India Paints: Dealer Pulse Check: Primary runs ahead of secondary; competition steadies

研报英文原文证据摘录

India Paints: Dealer Pulse Check: Primary runs ahead of secondary; competition steadies

J P M O R G A N Asia Pacific Equity Research

13 July 2026

India Paints

Dealer Pulse Check: Primary runs ahead of secondary;

competition steadies

Our quarterly checks with 40+ paint dealers indicate mixed sequential demand Consumer, Retail, Media

ACacross geographies and increasing channel inventory. Metros saw steady sales Latika Chopra, CFA

momentum aided by a prolonged summer and repainting activity, while an overall (91-22) 6157-3584

inflationary consumption environment (building materials, labor wages) latika.chopra@jpmorgan.com

pressured secondary offtake relatively more in smaller cities. Cumulative Himanshu Singh

industry-wide price increases of ~12-15% over the June quarter were noted, (91-22) 6157-3610

resulting in moderation in secondary offtake even as primary sales growth stays himanshu.x6.singh@jpmorgan.com

healthy (mid teens+) supported by pricing and dealer upstocking. Premium/luxury Saransh S Gokhale

demand stayed largely inelastic, though some brand switching occurred in (91-22) 6157 3578

saransh.gokhale@jpmchase.com

economy paints. In our view, the price hikes are likely to persist, though any J.P. Morgan India Private Limited, J.P. Morgan

durable COGS deflation (crude is ~35% off peak levels) could potentially result in Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

higher dealer/painter incentives. Despite a stiff competitive landscape, our

conversations suggest stabilizing headwinds—Birla Opus has narrowed its price

differential with incumbents (~mid-teens price increase YTD) and withdrawn the

10% extra paint on economy segments (retained for premium/luxury though).