Yogender Singh, India, Asia-Pacific Correspondent02.21.24
The Indian paint and coatings industry is one of the fastest-growing markets in the world. Coatings World examines the state of the Indian paint and coating industry, looking at ten of the largest paint and coatings manufacturers in India.
• Asian Paints
CEO: Amit Singyle
Head Office: Mumbai
www.asianpaints.com
Revenue during 2022-23 financial year: $4.20 billion (INR 344.866 billion)
Year of establishment: 1942
Asian Paints is the largest paint and coating producer in India by a wide margin. With net sales of $4.20 billion (INR 344.886) billion in 2022-23 financial year, the company accounts for more than 50% of the India’s architectural coating business.
Established in 1942 as a small partnership firm in Mumbai, Asian Paints has expanded its product range and geographical presence over the years to become India's leading paint manufacturer.
In 1967, the company went public and got listed on the Bombay Stock Exchange. With a vision to be a global player, Asian Paints started its international operations in 1975 by setting up a manufacturing unit in Jamaica in the Caribbean region. Since then, the company has continuously expanded its footprint in various countries across Asia, the Middle East, Africa, and Caribbean countries.
Asian Paints along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in more than 60 countries through its brands Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints.
Asian Paints PPG Pvt. Ltd. is a joint venture between Asian Paints and US paint major PPG Industries Inc. The company is a major producer in the field of protective, performance and powder coatings in the country.
• Berger Paints
CEO: Abhijit Roy
Head Office: Kolkatta
www.bergerpaints.com
Sales revenue in 2022-23: USD $1.236 billion (INR 105.68 billion)
Year of establishment: 1923
Berger Paints India Limited (BPIL) is the second largest paint producer in India with sales revenue of USD $1.236 billion (INR 105.68 billion) in 2022-23 financial year. Incorporated in 1923, BPIL is present in both the decorative paint segment, and the industrial segment, namely, general, automotive, protective and powder coatings. Decorative segment accounted for nearly 80% of the total sales revenue in the last financial year.
The company has 13 manufacturing plants in India, two in Nepal, one each in Poland and Russia. Its decorative segment includes brands such as ‘Weathercoat’, ‘Luxol’, ‘Silk’ and ‘Easy Clean.'
In 2023, Berger Paints commissioned a state-of-the-art, fully automated manufacturing facility at Sandila, Uttar Pradesh at an investment of more than USD $120 million (INR10 billion). The factory was commissioned in under 24 months despite COVID-19 related disturbances adding to the production capacity by 33,000 metric ton per month, bulk of which is water-based paint. This new facility also produces resins, emulsions, colorants, stainers, construction chemicals and putty.
The current promoters of the Berger group are the Delhi-based Dhingra brothers, KS Dhingra and GS Dhingra, who had acquired BPIL in the year 1991 from the UB group. Prior to this acquisition, BPIL was operating in India under various other promoter groups since 1923.
• Kansai Nerolac Paints Limited
Managing Director: Anuj Jain
Head Office: Mumbai
www.nerolac.com
Sales revenue in 2022-23 financial year: USD $852 million (INR 70.81billion)
Year of establishment: 1920
A 74.99% subsidiary of Japanese paint major Kansai Paints Co. Ltd., Kansai Nerolac Paints Ltd (KNPL) is the largest industrial paint and third largest decorative paint company in India. With eight state-of-the-art production plants, all of which are strategically located near major automobile producers, the company is the most dominant player in Indian automotive coating industry.
Kansai Nerolac produces industrial coatings from its strategically located plants in Bawal, Sayakha, Lote, Hosur, Jainpur, and Marpol to serve the specific segments. The company offers an extensive portfolio of industrial coatings, which covers a range of automotive coatings, powder coatings, performance coatings liquid - both general industrial and high performance coating - and auto refinish solutions.
The company produces architectural coatings from its production plants located at Hosur, Jainpur, Lote, Goindwal Sahib, and Sarigam. Kansai Nerolac offers a comprehensive range of products covering interior, exterior, designer water-base finishes, enamel, primers, wood finishes, waterproofing, adhesives, construction chemicals, as well as some other niche products.
