Dealers expect flat to low single digit QoQ decline in 4Q sales, demand conditions remain like 3Q26 Birla opus took price hike of ~2-5% across key categories We conducted channel checks across paint dealers pan-India, which suggest that 1) demand momentum in 4QFY26 has remained largely flattish QoQ, impacted by slower construction activity in the early part of the quarter, although a mild recovery was witnessed from February supported by seasonal tailwinds, 2) competitive intensity from Birla Opus has seen an uptick with increased dealer-level schemes and incentives,...