Nomura Upgrades Asian Paints and Berger Paints to Buy: Birla Opus' Impact Minimal, Analysts Turn Bullish

Thursday, Nov 6, 2025 4:54 am ET1min read

Nomura upgrades Asian Paints and Berger Paints to Buy, citing minimal impact from Birla Opus' entry. Despite unprecedented investment, the legacy players' margins and sales have been unaffected. Nomura notes that Birla Opus has reached its target dealer count and used up its investment budget, with sales falling quarter-on-quarter in 2QFY26. Dealers are returning to established brands as margins were unsatisfactory.

Nomura Upgrades Asian Paints and Berger Paints to Buy: Birla Opus' Impact Minimal, Analysts Turn Bullish

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