True, pent-up demand aided Q3FY26 earnings performance of paint makers, but Q4FY26 has been rough. A Yes Securities report dated 4 March said price war has eased a little compared to the last two years; while there were pockets of growth, demand in FY26 hasn’t picked up as expected. “Q4FY26 is likely to be muted as January was not good and even February was muted,” added the report.
