AKZOINDIA - Akzo Nobel India Limited Share Price

Consumer Durables

₹3541.80-26.40(-0.74%)

Market Open as of Apr 28, 2025, 14:00 IST

What does Akzo Nobel India Limited do?

Paints•Consumer Durables•Small Cap

Akzo Nobel India Limited manufactures, distributes, and sells paints and coatings in India and internationally. It offers paints, emulsions, lacquers, and varnishes for interior, exterior, waterproofing, and wood care applications; waterproofing paint products; weathershield paint for institutions/builders/contractors; automotive and specialty, industrial, powder, and marine and protective coatings. The company's products are used in oil and gas, power, infrastructure, and wind energy projects; architecture, automobile, and functional and domestic appliances; automotive OEM coating, consumer electronics coating, vehicle refinishes, and specialty coating businesses; packaging industry, including food, caps and closures, and beer and beverages; and roofing, building, aluminum composite panels, and domestic appliance sectors. It offers its products primarily under the Dulux, Sikkens, International, and Interpon brands. The company was formerly known as ICI India Limited and changed its name to Akzo Nobel India Limited in February 2010. Akzo Nobel India Limited was founded in 1792 and is based in Gurugram, India. Akzo Nobel India Limited is a subsidiary of Imperial Chemical Industries PLC.

Industry Group:Consumer Durables

Employees:1,500

Website:www.akzonobel.co.in

Summary of Latest Earnings Report from Akzo Nobel India

Summary of Akzo Nobel India's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Outlook by Management:
Akzo Nobel India's management remains confident in sustained growth despite market challenges. They anticipate a boost from government consumption initiatives, particularly in real estate and infrastructure, driving demand in the second half of FY25. GDP-linked industry recovery is expected to propel double-digit volume growth. Strategic focus includes premium segment innovation, waterproofing expansion, and disciplined execution without price cuts.

Key Points:

Financial Performance: Q3 revenue at INR 1,051 crores (+2% YoY). Paints saw volume growth (low single-digit value), while Coatings grew in both value (high single-digit) and volume (mid-single-digit). PAT decline (-5%) attributed to reduced fixed-income returns post-special dividend.
Government Stimulus Impact: Consumption boost from the budget is expected to benefit discretionary sectors like paints in H2 FY25, with real estate and infrastructure as key drivers.
Market Share & Strategy: 12 consecutive quarters of market share gains via premiumization, waterproofing (double-digit growth), and distribution expansion (160+ distributors). Launched products like Dulux Promise Freedom (latex paint) and 8-year warranty waterproofing solutions.
Strategic Review: Parent company's portfolio evaluation (powder coatings, R&D) aims to enhance competitiveness; no material impact on operations or stakeholder morale noted.
Cost & Productivity: Tight cost control via supply chain optimization, productivity metrics, and variable distribution expenses.
Demand Outlook: Near-term challenges in mass segments, but premium demand remains robust. Expect gradual recovery to mid-single-digit growth, accelerating post-state elections and tax disbursements.

Management emphasizes resilience, innovation, and strategic discipline to capitalize on emerging opportunities.

Q&A Session

Last updated: Feb 25

Question 1: "Sir, my first question was basically in the latest budget we saw that there has been a consumption boost. So how do we see the impact of that on the industry going forward?"
Answer: The consumption boost is welcomed but effects will likely manifest in the second half of FY25 after tax disbursements (effective April 2025). Real estate and infrastructure sectors may drive demand, with paints (discretionary) lagging essentials initially. GDP-linked growth in paints/coatings (currently ~0.6"“1x GDP) is expected to recover to 1.5"“2x post-elections and economic stabilization.

Question 2: "Sir, my second question was on the line that we saw a decrease in the employee benefit expense... So would there be any explanation to that?"
Answer: The decrease stems from a routine December-quarter review of employee provisions (e.g., pensions, gratuity), leading to reversals. Underlying employment costs remain stable, and no structural changes in workforce expenses occurred.

Question 3: "Can you share the thought process behind the restructuring... while doing the restructuring of the entity?"
Answer: The parent company (AkzoNobel NV) proposed strategic reviews for Powder Coatings and R&D units to align with global priorities. These segments require centralized R&D (e.g., automotive color testing). Discussions are preliminary, and updates will follow governance protocols. No final decision on restructuring yet.

