ICICI Securities Ltd | Retail Equity Research Kansai Nerolac's (KNL) strong volume growth of 14.5% YoY (vs. Idirect estimate: 11%) was led by both decorative and industrial segment equally. This coupled with price hike of ~2% YoY (largely into decorative paint category) was to offset higher raw material prices. For FY18, the company has taken a price hike of ~4% in the decorative paint category (in two phases). Also, KNL has decided to take a price hike in the industrial paint category on a case to case basis. The company expects double digit volume growth across the...