₹60,015 crore of revenue reported in the latest year (mostly FY25) by the 108 of India's 1,563 paint manufacturers with accounts on file. The ten largest produce 94% of it; the typical filer earns ₹20.5 crore.
Active companies
1,563
paint manufacturers on the register
Reported revenue
₹60,015 crore
108 companies with accounts
Profitable
87%
of filers · India 87%
Secured loans
38.7%
of companies have one on record
What stands out about India's paint manufacturers
01
Revenue
₹60,015 crore
of revenue reported in the latest year (mostly FY25) by the 108 of India's 1,563 paint manufacturers with accounts on file. The ten largest produce 94% of it; the typical filer earns ₹20.5 crore.
02
Profitability
87%
of filers reported a profit (India, same segment: 87%); the median net margin is 2.3% against 2.3% nationally.
03
Growth
+1%
median revenue growth across 108 companies with two consecutive years on file (India: +1%); 5 grew by more than half and 50 shrank. Only companies still filing are counted.
04
Labour cost
8%
of revenue goes on employee cost for the median filer (8% nationally), about the same labour intensity as across India.
05
Funding
11
paint manufacturers in India have outside funding on record at Fliar Radar (investment, incubator or grant support). Most frequent backers: Brand Capital (1), Nalanda Capital (1), India Capital Growth (1).
06
Lending
38.7%
of India paint manufacturers have a secured loan on record (India: 38.7%). Most frequent lenders: State Bank Of India (130), HDFC Bank (75), Canara Bank (57). Open borrowings against company assets total ₹5,328 crore.
07
Where the money is
76%
of reported revenue comes from Maharashtra, which holds 27% of India's paint manufacturers.
Cities with the most paint manufacturers
Companies by the city or district of their registered address.
City
Companies
Share
Reported revenue
Share of revenue
Maharashtra
418
26.7%
₹45,296 crore
76%
Delhi
216
13.8%
₹974 crore
2%
Tamil Nadu
142
9.1%
₹1,183 crore
2%
West Bengal
101
6.5%
₹10,264 crore
17%
Gujarat
97
6.2%
₹290 crore
0%
Kerala
76
4.9%
₹86.8 crore
0%
Telangana
71
4.5%
₹112 crore
0%
Uttar Pradesh
71
4.5%
₹289 crore
0%
Karnataka
69
4.4%
₹349 crore
1%
Haryana
59
3.8%
₹613 crore
1%
Paint Manufacturers in India by size
From the latest accounts each company has filed, split by annual revenue. Growth compares with the year before; net margin is profit after tax over revenue.
Manufacturer of industrial and decorative paints. It offers a wide range of decorative and industrial paints, coatings, and home decor products. It provides interior and exterior wall paints, waterproofing solutions, wood and metal finishes, adhesives, and specialty items. The paints include enamel, oil, emulsion, synthetic rubber, bituminous, and more. It also provides services such as personalized interior designs and wall painting.
Asian Paints Limited is a public company incorporated in 1945, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. In FY25 it reported revenue of ₹33,906 crore, down 4% on the year before, with a net margin of 10.9%.
Berger paints is India’s second largest decorative paint manufacturer based in Kolkata. Popular consumer range of Berger Paints consists Breath Easy, Silk Luxury emulsion, Easy Clean, Rangoll total care, Weather Coat all guard, Smooth, Kool and Seal etc. Berger holds a distribution network comprising of 66 stock points across the country. Berger has significant presence in Russia, Nepal and Eastern Europe. Has 11 manufacturing units and 170 sales offices with a presence in 3 countries.
Berger Paints India Limited is a public company incorporated in 1923, with its registered office in West Bengal, India, classified under wholesale trade. In FY25 it reported revenue of ₹10,169 crore, up 2% on the year before, with a net margin of 10.6%.
Manufacturer of industrial and decorative paints. It offers wide range of products, including wall paints, aluminium paints, cement paints, metal enamel paints, wood paints, and ancillary products. It provides wide range of interior and exterior paint solutions to transform any space.
Kansai Nerolac Paints Limited is a public company incorporated in 1920, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. In FY24 it reported revenue of ₹7,393 crore, down 2% on the year before, with a net margin of 16.0%.
It is a chemical manufacturing company that specializes in automotive OEM coatings, automotive refinish, industrial coatings, and marine coatings. They offer a wide range of paint colours and waterproofing solutions for both interior and exterior applications.