Question 4: "We are doing extremely well on B2B side... What are the key things that we have started doing differently?"
Answer: B2B growth in decorative paints (real estate) and coatings (Marine, Protective) is driven by marquee client relationships (e.g., Indian Navy projects), product innovation (fireproofing/antifouling coatings), and infrastructure demand (data centers). Government projects and pre-election delays caused temporary dips but recovery is underway.

Question 5: "Regarding Dulux Promise Freedom... How big is the market and what is the strategy?"
Answer: The latex paint (Freedom) is a regional pilot (UP, Rajasthan) targeting mid-tier markets. Testing adoption before pan-India rollout. Focus on expanding distribution to smaller towns while maintaining premium positioning. Early traction noted, but cautious scaling pending feedback.

Question 6: "We have gained market share for 12 straight quarters... What is driving this?"
Answer: Distribution expansion (160+ long-term distributors), hub-and-spoke model for deeper reach, and premium product launches (e.g., Dulux Promise Assurance) drove share gains. Premium segments grew ~15"“16% share in key states, though regional variability persists.

Question 7: "How are employee and distributor morale amid restructuring rumors?"
Answer: Transparent communication with employees and distributors stabilized morale. Attrition at managerial levels remains near zero; frontline attrition is unchanged. Dealers trust long-term relationships, and restructuring discussions are framed as growth-oriented.

Question 8: "What is the growth split across home decor, B2B decor, and industrials?"
Answer: B2B decorative grew high-single digits; retail decorative was flat/low-single digit due to mass-segment weakness. Industrial coatings (35% of revenue) grew mid-single digits (Marine/Powder strong, Automotive/Coil subdued). Waterproofing grew double-digits.

Question 9: "How are costs controlled despite distribution expansion?"
Answer: Distribution costs are variabilized (linked to revenue via gross-to-net adjustments), avoiding P&L spikes. Supply chain optimizations, productivity metrics, and structural efficiencies (e.g., merging roles) reduced discretionary spends.

Question 10: "What is the demand outlook given industry headwinds?"
Answer: Premium products and waterproofing grew strongly, but mass segments lagged. Demand recovery is expected post-April 2025 (tax benefits). January 2025 saw early signs of improvement, with mid-single-digit growth targeted before accelerating to double digits.

Question 11: "Update on waterproofing's 8-year warranty product and revenue share?"
Answer: The 2-in-1 waterproofing product (vertical/horizontal surfaces) is priced competitively, with early adoption success. Waterproofing revenue is growing double-digits and expected to rise further with portfolio expansion.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	AKZOINDIA	Consumer
PE	37.81	63.60
PS	3.99	2.00
Growth	2.7 %	8.1 %

Description	Share	Value
Paints	100.0%	1.1 kCr
Total		1.1 kCr

Shareholder Name	Holding %
IMPERIAL CHEMICAL INDUSTRIES LTD	50.46%
AKZO NOBEL COATINGS INTERNATIONAL B.V	24.3%
Asian Paints Limited	4.42%
Hdfc Mutual Fund - Hdfc Childrens Fund	1.96%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Frontline Equity Fund	1.9%
The New India Assurance Company Limited	1.64%
AKZO NOBEL CHEMICALS INTERNATIONAL B.V.	0%
PANTER B.V.	0%
AKZO NOBEL ( C ) HOLDINGS B.V.	0%

Cash Flow for Akzo Nobel India

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Net Cashflows from Operations	4.6%	657	628	234
Income taxes paid (refund)	20.6%	171	142	113
Net Cashflows From Operating Activities	0%	486	486	121
Purchase of property, plant and equipment	14.6%	119	104	63
Interest received	37.5%	34	25	19
Other inflows (outflows) of cash	-103.6%	-1.25	64	275
Net Cashflows From Investing Activities	-441.2%	-86.03	-15.08	230
Payments of lease liabilities	-	0	0	15
Dividends paid	50.4%	410	273	319
Interest paid	0%	12	12	12
Net Cashflows from Financing Activities	-45.5%	-439.33	-301.72	-345.91
Effect of exchange rate on cash eq.	-220.9%	-1.15	0.33	0
Net change in cash and cash eq.	-124.6%	-40.64	170	5.67

