As paint industry evolves from a ‘somewhat rational competition’ to a ‘perfect competition’ market, we expect accelerated industry consolidation (read M&As, divestitures by listed players and/or new entrants) over FY23-FY30. Drivers are: (1) market leaders’ focus on protecting their market shares even at the cost of profitability, (2) high growth ambitions of new entrants and (3) survival for mid-sized players.