Kansai Nerolac Piant Limited was incorporated in 1920 as Gahagan Paints and Varnish Company. Later, in 1930, three British companies were merged to form Lead Industries Group. In 1933, Lead Industries Group Ltd. acquired the entire share capital of Gahagan Paints and Goodlass Wall (India) Ltd. was born, which later became popular as Goodlass Nerolac Paints (Pvt.) Ltd.
It came under the fold of Tata Forbes Group in 1976 as Forbes Gokak acquired the entire stake from Lead Industries. In 1986, Japanese paint major Kansai Paints acquired a 36% stake and entered a JV with the company. In 1999, Kansai Paints acquired the stake of Forbes Gokak, following which Kansai Nerolac Private Limited became a subsidiary of the former.
• AkzoNobel India
Managing Director: Rajiv Rajgopal
Head Office: Gurugram (Haryana)
www.akzonobel.co.in
Sales revenue in 2022-23 financial year: USD $457 million (INR 38.021 million)
Year of establishment: 1954
Operating in India since 1954, AkzoNobel India, a subsidiary of Dutch multinational paint and coating producer AkzoNobel, is the fourth largest paint and coating producer in India. Present both in architectural and industrial segments, AkzoNobel India operates five strategically located plants in North, Central, Western, and Southern part of the country.
The company’s Dulux brand in architectural segment is one of the most recognized brands in Indian architectural coating industry. The company has an installed capacity of 300 million liters per annum based on three shifts and six working days/week.
Akzo Nobel India is an integrated player, covering all segments and coating all surfaces while having a strong presence in the premium segments. With access to global R&D technology, the company focus on innovations by bringing best in class differentiated products to the Indian consumer. Over the years it has expanded footprint into adjacent categories of waterproofing, woodcare, putty and adhesives.
It has strengthened its distribution footprint with the much-needed reach into the under-served districts of India as tier 2/3/4 cities are likely to drive the future growth of paint & coating products. Akzo in India is amongst the top four paint companies with market share of 6% operating in the decorative paint segment primarily through its well-known brand “Dulux” and in the areas of industrial coating through leading brands such as Interpon, International, and Sikkens. Industrial segment contribute to a little more than one-third of sales for Akzo Nobel India.
• Indigo Paints
CEO: Hemant Jalan
Head Office: Pune, Maharshtra
www.indigopaints.com
Sales revenue: USD $129 million (INR 10.73 billion)
Year of establishment: 2000
Founded in the year 2000, Indigo Paints is the fifth largest paint producing company (based on market capitalization) company in India. With its head office in Pune, Maharashtra, Indigo commenced its operations as a small producer of economical cement paints. However, over time, it underwent a transformation, expanding its portfolio to encompass a diverse assortment of decorative paint products.
Indigo operates five manufacturing facilities strategically located in Jodhpur (state of Rajasthan), Kochi (state of Kerala), and Pudukkottai (state of Tamil Nadu). Jodhpur and Pudukkottai facilities operate two production units each. Indigo Paints is primarily in decorative segment.
Indigo has recently completed the acquisition of a majority stake of 51% in Apple Chemie India Pvt Ltd. Concentrated mainly in the state of Maharashtra, Apple Chemie is a rapidly expanding company operating in the field of construction chemicals and waterproofing.
• JSW Paints
CEO: A. S. Sundaresan
Head Office: Mumbai
www.jswpaints.in
Revenue during 2022-23 financial year: $194 million (INR 16,160 million)
Year of establishment: 2019
JSW Paints, one of the latest entrants in Indian paint and coating industry, is part of the diversified US$23 billion JSW Group. JSW Group is India’s leading business group, with interests in sectors such as steel, energy, infrastructure, cement, sports and venture capital.
Launched in May 2019, JSW Paints registered sales revenue of $194 million (INR 16,160 million) in financial year 2022-23. The company currently has two manufacturing units: an industrial coatings facility at Vasind in Maharashtra and decorative paints facility at Vijayanagar in Karnataka, with a combined capacity of 150,000 KL per annum. The company has a capacity of 100 million liters in the decorative segment with a utilization rate of 50 percent, while it has a 50 million liter capacity in the industrial segment with a utilization rate of 70 percent.
