KANSAI NEROLAC PAINTS LTD

Makes and sells paints in India through two main businesses: decorative paints for homes, buildings and projects, and industrial coatings supplied to automotive manufacturers and other industries. In FY26, revenue stood at Rs 8,051.91 crore with EBITDA margin of 13.13%. Decorative products include exterior and interior paints such as Excel Everlast 20 (marketed as India's first 20-year warranty exterior paint), Beauty Gold Washable Plus, and Perma No Heat (a heat-reflecting coating that reduces surface temperature by up to 15°C). The decorative business also covers project sales (~10% of total sales) and newer categories of waterproofing, construction chemicals and wood finishes (~10%+ of total sales). The industrial business sells coatings to passenger vehicle, two/three-wheeler, commercial vehicle and tractor OEMs, along with powder coatings; capacity utilisation in powder and industrial liquid coatings stood at 70-75%. Crude-linked raw materials are the dominant cost, at 56.9% of revenue in FY26, and the company has responded with four rounds of price hikes in decorative paints between March and May 2026 (net higher single-digit effective increase) to protect margins. FY27 EBITDA margin guidance is 13-14%.