Top Paint Companies in India in Listed Space

Last updated on July 12, 2024

The Indian Paint Industry has undergone remarkable growth, consistently achieving double-digit figures over the past two decades. Presently, it proudly holds the title of the fastest-growing paint market globally, with a valuation surpassing INR 62,000 Crore. Nearly all major paint manufacturers worldwide have established a presence in India, operating in about 3,000 paint factories. The top paint companies in India represent a mix of domestic and international players. The India Paints And Coatings Market size is estimated at USD 9.56 billion in 2024 and is expected to reach USD 15.00 billion by 2029, growing at a CAGR of 9.38% during the forecast period (2024-2029).

Overview of the Indian Paint Industry

The Indian Paint Industry can be divided into two main categories: architectural/decorative paints, which constitute 75% of the market, and industrial paints, accounting for the remaining 25%. These paints and coatings cater to various sectors such as architecture, automotive, wood, industrial, transportation, and packaging, serving purposes like corrosion resistance, damage prevention, and aesthetics.

Exploring the Top Paint Companies in India

Let’s delve into some of the leading paint companies in India:

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#1 Asian Paints

Established in 1942 within the confines of a modest garage by the quartet of friends—Champaklal Choksey, Chimanlal Choksi, Surykant Dani, and Arvind Vakil—Asian Paints has burgeoned into India’s preeminent paint company. Boasting 26 manufacturing facilities across the globe and a footprint in over 60 countries, the conglomerate commands a formidable stake, exceeding 50%, in the domestic paints market (its closest rival trails with a market share of approximately 16%). In the domain of decorative paints, it asserts dominance with a market share hovering around 60%, while also securing a robust standing with an approximate 20% market share in the automotive industrial coatings segment.

Asian Paints in Numbers (2024)

Market Cap – INR 2,80,824 Crore
Revenue – INR 30,635 Crore
3-year sales growth – 17.8%
ROCE – 37.5%
Number of employees – 12,000+
Net income – INR 5,322 Crore
Total Assets – INR 25,982 Crore

#2 Berger Paints India

As the second-biggest paint company in India and the fourth-largest in Asia, Berger Paints also secures the seventh position globally among decorative paint entities. Beyond the borders of India, it operates manufacturing plants in Nepal, Poland, and Russia. A significant proportion, approximately 85%, of Berger’s revenue emanates from decorative paints, with the remaining share derived from the industrial segment. The company’s expansive distribution network within India boasts over 50,000 dealers and merchants, spanning 180 stock locations.

Berger Paints in Numbers (2024)

Market Cap – INR 56,255 Crore
Revenue – INR 11,199 Crore
3-year sales growth – 18.0%
ROCE – 27.6%
Number of employees – 3,931
Net income – INR 1,170 Crore
Total Assets – INR 8,369 Crore

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#3 Kansai Nerolac Paints

Kansai Nerolac, a part of the Japanese major Kansai Paint, holds a 15.4% market share, making it the third-largest paint manufacturer in India. With eight manufacturing facilities in the country, the company has plans to expand further with a new manufacturing facility in Visakhapatnam, Andhra Pradesh. Kansai Nerolac dominates the Indian automotive paints market with a market share of over 50% and is also a significant player in the decorative paints segment.

Kansai Nerolac in Numbers (2024)

Market Cap – INR 22,473 Crore
Revenue – INR 7,801 Crore
3-year sales growth – 15.4%
ROCE – 16.6%
Number of employees – 3,379
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 premier coatings firm renowned for brands like Dulux, distinguishes itself with a remarkable feature – its near absence of debt. Operating from five manufacturing sites in India, the company boasts an expansive distribution network encompassing almost 20,000 retailers and serving around 4,000 B2B customers. The stock’s current dividend yield of 2.58% makes it an attractive option for dividend investors.

AkzoNobel in Numbers (2024)

Market Cap – INR 12,102 Crore
Revenue – INR 3,9.62 Crore
3-year sales growth – 17.8%
ROCE – 42.2%
Number of employees – 1,494
Net income – INR 427 Crore
Total Assets – INR 2,903 Crore

#5 Indigo Paints

As a notable paint manufacturer in India, Indigo Paints manages three manufacturing facilities. What sets the company apart is its distinctive product portfolio, featuring unique offerings like tile coat emulsions and floor coats, providing a clear differentiation from competitors. Notably, the state of Kerala alone contributes roughly 30% to the company’s total revenues, underlining its significant impact on Indigo Paints’ overall financial landscape.

