New Delhi, Aug. 27 -- For the first time in a decade, Asian Paints entered a quarter genuinely uncertain about its own market share. Birla Opus, Grasim Industries' Rs 10,000-crore paints bet, captured roughly 5-6% of India's decorative paints market in its debut year - forcing the sector leader to spend more, discount more, and defend turf it had long taken for granted.

healthy growth in isolation, but its profit after tax contracted about 5% to around Rs 1,050 crore as advertising and dealer incentive costs climbed. EBITDA margin slipped to roughly 18.5%, compared to above 20% two years ago. The company did not lose volume. It lost pricing power.

Berger Paints, by contrast, had a better quarter. Revenue came in near Rs 3,100 crore, up ...