Asia Essentials - 21 May 2026

Research evidence excerpt

Asia Essentials - 21 May 2026

nts+putty.

3QFY26 • 10% free paint scheme for larger packs in economy and super economy segments discontinued. Our estimate of Grasim's deco sales

• Dealer attrition negligible with QoQ additions at double digit rate.

• Continued share gains with market share for paints+putty at double-digit levels Source: Company data, Macquarie Research, May 2026

2QFY26 • Saw low single digit sales decline with Sept witnessing higher monthly sales and pace sustaining in Oct

• Focus now on increasing depth in these towns. East India plant started operations in Oct. India paint valuation matrix

• Double-digit QoQ growth in decorative paints, becoming No3 player in decorative space.

1QFY26 • Distribution focus moved to improving sales throughput per dealer. Premium/ luxury at 65% of sales Price Mcap TP TSR Reco PER

• Commercial production for East India plant expected by end-2Q. Rs $bn Rs 26E 27E

APNT 2606 25.9 2900 12% OP 53.6 45.9 • Reached high single digit market share in organised deco and double-digit including putty business.

4QFY25 • Targets double digit market share by end FY26. Reached No3 based on March exit. BRGR 508 6.1 395 -21% UP 49.7 44.5

• Fifth plant in West India launched in 4Q. East India plant trial production will commence in 1Q KNPL 214 1.8 200 -5% N 26.9 23.3

• Saw market share gains in most markets as seeing good acceptance of products. Source: Macquarie Research, May 2026

• 50,000dealer mark for end-FY25. While Jan saw pickup, believes it is too early to call a trend.

3QFY25 Note: Prices as of 20 May 2026.

• Reiterated high-single-digit market-share target for FY25 exit. 131depots operational with

170+ products placed in channel

• Grasim's tinting machine additions are on track with some replacing competitor machines.