We believe two divergent strategic approaches are at play in paints industry (prior to Grasim's entry in CY22) - (1) market leader Asian Paints is endeavoring to accelerate industry formalisation by dropping profit pool (so that Grasim can't reach the "easy 5% share" by gaining from informal players), (2) Indigo, Akzo etc. is likely (somewhat) protecting their profitability to have adequate ammunition for the inevitable heightened competition in CY22 and beyond.