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May 7, 2024

Top 10 Best Paint Manufacturing Company In India In 2022

Top 10 Best Paint Manufacturing Company In India In 2022

Indian Paints Industry

For the past few months, Indian company and paints industry has dealt with inflationary pressures on raw materials. The rise in oil prices and the cost of Titanium Dioxide took the heaviest toll on paint company profitability in the last four decades. Unorganised players, who lacked the physical power to negotiate raw material costs, were in far more danger.

However, things are starting to look suitable for the sector, thanks to price hikes imposed by companies in the second and third quarters of this fiscal year and some weakness in raw material prices, which will assist all participants in improving their margins.

Paints Industry

Between FY11 and FY19, the Indian paint industry increased at a CAGR of 11%. Decorative paints, the largest sector of the paints business, account for over 74% of total paint sales. The decorative paints category is mostly immune to the industrial slump, which has allowed the paint industry to grow steadily.

April and May are the most important months for re-painting in the domestic market, accounting for 25% of annual paint sales. Unfortunately, the epidemic, driven by lockdown, hampered FY21, resulting in almost no revenue in Q1FY21, and the second wave impacted business in Q1FY22. However, from Q2FY22 onwards, there was a speedier rebound, which bolstered spirits.

Demand Growth

Demand from repainting and the new building will likely drive volume growth in the paints sector. The repainting category’s rise in urban and rural areas was boosted by strong festive demand and a decent monsoon. Furthermore, according to Deepak Jasani, Head of Retail Research at HDFC Securities, “expected expansion in construction activity over the next five years gives opportunities for fresh painting.” He noted that value development would be enabled by accepting superior paint products in smaller towns and upgrading to premium brands in cities and large towns.

According to Kotak Institutional Equities, the demand for decorative paints has been solid over the past four quarters. Strong demand across urban and rural markets, sustained share gains of organised players over unorganised, intensified by RM pressure affecting smaller companies’ pricing competitiveness (primarily economy-end portfolio), and robust growth in adjacent categories are driving this (waterproofing, wood finish).

Adjacent categories – New trigger for growth

Paint manufacturers hope to make waterproofing a standard feature of their products. In its analysis, IDBI Capital stated, “We expect all paint companies to enjoy high double-digit penetration led revenue growth in this category.” This market is highly underserved and underutilised. “The overall size of the waterproofing sector is 15-20% of the paint market (at Rs 6,000 crore), and it is developing at a quicker rate than paints,” the brokerage stated.

Waterproofing products are similar to paints in terms of technology and business considerations. As a result, paint producers do not need to invest considerable resources in this, which may be distributed through their existing distribution methods.

However, the nature of this category poses some entry restrictions for new players. This is because “water-proofing solutions don’t sell because of better ads, but rather because of the quality of the solution being presented, the skill-sets taught to the contractor, and the warranty granted on the equipment,” according to IDBI Capital. To be sure, Pidilite operates the Dr Fixit academy, which provides waterproofing training to contractors.

Inflationary Issues to be mitigated by calibrated price hikes

In the last year, input prices (crude oil and derivatives, TiO2 and packaging material) have grown by 40-50 per cent. “Crude prices affect the decorative paints business more than any other because it is a raw material intensive industry with over 300 materials required to create paints, the majority of which are petroleum-based,” HDFC Securities’ Jasani added. It should be emphasised that raw materials account for 55-60% of total expenses. Additionally, there has been a shortage of tinplates essential for producing paint cans due to supply chain interruptions, increasing paint packaging costs.

Paint businesses have implemented two rounds of calibrated price hikes following the festive season to combat these inflationary trends in raw material costs. From November 12, 2021, Asian Paints, the market leader, increased its prices by 9-10%, with an additional 4-5% increase from December 5, 2021. Since April 2021, the corporation has raised prices by a total of 21-22 per cent.

Berger Paints, the second-largest player, has likewise raised prices by 18% to 19%.

“Starting in 4QFY22, this price rise should almost completely reduce gross margin pressure and enable a rapid turnaround in profitability for the industry,” Kotak added.

“While we note that paint businesses have taken corrective measures like price rises, cost-cutting initiatives, and are focused on sourcing and formulation efficiency, we feel some effect on profitability in FY22 and H1FY23 is unavoidable,” according to ICICI Securities’ analysis.

According to Jasani, recent crude price stability and reductions may augur well for paint businesses looking to restore margins to last year’s levels by March 2022.

In FY08-10, the sector experienced a trend in which most input prices grew by 40-60% in FY09 over FY08. “Profitability fell dramatically in FY09 but quickly rebounded in FY10 due to price hikes, cost-cutting initiatives, and certain input price corrections,” ICICI Securities stated.

The arrival of New Players

The recent advent of large corporate houses like Grasim and JSW has heightened rivalry in the Indian paints market. Business economics, on the other hand, is predicted to continue solid.