Ppg Asian Paints Private Limited is a private company incorporated in 1997, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Revenue (FY25)XXXX
Growth vs prior yearXXXX
Net marginXXXX
Net worthXXXX
Paid-up capitalXXXX
AreaMaharashtra
Incorporated1997 · Private company
Secured loans1 open
Key peopleJitendra Kalra (CEO)
OffersVOC compliant refinishes, Aesthetic protection of beverage, food,…, Superior coating for industrial…, Cutting edge protective marine coatings
ProfileFaculty of Management Studies - University of Delhi MBA 1998
EducationFMS
ProductsEnvironment Health And…, Purified Drinking Water… +46 products
Product 01 / 06
Environment Health And Safety
CategoryCar Paints
PriceOn request
Range15 products listed by PPG Asian Paints
Product 02 / 06
Purified Drinking Water Facility
CategoryCar Paints
PriceOn request
Range15 products listed by PPG Asian Paints
Product 03 / 06
Automotive OEM Coatings
CategoryCar Paints
PriceOn request
Range15 products listed by PPG Asian Paints
Product 04 / 06
Automotive Refinish
CategoryCar Paints
PriceOn request
Range15 products listed by PPG Asian Paints
Product 05 / 06
Industrial Coatings
CategoryCar Paints
PriceOn request
Range15 products listed by PPG Asian Paints
Product 06 / 06
Marine Coatings Service
PriceOn request
Range15 products listed by PPG Asian Paints
1 / 6
05 · FY25 accounts · Maharashtra
E
Esdee Paints Limited
Esdee Paints Ltd. is a leading based in Mumbai.we are committed to delivering quality products and services.
Esdee Paints Limited is a public company incorporated in 1979, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Revenue (FY25)XXXX
Growth vs prior yearXXXX
Net marginXXXX
Net worthXXXX
Paid-up capitalXXXX
AreaMaharashtra
Incorporated1979 · Public company
Secured loans1 open
OffersWood Finish, Wall putty, SEALER EXTERIOR / INTERIOR, Acrylic Primer
Shalimar Paints Ltd is a public company incorporated in 1902, with its registered office in Haryana, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Manufacturer of interior and exterior wall, wood, and eco friendly paints
Apollo Paints Private Limited is a private company incorporated in 1994, with its registered office in Karnataka, India, classified under health & social work. In FY25 it reported revenue of ₹85.8 crore, up 17% on the year before, with a net margin of 6.3%.
Revenue (FY25)₹85.8 crore
Growth vs prior year+17%
Net margin6.3%
Net worth₹38.6 crore
Paid-up capital₹1 crore
AreaKarnataka
Incorporated1994 · Private company
Brand founded2005
Secured loans3 open
Key peopleB M Baleri (Founder & Managing Director)
OffersColor Visualizer, Color Studio, Paint Calculator, ECO +Radiance and Eco +Jazz
Nexon Paints Private Limited is a private company incorporated in 2008, with its registered office in Telangana, India, classified under chemicals & pharmaceuticals. In FY25 it reported revenue of ₹85.5 crore, down 13% on the year before, with a net margin of 3.3%.
Revenue (FY25)₹85.5 crore
Growth vs prior year−13%
Net margin3.3%
Net worth₹22.1 crore
Paid-up capital₹7.9 crore
AreaTelangana
Incorporated2008 · Private company
Secured loans1 open
Key peopleKhartaram Choudhary (Managing Director)
OffersNonon Paints, Interior and Exterior Emulsions, Primers, Solvent based products
Founders & leadershipKKhartaram Choudhary1 person
KC
Khartaram Choudhary
Managing Director
ProfileManaging Director-Nexon Paints
ProductsSkps White Primer Paint, Wall Bond Putty +35 products
Trikaya Coatings Private Limited is a private company incorporated in 1996, with its registered office in Maharashtra, India, classified under fabricated metal products. In FY25 it reported revenue of ₹84.4 crore, down 4% on the year before, with a net margin of 2.0%.
Gunjan Paints is a manufacturer and supplier of specialty paints, polymers, and chemicals. The company operates from its state-of-the-art manufacturing facilities and exports its products globally. Its product portfolio includes industrial and decorative paints, construction chemicals, and adhesives, among others.
Gunjan Paints Limited is a public company incorporated in 1992, with its registered office in Gujarat, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
ProductsEpoxy Floor White Coating, Gunjcryl V-33 Polymers +46 products
Product 01 / 06
Epoxy Floor White Coating
Price₹1,293 per kilogram
Range15 products listed by Gunjan Paints
Product 02 / 06
Gunjcryl V-33 Polymers
PriceOn request
Range15 products listed by Gunjan Paints
Product 03 / 06
Gunjcryl 7850 Polymers
PriceOn request
Range15 products listed by Gunjan Paints
Product 04 / 06
Gunjcryl 7860 Polymers
PriceOn request
Range15 products listed by Gunjan Paints
Product 05 / 06
Gunjcryl HASE 6072 Polymers
PriceOn request
Range15 products listed by Gunjan Paints
Product 06 / 06
Gunjcryl V55 Polymers
PriceOn request
Range15 products listed by Gunjan Paints
1 / 6
05 · FY25 accounts · Maharashtra
S
Sunanda Speciality Coatings Pvt Ltd
Sunanda Speciality Coatings Private Limited is a leading Authorized Wholesale Dealer based in Pune.we are committed to delivering quality products and services.