The company’s revenue sees equal contribution from both the industrial and the decorative paints segments. In the industrial segment, coil coatings have become a major earner for the company.
“Today, we are certainly the largest coil coating player in India. We are the first Indian company to have developed our own technology in this segment and commercialised it,” according to company’s management.
The company has enhanced its market presence across the country to achieve a market scale and coverage of more than 60% of TIER I, II and III towns. The company continues to increase its retailer network with the addition of more than 2,000 retailers every year. The growth in this network has been due to better market penetration in new clusters across existing large cities nationwide.
• EsDee Paints Limited
CEO: Mahaveer Davra
Head Office: Mumbai
www.esdeepaints.com
Revenue during 2022-23 financial year: $86 million (INR 7160 million)
Year of establishment: 1963
Established in 1963, EsDee Paints Limited manufactures automobile and wood refinishes, chemical resistance paints, high-performance coatings, and heat-resistant paints for the industrial and automotive sectors.
The company, which initially started with one production unit in 1963, currently operates five state-of-the-art production units. To cater to growing demand from various market segments, additional manufacturing facilities were installed at Vatva, Moraiya and Turbhe (situated in Gujarat and Maharashtra respectively) in 1988, 1994, 2007 and 2010.
The company's established market position in the refinish and industrial paints segments, growing revenue from decorative paint segment and focus on increasing geographical penetration will continue to support the demand and revenue growth. Further, the clientele in the B2B segment comprises reputed companies, such as Eicher Motors Ltd, JCBL India Pvt Ltd, Voltas Ltd, and Tata Motors Ltd. The revenue from the B2B segment is also expected to pick-up with the addition of new clients and recovery in demand from auto OEMs, supported by the overall pick-up in the sector.
• Nippon Paints India
President, Decorative Division: Mahesh Anand
Head Office: Gurugram
www.nipponpaint.co.in
Revenue during 2022-23 financial year: $60 million (INR 5000 million)
Year of establishment: 2011
Operating in India since 2011, Nippon Paints India, a subsidiary of Japanese paint and coating major NIPSEA Group, is a major supplier of automotive paints to OEMs and aftermarket. Nippon Paint India clocked about $60 million (INR 5000 million) in revenue for the aftermarket, wood coating and industrial business in the 2022-23 financial year. It aims to reach close to $72 million ( INR 6000 million) in 2023-24 financial year and cross the coveted $120 million (INR 10,000 million) revenue mark for its auto refinish business by 2025-26 financial year, when it also completes 15 years in the country.
The paint supplier has aggressive plans of expansion in the Middle East region, where it is in works of developing a manufacturing base and introducing new products.
“In India, with organic growth, network expansion, and new product introductions, we are aiming to become a INR 1000- crore business by the next two to three years,” said Sharad Malhotra, president and director, Nippon Paint India & Middle East.
Nippon Paint India operates through three production facilities: Bawal (Haryana), which primarily produces automotive paints; Mumbai, where it produces coil coatings and industrial coatings; and its largest plant in Chennai, which produces decorative paints.
In December 2023, Nippon Paints India acquired 100% stake in Vibgyor Paints and Chemicals, a major supplier of paints and coatings in the southern part of the country.
"Through the strategic acquisition, Nippon Paint will gain a strong foothold in the growing industrial coatings portfolio especially focusing on railways," the company stated in a press release at the time of acquisition.
Vibgyor Paints and Chemicals is a growing and significant player in the Indian paint market. The company has a robust track record of supplying paints to Indian railways and its associated coach, wagon, and allied manufacturing companies.
• Shalimar Paints
Chairman: Rajeev Uberoi
Head Office: Gurugram
www.shalimarpaints.com
Revenue during 2022-23 financial year: $58 million (INR 4856 million)
Year of establishment: 1902
Operating since 1902, Shalimar Paints is one of the oldest companies in the Indian paint & coating industry. Shalimar Paints cater to both architectural and industrial segments. Established as Shalimar Paint Color & Varnish Company in 1902 in Howrah, West Bengal, by two Britishers – A.N. Turner and A.N. Wright, the company set up a large-scale manufacturing plant in Howrah, the first such plant in entire South and South East Asia at that time.
