India’s fastest growing paint companies 2020: CW Survey

April 2021
India’s fastest growing paint companies 2020: CW Survey

The Indian paint sector stands seventh globally in terms of its market opportunity Strong demographic advantages, rapid urbanisation, increased spending power, rising nuclear families and a shortening repainting cycle has resulted in good growth of the Indian paint sectors.

Over the past year, the demand conditions for the paint industry remained challenging owing to the tough operating environment experienced by a large part of the domestic economy. The paint sector is likely to make a V-shaped recovery in FY22 in both sales and profits and these two companies can be considered the front-runners in that realm.

Two paint companies were recognised as the fastest growing paint companies at the Construction World Annual Awards 2020, which was held virtually on 22 October 2020.

The panel of jury reviewed each company’s result for FY2020 and only those companies which were making profits and had a track record of audited financial results for six preceding consecutive years were considered for the analysis.

Here are Construction World’s fastest growing paint companies.

Berger Paints India

Headquartered in Kolkata, Berger Paints is the one of the largest paint companies in India. It features among the top five paint companies in Asia and the top 16 in the world. Paint sales in domestic and international markets contribute around 94% and 6%, respectively, to its consolidated revenue. Domestic decorative paints form around 80% of its domestic revenue. Berger has an international presence in eight countries with operations in Russia and Nepal and with Bolix SA of Poland. Work on the company’s Sandila factory (Lucknow) is in progress and is scheduled to be completed in 2022.

Asian Paints Ltd (Apl)

APL is the largest paint company in India, the third largest in Asia and the ninth largest in the world. The company has over 25 manufacturing plants in 17 countries, serving consumers in 60 countries globally. It has 1,730,000 kl capacity in decorative paint, a 6,720 mt chemical facility and two industrial paint facilities of 7,200 mt and 14,000 kl capacities. The decorative segment accounts for almost 80% of the overall paint market. Paint sales in domestic and international markets contributed 81% and 13%, respectively, to the company’s consolidated revenue; chemical sales accounted for the balance.

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