Consumer (Paints) – Sector Update – Competitive noise lower, demand up QoQ
Published on 05 Dec 2025
We conducted channel checks of paint dealers across regions. Our interaction suggests that 1) Demand momentum in 3Q has seen sequential uptick, however 1H of October was impacted by extended rainfall especially in east and North India, 2) Competitive noise from Birla Opus seems to have mostly peaked across regions, however sales velocity remains strong. 3) Pricing remains broadly stable across major brands and product categories. 4) APNT and Birla opus seem to be gaining some ground at the expense of Berger and Kansai. The near-term demand outlook remains constructive, driven by moderating inflation, GST rationalization and a normal monsoon.
However, the recovery in underlying demand remains uneven as urban segments continue to exhibit pockets of softness, while rural markets see strong traction. Industrial paints led by auto are likely to post strong growth given robust volume growth in auto industry post GST rate cuts.
