Investment Rating - The report assigns a rating of Equal-weight to Grasim Industries Ltd (GRAS.NS) as of April 12, 2024 [63]. Core Insights - Grasim aims to achieve a double-digit market share in the core decorative business by fiscal year 2026 [6]. - The industry growth for fiscal year 2026 is projected to be in the low single digits due to muted market conditions [6]. - Grasim's luxury and premium products account for over 65% of its revenues across all product categories and sub-brands [6]. - The company has nearly reached its target of 50,000 dealers by fiscal year 2025, with an 80% penetration of tinting machines [6]. - Grasim's Birla Opus brand has achieved a high single-digit revenue market share, with combined market share exceeding 10% for Birla Opus and Birla White [6]. - The company has reached over 21% of industry capacity with five out of six plants operational, with the Kharagpur plant expected to be commissioned in the first quarter of fiscal year 2026 [6]. - Management noted that emulsions and waterproofing products are performing well, while enamels are catching up after a delayed launch [6]. - Pricing strategies for fiscal year 2026 will depend on competitive actions, with Grasim believing it offers sufficient value to consumers [6]. Summary by Sections Market Position and Strategy - Grasim's strategy includes adding more dealers and increasing counter share with existing dealers [6]. - The company is focused on maintaining competitive pricing, particularly in the luxury segment, where demand remains strong [6]. Financial Performance - The overall market growth for fiscal year 2025 was low single digits, indicating a challenging environment [6]. - Grasim's management highlighted that the end price for Birla Opus is competitive with other brands, despite competitors reducing prices in the economy segment [6].