ANTIQUE ON GAIL
Target price 185 (maintain Hold)
Weak across segments, except trading
We cut our FY26/27 volume estimates by 4% to 128/135 mmscmd, in line with revised guidance
We factor in an ₹8/mmbtu pipeline tariff hike from 2HFY26, boosting FY26/27 EPS by 2%/12%
We believe the Street is overestimating pipeline value and trading earnings scalability
ASIAN PAINTS Q1 📊 Concall Highlights
■ Industrial & Coatings
🏭 Industrial Business: ↑ 8.8% YoY
🎨 Overall Coatings Volume: ↑ 4.2% YoY
📉 Volume–Value gap narrowed
■ International Business
🌍 Revenue: ↑ 8.4% (INR), ↑ 17.5% (CC)
📌 Strong growth in UAE, Sri Lanka, Nepal & Egypt
💱 Ethiopia impacted by currency depreciation
💹 Profitability: Improved YoY
