Paint majors bet on FY27 volume rebound as price hikes offset crude squeeze
Asian Paints, Berger, Kansai Nerolac and AkzoNobel project healthy FY27 volume growth on reviving urban-rural demand, even as 30-35% crude-linked input costs force calibrated 9-12% price hikes. Top three still hold 75%+ share, but Birla Opus and JSW Paints sharpen the competitive squeeze.
What happened
Asian Paints · Indian paint majors expect healthy FY27 volume growth on improving urban-rural demand, while implementing calibrated price hikes to offset
Key facts
- 30-35% crude-linked raw material share
- 11-12% cumulative price hike (Berger)
- 9.7% price hike (JSW Dulux)
- 3-4% additional hike needed
- high single-digit volume growth (Asian Paints)
- 75%+ market share for top 3
Why this matters
Competitive intensity from Birla Opus and JSW Paints opens windows for bolt-on distribution or regional brand tuck-ins before consolidation premiums reset.