Best Paint Stocks in India

Painting is a very important aspect of building a house and is a decorative and protective feature of a house. With the rise in housing complex and societies, the demand of paint is on the rise which is good news for the Indian paint industry and for investors to invest in paint stocks in India.

The paint industry can be classified into two categories- decorative and industrial paints. Decorative paint category is 75% of the total industry which includes interior wall and exterior wall paints, wood finishes, enamels and other related products whereas the rest 25% of the industry consists of the industrial paints which includes aerospace, architectural, marine, automotive and electronics industry.

 

Overview of the paint industry

The paint industry in India is close to around 80,000 crores in 2024 and it is expected to grow1.5 lakh crores by 2029. And this sector is growing between 11 to 13% annually. If we bifurcate this industry, then nearly two thirds of it comes in from economy and mid-priced, whereas one third comes it from the premium segment itself.

 

Key factors driving the Paint Industry in India

-    Favorable government schemes- The government has introduced various schemes for the people such as ‘Housing for all’ and ‘Make in India’ which has promoted urbanization and infrastructure in rural areas. These schemes have given a boost to the paint industry of India as it is a critical aspect of home building.

-    Urbanization- In recent times, there has been a significant rise in the migration of population from rural to urban areas which is referred to as urbanization. It has resulted in construction of new houses and buildings and renovation of existing ones which has strengthened the market for decorative paints.

-    Infrastructural Development- As the economy is growing, there has been rapid infrastructural development in the country such as the construction of smart cities, metros and airports. It has led to the rise in demand for industrial and protective coatings which are required for protective purposes such as environmental wear and tear.

-    Growth in Disposable Income- As the disposable income of citizens is increasing people are becoming choosy while deciding paint for their houses. People are going with much premium products which are environment-friendly and provide more security in their homes.

 

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Top Paint Stocks in India in 2024

The entry barriers in the paint industry are tough to crack as there are some top companies which have a legacy in this industry which gives them a certain level of monopoly. Here are some of the top companies in the paint industry where you can invest in:

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1). Asian Paints

Asian Paints which were founded in 1942 is one of the giants of the Indian Paints industry that engages in providing painting and waterproofing solutions to the public. The company has a range of products catering to both the industrial and decorative paints segments for exteriors, interiors, wood finishes and enamels. 
Apart from their products, Asian Paints provides a diverse range of services such as painting, waterproofing, interior design services, modular kitchens and many more. In order to meet the demands of the consumer, Asian Paints have their manufacturing facilities in Uttar Pradesh, Andhra Pradesh, Gujarat, Maharashtra, Telangana, Tamil Nadu and Haryana.

 

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2). Berger Paints

Berger Paints formerly known as British Paints is another leading player of the Indian paint industry which came into inception in 1923 and has its headquarters in Kolkata. The company's product portfolio has many diverse products from interior wall coatings, emulsions, ceiling paintings to exterior wall coatings, cement paints and many more. 
Apart from its product portfolio, it also offers additional paint related products such as automotive coatings, protective coatings, waterproofing solutions, lacquers, ceilings and many more. Berger Paints boasts of widespread reach both domestic and internationally with 16 manufacturing units in India and 4 overseas.  

 

3). Kansai Nerolac Paints

Kansai Nerolac Paints another significant player of the Indian paint industry is the subsidiary of Kansai Paints Company Limited. The company is primarily focused on paintings and coatings and provides wide range of decorative paint products including wall and exterior wall paints, wood coatings, metal enamel paints and many more for homes, construction sites, offices, hotels and offices. 
It also provides in the industrial paint segment such as coil coatings, automotive paints, powder coatings, floor coating and many more. Apart from India, Nerolac has its presence internationally as well in Philippines, Bangladesh, Malaysia, Kenya, Nepal and Sri Lanka. 

 

4). Akzo Nobel India 

Incorporated in 1954, Akzo Nobel Paints Limited is the only integrated Paints and Coatings company in India. The company engages in manufacturing, distributing and selling decorative paint products, specialty chemicals and performance coatings to diverse customers ranging from individual homeowners, institutions to industries. Under the brand name 'Dulux', which is commonly recognized by the public, the company provides various products such as color paint concepts, mixing machines and many more.

 

5) Indigo Paints

Indigo Paints was formed in 2000 and since then the company has focused on manufacturing and selling the decorative paint segment. The products offered by the company include exterior and interior emulsions, putties and primers, sleek wood coatings and many more. The company has its headquarters in Pune and manufacturing facilities in Jodhpur, Kochi, and Pudukkottai. The company sells all its products under the brand name Indigo.

 

6). Sirca Paints

Sirca Paints India Limited is another significant player in the Indian Paints Industry which primarily engages in the manufacturing, selling and exporting decorative paints and wood coatings. The company sells its products under the brand name 'Sirca'. 
They are popular for their wood coating products and comes under the top 3 premium wood coating sellers in India. The company has a network of 27 Sirca studios, 2500 plus dealers and 12 branches spread across 85 countries around the world. 

 

7). Shalimar Paints

Shalimar Paints which are one of the top paint stocks of India came into being in the year 1902. It is involved in the building materials sector. The company was the first paint company of India and was acquired by Ratan Jindal in 1989. It engages in the manufacturing of decorative paints and industrial coatings. The company was involved in painting some of the iconic structures if India such as Howrah Bridge and Rashtrapati Bhavan.