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Paint stocks in India fall as dealers clear excess inventory

Elara Securities expects industry volume to grow in the mid-single digits, with revenue growth of 12% to 13% year-on-year in Q2 FY27 despite muted demand.

Reported · Written up by our desk · Asia

Indian paint stocks are under pressure year-to-date, with Asian Paints down 15.5%, Kansai Nerolac down 25.0%, and Berger Paints India down 14.3%.

LiveMint Markets reports that Elara Securities said demand is likely to stay muted in Q2 FY27 as dealers work through excess inventory built up in Q1 amid softer secondary offtake.

According to the brokerage, August was particularly weak, while September showed some improvement as dealers began stocking premium paints ahead of the festive season.

Elara Securities expects industry volume growth in the mid-single digits and overall revenue growth of 12% to 13% year-on-year, while noting competitive intensity remained elevated through July and August.

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