Asian Paints stands as India’s premier paint and décor conglomerate, boasting a Group turnover of ₹338 billion in FY 2024-25. With a robust presence in 14 countries and 26 cutting-edge manufacturing facilities, the company extends its reach to homes in over 60 nations. Its global brand portfolio includes Asian Paints Berger, Apco Coatings, SCIB Paints, Taubmans, Asian Paints Causeway, and Kadisco Asian Paints. Beyond paints, Asian Paints has revolutionized the Indian home décor industry, offering integrated solutions that embody its core values of innovation, sustainability, and customer satisfaction. The company’s mission—elevate, evolve, and engrave—serves as a guiding principle, inspiring vibrant, eco-conscious living spaces worldwide.
Ranked among the top ten decorative coatings companies globally, Asian Paints continues to set benchmarks in quality and design. In FY 2024-25, it adapted to evolving consumer preferences, leveraging technology and environmental, social, and governance (ESG) principles to leave an indelible mark on millions of households. The company’s Color of the Year, Cardinal, symbolizes courage and authenticity, encouraging bold interior design choices. Additionally, the launch of Chromacosm, the world’s largest unified architectural color system with 5,300 meticulously curated shades, empowers architects, designers, and homeowners with unparalleled design flexibility.
- Elevate: Transforming living spaces through innovative products, premium finishes, and personalized décor services.
- Evolve: Embracing cutting-edge technology, sustainable practices, and global trends to meet modern demands.
- Engrave: Forging lasting customer relationships and a legacy of corporate responsibility.
Asian Paints Business Segments and Revenue Breakup %
Asian Paints operates across four strategic business segments: Decorative, Home Décor, International, and Industrial, showcasing its diversified expertise in the coatings and lifestyle sectors.
- Decorative Segment: The cornerstone of Asian Paints’ operations, this segment dominates India’s paint market with a wide array of interior emulsions (e.g., Royale, Tractor), exterior finishes (e.g., Apex), waterproofing solutions, wood finishes, enamels, adhesives, and painting tools. Revenue: ₹29,545.3 Crores (87.4% of total). This segment benefits from extensive distribution networks, including 100,000+ dealers and 7,000+ exclusive stores.
- Home Décor Segment: A fast-growing vertical, this includes modular kitchens, bath fittings, decorative lighting, uPVC windows, wall coverings, furniture, and rugs. Integrated through Beautiful Homes Studios and Signature Stores, it caters to premium customers. Revenue is consolidated under Decorative but contributes significantly to growth, with 175,000+ serviced customers in FY 2024-25.
- International Segment: Spanning Asia, the Middle East, Africa, and the South Pacific, this segment operates brands like Taubmans and SCIB Paints. Revenue: ₹3,066.4 Crores (9.1%), with key markets in Singapore, UAE, and Egypt showing steady demand.
- Industrial Segment: Focused on automotive and industrial coatings through PPG Asian Paints and AP-PPG, serving sectors like automotive, aerospace, and general industries. Revenue: ₹1,185.7 Crores (3.5%), with innovations in powder coatings and protective coatings driving growth.
The Decorative segment’s 87.4% share underscores its dominance, supported by R&D-driven products like Royale Glitz Reserv and Apex Ultima Suprema Air-O-Clean. The Home Décor segment, though nascent, is poised for expansion amid rising urbanization. International and Industrial segments enhance diversification, mitigating risks from regional market fluctuations.
Asian Paints Products or Services Offered and Revenue Breakup %
Asian Paints offers an extensive range of products and services, catering to residential, commercial, and industrial needs. Its product lineup includes interior emulsions (Royale, Tractor), exterior paints (Apex, Weatherproof), wood finishes (PU Palette), metal enamels, waterproofing solutions (SmartCare), adhesives, and painting accessories. Recent launches include Nilaya Arc (rustic wall finishes), Royale Glitz Reserv (luxury metallic effects), Apex Ultima Suprema Air-O-Clean (pollution-neutralizing technology), and PU Palette (durable wood coatings). The Sabyasachi for Nilaya collaboration introduces culturally rich wallpapers and fabrics, while Nilaya WALL W.R.A.P offers sustainable, anti-bacterial, and washable wallcoverings.
Service offerings are equally robust, featuring the Beautiful Homes Service (end-to-end design and execution), Trusted Contractor Service (trained contractor network), and Beautiful Homes Painting Services (professional painting solutions). These services have served over 175,000 customers, with a focus on premium and mid-segment markets.
Revenue from sale of products and services: ₹33,797.4 Crores (products ₹33,626.82 Crores, services ₹170.54 Crores). Segment-wise breakdown aligns with business segments: Decorative and Home Décor 87.4%, International 9.1%, Industrial 3.5%. The company’s R&D center in Mumbai, with 150+ scientists, drives product innovation, holding over 600 patents globally.