The company’s name was changed in 1964 to the present Shalimar Paints Limited. In the 1990s, the company was acquired by Ratan Jindal, who holds more than 30 percent. Hong Kong-based businessman Girish Jhunjhunwala is the other promoter with a 10 percent holding. In 2022, a strategic investor, Hella Infra Market, made an investment of $ 32 million (INR 2700) million through a combination of equity and debentures.
The company currently has three manufacturing facilities, one each at Chennai ( state of Tamil Nadu), Nashik ( Maharashtra) and Sikandrabad (Uttar Pradesh). Production at company’s Howrah unit in West Bengal has remained suspended since 2014, after a fire broke out at this plant.
During the financial year 2022-23, the company reported growth of nearly 35% in top line to $58 million (INR 4856) million from $39 million (INR 3258 million) registered in financial year 2021-22, largely driven by volume growth of 12% to 41,506 KL. The growth was primarily derived from company’s marketing efforts to increase its market share.
• Kamdhenu Colour & Coatings Limited
Chairman: Sunil Kumar Agarwal
Head/Corporate Office: Gurugram
www.kamdhenupaints.com
Revenue during 2022-23 financial year: $35 million (INR 2595 million)
Year of establishment: 2008
Established in 2008, Kamdhenu Colours & Coatings Limited is a relative newcomer in the Indian paint and coating industry. Kamdhenu is a leading brand in Indian decorative paints segment. The company primarily operates in Northern and Eastern Indian markets, though the company has been striving hard to increase its market share in Western and Southern region.
The company has an in-house capacity of 36,000 KL per annum of paint and coating products, including a range of premium and regular products, and also have an outsourcing capacity of 50,000 KL per annum for a range of economy products.
The company is looking for a four-fold growth in the revenue to INR10,000 million by the end of FY2028. Kamdhenu Paints is planning to enhance its market share in the south and western regions of the country by expanding its product portfolio with the launch of new and innovative products.
Kamdhenu has its paints manufacturing plant in Chopanki (state of Rajasthan), where it manufactures interior and exterior emulsions, stains, colorants, designer paints, construction chemicals, waterproofing chemicals and other water-based specialty products. It outsources economy and low-range products like distempers, enamel and putty to small paint producing companies in Rajasthan, Uttar Pradesh, Haryana and Punjab.
• Asian Paints
CEO: Amit Singyle
Head Office: Mumbai
www.asianpaints.com
Revenue during 2022-23 financial year: $4.20 billion (INR 344.866 billion)
Year of establishment: 1942
Asian Paints is the largest paint and coating producer in India by a wide margin. With net sales of $4.20 billion (INR 344.886) billion in 2022-23 financial year, the company accounts for more than 50% of the India’s architectural coating business.
Established in 1942 as a small partnership firm in Mumbai, Asian Paints has expanded its product range and geographical presence over the years to become India's leading paint manufacturer.
In 1967, the company went public and got listed on the Bombay Stock Exchange. With a vision to be a global player, Asian Paints started its international operations in 1975 by setting up a manufacturing unit in Jamaica in the Caribbean region. Since then, the company has continuously expanded its footprint in various countries across Asia, the Middle East, Africa, and Caribbean countries.
Asian Paints along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in more than 60 countries through its brands Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints.
Asian Paints PPG Pvt. Ltd. is a joint venture between Asian Paints and US paint major PPG Industries Inc. The company is a major producer in the field of protective, performance and powder coatings in the country.
• Berger Paints
CEO: Abhijit Roy
Head Office: Kolkatta
www.bergerpaints.com
Sales revenue in 2022-23: USD $1.236 billion (INR 105.68 billion)
Year of establishment: 1923
Berger Paints India Limited (BPIL) is the second largest paint producer in India with sales revenue of USD $1.236 billion (INR 105.68 billion) in 2022-23 financial year. Incorporated in 1923, BPIL is present in both the decorative paint segment, and the industrial segment, namely, general, automotive, protective and powder coatings. Decorative segment accounted for nearly 80% of the total sales revenue in the last financial year.
The company has 13 manufacturing plants in India, two in Nepal, one each in Poland and Russia. Its decorative segment includes brands such as ‘Weathercoat’, ‘Luxol’, ‘Silk’ and ‘Easy Clean.'