Indigo Paints in Numbers (2024)

Market Cap – INR 6,503 Crore
Revenue – INR 1,255 Crore
3-year sales growth – 20.2%
ROCE – 23.2%
Number of employees – 708
Net income – INR 149 Crore
Total Assets – INR 1,222 Crore

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#6 Shalimar Paints

Shalimar Paints holds a unique distinction as the oldest company among its peers, established in 1902 under the name Shalimar Paints Colour & Varnish Ltd by two British businessmen. This historical legacy positions Shalimar as the most ancient entity on the list of 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. This expansive reach solidifies Shalimar Paints as a key and enduring player in the dynamic landscape of the Indian paint industry.

Shalimar Paints in Numbers (2024)

Market Cap – INR 1,259 Crore
Revenue – INR 535 Crore
3-year sales growth – 18.0%
ROCE – (12.3%)
Number of employees – 601
Net income – (INR 74 Crore)
Total Assets – INR 670 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 ambitions reaching beyond borders, the company is actively expanding into export markets like Sri Lanka, Bangladesh, and Nepal. Recently a state-of-the-art unit in Sonipat, Sirca Paints showcases impressive production capabilities, contributing to its significant growth with a notable sales variation rate of 12.6% over the past decade.

Sirca Paints in Numbers (2024)

Market Cap– INR 1,771 Crore
Revenue – INR 312 Crore
3-year sales growth – 30.4%
Number of employees – 395
Net Income – INR 51 Crore
ROCE – 24.1%
Total Assets– INR 351 Crore

#8 Nippon Paint India

Nippon Paint India, a subsidiary of the long-established Japanese company Nippon Paint, brings over 140 years of expertise in the paint industry, founded in 1881. Renowned globally, Nippon Paint manufactures a diverse range of paints, including marine, automobile, industrial, and decorative variants. With a decade-long presence in India, Nippon has emerged as a preferred paint brand for domestic use. Nippon India specializes in interior and exterior wall paints, and wood and metal paints, as well as offering products such as primer, undercoat, and construction solutions.

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#9 Sheenlac Paints

Established in 1962, Sheenlac has evolved into a key player in India’s paint and finish sector, solidifying its position among the top paint companies in India. With a footprint in India, the Middle East, and Sri Lanka, Sheenlac has a significant presence in the industry. The company caters to diverse customer needs, offering a comprehensive range of products, including decorative paints, industrial coatings, thinners, emulsions, distempers, enamels, sealers, and paint removers.

#10 JSW Paints

JSW Paints, part of the JSW Group led by Sajjan Jindal, debuted in 2019 and rapidly became a key player among the top paint companies in India. While not yet publicly listed, it has already claimed the title of the largest Industrial Coil Coatings company in India, operating efficiently from two manufacturing units with a combined annual capacity of 150,000 KL per annum.

Backed by a robust parent company and an effective business strategy, the firm anticipates substantial growth. It aims to double its revenue from INR 1,000 crore in FY 2022 to FY 2023, signaling a promising trajectory for the company’s expansion and financial performance.

#11 Grasim Industries

Grasim Industries, a flagship company of the Aditya Birla Group, is set to shake up the landscape of the biggest paint companies in India as it enters the market in FY 2025. In 2021, the company unveiled ambitious plans to invest INR 5,000 crore to take on the market leader, Asian Paints. However, in a clear sign of their aggressive strategy, Grasim has now doubled the capital investment target. The company aims to establish a production capacity of 1,332 MLPA, placing it just below Asian Paints in terms of capacity.

The paint market in India is witnessing intensifying competition due to the healthy profits earned by market leaders. As a natural consequence of increasing competition, the biggest paint companies in India may undergo consolidation in the upcoming years. This development is sure to bring about significant changes in the industry’s dynamics and market share distribution.

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Biggest Paint Companies in India – FAQs