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Supply and Demand has led from start to finish to hand trainer Gai Waterhouse her fourth Grafton Cup.

Josh Parr admits Grafton Cup winner Supply and Demand was on his last legs in the home straight but doesn't care one bit.

The Gai Waterhouse and Adrian Bott-trained horse led from the outset and was pressured in the closing stages by second-placed Get On The Grange and second-favourite Montauk but held on to take out the 2350m Listed race by a long neck.

The win gave Waterhouse her fourth Grafton Cup and her training partner Adrian Bott his first.

It was also a special victory for his jockey.

"For my grandfather, this was an annual event and I used to try and tag along but it just never worked out," Parr said.

"It's really, really special for me to win on this horse."

Giving 4.5 kilograms to most of the field after a win in the Caloundra Cup last start, Supply and Demand ($3.20 fav) needed "sheer toughness" to get home at Grafton, Parr said.

"He was out on his feet out 500 from home, I felt, and when I went for him, he found half a length maximum," he said.

"We were on our last legs in the last bit but who bloody cares."

Stable representative Neil Paine said Waterhouse would be "over the moon" with the victory but heaped praise on co-trainer Bott.

"Gai's been on the phone every day but Adrian Bott has been the one putting it through its paces and what a credit to him."

The $90,000 victory takes Supply And Demand's prize money past $500,000 and his record to seven wins from 17 starts.

Get On The Grange finished 1-1/4 lengths ahead of Montauk while Feltre, another two lengths back, was best of the rest.