Dominant decorative paint brand in India underpinned by scale, distribution, and brand equity; competitive pressure constrains returns.

FY27 base-case growth 6-8%

Decorative volume growth trajectory (QoQ) — Volume growth has recovered sharply from negative territory in FY25, reaching double digits in Q2 FY26 before stabilizing at high single digits in Q3 FY26, signaling a demand recovery driven by improved consumer sentiment and company initiatives, though with s