Paint majors hold high single-digit volume growth call as Birla Opus, JSW crowd the aisle
Asian Paints, Berger, Nerolac, AkzoNobel and JSW Dulux flag improving urban-rural demand into FY27, but 30-35% crude-linked input basket forces calibrated hikes — Berger at 11-12% cumulative, JSW Dulux 9.7% by mid-May, with another 3-4% still needed to protect margins.
What happened
Indian paint majors Asian Paints, Berger, Kansai Nerolac, AkzoNobel and JSW Dulux flag improving urban-rural demand and high single-digit volume growth hopes,
Key facts
- 30-35% crude-linked raw material share
- 11-12% cumulative price hike Berger decorative
- 9.7% JSW Dulux price hike by mid-May
- 3-4% additional hike needed
- high single-digit volume growth guidance
Why this matters
Two new entrants with deep balance sheets reset the M&A calculus — bolt-on tuck-ins of regional decorative or industrial-coatings players become the cleaner defensive move versus chasing share through dealer incentives.