The decorative paint category accounts for over 75% of the domestic paint market, which is projected to be worth Rs 50,000 crores. The decorative paint market is divided into various categories depending on the type of surface it will be applied to, such as external wall paints, interior wall paints, wood finishes, enamels, and supplementary items including primers and putties.

The remaining 25% of the Indian paint industry is made up of the industrial paint category, which spans a wide range of industries with products like automotive coatings, marine coatings, packaging coatings, powder coatings, protective coatings, and other general industrial coatings.

Top Paint Manufacturers in India

Unorganized firms still hold a sizable 30–35% market share in the domestic paint sector.

Here is a list of the top paint manufacturers in India, arranged by total sales.

1. Asian Paints Limited

With a revenue of Rs 193.50 billion, Asian Paints Ltd, which was founded in 1942, is the largest Indian paint Industry in Asia. It was founded as a partnership company by four friends who were prepared to compete with the largest, most well-known paint businesses in the world at the time they were operating in India.

One of the top paint brands in India is Asian Paint. Asian Paints developed as India’s top paints manufacturer and corporate power over the course of 25 years. By size, Asian Paint is the top paint firm in India.

Sales in total: Rs 22,044 Cr.

ROE: 23.98 %

3.0 year sales growth: 10.66%

Promoter ownership is 52.79%.

Debt/Equity Ratio: 0.03

Price/Book Value Ratio: 16.56

Since 1967, the business has dominated the paint market. Its current size is twice that of any other paint firm in India. Asian Paints produces a variety of paints for both ornamental and industrial applications. The largest paint firm in India is Asian Paint.

With 26 paint manufacturing plants throughout the world and operations in 15 nations, the Indian company serves customers in more than 60 nations. The business is ranked first among India’s top 10 paint manufacturers.

2. Berger Paints India Ltd. 

With its headquarters in Kolkata, Berger Paints India has 16 strategically positioned manufacturing facilities in India (including its subsidiaries), 2 in Nepal, 1 in each of Poland and Russia, and approximately 162 stock locations. The business also has a presence abroad.

Sales in total: Rs. 6,869 Cr.

ROE: 21.00 %

3.0 years of sales growth: 12.80%

Promoter ownership: 75.0%

Debt/Equity Ratio: 0.40

Price/Book Value Ratio: 18.9

The second-largest paint manufacturer in the nation, Berger Paints India Limited, has a reputation for having one of the quickest growth rates. with more than 3450 employees (excluding subsidiaries) and a nationwide distribution network of more than 25,000 dealers. According to turnover, the company ranks second among the top 10 paint manufacturers in India.

It had just one factory when it first began as Hadfield’s (India) Limited in Howrah, West Bengal. By the end of 1947, British Paints (Holdings) Limited, UK had purchased Hadfield, which then went by the name British Paints (India) Limited. The Company’s name was changed to Berger Paints India Limited in 1983. Currently, the Dhingra brothers of Delhi own the majority of the shares.

3. Kansai Nerolac Paints Limited 3.

At Lower Parel in Mumbai, Gahagan Paints and Varnish was founded in 1920. Even after a century, this painting business is still in an enviable position: it is the second-largest paint business in India and one of the most well-known brands in the sector.

Sales total Rs. 5793 Cr.

ROE: 13.38 %

3 years of sales growth: 12.92%

Promoter ownership: 74.9 %

Debt/Equity Ratio: 0.05

Price/Book Value Ratio: 7.89

The market leader in Industrial Coatings and the second-largest coating business in India is Kansai Nerolac. SRK was named the Nerolac brand’s spokesperson. In Osaka, Japan, in 1986, GNPL and Kansai Paints Co. Ltd. A Japanese company, signed a TAA for the production of Cathodic Electrodeposition primers and other high-tech coatings for automotive products. The first business to introduce this technology in India.

4. India’s Akzo Nobel Ltd.

For more than 60 years, AkzoNobel India has been in India. It is a renowned paint and coatings business. With offices and depots located all over India, the organization operates out of five different locations. The top paint brand in India is Akzo Nobel.

ICI India Limited’s holding company, Imperial Chemical Industries Ltd., was purchased by AkzoNobel NV under a scheme of arrangement in accordance with section 425 of the UK Companies Act 1985. The Company’s name was changed to AkzoNobel India Limited, which is still in use today.

