The market value of the paint industry in 2019 was 57000 crs which Asian Paints being the market leader with a 39% market share in the organized market.

The paint industry in India and Southwest Asia is divided into two broad categories industrial and decorative. The Indian market was dominated by the decorative segment accounting for about 75 percent of the market share compared to the industrial segment which had just over 25 percent of the share.

Asian Paints led the decorative market segment, while the industrial segment was led by Kansai Nerolac.

Future growth of the paint industry depends on several factors such as disposable incomes, stability of crude oil prices, and growth in the automotive and real estate sectors.

For more information on the paint industry in India go to

List of top 8 paint companies in India.

1. Asian Paints Ltd.

Promoter Group – Choksi, Dani, and Vakil family & Holding – 52.79%


  • Managing Director & CEO – Amit Syngle

Market Capitalization – 288000 crs

  • Revenue =  22015 crs.
  • 3 yrs CAGR Sales =13.60%  
  • 3 yrs CAGR Net profit = 26.64%

Financial ratio

  • P/E ratio = 92%
  • ROE = 24.51%
  • ROCE = 30.23%
  • Debt to equity = 0.03

Asian Paints Ltd. is the no. 1 paint company in India with a market share of 39%. The history of this company dates back 75+ years when four friends decided to take advantage of an opportunity (ban on foreign imports of paints during the Quit India movement and World War II) in the paint industry. 

Asian paint Ltd. has a rich legacy of being the first company to buy a super-computer as well as being one of the first companies to have professional management in place.

This company has developed a corporate culture that has created many top CEO and executives which has done very well in other companies as well.

This company has the best supply chain management system in the country which is because of the above two reasons & visionary promotors and their next generations.

Asian paint started as a small partnership and now is double the size of the second competitor in the industry. Asian paints brand ambassadors are Deepika Padukone and Ranbir Kapoor. Go to the Asian Paints Ltd. website for more information.

Also, Asian paint started in a garage in Gaiwadi, Girgaum, Mumbai which is a few minutes away from my home.

2. Berger Paints India Ltd.

Promoter Group – Kuldip and Gurbachan Dhingra brother and family & Holding – 74.98%


  • Managing Director & CEO – Abhijit Roy

Market Capitalization – 78200 crs

  • Revenue =  6869 crs.
  • 3 yrs CAGR Sales =14.88%  
  • 3 yrs CAGR Net profit = 25.54%

Financial ratio

  • P/E ratio = 109%
  • ROE = 21.31%
  • ROCE = 26.56%
  • Debt to equity = 0.11

Berger Paint is the second biggest paint company in India in terms of capitalization, sales, and market share of 12%. Berger Paint started as a very small company in the year 1923. Berger Paints brand ambassador is actor Akshay Kumar

Today it is the fastest and most consistent growing company in the country with a revenue of 6800+ crs, with employee strength of above 2800, and a countrywide distribution network of 25,000+ dealers.

This company had the most transfer of ownership in the sector than any other over its history of 98 years. Currently, it is under the ownership of the Dhingra brothers based in Delhi. Go to the Berger Paints India Ltd. website for more information.

3. Kansai Nerolac Paints Ltd.

Promoter Group – Kansai Paint Co., Ltd. (Japan) & Holding – 74.99%


  • Vice-Chairman & Managing Director – Harishchandra Meghraj Bharuka
  • Chairman & Independent Director – Pradip Panalal Shah

Market Capitalization – 31700 crs

  • Revenue =  5112 crs.
  • 3 yrs CAGR Sales =4.37%  
  • 3 yrs CAGR Net profit = 1.16%

Financial ratio

  • P/E ratio = 60%
  • ROE = 13.07%
  • ROCE = 17.14%
  • Debt to equity = 0.04

Kansai Nerolac Paints Ltd. (KNPL) is a coating company. The Company’s products include decorative paints, high-performance coatings, automotive coatings, general industrial coatings, and specialty coatings. KNPL has a market share of 11% in the paint industry.

Kansai Nerolac Paint is the second largest coating company in India and a market leader in Industrial Coatings.

Its plants are located in Maharashtra, Uttar Pradesh, Tamil Nadu, and Haryana. The company is a subsidiary of Kansai Paint Company Limited. Kansai Nerolac Paints Ltd.’s brand ambassador is actor Ranveer Singh. Go to the Kansai Nerolac Paints Ltd. website for more information.

Also Read: Top 10 Private Bank in India

4. Akzo Nobel India Ltd.

Promoter Group – Imperial Chemical Industries Ltd and Akzo Nobel Coatings International B.V & Holding – 74.76%


  • Chairman – Amit Jain
  • Managing Director – Rajiv Rajgopal
  • WholeTime Director & CFO – Lakshay Kataria

Market Capitalization – 10500 crs

  • Revenue =  2444 crs.
  • 3 yrs CAGR Sales =-5.4%  
  • 3 yrs CAGR Net profit = 0.59%

Financial ratio

  • P/E ratio = 50.65%
  • ROE = 16.11%
  • ROCE = 20.04%
  • Debt to equity = 0

AkzoNobel India Limited is engaged in the manufacturing and marketing of paints, specialty chemicals, and adhesives. The Company owns two paint brands such as Dulux and Duco. 