In 2023, Berger Paints commissioned a state-of-the-art, fully automated manufacturing facility at Sandila, Uttar Pradesh at an investment of more than USD $120 million (INR10 billion). The factory was commissioned in under 24 months despite COVID-19 related disturbances adding to the production capacity by 33,000 metric ton per month, bulk of which is water-based paint. This new facility also produces resins, emulsions, colorants, stainers, construction chemicals and putty.
The current promoters of the Berger group are the Delhi-based Dhingra brothers, KS Dhingra and GS Dhingra, who had acquired BPIL in the year 1991 from the UB group. Prior to this acquisition, BPIL was operating in India under various other promoter groups since 1923.
• Kansai Nerolac Paints Limited
Managing Director: Anuj Jain
Head Office: Mumbai
www.nerolac.com
Sales revenue in 2022-23 financial year: USD $852 million (INR 70.81billion)
Year of establishment: 1920
A 74.99% subsidiary of Japanese paint major Kansai Paints Co. Ltd., Kansai Nerolac Paints Ltd (KNPL) is the largest industrial paint and third largest decorative paint company in India. With eight state-of-the-art production plants, all of which are strategically located near major automobile producers, the company is the most dominant player in Indian automotive coating industry.
Kansai Nerolac produces industrial coatings from its strategically located plants in Bawal, Sayakha, Lote, Hosur, Jainpur, and Marpol to serve the specific segments. The company offers an extensive portfolio of industrial coatings, which covers a range of automotive coatings, powder coatings, performance coatings liquid - both general industrial and high performance coating - and auto refinish solutions.
The company produces architectural coatings from its production plants located at Hosur, Jainpur, Lote, Goindwal Sahib, and Sarigam. Kansai Nerolac offers a comprehensive range of products covering interior, exterior, designer water-base finishes, enamel, primers, wood finishes, waterproofing, adhesives, construction chemicals, as well as some other niche products.
Kansai Nerolac Piant Limited was incorporated in 1920 as Gahagan Paints and Varnish Company. Later, in 1930, three British companies were merged to form Lead Industries Group. In 1933, Lead Industries Group Ltd. acquired the entire share capital of Gahagan Paints and Goodlass Wall (India) Ltd. was born, which later became popular as Goodlass Nerolac Paints (Pvt.) Ltd.
It came under the fold of Tata Forbes Group in 1976 as Forbes Gokak acquired the entire stake from Lead Industries. In 1986, Japanese paint major Kansai Paints acquired a 36% stake and entered a JV with the company. In 1999, Kansai Paints acquired the stake of Forbes Gokak, following which Kansai Nerolac Private Limited became a subsidiary of the former.
• AkzoNobel India
Managing Director: Rajiv Rajgopal
Head Office: Gurugram (Haryana)
www.akzonobel.co.in
Sales revenue in 2022-23 financial year: USD $457 million (INR 38.021 million)
Year of establishment: 1954
Operating in India since 1954, AkzoNobel India, a subsidiary of Dutch multinational paint and coating producer AkzoNobel, is the fourth largest paint and coating producer in India. Present both in architectural and industrial segments, AkzoNobel India operates five strategically located plants in North, Central, Western, and Southern part of the country.
The company’s Dulux brand in architectural segment is one of the most recognized brands in Indian architectural coating industry. The company has an installed capacity of 300 million liters per annum based on three shifts and six working days/week.
Akzo Nobel India is an integrated player, covering all segments and coating all surfaces while having a strong presence in the premium segments. With access to global R&D technology, the company focus on innovations by bringing best in class differentiated products to the Indian consumer. Over the years it has expanded footprint into adjacent categories of waterproofing, woodcare, putty and adhesives.
It has strengthened its distribution footprint with the much-needed reach into the under-served districts of India as tier 2/3/4 cities are likely to drive the future growth of paint & coating products. Akzo in India is amongst the top four paint companies with market share of 6% operating in the decorative paint segment primarily through its well-known brand “Dulux” and in the areas of industrial coating through leading brands such as Interpon, International, and Sikkens. Industrial segment contribute to a little more than one-third of sales for Akzo Nobel India.
