ASIAN PAINTS LIMITED

Makes and sells decorative and industrial paints, and runs a smaller home improvement business. The Paints segment accounted for 97.4% of segment revenue and ₹28,349.54 cr as of the 2022-03-31 period, while Home Improvement (kitchen, bath, décor) made up 2.6% at ₹758.36 cr in the same period. Distribution is being widened — 6,000 new retail touchpoints were added, and new products contributed 16% of revenue. To secure raw material supply, a Dahej VAM-VAE project is being built with 150,000 MT VAE and 100,000 MT VAM capacity, with first-phase commissioning targeted next quarter; the PPG industrial coatings joint venture was also extended by 15 years. The biggest cost line is materials at 43.2% of revenue, which is crude-linked and triggered about 12% calibrated price hikes in FY26 to offset West Asia-driven input cost pressure. Other operating costs break down as 17.1% other opex, 7.9% employee costs, 3.5% depreciation and 4.2% capex. The domestic paint industry is structurally seen as under-penetrated at about 4 kg per capita consumption against 13-15 kg globally, though competitive intensity from new entrants has risen.