Kansai Nerolac's (KNL) strong volume growth of ~16% YoY (vs. Idirect estimate: ~10%) was led by strong performance in both decorative and industrial segments. A marginal growth in realisation by ~1% YoY (largely into decorative paint category) was to offset higher raw material prices. For FY18, KNL has taken a price hike of ~4% in the decorative paint category (in two phases). Also, according to the management, it would take price hike in the industrial paint category after consultation with top clients. KNL expects double digit volume growth across the paint category led by...