In its study, IDBI Capital stated, “Better quality product, lower pricing, and superior incentive to dealers are the three levers that new companies have always employed to compete.” However, the brokerage noted, “Historically, we do not see these levers having any major impact on market share loss for the leaders.”

According to ICICI Securities, the profit pool in the paints industry is projected to shrink in FY22-23 as market leaders defend their volumes and market shares at the expense of profitability for a few quarters as a warning to new entrants.

Asian Paints controls the industry’s profit pool. Suppose it suffers a hit to its margins, the no. 2 and no. Three players are likely to suffer, resulting in a drop in the industry profit pool. It will message emerging competitors like Grasim and JSW that incumbents would safeguard volumes and market shares, even sacrificing profitability.

As time goes on, the paints industry will continue to pique interest since it will be fascinating to observe how new competitors develop methods to compete with the current firms.

The Top 10 Paint Manufacturing Companies in India in 2022 are shown below.


1. Dulux Paints Limited


For almost a century, the company has been a major player in the Indian paints business. It has seen consistent expansion, growth, and transition over the years. Imperial Chemical Industries Ltd. became a member of the AkzoNobel Group in 2008 when AkzoNobel N.V. acquired the whole equity share capital of the company.

Paints, coatings, and speciality chemicals are manufactured and sold by AkzoNobel India. The Decorative Coatings business’ most popular brand is Dulux. In contrast, the Performance Coatings business offers solutions to various industries and sectors, including automotive, consumer electronics, power, aviation, shipping & leisure craft, construction, oil & gas, water & waste water, food & beverages, and so on.

Its chemicals business in India sells more than 30 items to pharmaceutical companies, polymer producers, composite and rubber manufacturers within organic peroxides, metal alkyls, and polymer additives. Every year, we attempt to further introduce new products in India to solidify our position as a forward-thinking speciality chemicals firm.

Its five production sites have all received ISO 14001 environmental management system accreditation.



2. Asian Paints Limited


Asian Paints Ltd is a global Indian paint manufacturer headquartered in Mumbai, Maharashtra. It is in producing, selling, and distributing paints, coatings, home décor items, bath fittings, and offering related services. Asian Paints is the largest paints company in India and the third-largest in Asia. Berger International’s holding company is Asian Paints. In 2019-20, the company made a profit of 2,654 crores on revenue of 17,194.1 crores. The company’s production operations span 15 nations, including India, and it has a strong presence in both the Indian subcontinent and the Middle East.

Champaklal Choksey, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil founded the company in a garage in Gaiwadi, Girgaum, Mumbai. They all come from Jain families, and the company was started in February 1942. A temporary prohibition on paint imports during World War II and the Quit India Movement of 1942 left only foreign enterprises and Shalimar Paints on the market. In 1952, Asian Paints entered the market and recorded a revenue of Rs. 23 crore, but with a PBT margin of barely 2%. By 1967, it had established itself as the country’s biggest paint maker.

The four families owned the majority of the company’s stock. However, when the corporation grew beyond India in the 1990s, issues over global rights arose. Choksey sold its 13.7 per cent stake and exited in 1997 due to the conflicts. Champaklal passed away in July 1997, and his son Atul assumed command. Choksey’s shares were mutually bought by the remaining three families and Unit Trust of India after failed partnership talks with the British corporation Imperial Chemical Industries. The Choksi, Dani, and Vakil families own 47.81 per cent of the company as of 2008.


Manufacturing locations

Along with its subsidiaries, the company operates 26 manufacturing facilities in 16 countries, supplying customers in more than 65 nations throughout the world.



3. Berger Paints India Limited


In Kolkata, Bengal, India, Berger Paints Ltd is an Indian multinational paint manufacturer. There are 16 production units in India, two in Nepal, and one each in Poland and Russia for this corporation. Howrah and Rishra, Arinso, Taloja, Naltoli, Goa, Devla, Hindupur, Jejuri, Jammu, Puducherry, and Udyognagar are some of its production facilities. India, Russia, Poland, Nepal, and Bangladesh are some of the company’s five countries of operation. They employ over 3,600 people and have a nationwide network of over 25,000 dealers.

Louis Steigenberger moved from Frankfurt to London in 1770 to sell a Prussian blue colour that he created using his formula. After that, he went under the name Lewis Berger. Berger Paints sold 19 distinct pigments by 1870, including black lead, sulphur, sealing wax, and mustard. His sons took over the firm after he died. The company was taken over by Sherwin-Williams, an American company, in the early 1900s. Mr Hadfield founded Hadfield’s (India) Ltd., a small paint firm in Calcutta, on December 17, 1923.