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Net Cashflows from Operations	4.3%	656	629	235
Income taxes paid (refund)	20.6%	171	142	113
Net Cashflows From Operating Activities	-0.2%	485	486	121
Purchase of property, plant and equipment	14.6%	119	104	63
Interest received	37.5%	34	25	19
Other inflows (outflows) of cash	-103.6%	-1.25	64	275
Net Cashflows From Investing Activities	-441.2%	-86.03	-15.08	230
Payments of lease liabilities	-	0	0	15
Dividends paid	50.4%	410	273	319
Interest paid	0%	12	12	12
Net Cashflows from Financing Activities	-45.5%	-439.33	-301.72	-345.9
Effect of exchange rate on cash eq.	-220.9%	-1.15	0.33	0
Net change in cash and cash eq.	-124.9%	-41.04	170	5.97

Balance Sheet for Akzo Nobel India

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	57%	428	273	269	314	184	144
Current investments	-	0	0	0	0	0	0
Loans, current	-	0	0	0	0	0	0
Total current financial assets	13.2%	1,256	1,110	1,344	1,269	960	965
Inventories	21.6%	743	611	606	598	705	664
Total current assets	14.2%	2,194	1,921	1,950	1,867	1,787	1,760
Property, plant and equipment	6.9%	559	523	509	507	510	515
Capital work-in-progress	-22.9%	92	119	68	73	54	42
Non-current investments	-	0	0	0	0	0	0
Loans, non-current	32.8%	0.61	0.42	0.41	0.36	0.42	0.43
Total non-current financial assets	0%	10	10	9.59	9.05	9.61	9.02
Total non-current assets	-1.1%	971	982	905	872	885	831
Total assets	9.1%	3,166	2,903	2,855	2,739	2,672	2,591
Total non-current financial liabilities	-102.2%	0	47	53	68	76	73
Provisions, non-current	1194.7%	106	9.11	88	85	73	0
Total non-current liabilities	8.7%	163	150	149	160	155	148
Total current financial liabilities	14.9%	1,280	1,114	1,074	999	1,022	938
Provisions, current	2.5%	42	41	39	38	43	42
Total current liabilities	10.8%	1,577	1,424	1,369	1,264	1,275	1,184
Total liabilities	10.6%	1,741	1,574	1,518	1,424	1,430	1,332
Equity share capital	0%	46	46	46	46	46	46
Total equity	7.2%	1,425	1,329	1,337	1,316	1,242	1,259
Total equity and liabilities	9.1%	3,166	2,903	2,855	2,739	2,672	2,591

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	56.8%	429	274	270	315	185	145
Current investments	-	0	0	0	0	0	0
Loans, current	-	0	0	0	0	0	0
Total current financial assets	13.2%	1,256	1,110	1,345	1,270	961	966
Inventories	21.6%	743	611	606	598	705	664
Total current assets	14.2%	2,194	1,922	1,951	1,868	1,788	1,760
Property, plant and equipment	7.1%	560	523	509	507	511	515
Capital work-in-progress	-22.9%	92	119	68	73	54	42
Non-current investments	-	0	0	0	0	0	0
Loans, non-current	32.8%	0.61	0.42	0.41	0.36	0.42	0.43
Total non-current financial assets	0%	10	10	9.59	9.04	9.61	9.02
Total non-current assets	-1.1%	971	982	905	872	885	831
Total assets	9%	3,166	2,904	2,856	2,740	2,673	2,592
Total non-current financial liabilities	-102.2%	0	47	53	68	76	80
Provisions, non-current	1207%	107	9.11	89	85	73	68
Total non-current liabilities	9.4%	164	150	149	160	156	148
Total current financial liabilities	14.8%	1,279	1,114	1,074	999	1,022	938
Provisions, current	2.5%	42	41	39	39	43	42
Total current liabilities	10.8%	1,577	1,424	1,369	1,264	1,275	1,184
Total liabilities	10.6%	1,740	1,574	1,518	1,424	1,431	1,332
Equity share capital	0%	46	46	46	46	46	46
Total equity	7.2%	1,426	1,330	1,338	1,316	1,242	1,260
Total equity and liabilities	9%	3,166	2,904	2,856	2,740	2,673	2,592

Investor Care
Dividend Yield	4.06%
Dividend/Share (TTM)	145
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	94.38