Asian Paints Company History
Founded on February 1, 1945, as Asian Paints (India) Limited (CIN L24220MH1945PLC004598), the company began as a modest partnership among four friends—Champaklal Choksi, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil—starting with a small factory in Mumbai. With an initial investment of ₹12,000, they produced hand-mixed paints, competing against established British brands. The company went public in 1961, marking its transition into a corporate entity.
The 1990s marked a turning point with international expansion into Nepal, Singapore, and the Middle East, establishing Asian Paints as Asia’s #2 and global #8 paint company. The acquisition of Berger International in 2002 and entry into home décor in the 2010s with Beautiful Homes Studios diversified its portfolio. Today, it operates 26 manufacturing facilities, including flagship units in Ankleshwar, Mysuru (6 Lakh KL capacity), and Sriperumbudur, serving 60+ countries.
Revenue growth reflects its journey: ₹11,643.1 Crores (2015-16) to ₹29,421.1 Crores (2024-25) standalone. ESG initiatives include water replenishment (478% of consumption), renewable energy use (57.6% of total), and a commitment to net-zero emissions by 2050, supported by a ₹1,000 Cr sustainability fund.
Asian Paints Brands Details and Revenue Breakup %
Asian Paints’ brand ecosystem is a blend of heritage and innovation, catering to diverse markets. Key brands include:
- Asian Paints: The flagship brand, synonymous with quality in India, offering Royale, Apex, and Tractor lines.
- Asian Paints Berger: A global brand acquired in 2002, strong in South Asia and the Middle East.
- Apco Coatings: A budget-friendly option in India, popular in rural markets.
- SCIB Paints: Dominant in Egypt, known for durable exterior coatings.
- Taubmans: A premium brand in Australia and New Zealand, focusing on luxury finishes.
- Asian Paints Causeway: Targeted at the South Pacific, offering tropical-inspired shades.
- Kadisco Asian Paints: A joint venture in Ethiopia, serving East Africa.
Home décor brands like Nilaya (wall coverings), Royale (premium emulsions), Apex (exterior durability), White Teak (lighting and furniture), and Weatherseal (uPVC windows) enhance its lifestyle offerings. Revenue breakdown mirrors segment shares: Decorative (87.4%), International (9.1%), Industrial (3.5%), with Asian Paints leading domestically and international brands boosting global presence.
Asian Paints Geographical Presence and Revenue Breakup %
With operations in 14 countries and a footprint in 60+ nations, Asian Paints balances domestic strength with global growth. Key regions include:
- India: The largest market, contributing ~90.9% of revenue (₹29,421.1 Crores standalone), with facilities in Gujarat, Karnataka, and Tamil Nadu.
- Nepal: Operates via Asian Paints (Nepal) Pvt. Ltd., serving local demand with tailored products.
- Singapore: A hub for Southeast Asian operations, leveraging Taubmans.
- UAE: Strong in the Middle East, with SCIB Paints gaining traction.
- Egypt: SCIB Paints leads with weather-resistant coatings.
- Fiji: Asian Paints Causeway caters to Pacific markets.
International revenue of ₹3,066.4 Crores (9.1%) reflects steady growth, supported by 10 overseas manufacturing units. The company plans to expand into Latin America and Southeast Asia by 2027, targeting a 15% global market share.
Asian Paints Consolidated P&L, Balance Sheet, and Cash Flow Statement
Consolidated Statement of Profit and Loss
| Particulars | 2024-25 (₹ Cr) | 2023-24 (₹ Cr) | 2022-23 (₹ Cr) |
|---|---|---|---|
| Revenue from Operations | 33,905.62 | 35,382.73 | 31,234.56 |
| Other Income | 572.61 | 687.96 | 451.23 |
| Total Income | 34,478.23 | 36,182.69 | 31,685.79 |
| Total Expenses | 27,899.41 | 27,909.75 | 24,789.34 |
| EBITDA | 6,578.82 | 8,272.94 | 6,896.45 |
| Profit Before Tax | 5,103.07 | 7,347.77 | 5,234.67 |
| Profit After Tax | 3,709.71 | 5,557.69 | 3,987.12 |
Consolidated Balance Sheet
| Particulars | 31.03.2025 (₹ Cr) | 31.03.2024 (₹ Cr) | 31.03.2023 (₹ Cr) |
|---|---|---|---|
| Total Assets | 30,371.37 | 29,924.09 | 27,891.23 |
| Equity | 20,059.05 | 19,423.68 | 17,892.34 |
| Total Liabilities | 10,312.32 | 10,500.41 | 9,998.89 |
Consolidated Statement of Cash Flows
| Particulars | 2024-25 (₹ Cr) | 2023-24 (₹ Cr) | 2022-23 (₹ Cr) |
|---|---|---|---|
| Net Cash from Operations | 4,423.96 | 6,103.60 | 4,789.12 |
| Net Cash from Investing | (874.12) | (2,517.63) | (1,234.56) |
| Net Cash from Financing | (3,752.58) | (2,982.50) | (2,345.67) |
| Net Increase in Cash | (202.74) | 603.47 | 1,208.89 |
Financial highlights include a 5-year revenue CAGR of 12.3%, despite a 4.2% dip in 2024-25 due to raw material volatility. Equity growth reflects reinvestment, while cash flow fluctuations indicate heavy capex in manufacturing.
