retained but improved its guidance despite cumulative price hikes of around 13.5% year-to-date, including 10.5% implemented in April-May and a further 3% increase announced to dealers.
The brokerage noted that management’s decision to maintain volume growth guidance of 8-10% signals confidence in a strong demand environment. It also pointed to improved product mix guidance of -3% to -4%, compared with the earlier expectation of -5% to -6%, driven by a greater push towards premium and luxury paints, implying high-teens sales growth in FY27. The brokerage also maintained its operating margin guidance of 18-20% despite raw material inflation and competitive pressures. Nomura believes there is a high probability of crude oil prices moderating from current levels over the next six months, which could further support margins.
Motilal Oswal maintained its Neutral rating on Asian Paints with a target price of Rs 2,750, implying a modest upside of up to 3%. The brokerage raised its FY27 and FY28 earnings estimates by 3%-4%, citing better-than-expected revenue performance. However, it cautioned that the uncertain geopolitical environment and persistent inflationary pressures could continue to weigh on overall demand. Management has guided for high single-digit volume growth in FY27 despite significant price hikes, supported by a favourable base, more painting days due to El Niño conditions and an extended festive season.
The brokerage expects standalone EBITDA margins of 19.1% and 19.5% for FY27 and FY28, respectively, while consolidated margins are projected at 18.2% and 18.6%. It also noted that paint demand has remained subdued over the past two years, and recent price increases could delay a broader demand recovery. To counter competitive pressures, Asian Paints continues to focus on product innovation, strengthening brand salience, regionalisation and execution.
JM Financial upgraded Asian Paints to Add with a target price of Rs 2,815, implying an upside of 5.4%. The brokerage believes the company’s FY27 revenue outlook remains encouraging, supported by management’s volume growth guidance of 8-10%. Combined with double-digit price increases, including hikes of around 10.4% already implemented and an additional 2-4% announced from June, along with a lower adverse mix impact of 3-4%, this is expected to drive mid-teen sales growth in FY27. JM Financial noted that demand trends remained stable during April and May, while management remains optimistic about business momentum in the second and third quarters of FY27, aided by a longer festive season.
Also read: PSU bank stocks vs private banks in FY27: The valuation trap you need to avoid
The brokerage also highlighted that management has reiterated its EBITDA margin guidance of 18-20% despite significant raw material inflation, supported by price hikes, sourcing efficiencies, an improved product mix and calibrated spending. However, the company expects competitive intensity in the paints sector to remain elevated.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Operator
Greetings. Welcome to the Jerash Holdings Fiscal 2026 Fourth Quarter and Full Year Financial Results. [Operator Instructions] Please note, this conference is being recorded.
I will now turn the conference over to your host, Roger Pondel, Investor Relations for Jerash Holdings. You may begin.
Roger Pondel
PondelWilkinson Inc.
Thank you, operator. Good morning, everyone, and welcome to Jerash Holdings Fiscal 2026 Fourth Quarter and Full Year Conference Call. I’m Roger Pondel with PondelWilkinson, Jerash Holdings Investor Relations firm. On the call today from the company are Chairman and Chief Executive Officer, Sam Choi; Chief Financial Officer, Gilbert Lee; and Eric Tang, who leads the company’s operations in Jordan.
Before I turn the call over to Sam, I want to remind our listeners that today’s call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous conditions, many of which are beyond the company’s control, including those set forth in the Risk Factors section of the company’s most recent Form 10-K as filed with the Securities and Exchange Commission and copies of which are available on the SEC’s website at www.sec.gov, along with other company filings made with the SEC from time to time. Actual results could differ materially from these forward-looking statements, and Jerash Holdings undertakes no obligation to update any forward-looking statements, except as required by law.
And with
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Fast food workers are struggling to afford to eat the meals they serve, according to a new report.
KFC is launching what it calls its “next chapter” globally, rolling out new menu items, redesigned restaurants and refreshed branding as the fast-food giant looks to strengthen its position in the increasingly competitive chicken market.
The Yum Brands-owned chain said Monday that the initiative will eventually touch its more than 34,000 restaurants across over 150 countries. KFC noted that a new restaurant opens somewhere in the world roughly every 3.5 hours.
“As the global appetite for chicken grows, KFC is answering the call,” KFC Global CEO Scott Mezvinsky said in a statement. He added that the company sees an opportunity to “set the standard for modern chicken” in the quick-service restaurant industry.
