While Berger’s near-term outlook remains strong due to (1) healthy offtake in decorative, (2) strong growth in construction chemicals, (3) revival in profitability of Industrial paints and (4) correction in input prices, we note three structural trends as (i) the company plans to increase the ad-spend to sales by 0.5%-0.7%, (ii) aggressively increase the outlet reach even if it results in lower throughput/store.