Sunanda Speciality Coatings Pvt Ltd is a private company incorporated in 1982, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Revenue (FY25)XXXX
Growth vs prior yearXXXX
Net marginXXXX
Net worthXXXX
Paid-up capitalXXXX
AreaMaharashtra
Incorporated1982 · Private company
OffersSunanda Chemicals Polyalk Wp, Sunanda Hack Aid Plast, Plaster Admixtures
Manufacturer of paints. It offers a wide variety of paints, including primers, finish coats, exterior & interior wall coatings, metal refinish, wall waterproofing & base coat, and specialized products like roof waterproofing paint. Its products are suitable for use on various surfaces such as concrete, metal, and wood.
Ruby Paints Private Limited is a private company incorporated in 1992, with its registered office in Tamil Nadu, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Revenue (FY25)XXXX
Growth vs prior yearXXXX
Net marginXXXX
Net worthXXXX
Paid-up capitalXXXX
AreaTamil Nadu
Incorporated1992 · Private company
Brand founded1990
Secured loans13 open
Key peopleT Balasubramanian (Managing Director)
OffersGrand Shine Exterior Wall Finish, Image Plus Luxury Emulsion, Wall Water Proofing, Autofast Automotive Finish
Venkar Adhesives & Coatings is a privately-owned company that specializes in the development and manufacturing of architectural paints, wood coatings, and construction chemicals and additives. With its headquarters in Hyderabad, India, the company has established itself as a prominent player in the Indian coatings industry. Its product range is designed to cater to the needs of various industries, including construction and manufacturing.
Venkar Adhesives & Coatings Private Limited is a private company incorporated in 2017, with its registered office in Telangana, India, classified under rubber & plastics. In FY25 it reported revenue of ₹9.8 crore, down 2% on the year before, with a net margin of 3.0%.
Manufacturer of epoxy concrete primers, finish paints, and floor coatings. They provide epoxy high build monocoat, zinc-rich primers, and zinc phosphate primers. The company also offers epoxy MIO intermediate paints and coatings. Their product line includes epoxy screed self-leveling and self-leveling top coatings. They manufacture polyurethane finish paints, HB zinc phosphate primers, and HB monocoat DTM coatings. Quick-drying finish paints, industrial enamel paints, and high-build grey red primers are also available.
Vintalac Paints India Private Limited is a private company incorporated in 2021, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. In FY25 it reported revenue of ₹9.7 crore, up 10% on the year before, with a net margin of 2.3%.
Incepted in 2014, ITS Coatings is a specialist manufacturer of traffic markings focussed on manufacturing of water based solvent based paints & primers, promoters of glass beads and road marking equipments. Our products and processes involve the highest quality standards evolved from our global experience in manufacturing thermoplastic and liquid markings for traffic safety. We focus on critical application areas such as Airports, Seaports, Highways (Kerbs & Temporary markings), PWD roads, etc.
Its Coatings Private Limited is a private company incorporated in 2012, with its registered office in Maharashtra, India, classified under chemicals & pharmaceuticals. In FY25 it reported revenue of ₹9.6 crore, down 13% on the year before, with a net margin of 7.9%.
Revenue (FY25)₹9.6 crore
Growth vs prior year−13%
Net margin7.9%
Net worth₹4.5 crore
Paid-up capital₹4.5 lakh
AreaMaharashtra
Incorporated2012 · Private company
OffersGraco Spray Painting Equipment, Thermoplastic Road Marking Machine, LXD 1050 Thermoplastic Paint removal…, Hofmann 2K50A / 2K60A for two component…
Directors on recordShyamsunder Gaurishanker Tibrewala, Amit Shyamsunder Tibrewala2 directors
Shyamsunder Gaurishanker TibrewalaDirector · since 2012
Paint MyTrip is an online platform for booking flight tickets, hotel rooms, domestic and international holiday packages. Allows users to search, compare and book travel services on the platform by providing details like origin-destination, arrival-departure dates, number of passengers, etc. Additionally, the platform also has an online travel guide for destinations across the world.
Paintmytrip.Com Ota Private Limited is a private company incorporated in 2013, with its registered office in Karnataka, India, classified under travel agencies & transport services. Its latest accounts on file are for FY23; revenue, growth and margin are locked below.
