Top Paint Companies in India in Listed Space


Last updated on November 25, 2023

The Indian Paint Industry has witnessed remarkable growth, consistently achieving double-digit figures over the last two decades. It currently holds the title of the fastest-growing paint market globally, with a valuation of over INR 62,000 Crore. Nearly all major paint manufacturers worldwide have a presence in India, operating in about 3,000 paint factories. The top paint companies in India are a mix of homegrown and foreign players. The Indian paints and coatings market is projected to grow at a CAGR of over 7% from 2022 to 2027, with an expected worth of USD 7,645 million by the end of this year.

Top Paint Companies in India

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

Asian Paint

Asian Paints, founded in 1942 by four friends Champaklal Choksey, Chimanlal Choksi, Surykant Dani, and Arvind Vakil in a small garage, has grown to become the largest paint company in India. With 26 manufacturing facilities worldwide and a global presence in more than 60 countries, the group holds a dominant share of over 50% in the domestic paints market (the second-largest competitor has a market share of approximately 16%). In the decorative paints segment, it commands a market share of around 60% and also boasts a strong position with approximately 20% market share in the automotive industrial coatings segment.

Asian Paints in Numbers (2023)

Market Cap – INR 302,958 Crore
Revenue – INR 34,489 Crore
3-year sales growth – 19.5%
ROCE – 34.4%
Number of employees – 8,056
Net income – INR 4,195 Crore
Total Assets – INR 25,779 Crore

#2 Berger Paints India Ltd

berger paints

Berger Paints, the second-largest paint company in India and the fourth-largest in Asia, also ranks seventh in the world among decorative paint companies. Besides India, it operates manufacturing plants in Nepal, Poland, and Russia. The majority of Berger’s revenue, around 85%, comes from decorative paints, while the remaining share comes from the industrial segment. The company’s extensive distribution network in India, consisting of over 50,000 dealers and merchants, spans 180 stock locations.

Berger Paints in Numbers (2023)

Market Cap – INR 66,480 Crore
Revenue – INR 10,568 Crore
3-year sales growth – 18.4%
ROCE – 23.8%
Number of employees – 3,931
Net income – INR 860 Crore
Total Assets – INR 7,966 Crore

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#3 Kansai Nerolac Paints

nerolac Paint

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 (2023)

Market Cap – INR 25,868 Crore
Revenue – INR 7,543 Crore
3-year sales growth – 12.6%
ROCE – 14.5%
Number of employees – 3,379
Net income – INR 468 Crore
Total Assets– INR 6,306 Crore

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#4 Akzo Nobel India Ltd

AKZO Nobel Paints

Akzo Nobel, the world’s largest coatings firm, owns several well-known brands, including Dulux. One of the key highlights of the company is its nearly debt-free status. Operating five manufacturing sites in India, Akzo Nobel boasts a wide distribution network consisting of nearly 20,000 retailers and approximately 4,000 B2B customers. The stock’s current dividend yield of 2.58% makes it an attractive option for dividend investors.

AkzoNobel in Numbers (2023)

Market Cap – INR 11,385 Crore
Revenue – INR 3,802 Crore
3-year sales growth – 12.6%
ROCE – 34.7%
Number of employees – 1,494
Net income – INR 335 Crore
Total Assets – INR 2,739 Crore

#5 Indigo Paints Limited

indigo Paint

Indigo Paints, one of the prominent paint manufacturers in India, operates three manufacturing facilities in the country. The company’s portfolio stands out with its unique offerings, such as tile coat emulsions and floor coats, which differentiate it from competitors. The state of Kerala alone contributes approximately 30% to its total revenues.

Indigo Paints in Numbers (2023)

Market Cap – INR 7,059 Crore
Revenue – INR 1,073 Crore
3-year sales growth – 19.8%
ROCE – 21.6%
Number of employees – 708
Net income – INR 132 Crore
Total Assets – INR 1,062 Crore

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#6 Shalimar Paints Ltd

Shalimar Paints

Shalimar Paints holds the distinction of being the oldest company on the list, founded in 1902 as Shalimar Paints Colour & Varnish Ltd by two British businessmen. This makes Shalimar the oldest in the list of paint companies in India. With a wide distribution network of over 3,000 dealers, 30+ sales depots, and 3 regional distribution facilities, Shalimar Paints remains a significant player in the Indian paint industry.

Shalimar Paints in Numbers (2023)

Market Cap – INR 1,167 Crore
Revenue – INR 486 Crore
3-year sales growth – 12.2%
ROCE – (4.0%)
Number of employees – 601
Net income – (INR 36 Crore)
Total Assets – INR 624 Crore

#7 Sirca Paints

Sirca Paints

A relatively new entrant among the top paint companies in India, Sirca Paints is already one of the top three premium wood coatings brands in the country and a market leader in North India. The company is also looking to expand its presence in export markets such as Sri Lanka, Bangladesh, and Nepal. It has recently commissioned a new unit in Sonipat that produces 8,000 Tonnes of Nitrocellulose (NC) Paint, Melamine and Economical PU products, 4000 Tonnes of PU Thinner, and 48 Lakh liters of Wall Paints respectively. Its growth has been impressive, with a sales variation growth rate of 12.6% over the past decade, positioning it as one of the fastest-growing players among the largest paint manufacturers in India.

Sirca Paints in Numbers (2023)

Market Cap– INR 2,142 Crore
Revenue – INR 264 Crore
3-year sales growth – 25.3%
Number of employees – 395
Net Income – INR 46 Crore
ROCE – 25.3%
Total Assets– INR 312 Crore

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#8 Kamdhenu Ventures

Kamdhenu Ventures Paints

Kamdhenu Ventures, a demerged entity from steel producer Kamdhenu Ltd., focuses on the paints business. With offerings like dual paint, designer series, exterior emulsion, acrylic washable distemper, wood coating products, and waterproofing solutions, the company caters to the domestic market, primarily targeting smaller Indian towns. Over 80% of its dealers are located in Tier II and Tier III cities, making it one of the most well-established paint manufacturers in India.

Kamdhenu Ventures in Numbers (2023)

Market Cap – INR 1,029 Crore
Revenue – INR 260 Crore
Number of employees – 582
Net income – (INR 11 Crore)
ROCE – (6.95%)
Book Value – INR 14.9
Total Assets – 219

#9 JSW Paints

JSW Paints

Part of the Sajjan Jindal-led JSW group, JSW Paints made its debut in 2019 and quickly secured its place among the top paint companies in India. Though not listed on stock exchanges yet, the company has already become the largest Industrial Coil Coatings company in India. With two manufacturing units, it boasts a combined capacity of 150,000 KL per annum.

The company’s strong parentage and well-executed business strategy indicate promising growth, with a target of doubling its topline from INR 1,000 crore in FY 2022 to FY 2023.

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#10 Grasim Industries

Grasim Paints

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.

Biggest Paint Companies in India – FAQs

Which is the best paint company in India?

Asian Paints tops the list of biggest paint companies in India by sales. The company has a market share of 40% and annual sales of INR 34,489 Crore.

What are the top paint manufacturers in India?

Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel, and Indigo Paints are the top 5 Indian paint firms by market capitalization.

Which is the oldest paint company in India?

The oldest paint company in India is Shalimar Paints, which was founded in 1902.


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