New Delhi, June 20 -- Revenues of the Indian paint industry declined by 2% year-on-year in FY25, marking the first drop in two decades, showed data sourced from ICICI Securities Ltd. The decline is especially concerning as the the industry grew even during the covid pandemic.

A number of headwinds were responsible for the industry's feeble growth in FY25, including a general widespread slowdown in consumption and increased competition from the entry of Birla Opus. In its March quarter (Q4FY25) earnings call, Grasim Industries Ltd's management said the company's organised decorative paints presence ended the quarter with a more than 10% revenue market share, as per its internal estimates, if the revenues of Birla Opus and Birla White Putt...