• Indigo Paints
CEO: Hemant Jalan
Head Office: Pune, Maharshtra
www.indigopaints.com
Sales revenue: USD $129 million (INR 10.73 billion)
Year of establishment: 2000
Founded in the year 2000, Indigo Paints is the fifth largest paint producing company (based on market capitalization) company in India. With its head office in Pune, Maharashtra, Indigo commenced its operations as a small producer of economical cement paints. However, over time, it underwent a transformation, expanding its portfolio to encompass a diverse assortment of decorative paint products.
Indigo operates five manufacturing facilities strategically located in Jodhpur (state of Rajasthan), Kochi (state of Kerala), and Pudukkottai (state of Tamil Nadu). Jodhpur and Pudukkottai facilities operate two production units each. Indigo Paints is primarily in decorative segment.
Indigo has recently completed the acquisition of a majority stake of 51% in Apple Chemie India Pvt Ltd. Concentrated mainly in the state of Maharashtra, Apple Chemie is a rapidly expanding company operating in the field of construction chemicals and waterproofing.
• JSW Paints
CEO: A. S. Sundaresan
Head Office: Mumbai
www.jswpaints.in
Revenue during 2022-23 financial year: $194 million (INR 16,160 million)
Year of establishment: 2019
JSW Paints, one of the latest entrants in Indian paint and coating industry, is part of the diversified US$23 billion JSW Group. JSW Group is India’s leading business group, with interests in sectors such as steel, energy, infrastructure, cement, sports and venture capital.
Launched in May 2019, JSW Paints registered sales revenue of $194 million (INR 16,160 million) in financial year 2022-23. The company currently has two manufacturing units: an industrial coatings facility at Vasind in Maharashtra and decorative paints facility at Vijayanagar in Karnataka, with a combined capacity of 150,000 KL per annum. The company has a capacity of 100 million liters in the decorative segment with a utilization rate of 50 percent, while it has a 50 million liter capacity in the industrial segment with a utilization rate of 70 percent.
The company’s revenue sees equal contribution from both the industrial and the decorative paints segments. In the industrial segment, coil coatings have become a major earner for the company.
“Today, we are certainly the largest coil coating player in India. We are the first Indian company to have developed our own technology in this segment and commercialised it,” according to company’s management.
The company has enhanced its market presence across the country to achieve a market scale and coverage of more than 60% of TIER I, II and III towns. The company continues to increase its retailer network with the addition of more than 2,000 retailers every year. The growth in this network has been due to better market penetration in new clusters across existing large cities nationwide.
• EsDee Paints Limited
CEO: Mahaveer Davra
Head Office: Mumbai
www.esdeepaints.com
Revenue during 2022-23 financial year: $86 million (INR 7160 million)
Year of establishment: 1963
Established in 1963, EsDee Paints Limited manufactures automobile and wood refinishes, chemical resistance paints, high-performance coatings, and heat-resistant paints for the industrial and automotive sectors.
The company, which initially started with one production unit in 1963, currently operates five state-of-the-art production units. To cater to growing demand from various market segments, additional manufacturing facilities were installed at Vatva, Moraiya and Turbhe (situated in Gujarat and Maharashtra respectively) in 1988, 1994, 2007 and 2010.
The company's established market position in the refinish and industrial paints segments, growing revenue from decorative paint segment and focus on increasing geographical penetration will continue to support the demand and revenue growth. Further, the clientele in the B2B segment comprises reputed companies, such as Eicher Motors Ltd, JCBL India Pvt Ltd, Voltas Ltd, and Tata Motors Ltd. The revenue from the B2B segment is also expected to pick-up with the addition of new clients and recovery in demand from auto OEMs, supported by the overall pick-up in the sector.
• Nippon Paints India
President, Decorative Division: Mahesh Anand
Head Office: Gurugram
www.nipponpaint.co.in
Revenue during 2022-23 financial year: $60 million (INR 5000 million)
Year of establishment: 2011
Operating in India since 2011, Nippon Paints India, a subsidiary of Japanese paint and coating major NIPSEA Group, is a major supplier of automotive paints to OEMs and aftermarket. Nippon Paint India clocked about $60 million (INR 5000 million) in revenue for the aftermarket, wood coating and industrial business in the 2022-23 financial year. It aims to reach close to $72 million ( INR 6000 million) in 2023-24 financial year and cross the coveted $120 million (INR 10,000 million) revenue mark for its auto refinish business by 2025-26 financial year, when it also completes 15 years in the country.