British Paints purchased Hadfield’s (India) Ltd near the end of 1947, and British Paints (India) Ltd was incorporated in the state of West Bengal. In 1951, sales offices in Delhi and Bombay were established and a facility in Guwahati. Berger Jenson Nicholson Limited, UK purchased British Paints (India) Ltd in 1969. In India, this was the start of Lewis Berger’s legacy. D. Madhukar assumed the role of managing director in 1973. By 1978, sales had surpassed 16 crores.

Many novel products, like emulsions and distempers, were introduced in the 1980s and 1990s. Kuldip Singh Dhingra (Chairman) and Gurbachan Singh Dhingra (Vice-Chairman) bought the company from the UB group in 1991. (Vice-Chairman). On July 1, 1994, Subir Bose took over as managing director. On June 30, 2012, Bose announced his retirement, passing over the company to Abhijit Roy, the current managing director.

Berger Paints India has an operational unit in Nepal and activities in Russia, and a production facility at the Berger manufacturing complex in Krasnodar. Bolix SA of Poland, a provider of External Insulation Finishing Systems (EIFS) in Eastern Europe, was also bought.



4. British Paints India Limited


British Paint first arrived in India in 1947, although the company was founded in 1919 in the United Kingdom. They gained much traction in India as a paint manufacturer because of our diverse and colourful industrial and architectural coatings. 

In 2009, Berger Paints India Limited reinstated the original brand name as an SBU. They are based in Delhi and have worked on a wide range of projects in the industrial and retail sectors. British Paints supplies a range of decorative and general industrial paints and coatings manufactured at dedicated sites in Uttar Pradesh, Jammu & Kashmir, Andhra Pradesh, and Assam through a network of over 50 branch offices and 12,000 channel partners across the country.

British Paints has a solution for all home surface problems like wall care, maintenance, and industrial solutions like Epoxy Coatings, ranging from ornamental paints like texture and enamel paints to waterproofing solutions like British Waterproofing. The brand’s well-known products include Glo Advanced, Expa Cool, Shingar Advanced, British Emulsion, Master Blaster, and Acri-silk. They provide top-notch coating solutions to customers, backed by a devoted team of professionals with extensive and valuable experience.

Berger Paints is known for its great painting solutions supplied to organisations like Hospitals, Institutions, Corporations, and the like and is recognised as one of the country’s leading paint companies. Through Berger Paints’ website, its professionals also provide painting rules and tips for gorgeous house interiors. Quality goods paired with professional solutions have helped British Paints become one of the most popular brands in the paint industry.




5. Kansai Nerolac Paints Ltd


Kansai Nerolac Paints Limited is situated in Mumbai and is India’s largest industrial paint and third-largest decorative paint manufacturer. It is a subsidiary of Japan’s Kansai Paint. The Indian paint industry has the third-largest market share with 15.4% as of 2015. It works in the fields of industrial, automotive, and powder coating


Products and services

Kansai Nerolac Paint has a variety of environmentally friendly and healthful products.


The following are some of Kansai Nerolac Paint’s most well-known products and brands:

  • Decorative Paints: Interior wall paints, exterior wall paints, Wood surface paints, and Metals surface paints.
  • Automotive Coatings: Pre-Treatment Chemicals, Electrodeposition. Intermediate Coats/Primer Surfacers, Topcoats, Clear Coats, Touch Up Paints, Auto Refinishing Products, Heat Resistant Paints, Underbody Paints & PVC Sealants & Rapgard Transit Protection Films.
  • Performance Coatings: A wide range of products can benefit from Performance Coating. There is a broad range of general industrial coating systems for household appliances and metal fittings in factories, including P.T. chemicals, Primers and lacquers, Coil Coat, Heat Resistant Paints, and Metal Decoration Coatings. Powder Coating is increasing in popularity because of its high quality, resistance to corrosion, apparent ease of application and the environmental friendliness of the technology. Powder coating is becoming increasingly popular due to its high quality, corrosion resistance, the apparent ease of application, and environmental friendliness.


Marketing and Advertising

Kansai Nerolac has collaborated with Bollywood actors Shah Rukh Khan and Ranveer Singh and radio station Red FM.company

6. Indigo Paints


Indigo Paints Limited is an Indian paint company with three manufacturing plants in Jodhpur, Kochi, and Pudukkottai. It is based in Pune, Maharashtra. The company manufactures, sells, and distributes decorative paints, emulsions, enamels, wood coatings, distemper, primers, putties, and cement paints.

Hemant Jalan launched Indigo Paints in 2000 to make cement paint; by 2021, the company had grown to become the decorative paint industry’s sixth-largest revenue generator. Jalan said in December 2019 that it had created a distribution network spanning 27 states and seven union territories. Mahendra Singh Dhoni was named the company’s brand ambassador in 2018. Sequoia Capital first invested 55 crore in the company in 2014 and another 95 crore in 2016.

