Top Paint Companies in India in Listed Space

The Indian Paint Industry has grown exponentially over the last two decades and is growing at double digits. Today it is the fastest growing paint market in the world and is valued at over INR 1 lakh crore. Almost all major paint companies of the world have a presence in India and there are around 3000 paint factories in the country. Top paint companies in India are a mix of domestic and international players.

Overview of the Indian Paint Industry

Indian Paint Industry can be broadly divided into two segments: Architectural/Decorative paints which constitute 75% of the market and Industrial paints which constitute 25%. These paints and coatings cater to various segments like architecture, automotive, wood, industrial, transportation and packaging and serve purposes like corrosion resistance, damage prevention and aesthetics.

India Paints and Coatings Market is on a growth path and is expected to reach USD 10.46 billion (~ 90,058 crore) by 2025 and USD 16.37 billion (~ 1.41 lakh crore) to USD 17.4 billion (~ 1.50 lakh crore) by 2030-2033 with a CAGR ranging from 7.35% to 9.38%. This growth is driven by urbanization, infrastructure projects, rising demand for sustainable coatings, and of 7.35% to 9.38%. This growth is driven by urbanization, infrastructure projects, increasing demand for sustainable coatings and initiatives like Smart City Mission and strong support from automotive and industrial sector.

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Exploring the Top 10 Paint Companies in India

#1 Asian Paints

Founded in 1942 in a small garage by four friends—Champaklal Choksey, Chimanlal Choksi, Surykant Dani and Arvind Vakil—Asian Paints has grown to become India’s no.1 paint company. With 27 manufacturing facilities worldwide and presence in over 60+ countries, the company has a dominant share of over 50% in the domestic paint market (its closest competitor has a market share of around 16%). As of early 2025, Asian Paints is the market leader in India’s decorative paints segment with a share of around 55%. But that’s down from 60% earlier.

Financial Report of Asian Paints

Market Cap – INR 2,29,594 Crore
Revenue – INR 35,495 Crore
3-year sales growth – 17.8%
ROCE – 37.5%
Number of employees – 12,000+
Net income – INR 5,558 Crore
Total Assets – INR 29,901 Crore

#2 Berger Paints India

As the 2nd largest paint company in India and 4th largest in Asia and 7th globally in decorative paints, Berger Paints has plants in Nepal, Poland and Russia outside India. 85% of Berger’s revenue comes from decorative paints and 15% from industrial. The company has a wide distribution network in India with over 64,000 dealers and merchants and 187 stock points. As of 2025, Berger Paints has a market share of around 18.6% in the Indian paints industry.

Financial Report of Berger Paints

Market Cap – INR 65,990 Crore
Revenue – INR 11,199 Crore
3-year sales growth – 18.0%
ROCE – 27.5%
Number of employees – 4,445
Net income – INR 1,170 Crore
Total Assets – INR 8,368 Crore

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#3 Kansai Nerolac Paints

Kansai Nerolac, a part of Japanese major Kansai Paint, has 15.4% market share and is the 3rd largest paint company in India. With 8 plants in the country, the company is planning to add one more plant in Visakhapatnam, Andhra Pradesh. As of April 2025, Kansai Nerolac Paints has around 15% to 17% market share in India. The company is the 3rd largest player in the industry after Asian Paints and Berger Paints.

Financial Report of Kansai Nerolac

Market Cap – INR 22,599 Crore
Revenue – INR 7,778 Crore
3-year sales growth – 15.4%
ROCE – 16.6%
Number of employees – 3,784
Net income – INR 1,176 Crore
Total Assets– INR 7,410 Crore

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#4 Akzo Nobel India

Akzo Nobel, the world’s no. 1 coatings company with brands like Dulux, has a unique feature – zero debt. With 5 plants in India, the company has a wide distribution network of almost 20,000 retailers and serves around 4,000 B2B customers. The stock has a dividend yield of 1.98% and is a good option for dividend investors. As of early 2025, Akzo Nobel India has around 7% market share in India and is a big player in the industry.

