Change in product mix weighs on value growth While the decorative segment volume growth remained intact in 9MFY20, the change in product mix coupled with slight price cut on select product categories resulting in a decline in realisation of the company. The consistent growth in the decorative segment was largely due to 1) strong demand from tier II, tier III cities and rural India, 2) market share gain in bottom of the pyramid products and 3) launch of new products in the economy range. We believe paint demand will remain strong (~13% CAGR...