The government of Singapore, Fidelity, Goldman Sachs, Nomura, HSBC, Pacific Horizon Investment Trust, SBI Mutual Fund, ICICI Prudential Mutual Fund, and Axis Mutual Fund were some of the 25 anchor investors who contributed $348 crore to the firm’s IPO in 2021.



7. Sirca Paints


On January 19, 2006, the firm was formed in New Delhi as “Sircolor Wood Coatings Private Limited” under the Companies Act, 1956. The company’s name was changed to “Sirca Paints India Private Limited” via a new certificate of incorporation issued by the Registrar of Companies in Delhi on May 3, 2017. As a result, the Company’s name was changed to “Sirca Paints India Limited” via a new certificate of incorporation issued by the Registrar of Companies in Delhi on January 17, 2018.

Mr Sanjay Agarwal, Mr Apoorv Agarwal, and Mr Gurjit Singh Bains founded the company in 2006 to establish a distinct global presence in the paint industry by delivering high-quality coatings and technical help a good client relationship. As a first step in the journey, the company began importing Polyurethane Polish (PU) products from Italy and wall paints and abrasives from Korea and selling them in India. The company was the first in India to introduce wood filler, with wholly owned operations in Mumbai and Chennai.

After repackaging paints and allied materials, the company engages in marketing, trading, and distribution. The company imported most of its products from SIRCA SPA ITALY and sold them in India through its distributors. Furthermore, the corporation purchases the products (thinner, abrasives, and buffing).

Except for Thinner and Abrasives, which are obtained from domestic vendors, all other purchases are made outside India, except products bought from domestic suppliers and sold only in India.




8. Nippon Paint Holdings Co. Ltd.


Nippon Paint Holdings CO., LTD. is a firm that specialises in the production and distribution of coating materials and fine chemicals. The company makes and sells paint for automotive, general, industrial applications, and fine chemicals. The business is divided into three segments. Paint for automobiles, general and industrial uses, and fine chemicals, are all handled by the Japan section. In China, Hong Kong, Taiwan, Korea, Southeast Asian countries, and India, the Asia section sells paint for automobiles, general and industrial uses, and fine chemicals.

The Americas section is responsible for paint for automobiles and construction coating products. Under the brand name Komyosha, it was founded by Jujiro Motegi. Nippon Paint expanded to become one of India’s major paint producers after forming a 50/50 joint venture with bee chemicals.

It has branches in four countries, including the United States and Singapore. It has been in India for more than a decade. Paints, coatings, and fine chemicals are the primary goods. All items are machine washable, water-resistant, and have germ-resistant shields.

The company’s total revenue is 534.74 billion yen, and its net income is 30 billion rupees.



9. Shalimar Paints Limited


Shalimar Paints is a paint manufacturer based in India. The company makes and sells ornamental paints and industrial coatings. Shalimar Paints are still used to paint several of India’s buildings and structures, including the Howrah Bridge, Rashtrapati Bhawan, Salt Lake Stadium, All India Institute of Medical Sciences, and many others.

Shalimar Paints Colour & Varnish Ltd was formed in 1902 by two British entrepreneurs, AN Turner and AC Wright. In the same year, the business opened its first large-scale production unit in South East Asia, in Howrah, West Bengal. Pinchin Johnson & Associates of the United Kingdom purchased control of the company from British businessmen AN Turner and AC Wright in 1928. After Turner Morisson & Co took over as new management in 1963, the company was renamed Shalimar Paints Ltd.

The company pioneered many firsts in the industrial coatings industry with access to cutting-edge technology, including high-build zinc coatings, radiation-resistant coatings for nuclear power plants, and polyurethane paint for fighter planes and railway coaches. Shalimar was the first business to paint an Indian Army fighter plane.

Shalimar became public in 1972, and the O.P. Jindal Group and the Hong-Kong-based S.S. Jhunjhnuwala Group bought the company in 1989. Mr Surender Bhatia has been serving as the company’s full-time director since May 2015.



10. Sheenlac Paints


Sheenlac Paints is a paint manufacturer based in Chennai, India. Paints, thinners, and wood polish products are manufactured and distributed by the company for both ornamental and industrial applications. It is one of India’s top ten paint manufacturers. Colors are available in over 2,000 different sorts and tones.

John Peter established the company. It started as a small company producing thinners and wood polish products but has grown into a large corporation with more than three branches.

Sheenlac Paints Ltd is a renowned decorative and industrial coatings manufacturer in India. Sheenlac has 26 branch offices in India, spanning the entire country and providing service to over 15,000 dealers. Mr John Peter created the company in 1962. Emulsions, distempers, enamels, wall and wood putty, primers, fillers, sealers, thinners, and paint removers are only a few of the company’s key products.


Article Proofread & Published by Gauri Malhotra.


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