Indian paint makers up as oil falls; analysts see mild, temporary margin pressure

JSW Dulux

25/03/2026 07:27

** Shares of Indian paint companies rise between 2% and 5.6% as prices of crude oil, a key raw material, fall

** Asian Paints ASPN.NS rises 3.2%, Berger Paints India BRGR.NS up 3%, Kansai Nerolac Paints KANE.NS climbs 5.5%, Akzo Nobel India AKZO.NS up 2%, and Indigo Paints INDG.NS rises 5.6%

** Oil prices down around 4% on possible ceasefire easing supply disruptions from the key Middle East producing region after reports the U.S. sent Iran a 15-point plan to end the war O/R

   ** ASPN announced price hikes of 6-8%, expect other players to follow to maintain margins, says Nomura

   ** Says it does not expect 4Q margins to be impacted as companies will have inventory

   ** Believes margins could see 150-200 bps impact in Q1FY27 but this should improve to normal levels with more hikes

   ** Adds, do not expect price increase to pressure volumes

   ** YTD, ASPN and BRGR are down ~19% and 22% respectively, KANE down ~31%, AKZO lower by ~10%, and INDG down 36%; Nifty 50 .NSEI down 10%

 (Reporting by Yagnoseni Das in Bengaluru)

 ((Yagnoseni.Das@thomsonreuters.com;))