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Despite its claims and market expectations, Grasim’s domination of the decorative paint industry may not be inevitable. The market would do well to not play into the conglomerate’s hands.

FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.