Top Paint Companies In India In Listed Space, Bonus Inside

Top Paint Companies In India In Listed Space, Bonus Inside


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).

Top Paint Companies in India 2024

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

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 27 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.

Financial Report of Asian Paints

Market Cap – INR 2,93,462 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

berger paints

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 64,000 dealers and merchants, spanning 187 stock locations.

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

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.

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 Paints

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 1.98% makes it an attractive option for dividend investors.

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

indigo Paint

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.

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

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. 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

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.

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

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 JSW Paints

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. The company posted a topline of INR 2,100 crore in FY 2024, marking a jump of 30% from the previous year. It aims to achieve INR 5,000 crore in revenues by FY 2026, signaling a promising trajectory for the company’s expansion and financial performance.

#10 Birla Opus Paints

Birla Opus Paints

Birla Opus Paints, a division of Grasim Industries under the Aditya Birla Group, offers various decorative painting solutions for consumers across India. Currently, three plants are operational while another three are set to commence production by 2025. Once fully operational, these facilities will have a combined production capacity of 1,332 million liters per annum (MLPA), representing a 40% increase in the industry’s total capacity.

By the end of the 2025 fiscal year, Birla Opus aims to secure a high single-digit market share in the paints sector. The company plans to offer an extensive product portfolio, featuring over 145 products and more than 1,200 SKUs across categories such as water-based paints, enamel paints, wood finishes, waterproofing solutions, and wallpapers. With these efforts, the company is targeting revenue of INR 10,000 crore.

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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 59% and annual sales of INR 35,495 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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