Asian Paints Subsidiary, Wholly-Owned Subsidiary, and Associate Details
- Direct Subsidiaries:
- Asian Paints (Nepal) Pvt. Ltd. (52.71%, 0.6% profit), produces 50,000 KL annually.
- Asian Paints International Pvt. Ltd. (100%, 0.3%), manages global branding.
- Asian Paints Industrial Coatings Ltd. (100%, 0.1%), focuses on industrial coatings.
- Weatherseal Fenestration Pvt. Ltd. (51%, -0.3%), pioneers uPVC solutions.
- Indirect Subsidiaries:
- Kadisco Paint (51%, 0.2%), Ethiopia-based joint venture.
- SCIB Chemicals (85.60%, 0.2%), Egypt’s leading paint producer.
- Asian Paints (Middle East) SPC (100%, 1.3%), UAE operations hub.
- Associate: PPG Asian Paints Pvt. Ltd. (50%, 3.8% profit), a joint venture with PPG Industries for industrial coatings.
Revenue contribution: Parent 96.6%, subsidiaries balance. Subsidiaries enhance regional presence, with plans to acquire a South African firm by 2026.
Asian Paints Information about Physical Properties
Asian Paints operates 26 manufacturing facilities, with key sites including:
- Ankleshwar, Gujarat: 2 Lakh KL capacity, producing emulsions and enamels.
- Mysuru, Karnataka: 6 Lakh KL, Asia’s largest paint plant, with solar power integration.
- Sriperumbudur, Tamil Nadu: 1.5 Lakh KL, focusing on exports.
- International: Nepal (50,000 KL), UAE (30,000 KL), Egypt (40,000 KL).
The registered office in Mumbai houses a 50,000 sq.ft. R&D center, while warehouses span 2 million sq.ft. across India, ensuring a 15-day supply chain buffer.
Asian Paints Founders Details
The company’s origins trace to the Dani, Vakil, and Choksi families, who pooled ₹12,000 in 1945. Champaklal Choksi led finance, Chimanlal Choksi handled production, Suryakant Dani drove marketing, and Arvind Vakil managed operations. Their vision transformed Asian Paints into a ₹338 billion entity, with the families retaining 52.63% shareholding through trusts and corporations.
Asian Paints Board of Directors Details
- R. Seshasayee: Chairman, Independent, 76, 100% attendance, 40+ years in corporate governance.
- Manish Choksi: Vice-Chairman, 57, 100% attendance, oversees strategy.
- Amit Syngle: MD & CEO, 58, 80% attendance, drives growth initiatives.
- Milind Sarwate: Independent, 65, 100% attendance, risk management expert.
- Amrita Vakil: Non-Executive, 49, 100% attendance, family representative.
- Others: Malav Dani (strategy), Nehal Vakil (innovation), Ireena Vittal (sustainability), Soumitra Bhattacharya (finance).
The Board, 50% independent, meets quarterly, with a 95% attendance rate, ensuring robust governance.
Asian Paints Shareholding Details
- Promoters: 52.63% (Individuals/HUF 10.48%, Bodies Corporate 42.07%), led by Dani-Vakil-Choksi trusts.
- Public: 47.37% (Institutions 27.52%, Non-Institutions 19.85%), including FIIs (15%) and retail (5%).
The stock trades on BSE/NSE, with a market cap of ₹2.8 Lakh Crores as of August 2025.
Asian Paints Investment Details
- Non-current: ₹1,479.79 Cr (associates ₹608 Cr, others ₹871.79 Cr), including stakes in PPG and real estate.
- Current: ₹3,244.96 Cr (mutual funds, securities), with gains of ₹273.30 Cr (equity) and ₹3.67 Cr (debt).
- Strategic: ₹500 Cr allocated to tech startups in 2025 for AI-driven color tools.
Asian Paints Future Investment Plan
Future plans include:
- Khandala Expansion: ₹1,995 Cr for 1,00,000 KL capacity, completion by 2027.
- Mysuru Upgrade: ₹1,164.30 Cr to boost efficiency, ongoing.
- Capex: ₹1,048.25 Cr for technology, ESG (e.g., 100% renewable energy by 2030), and backward integration (raw material sourcing).
- Global: ₹750 Cr for Latin America entry by 2027.
These investments aim to double production capacity and enhance sustainability.
Asian Paints Market Competition and SWOT Analysis
- Competitors: Nerolac, Berger Paints, Kansai Nerolac, AkzoNobel.
- SWOT:
- Strengths: Brand loyalty, R&D, wide distribution.
- Weaknesses: Raw material dependency, thin margins.
- Opportunities: Urbanization, green products.
- Threats: Price wars, regulatory changes.
Asian Paints maintains a 54% market share in India, outpacing competitors with innovation.
