1QF27 Paint Dealers DIY Check

研报英文原文证据摘录

1QF27 Paint Dealers DIY Check

Update

June 25, 2026 06:34 AM GMT

Morgan Stanley India Company Private Limited+MIndia Consumer | Asia Pacific Shravan Vohra

Equity Analyst

1QF27 Paint Dealers DIY Check Shravan.Vohra@morganstanley.comArchana Menon, CFA +91 22 6118-2039

Archana.Menon@morganstanley.com +91 22 6118-2215

Key Takeaways Gaurav Varma

Research Associate

Three takeaways: (1) Demand similar sequentially; (2) Pre hike stocking continued Gaurav.Varma@morganstanley.com +91 22 6118-1033

in 1Q; and (3) Projects and B2B remain the growth drivers.

Demand trends remain moderate (similar sequentially) across markets, with retail

being slow. Projects continues to do well. Volume growth similar to 4Q.

Dealers stocked more inventory across the quarter in anticipation of price hikes.

Most dealers sitting with 7-15 days of above normal inventory. India Consumer

Asia Pacific

Incentives remain high. JSW-Akzo getting aggressive, especially in Western Industry View In-Line

markets. F4Q26 Paint Dealers DIY Check

Competitive intensity was high between APNT and Opus in projects and B2B,

while channel expects more support from companies to drive secondary sales.

• Western urban dealers, especially in the Mumbai market, alluded to some

labour shortages.

• Waterproofing demand was strong in 1Q. Premium portfolio continues to do

better than economy. Economy segment remains very competitive.

• Rebates/discounts to dealers are largely similar to pre hikes level in Jan/Feb.

As dealers are sitting on higher inventory, they are seeking companies' help

to drive secondary sales (especially in projects).

• APNT remains aggressive with multiple volume growth based incentives as it

attempts to claw back lost retail share.

• Birla Opus dealers that have stocked the product for 4 quarters or more