CIPY Polyurethanes Pvt. Ltd.

What CIPY Polyurethanes Pvt. Ltd. does

CIPY Polyurethanes Pvt. Ltd. is an India-based specialty chemicals manufacturer founded in 1976 and headquartered in Pune, focused on high-performance floor coatings for industrial and commercial flooring applications. The company formulates and sells coatings across four polymer chemistries — polyurethanes, epoxies, polyurea, and polyaspartic — providing durable, chemical-resistant flooring solutions for industrial facilities that require resistance to chemicals, wear, and heavy loads. Its product portfolio spans four core lines (Polyurethane, Epoxy, Polyurea, and Polyaspartic Floor Coatings), all serving the resin flooring and floor coating segment as a B2B industrial supplier.

The company reported turnover of Rs 110.40 crores in FY 2016-17, employs 51-100 people, and operates as a private limited company under Indian jurisdiction. CIPY's go-to-market has historically been direct sales to contractors and industrial clients; pricing is not publicly disclosed and the company does not pursue a licensing or subscription model — revenue is generated through one-time product sales of coating systems.

In December 2025, Pidilite Industries Ltd. announced the acquisition of a 70% majority stake in CIPY for Rs 96.4 crore ($15.2 million) in an all-cash deal, implying an enterprise value of approximately Rs 137.7 crore. The transaction is strategic for Pidilite, expanding its presence in the fast-growing Indian resin flooring and floor coating market, and gives CIPY access to Pidilite's pan-India distribution network. Founder Subash Cipy (Managing Director) and CEO AK Singh remain in role post-announcement. CIPY competes in a global industrial flooring market projected to reach $10.9B by 2030, USD 14.76B by 2033, and an industrial floor epoxy coatings sub-market projected at USD 6,200M by 2032 from USD 1.2B in 2024.

Name

CIPY Polyurethanes Pvt. Ltd.

Legal name

CIPY Polyurethanes Pvt. Ltd.

Website

https://cipypolyurethane.com

Company type

Private

Founded year

1976

Operating status

Acquired

Headcount range

51–100 employees

Short description

CIPY Polyurethanes is a Pune-based specialty manufacturer of industrial floor coatings using polyurethane, epoxy, polyurea, and polyaspartic polymers, serving industrial and commercial B2B customers in India's resin flooring market. Now a 70%-owned subsidiary of Pidilite Industries.

Ownership category

akta.pro rank

Product category

Industrial Floor Coatings

NAICS

Paint and Coating Manufacturing (32551)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851)

akta.pro primary industry

Epoxy, Urethane & MMA Resinous Flooring (IMADAJAH)

akta.pro secondary industry

Polyurethanes (MDI/TDI, Polyols, PU Systems) (IMAEADAH)

Keywords

• Industrial floor coatings
• Polyurethane floor systems
• Epoxy resin flooring
• Polyurea coatings
• Polyaspartic flooring

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Floor Coating Products: Manufacturing and sale of floor coatings using polyurethanes, epoxies, polyurea and polyaspartic polymers for industrial and commercial flooring applications

Core offering

CIPY Polyurethanes manufactures and sells resin-based floor coatings for industrial and commercial applications. The company's product portfolio includes floor coating systems based on four polymer chemistries: polyurethane, epoxy, polyurea, and polyaspartic, providing durable, chemical-resistant flooring solutions for heavy-use industrial environments.

Product overview

CIPY Polyurethanes is a manufacturer and seller of floor coatings serving the resin flooring and floor coating market. The company offers a portfolio of four distinct floor coating product lines: Polyurethane Floor Coatings, Epoxy Floor Coatings, Polyurea Floor Coatings, and Polyaspartic Floor Coatings. These products serve industrial and commercial flooring applications and were acquired by Pidilite Industries in a 70% stake acquisition.

Differentiator

Problem solved

Functional benefit

Products and services

• Polyurethane Floor Coatings
• Epoxy Floor Coatings Floor coating solutions using epoxy polymers formulated for industrial and commercial flooring applications requiring high chemical resistance and mechanical strength.
• Polyurea Floor Coatings Floor coating solutions using polyurea polymers for industrial and commercial applications requiring fast curing and high-performance protective qualities.
• Polyaspartic Floor Coatings Floor coating solutions using polyaspartic polymers for industrial and commercial applications offering UV stability, fast return-to-service, and protective performance.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves4 records

Expansion highlights4 records

Regional players

• Asian Paints: Asian Paints is India's largest decorative and industrial coatings company; its industrial-coatings division overlaps with CIPY in floor-coating specifications for the Indian market, though it has a much broader product portfolio.
• Kansai Nerolac Paints: Kansai Nerolac's industrial coatings range (including epoxy and PU floor systems) overlaps with CIPY's offering in India, though it serves a much broader coatings portfolio.
• Berger Paints India: Berger Paints India offers industrial and protective coatings including epoxy floor coatings, making it a regional competitor to CIPY in the Indian industrial flooring market.

Direct peers

• Stonhard (StonCor Group): Stonhard manufactures and installs resinous floor, wall and lining systems using epoxy, polyurethane and similar chemistries, making it a direct comparable to CIPY in industrial and commercial resin flooring.
• Mapei: Mapei's resin flooring line (Mapefloor systems) directly overlaps with CIPY's polyurethane and epoxy floor coatings for industrial, commercial and sports applications worldwide.
• Ardex Group: Ardex specialises in high-performance flooring systems, including resin-based industrial floors, making it a direct peer to CIPY's specification-led industrial coatings portfolio.
• Fosroc: Fosroc manufactures construction chemicals including Nitoflor epoxy and polyurethane floor coatings, serving industrial and commercial flooring end-uses that closely mirror CIPY's target applications.
• Flowcrete (RPM International): Flowcrete is a global specialist in resin flooring (epoxy, polyurethane, MMA and polyaspartic) and is a direct competitor to CIPY's product set, serving industrial and commercial facilities with very similar specifications and chemistry.

Broad incumbents

• Sika AG: Sika is a large global construction-chemicals incumbent with a Sikafloor range of resin flooring systems that competes head-on with CIPY in industrial applications, though Sika operates across a much broader portfolio.
• BASF Coatings: BASF's coatings and construction chemicals divisions produce industrial floor coatings using epoxy and polyurethane chemistries, competing with CIPY in performance-driven industrial flooring specifications globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CIPY Polyurethanes Pvt. Ltd.