Sales in total: Rs. 2,842 Cr.

ROE: 15.97 %

Three-year sales growth: 3.40%

Promotional stake: 74.76%

Debt/Equity Ratio: 0.07

Price/Book Value Ratio: 7.93

Three further Indian-based AkzoNobel Group entities were combined in 2012.

AkzoNobel India Limited became the only integrated paints and coatings firm in India with a presence in all paints and coatings market categories and a relatively minor Chemicals portfolio in 2012 after merging with three other AkzoNobel Group entities with operations in India. In 2018, the company’s chemicals division was separated, turning it into a Paints & Coatings-only firm.

5. Blue Paints

Indigo Paints had a modest beginning when it first started in the year 2000. It first produced more affordable cement paints before progressively expanding its product line to include the majority of water-based paint categories, including exterior emulsions, interior emulsions, distempers, primers, etc.

The Company quickly expanded its tentacles across India and left its mark on the entire nation from an early age. The Company is regarded as an inventive paint maker today, consistently releasing novel products that have never been available in India, making it one of the industry’s top competitors.

Sales totals: 726 Cr

Yield of Dividends: 0%

ROCE: 24.6 %

ROE: 18.6 %

Value on the Face: 10.0

Promoter ownership: 54.0%

Debt/Equity Ratio: 0.02

Through innovation, the Company eventually discovered its place in the paint sector. It produced fresh, innovative concepts for painting fixes at an alarming rate. The Company gradually gained a reputation in the market as a visionary and a source of innovative new products.

Indigo Paints updated its brand to reflect the changing times and fashions and the company’s new way of thinking. It combined all of its several brands for various product categories into a single umbrella brand called “INDIGO” a few years ago.

6. Private company Nippon Paint (India)

With a headquarters in Japan, Nippon Paint has been working in the paint business for more than 138 years. among the top paint producers worldwide and the main paint producer in Asia. On the list of the top 10 paint manufacturers in India, Nippon Paint India is ranked fifth.

Total Sales: above 500 billion rupees

The first paint manufacturing company in Japan, Nippon Paint was established in 1881 by brothers Haruta and Jujiro Moteki under the name “Komyosha” in Japan. Nippon Paint, with its headquarters in Osaka, is the sole company that offers paint solutions for all types of surfaces (Auto, Marine, Protective, Decorative and Industrial Paints). In some categories, Nippon Paint India is the top paint brand in India.

7. Shalimar Paints Ltd.

In 1902, the Howrah-based Shalimar Paint Color & Varnish Company was founded. In 1902, Shalimar Paints established the first-ever massive production facility in South-East Asia in Howrah, West Bengal. In 1992, the business opened a second manufacturing facility in Nashik, Maharashtra, to serve the Western region as it expanded across India. In Sikandrabad, Uttar Pradesh, Shalimar Paints established its third manufacturing site in 2002.

Sales totaled Rs 332 Cr.

ROE: -29.76 %

Three-year sales growth: -9.17%

Promoter stake: 53.10 percent

Debt/Equity Ratio: 0.45

Price/Book Value Ratio: 1.40

Shalimar quickly rose to become the top paint brand in the nation. Shalimar Paints are still used on some of India’s most famous buildings, including Rashtrapati Bhavan, Howrah Bridge, Vidyasagar Setu, and Salt Lake Stadium. Shalimar Paints was a pioneer in the development of aircraft coatings, marine paints, and the painting of thermal power plants thanks to access to cutting-edge technology in the industrial coatings sector.

8. India’s Sirca Paints Ltd.

On January 19, 2006, a concept was initially planted as Sircolor Wood Coatings Private Limited and was initially incorporated in New Delhi.

In the end, the journey is conducted under the name Sirca Paints India Limited. PU items were initially imported from Italy and Korea, repackaged, and then sold through our own dealer network. Since that time, the company has grown tremendously.

Sales totals: 157 Cr

ROCE: 11.3 %

5Y Avg ROE: 26.6 %

Today, Sirca takes pride in being a pioneer in wood coatings in northern India. Additionally, the business has sustainably extended its network to include southern and western India. Building the faith and trust of the populace takes time. Each product at Sirca is supported by research-based knowledge and created with consideration for the various needs of the market, which is only natural. Today, one’s home is their most prized possession, and Sirca seeks to successfully adorn it with coatings that will endure.