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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Decorative paints, Industrial coatings, Decorative project business (10%), New businesses (10%). Two-pillar paints business (decorative and industrial), crude-linked raw material exposure, premiumisation focus over volume share
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,369 | 7,543 | 7,801 | 7,823 | 8,052 |
| EBITDA (ex other income) | 649 | 818 | 1,689 | 1,572 | 911 |
| margin % | 10.2 | 10.8 | 21.6 | 20.1 | 11.3 |
| Owners' profit | 359 | 474 | 1,185 | 1,143 | 589 |
| EPS, as reported (₹) | 6.66 | 8.79 | 14.66 | 14.14 | 7.29 |
| ROE % · ROCE % | 8.3 · 11.5 | 10.3 · 13.8 | 21.0 · 27.0 | 17.3 · 22.3 | 8.6 · 11.8 |
| Debt / equity (x) | 0.05 | 0.04 | 0.02 | 0.02 | 0.01 |
| Cash from operations | 25 | 408 | 903 | 672 | 894 |
| Capex | (219) | (123) | (237) | (326) | (213) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,951 | 1,922 | 1,817 | 2,162 | 1,954 | 1,982 | 1,954 | 2,374 |
| Profit before tax | 183 | 844 | 144 | 295 | 182 | 161 | 158 | 312 |
| Net profit | 120 | 662 | 102 | 216 | 133 | 117 | 110 | 228 |
| EPS (₹) | 1.52 | 8.42 | 1.34 | 2.73 | 1.67 | 1.50 | 1.39 | 2.86 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,37,162 | 49.7 | 10.77 | 32.9 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 53,461 | 43.9 | 7.71 | 28.6 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD ◆ | 15,267 | 25.4 | 2.28 | 14.3 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED | 14,366 | 7.3 | 5.86 | 5.8 | 80.5 | 89.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Aug 2026 · Kansai Nerolac Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 4 Aug 2026 · Kansai Nerolac approves Rs 601 Cr capacity addition across plants | capex operations | high | — | — |
| 3 Aug 2026 · Q1 FY26-27 Earnings Call Audio Recording Uploaded | investor communications | low | — | — |
| 3 Aug 2026 · Kansai Nerolac Q1 FY27 Investor Presentation: Revenue up 10%, margins dip | investor communications | medium | — | — |
| 3 Aug 2026 · Board approves about Rs 601 Cr capacity addition across multiple plants | capex operations | high | — | — |
| 3 Aug 2026 · Q1 FY26-27: Revenue up 10.2% to Rs. 2299.52 Cr, Net Profit at Rs. 242.34 Cr | compliance | low | — | — |
| 3 Aug 2026 · Kansai Nerolac Q1 FY27: Revenue up 10%, PAT at Rs 242 Cr | results | high | — | — |
| 23 Jul 2026 · Kansai Nerolac allots 64,309 shares under RSU Plan 2022 | capital market events | low | — | — |
| 22 Jul 2026 · Kansai Nerolac Q1 FY27 results call on August 3, 2026 | board shareholder meetings | low | — | — |
| 9 Jul 2026 · 106th AGM results: all 4 resolutions approved, Rs 2.50 dividend declared | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 8.3 |
| 14.6 |
| INDIGO PAINTS LIMITED | 5,166 | 32.1 | 4.48 | 19.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,425 | 35.8 | 5.10 | 23.4 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 719 | — | 2.86 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 142 | — | 0.80 | 14.5 | 0.1 | 0.3 | — | (4.2) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.4 | 35.8 | 2 of 7 | 83% |
| P/B | 2.3 | 4.8 | 2 of 8 | 86% |
| ROCE | 11.3 | 16.5 | 6 of 8 | 29% |
| ROE | 8.6 | 13.2 | 6 of 8 | 29% |
| Debt / Equity | 0.0 | 0.1 | 3 of 8 | 71% |
| EBITDA margin | 16.1 | 17.1 | 5 of 8 | 43% |
| Revenue growth | 9.8 | 10.9 | 5 of 8 | 43% |
| Profit growth | 6.0 | 10.0 | 5 of 8 | 43% |
| Market cap | 15267 | 5166 | 3 of 9 | 75% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
