The Indian paint industry, after witnessing robust growth in FY'22 and FY'23, is bracing for a challenging landscape marked by intensifying competition and margin pressures, according to a report. Revenue growth for long-established players such as Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel, and Indigo Paints moderated to 4 per cent in FY'24, significantly lower than the 14-15 per cent CAGR recorded between FY'19 and FY'23, CareEdge Ratings said in its study. The decline was attributed to price cuts with softening raw material costs and an increasing share of lower-value products in the sales mix. While the volume growth remained high at over 10 per cent, the revenue moderation can be attributed to price cuts undertaken by the players to partly pass on softening raw material cost and change in product mix with a growing share of lower-value products," the report said. The revenue was further impacted in the first half of FY'25 (H1FY'25) due to stiff competition, genera