This company has been operating in India for the past 60 years. As a leading paints and coatings company, they supply essential protection and essential color to industries and consumers. AkzoNobel India Limited has a market share of 6% in the paint industry.

AkzoNobel NV acquired Imperial Chemical Industries Ltd., the holding company of ICI India Limited, through a scheme of arrangement under section 425 of the UK Companies Act 1985.

Akzo Nobel India Ltd.’s brand ambassador is actor Sharddha Kapoor and Farhan Akhtar. Go to the Akzo Nobel India Ltd. website for more information.

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5. Indigo Paints Ltd.

Promoter Group – Jalan family & Holding – 54%


  • Chairman & Managing Director – Hemant Jalan
  • Executive Director – Anita Jalan

Market Capitalization – 12000 crs

  • Revenue =  726 crs.
  • 3 yrs CAGR Sales = 32.21%  
  • 3 yrs CAGR Net profit = 425.05%

Financial ratio

  • P/E ratio = 162%
  • ROE = 12.57%
  • ROCE = 17.45%
  • Debt to equity = 0

The company is one of the youngest companies on his list. Indigo Paints started their operations in the year 2000 with a modest beginning by the manufacture of lower-end Cement paints and gradually diversified in other areas of the paint industry.

Indigo Paints Ltd. found its niche in the paint industry through innovation. Gradually, the industry began looking upon the company as a futuristic thinker and a storehouse of new product development. 

Indigo Paints Ltd.’s brand ambassador is cricketer Mahendra Singh Dhoni. Go to the Indigo Paints Ltd. website for more information.

6. Sirca Paints India Ltd.

Promoter Group – Mr. Sanjay Agarwal, Mr. Apoorv Agarwal, and Mr. Gurjit Singh Bains  & Holding – 67.55%


  • Chairman & Managing Director – Sanjay Agarwal
  • Joint Managing Director  – Apoorv Agarwal.  

Market Capitalization – 888 crs

  • Revenue =  140 crs.
  • 3 yrs CAGR Sales = 1062.11%  
  • 3 yrs CAGR Net profit = 401.60%

Financial ratio

  • P/E ratio = 53.57%
  • ROE = 13.62%
  • ROCE = 18.54%
  • Debt to equity = 0

Sirca paints mainly present in the wood coating business. With having a leadership position in northern India, along with suitable expansion in southern and western India as well.

Currently, the company has ventured into setting up an in-house manufacturing unit for melamine, NC products, and economical PU which adds to current product offerings.

This company started on January 19, 2006, with a fairly simple business model of importing PU products from Italy and Korea, repacking it, and then selling it through our own dealer network has soared higher ever since then. Go to the Sirca Paints India Ltd. website for more information.

7. Shalimar Paints Ltd.

Promoter Group – O.P. Jindal Group and the Jhunjhunwalas (Hong Kong). & Holding – 53.10%


  • Chairman – Gautam Kanjilal
  • Managing Director  – Ashok Kumar Gupta  

Market Capitalization – 560 crs

  • Revenue =  344 crs.
  • 3 yrs CAGR Sales = -0.85%  
  • 3 yrs CAGR Net profit = 98.50%

Financial ratio

  • P/E ratio = –
  • ROE = -13.99%
  • ROCE = -14.43%
  • Debt to equity = 0.44

Shalimar Paints is the oldest paint company in India. This company has seen three owners transfer over its long life, currently, this company is under the ownership of O.P. Jindal Group and the Jhunjhunwalas (Hong Kong) from the year 1989.

Shalimar Paints was set up in the year 1902  by two Britishers – A N Turner and A N Wright in Howrah, West Bengal. 

India’s iconic structures like Rashtrapati Bhavan, Howrah Bridge, Vidyasagar Setu, Salt Lake Stadium, continue to use Shalimar Paints.

8. Nippon Paint (India) Private Ltd.

Nippon Paint was founded 140 years ago by two brothers Haruta and Jujiro Moteki as ‘Komyosha’ in Japan in 1881. It is the number one paint company in Asia and one of the leading paint companies in the world. Nippon Paint has been operating in India for the past 10 years in the Indian market. 

Nippon Paint produces high-quality paints and coats for automotive, industrial, and decorative sectors. Over the years, Nippon Paint has perfected its products by means of breakthrough paint technology, with an emphasis on innovation and eco-friendliness.


I ( am not a SEBI registered investment advisor. This article is for information purposes any scheme or company name mentioned here is just for example & not a recommendation.

Which is the no. 1 paint company in India

Asian Paints Ltd. is the no. 1 paint company in India, with a market share of 39%.


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