Financial Health
Current Ratio	1.39
Debt/Equity	0.00
Debt/Cashflow	0.00

Income Statement for Akzo Nobel India

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	4.2%	3,962	3,802	3,149	2,421	2,662	2,918
Other Income	34.6%	36	27	23	23	38	42
Total Income	4.4%	3,997	3,829	3,171	2,445	2,699	2,961
Cost of Materials	-3.5%	2,009	2,081	1,775	1,166	1,201	1,499
Purchases of stock-in-trade	3%	208	202	194	174	268	207
Employee Expense	9%	327	300	263	251	255	265
Finance costs	-15.4%	12	14	14	10	9.34	4.45
Depreciation and Amortization	0%	82	82	76	76	79	65
Other expenses	13.6%	780	687	575	507	585	620
Total Expenses	1.5%	3,424	3,374	2,807	2,166	2,371	2,646
Profit Before exceptional items and Tax	25.7%	573	456	365	278	328	315
Exceptional items before tax	-	0	0	2	0	-5.23	0.65
Total profit before tax	25.7%	573	456	367	278	323	316
Current tax	20%	151	126	78	76	93	110
Deferred tax	13.8%	-4.43	-5.3	-1.5	-5.72	-7.22	-5.22
Total tax	20.8%	146	121	77	71	86	105
Total profit (loss) for period	27.5%	427	335	290	208	237	211
Other comp. income net of taxes	31.2%	-3.17	-5.06	0	-2.46	-3.85	-7.11
Total Comprehensive Income	28.6%	424	330	290	205	234	204
Earnings Per Share, Basic	27.7%	93.697	73.583	63.68	45.6	52.13	45.96
Earnings Per Share, Diluted	27.7%	93.697	73.583	63.68	45.6	52.13	45.96

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	6.9%	1,050	982	1,036	973	1,033	956
Other Income	-37.9%	6.01	9.07	9.7	10	8.38	8.94
Total Income	6.6%	1,056	991	1,046	984	1,041	965
Cost of Materials	-11.5%	509	575	529	522	461	511
Purchases of stock-in-trade	-10.5%	52	58	54	52	55	54
Employee Expense	-10.6%	77	86	88	80	82	82
Finance costs	375.5%	3.33	1.49	2.47	3.16	3.21	2.72
Depreciation and Amortization	4.8%	23	22	22	22	20	21
Other expenses	0%	196	196	205	185	207	203
Total Expenses	5.8%	910	860	892	837	890	838
Profit Before exceptional items and Tax	10.7%	146	132	154	147	152	127
Total profit before tax	10.7%	146	132	154	147	152	127
Current tax	2.9%	36	35	42	40	38	33
Deferred tax	133.5%	1.77	-1.3	-2.18	-1.3	-0.3	-0.42
Total tax	12.1%	38	34	40	38	38	33
Total profit (loss) for period	11.3%	109	98	115	109	114	94
Other comp. income net of taxes	144.8%	2.37	-2.06	-0.69	-1.69	-1.48	0.55
Total Comprehensive Income	15.8%	111	96	114	107	112	95
Earnings Per Share, Basic	11.5%	23.85	21.49	25.17	23.886	24.99	20.696
Earnings Per Share, Diluted	11.5%	23.85	21.49	25.17	23.886	24.99	20.696

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	4.2%	3,962	3,802	3,149	2,421	2,662	2,918
Other Income	34.6%	36	27	23	23	38	42
Total Income	4.4%	3,997	3,829	3,171	2,445	2,699	2,961
Cost of Materials	-3.5%	2,009	2,081	1,775	1,166	1,201	1,499
Purchases of stock-in-trade	3%	208	202	194	174	268	206
Employee Expense	9%	328	301	264	252	256	266
Finance costs	-15.4%	12	14	14	10	9.34	4.45
Depreciation and Amortization	0%	82	82	76	76	79	65
Other expenses	13.6%	779	686	574	506	584	619
Total Expenses	1.5%	3,424	3,374	2,807	2,166	2,371	2,646
Profit Before exceptional items and Tax	25.7%	573	456	365	278	328	315
Exceptional items before tax	-	0	0	2	0	-5.23	0.65
Total profit before tax	25.7%	573	456	367	278	323	316
Current tax	20%	151	126	78	76	93	110
Deferred tax	13.8%	-4.43	-5.3	-1.49	-5.72	-7.22	-5.22
Total tax	20.8%	146	121	77	71	86	105
Total profit (loss) for period	27.5%	427	335	290	208	237	211
Other comp. income net of taxes	32.8%	-3.07	-5.06	-0.08	-2.5	-3.9	-7.13
Total Comprehensive Income	28.6%	424	330	290	205	234	204
Earnings Per Share, Basic	27.7%	93.675	73.583	63.7	45.6	52.13	45.96
Earnings Per Share, Diluted	27.7%	93.675	73.583	63.7	45.6	52.13	45.96

