JSW Paints, the paint division of the $23 billion JSW group, wants to be profitable by the end of the current fiscal year. The business expects to reach ₹2,000 crore in revenue by March 31, 2024, according to a statement on Tuesday.

“The company is on track to turn profitable this fiscal ending 31 March 2024, a significant achievement within just five years of its commencing business operations,” the company said in a press release.

JSW Paints, founded in 2019, had a revenue of ₹1,616 crore for FY23. The firm indicated it will be breaking even at the EBITDA level in FY24.

With the advent of Grasim, Pidilite, and JSW, India’s paints industry is expected to become more competitive, while traditional firms such as Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel continue to control three-fourths of the market.

JSW Paints stated that it will also focus on supplying a diverse selection of interior, exterior wall, wood, and metal finishes, waterproofing solutions, surface preparation, and treatment-related accessories.

The firm stated that it has attained a market scale and coverage of more than 60% in paint-selling towns and that it is expanding its retailer network by adding more than 2,000 new merchants each year.

The firm stated that it will continue introducing additional goods to complement its ‘Simple-Swift-Sure’ line. It has recently launched more than 20 new goods across markets, with new brand offers now accounting for more than 15% of its total revenues.

“JSW Group‘s first true consumer-facing business has been so well received across the country, enabling us to cross the ₹2,000 crore revenue so quickly from when we entered the market,” said Parth Jindal, managing director of JSW Paints.

The paints sector experiences double-digit growth every year, driven by rising consumer demands and the government’s ‘Housing for All’ initiative.

The introduction of major companies into the decorative paint business may put pressure on smaller firms’ market share in the short future, according to research by brokerage company Sharekhan Ltd.

“In the medium-long term, the decorative paints industry is expected to clock a 12% CAGR over FY2023-FY2027 to Rs. 1,00,000 crore, led by a reduction in the repainting cycle to 4-5 years (from 8-10 years earlier), increase construction activities of new real estate projects acceptance of better paint products in smaller towns and upgradation of premium brands in cities and large towns,” according to the report.

The trading company noted that a stronger product mix and efficiency will help paint businesses achieve higher long-term profitability.