NSE: KANSAINER · BSE: 500165
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%. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,19,139 | 46.0 | 9.95 | 30.4 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 53,677 | 44.1 | 7.75 | 28.7 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD ◆ | 14,557 | 24.3 | 2.18 | 13.7 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED | 4,848 | 30.1 | 4.20 | 18.4 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,351 | 34.7 | 4.95 | 22.6 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED | 1,256 | 0.6 | 0.51 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD | 685 | — | 2.73 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 124 | — | 0.70 | 12.8 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.3 | 34.7 | 2 of 7 | 83% |
| P/B | 2.2 | 3.5 | 3 of 8 | 71% |
| 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 | 14557 | 2351 | 3 of 9 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY 2026-27 results conference call scheduled for November 5 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · 22,971 shares allotted on restricted stock unit exercise | capital market events | low | — | — |
| 25 Sept 2026 · NCLT sanctions merger of Nerofix with Kansai Nerolac Paints | strategic transactions | high | — | — |
| 24 Sept 2026 · Board meeting on Nov 4 for Q2 FY26 results; trading window closed Oct 1 to Nov 6 | compliance | minimal | — | — |
| 24 Sept 2026 · Kansai Nerolac allots 75,801 shares under RSU Plan 2022 | capital market events | low | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.