Trade prices increased just INR5/bag m-m inApr 25 vs INR18/bag m-m (average FY19-25).
The price hike is largely supported by INR15/bag anticipated hike in South; dealers remain doubtful of whether this price hike will stick.
Usually, April is the month where industry takes biggest price, a lower hike in April normally result in weaker pricing for the entire year.
This is what happened in FY25 where the industry failed to take any significant price hike due to general elections.
With FY26 starting on a weaker note, we maintain our 3% y-y trade price improvement estimates for FY26F.