The paint supplier has aggressive plans of expansion in the Middle East region, where it is in works of developing a manufacturing base and introducing new products.
“In India, with organic growth, network expansion, and new product introductions, we are aiming to become a INR 1000- crore business by the next two to three years,” said Sharad Malhotra, president and director, Nippon Paint India & Middle East.
Nippon Paint India operates through three production facilities: Bawal (Haryana), which primarily produces automotive paints; Mumbai, where it produces coil coatings and industrial coatings; and its largest plant in Chennai, which produces decorative paints.
In December 2023, Nippon Paints India acquired 100% stake in Vibgyor Paints and Chemicals, a major supplier of paints and coatings in the southern part of the country.
"Through the strategic acquisition, Nippon Paint will gain a strong foothold in the growing industrial coatings portfolio especially focusing on railways," the company stated in a press release at the time of acquisition.
Vibgyor Paints and Chemicals is a growing and significant player in the Indian paint market. The company has a robust track record of supplying paints to Indian railways and its associated coach, wagon, and allied manufacturing companies.
• Shalimar Paints
Chairman: Rajeev Uberoi
Head Office: Gurugram
www.shalimarpaints.com
Revenue during 2022-23 financial year: $58 million (INR 4856 million)
Year of establishment: 1902
Operating since 1902, Shalimar Paints is one of the oldest companies in the Indian paint & coating industry. Shalimar Paints cater to both architectural and industrial segments. Established as Shalimar Paint Color & Varnish Company in 1902 in Howrah, West Bengal, by two Britishers – A.N. Turner and A.N. Wright, the company set up a large-scale manufacturing plant in Howrah, the first such plant in entire South and South East Asia at that time.
The company’s name was changed in 1964 to the present Shalimar Paints Limited. In the 1990s, the company was acquired by Ratan Jindal, who holds more than 30 percent. Hong Kong-based businessman Girish Jhunjhunwala is the other promoter with a 10 percent holding. In 2022, a strategic investor, Hella Infra Market, made an investment of $ 32 million (INR 2700) million through a combination of equity and debentures.
The company currently has three manufacturing facilities, one each at Chennai ( state of Tamil Nadu), Nashik ( Maharashtra) and Sikandrabad (Uttar Pradesh). Production at company’s Howrah unit in West Bengal has remained suspended since 2014, after a fire broke out at this plant.
During the financial year 2022-23, the company reported growth of nearly 35% in top line to $58 million (INR 4856) million from $39 million (INR 3258 million) registered in financial year 2021-22, largely driven by volume growth of 12% to 41,506 KL. The growth was primarily derived from company’s marketing efforts to increase its market share.
• Kamdhenu Colour & Coatings Limited
Chairman: Sunil Kumar Agarwal
Head/Corporate Office: Gurugram
www.kamdhenupaints.com
Revenue during 2022-23 financial year: $35 million (INR 2595 million)
Year of establishment: 2008
Established in 2008, Kamdhenu Colours & Coatings Limited is a relative newcomer in the Indian paint and coating industry. Kamdhenu is a leading brand in Indian decorative paints segment. The company primarily operates in Northern and Eastern Indian markets, though the company has been striving hard to increase its market share in Western and Southern region.
The company has an in-house capacity of 36,000 KL per annum of paint and coating products, including a range of premium and regular products, and also have an outsourcing capacity of 50,000 KL per annum for a range of economy products.
The company is looking for a four-fold growth in the revenue to INR10,000 million by the end of FY2028. Kamdhenu Paints is planning to enhance its market share in the south and western regions of the country by expanding its product portfolio with the launch of new and innovative products.
Kamdhenu has its paints manufacturing plant in Chopanki (state of Rajasthan), where it manufactures interior and exterior emulsions, stains, colorants, designer paints, construction chemicals, waterproofing chemicals and other water-based specialty products. It outsources economy and low-range products like distempers, enamel and putty to small paint producing companies in Rajasthan, Uttar Pradesh, Haryana and Punjab.