MAJOR CARL’S JR OPERATOR REPORTEDLY SET TO SHUTTER, SELL DOZENS OF CALIFORNIA LOCATIONS
KFC updated its famous logo and added new items to its menu as part of a new brand strategy. (KFC)
A key component of the strategy centers on menu innovation. KFC plans to expand its lineup of boneless chicken offerings, including tenders designed for dipping and snacking, while introducing more than 20 new sauces tailored to local tastes. Examples include Chimichurri Ranch and Hot Honey Habanero.
The company is also betting on growing consumer demand for customizable, sauce-focused meals, with new menu items featuring chicken tenders, wings and sandwiches coated in bold flavors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| YUM | YUM! BRANDS INC. | 154.31 | +1.04 | +0.68% |
Beyond food, KFC is expanding its beverage platform, known as “KWENCH by KFC,” which includes boba refreshers, milkshakes, sparkling lemonades and iced coffees. The beverage lineup is moving from a pilot program to permanent menus in Australia and Canada this year.
Miami, Florida, Miami International Airport, airport terminal, KFC, Kentucky Fried Chicken fast food restaurant. (Jeffrey Greenberg/Universal Images Group via Getty Images)
KFC said the changes are intended to give customers more reasons to visit throughout the day, whether for snacks, drinks or full meals.
The company is also introducing a new generation of restaurant designs aimed at creating more modern dining experiences. The first U.S. example is expected to open in McKinney, Texas, later this summer and will feature an open-concept layout. A larger two-story flagship location is scheduled to debut in Dubai this fall.
KFC’s next-generation restaurant concepts are designed to create more modern, dynamic and hospitality-driven experiences for guests around the world. (KFC / Fox News)
The brand refresh extends beyond menus and restaurants. KFC said it is updating its visual identity across packaging, advertising and digital platforms while retaining its signature bucket and Colonel Sanders branding.
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The rollout begins in the United Kingdom and Ireland, with expansion to the United States and Australia expected in the coming weeks. Additional markets will follow through 2026.
On April 29, the board of the company approved raising of up to Rs 10,000 crore through the issuance of equity shares, non-convertible debentures, along with warrants, any other eligible securities convertible into equity shares of the company, or any combination (collectively, securities) on Qualified Institutional Placement.
According to a regulatory filing, the company got shareholders’ approval to raise capital through a qualified institutions placement.
The shareholders also approved the appointment of Jignesh Devchandbhai Rathod as a Whole-Time Director & CEO of the company.
“…the resolutions as proposed in the postal ballot notice dated May 14, 2026, have been passed by the shareholders by remote e-voting process with requisite majority, on Saturday, June 13, 2026 (last date of remote e-voting),” it stated.
Findings come from the annual examination of the most trusted US consumer brands by Morning Consult.
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Business
Angel One settles Sebi proceedings over lapses in monitoring authorised persons, pays Rs 4.28 crore
The proceedings related to alleged lapses by the company in monitoring and supervising the activities of two authorised persons (APs), Deepankar Barman and Nadella Srinivas Rao.
Sebi had issued separate show-cause notices in May 2025 under adjudication and intermediary regulations, alleging that Angel One failed to adequately identify and act on violations committed by the authorised persons.
According to the order, SEBI alleged that Angel One failed to detect unauthorised fund collection activities, did not conduct proper due diligence during inspections, and failed to take appropriate action despite disproportionate trading patterns by the authorised persons.
The regulator also alleged that the brokerage did not adequately scrutinise unauthorised social media activities by one of the authorised persons, including alleged promises of assured returns, unauthorised portfolio management activities and use of Angel One’s brand name and logo.
In the case of Nadella Srinivas Rao, SEBI alleged that Angel One failed to conduct inspections despite large fund collections and disproportionate trading activity. The regulator also flagged instances where orders were allegedly placed for multiple clients through the same IP and MAC addresses.
Sebi further alleged that both authorised persons were trading through other stock brokers, which the company failed to identify.Pending the proceedings, Angel One filed settlement applications in 2025 without admitting or denying the findings.
Following discussions with Sebi’s Internal Committee, the company agreed to pay Rs 4.28 crore as settlement charges. The proposal was subsequently approved by Sebi’s High Powered Advisory Committee and a panel of Whole Time Members.
The brokerage remitted the settlement amount on May 22, 2026. As a result, the adjudication and enquiry proceedings have been disposed of under the Sebi Settlement Proceedings Regulations.
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