Revenue (FY23)XXXX
Growth vs prior yearXXXX
Net marginXXXX
Net worthXXXX
Paid-up capitalXXXX
AreaKarnataka
Incorporated2013 · Private company
Key peopleAshfakh Ahmed (Co-Founder); Fouzia Rahim (Co-Founder)
Founders & leadershipAFAshfakh Ahmed, Fouzia Rahim2 people
Manufacturer of interior and exterior paints, wall putty, and primers. The company produces a variety of emulsion paints for both interior and exterior applications, offering different finishes such as matt and smooth. They also manufacture wall putty and primers designed to improve paint performance and surface preparation. Products are formulated to provide durability, resistance to fungal growth, and weather protection.
Valli Paints Private Limited is a private company incorporated in 2011, with its registered office in Tamil Nadu, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Revenue (FY25)XXXX
Growth vs prior yearXXXX
Net marginXXXX
Net worthXXXX
Paid-up capitalXXXX
AreaTamil Nadu
Incorporated2011 · Private company
Brand founded1993
Secured loans1 open
Directors on recordSivakumar Rathinam, Sakthivel Rathinam, Madhavan Rathinam3 directors
Sivakumar RathinamWholetime Director · since 2011
Sakthivel RathinamWholetime Director · since 2011
Madhavan RathinamWholetime Director · since 2011
ProductsRoalux Smooth Emulsion, Interior Wall Primer +46 products
Manufacturer of synthetic, epoxy, rubber, and other multiple paints
Varuna Paints Pvt Ltd is a private company incorporated in 1978, with its registered office in Kerala, India, classified under chemicals & pharmaceuticals. Its latest accounts on file are for FY25; revenue, growth and margin are locked below.
Secured loans registered against company assets. The median open loan is ₹30 lakh.
Lender
Companies
Loans
Open borrowings
State Bank Of India
130
253
₹888 crore
HDFC Bank
75
111
₹388 crore
Canara Bank
57
156
₹40.3 crore
Punjab National Bank
50
102
₹58.2 crore
Bank Of Baroda
49
102
₹105 crore
Axis Bank
49
80
₹659 crore
Bank Of India
46
158
₹64.2 crore
Union Bank Of India
33
88
₹141 crore
Backed paint manufacturers in India
Companies with venture, private-equity, incubator or grant funding on Fliar Radar, most recent rounds first.
Company
Backing
Latest round
Backers on record
Named backers
Hempel
Acquired
PE · 2024-01
–
Europa, CVC
JK Cement
Corporate
Post IPO · 2018-12
1
–
Welspun
Late Stage
PE · 2014-06
1
Apollo Global Management, Asian Development Bank, Subhkam Ventures
Valspar
Acquired
–
1
–
Asian Paints
Public
–
1
–
Berger Paints
Corporate
–
–
Brand Capital, Nalanda Capital, India Capital Growth
Behr
Funding Raised
–
–
Hudson Ferry Capital, Verus Investment Partners, Deutsch Capital
Organic Coatings
Public
–
–
–
Jenson & Nicholson
Funding Raised
–
–
–
Kcc
Public
–
–
SJL Partners
Frequently asked questions
How many paint manufacturers are there in India?
The register lists 1,563 active paint manufacturers in India; 108 have filed accounts and 92 are tracked in Radar.
What is the biggest of the paint manufacturers in India?
By latest revenue: Asian Paints Limited (₹33,906 crore, FY25); Berger Paints India Limited (₹10,169 crore, FY25); Kansai Nerolac Paints Limited (₹7,393 crore, FY24).
How much revenue do paint manufacturers in India generate?
The 108 companies with accounts on file reported ₹60,015 crore in their latest year; the median is ₹20.5 crore and the top ten make up 94%.
Are paint manufacturers in India profitable?
87% of filers reported a profit and the median net margin is 2.3%; median revenue growth is +1%.
Which city in India has the most paint manufacturers?
Maharashtra (418); Delhi (216); Tamil Nadu (142).
Which banks lend to paint manufacturers in India?
State Bank Of India (130 companies); HDFC Bank (75 companies); Canara Bank (57 companies); Punjab National Bank (50 companies).
Companies come from the Ministry of Corporate Affairs register (active companies; incorporations through 2022). Revenue, profit and net worth are the latest statutory accounts on file for companies that file them, standalone where available; companies without accounts are not in revenue figures. Secured loans are charges registered against company assets. Hiring is from Fliar Radar job tracking. Directory figures come from business-directory listings collected in 2026 (reviews to 2021). Counts are a floor: some incorporation years are only partly covered.
Backyard Story Paint, Magic Mermaid Paint +46 products