Financial Report of AkzoNobel

Market Cap – INR 17,320 Crore
Revenue – INR 3,962 Crore
3-year sales growth – 17.8%
ROCE – 42.3%
Number of employees – 1,533
Net income – INR 427 Crore
Total Assets – INR 2,903 Crore

#5 Indigo Paints

As a notable paint company in India, Indigo Paints has 3 plants. What sets the company apart is its unique product portfolio which has tile coat emulsions and floor coats, a clear differentiator from others. Interestingly, Kerala alone contributes around 30% to the company’s total revenue, a significant portion of the company’s overall business.

Financial Report of Indigo Paints

Market Cap – INR 6,840 Crore
Revenue – INR 1,255 Crore
3-year sales growth – 20.2%
ROCE – 23.2%
Number of employees – 1,112
Net income – INR 149 Crore
Total Assets – INR 1,222 Crore

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#6 Shalimar Paints

Shalimar Paints is the oldest company among its peers, established in 1902 as Shalimar Paints Colour & Varnish Ltd by two British businessmen. This historical legacy positions Shalimar as the most ancient entity in the top 10 paint companies in India. Bolstering its presence, Shalimar Paints maintains an extensive distribution network encompassing over 3,000 dealers, 30+ sales depots, and 3 regional distribution facilities. Despite its rich legacy, the company has struggled financially and has posted net profit in only two out of the last 10 years.

Financial Report of Shalimar Paints

Market Cap – INR 1,088 Crore
Revenue – INR 535 Crore
3-year sales growth – 18.0%
ROCE – (13.0%)
Number of employees – 670
Net income – (INR 74 Crore)
Total Assets – INR 675 Crore

#7 Sirca Paints

Sirca Paints, a recent entrant to the top paint companies in India, has swiftly become a leading premium wood coatings brand and market leader in North India. With international ambitions the company is expanding into export markets of Sri Lanka, Bangladesh and Nepal. A state of the art unit in Sonipat, Sirca Paints is showing impressive production capabilities and has a growth rate of 12.6% over the last decade.

Financial Report of Sirca Paints

Market Cap– INR 1,765 Crore
Revenue – INR 311 Crore
3-year sales growth – 30.3%
Number of employees – 395
Net Income – INR 51 Crore
ROCE – 24.0%
Total Assets– INR 351 Crore

#8 Nippon Paint India

Nippon Paint India, a subsidiary of the Japanese company Nippon Paint which is over 140 years old, founded in 1881. Nippon Paint is a global brand and manufactures various types of paints including marine, automobile, industrial and decorative paints. With a decade of presence in India, Nippon has become a preferred paint brand for domestic use. Nippon India offers interior and exterior wall paints, wood and metal paints and also products like primer, undercoat and construction solutions.

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#9 JSW Paints

JSW Paints, part of the JSW Group led by Sajjan Jindal, launched in 2019 and has become one of the top paint companies in India. Not listed yet, it has become the largest Industrial Coil Coatings company in India with two manufacturing units with a combined capacity of 150,000 KL per annum.

With a strong parent company and a solid business plan, the company is expected to grow big. The company has done a topline of INR 2,100 crore in FY 2024, up 30% from last year. It plans to do INR 5,000 crore in FY 2026, a big growth path for the company.

#10 Birla Opus Paints

Birla Opus Paints, a division of Grasim Industries under the Aditya Birla Group, offers various decorative painting solutions to consumers across India. Currently three plants are operational and three more will start production by 2025. Once all plants are operational, they will have a combined capacity of 1,332 million liters per annum (MLPA), a 40% increase in the industry capacity.

By 2025 end, Birla Opus plans to have a high single digit market share in the paints segment. The company will have a wide range of products, over 145 products and more than 1,200 SKUs across categories like water based paints, enamel paints, wood finishes, waterproofing solutions and wallpapers. With this, the company is targeting INR 10,000 crore.

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Biggest Paint Companies in India – FAQs