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	6.9%	1,050	982	1,036	973	1,033	956
Other Income	-37.9%	6.01	9.07	9.7	10	8.38	8.94
Total Income	6.6%	1,056	991	1,046	984	1,041	965
Cost of Materials	-11.5%	509	575	529	522	461	511
Purchases of stock-in-trade	-10.5%	52	58	54	52	55	54
Employee Expense	-10.5%	78	87	89	80	82	83
Finance costs	375.5%	3.33	1.49	2.47	3.16	3.21	2.72
Depreciation and Amortization	4.8%	23	22	22	22	20	21
Other expenses	0%	196	196	205	185	207	202
Total Expenses	5.8%	910	860	892	837	890	838
Profit Before exceptional items and Tax	10.7%	146	132	154	147	152	127
Total profit before tax	10.7%	146	132	154	147	152	127
Current tax	2.9%	36	35	42	40	38	33
Deferred tax	133.5%	1.77	-1.3	-2.18	-1.3	-0.3	-0.42
Total tax	12.1%	38	34	40	38	38	33
Total profit (loss) for period	11.3%	109	98	115	109	114	94
Other comp. income net of taxes	144.8%	2.37	-2.06	-0.69	-1.58	-1.48	0.55
Total Comprehensive Income	15.8%	111	96	114	107	112	95
Earnings Per Share, Basic	11.5%	23.85	21.49	25.17	23.874	24.99	20.696
Earnings Per Share, Diluted	11.5%	23.85	21.49	25.17	23.874	24.99	20.696

Valuation
Market Cap	16.25 kCr
Price/Earnings (Trailing)	37.81
Price/Sales (Trailing)	3.99
EV/EBITDA	23.93
Price/Free Cashflow	50.78
MarketCap/EBT	28.05

Fundamentals
Revenue (TTM)	4.08 kCr
Rev. Growth (Yr)	1.47%
Rev. Growth (Qtr)	6.57%
Earnings (TTM)	429.72 Cr
Earnings Growth (Yr)	-4.61%
Earnings Growth (Qtr)	10.95%

Profitability
Operating Margin	14.21%
EBT Margin	14.21%
Return on Equity	30.14%
Return on Assets	13.57%
Free Cashflow Yield	1.97%

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
ASIANPAINT	Asian PaintsPaints	2.33 LCr	34.94 kCr	+4.67%	-15.02%	54.44	6.68	-3.37%	-22.68%
BERGEPAINT	Berger Paints IndiaPaints	64.41 kCr	11.45 kCr	+10.18%	+9.25%	56.38	5.62	+2.41%	+0.82%
KANSAINER	Kansai Nerolac PaintsPaints	21.2 kCr	7.91 kCr	+10.14%	-5.85%	18.91	2.68	+0.97%	-3.16%
INDIGOPNTS	Indigo PaintsPaints	4.79 kCr	1.35 kCr	+3.94%	-23.85%	34.41	3.54	-	-
SHALPAINTS	Shalimar PaintsPaints	917.22 Cr	571.21 Cr	+10.38%	-34.62%	-9.45	1.61	+6.68%	-70.13%

AKZOINDIA - Akzo Nobel India Limited Share Price

What does Akzo Nobel India Limited do?

Summary of Latest Earnings Report from Akzo Nobel India

Sector Comparison: AKZOINDIA vs Consumer Durables

Comparative Metrics

Performance Comparison

Revenue Breakdown

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Cash Flow for Akzo Nobel India

Balance Sheet for Akzo Nobel India

Investor Care

Financial Health

Income Statement for Akzo Nobel India

Valuation

Fundamentals

Profitability

Is Akzo Nobel India Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)