Paints & Coatings Industry in India

India’s paints and coatings industry brings together companies serving decorative and protective surface needs across homes, workplaces and industrial settings.

Top paints & coatings companies in India (listed and private)

Frequently asked questions

How large is the paints & coatings industry in India?

816 paints & coatings companies with statutory filings (11 listed, 805 private) reported combined revenue of ₹1.76 lakh crore in FY2025, +8.3% on the same companies, and aggregate EBITDA of ₹25,129 crore. As filed each year, combined revenue was ₹73,799 crore in FY2018, peaked at ₹1.87 lakh crore in FY2024 and was ₹1.76 lakh crore in FY2025; year-on-year changes are measured on the same companies. The 10 listed companies with an exchange price are worth ₹3.80 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of paints & coatings companies was 14.2% in FY2025, 1.4 pts below FY2024, against a peak of 18.1% in FY2021. Profit after tax margin was 7.4% (−1.6 pts on FY2024). Aggregate EBITDA of listed and private paints & coatings companies moved +32% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹25,129 crore (+1.2% on FY2024).

Which companies are leading the paints & coatings industry?

By FY2025 revenue the largest paints & coatings companies are Asian Paints (₹33,906 crore, 19.4% EBITDA margin); Pidilite Industries (₹13,140 crore, 24.8% EBITDA margin); Berger Paints (₹11,545 crore, 16.9% EBITDA margin); Deccan Fine Chemicals (india) (₹8,591 crore, 29.3% EBITDA margin, private); Kansai Nerolac (₹7,801 crore, 14.4% EBITDA margin). Among the ten largest, Deccan Fine Chemicals (india) (29.3%) and Pidilite Industries (24.8%) earn the widest EBITDA margins and Pon Pure Chemical India (2.2%) the thinnest. 20 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Sustainability carried 11.0% of paints & coatings stories in 2025-10 to 2026-09, up 2.6 pts (+31%) on the prior 12 months; net tone +87 vs +51 for all paints & coatings stories. In buyer searches: Search interest in paint dealers and supply queries (paint store, asian paint dealer) was +52% in the 12 months to 2026-09 vs the prior 12, led by “paint store” (+49%), followed by automotive paints and refinishing (+24%); exterior paints and protection moved -12%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Paints & Coatings EBITDA grew 32% since FY2022 (Industry financials). 38 private paints & coatings companies pass an IPO-readiness screen (Top paints & coatings companies in India). Sustainability is gaining the most ground in paints & coatings news (Paints & Coatings in the news). Paint dealers and supply searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 20.6× and median P/E 34.9× across 10 priced paints & coatings companies. (Market capitalisation & valuation).

How are paints & coatings stocks valued?

The median trailing P/E is 34.9× and the median EV/EBITDA 20.6× across 10 priced companies.

What does the paints and coatings industry include?

It includes companies that make products used to colour, protect and finish surfaces for decorative and industrial use.

What factors shape competition in this industry?

Competition is influenced by distribution, product performance, customer trust, end use mix and raw material conditions.

Research information, not investment advice.