Hindustan Colas

What Hindustan Colas does

Hindustan Colas Private Limited (HINCOL) is an Indian manufacturer of value-added bituminous products and road construction services, established in 1995 as a joint venture between Hindustan Petroleum Corporation Ltd. (HPCL), Colas SA (France), and Tipco Asphalt Public Co Ltd. (Thailand). The company produces bitumen emulsions (RS, MS, SS grades meeting BIS/ASTM standards), Crumb Rubber Modified Bitumen (CRMB), Polymer Modified Bitumen (PMB) across grades PG 64-10 through PG 82-10, a pothole repair premix branded Roadbond, microsurfacing systems, cold mix asphalt solutions, and specialty waterproofing/protection products such as BONDCOAT, BITUCLAIR, ROADSEAL, and ANTICORR. Manufacturing is conducted across six strategically located plants in Jhansi, Chennai, Guwahati, Haldia, Uluberia, and Mangalore, the last of which incorporates a 35,000 MT port-side bitumen storage facility with heat-traced pipeline infrastructure and 1,000 MT/shift truck loading capacity. The company also operates an in-house R&D centre and a NABL-accredited material testing laboratory.

HINCOL's primary customers are government infrastructure agencies and contractors, including the National Highways Authority of India (NHAI), state Public Works Departments (PWDs), the Pradhan Mantri Gram Sadak Yojana (PMGSY) rural roads programme, defence and commercial airports, and motorsport facility developers. The business model is predominantly transactional product sales with a "Request a Quotation" pricing approach (no public pricing disclosed), supplemented by service revenue from microsurfacing project execution, NABL-accredited material testing, and technical consultancy. Distribution is direct-to-enterprise via field sales, tender participation, and a publicly accessible procurement portal for raw material suppliers and logistics providers. The company holds ISO 9001 certification, NABL laboratory accreditation, and in 2025 received the Golden Peacock Award for Excellence in Corporate Social Responsibility as well as for Training and Development.

The company is privately held with HPCL as the identified strategic parent and operates in a single geography (India). Headcount is reported in the 101–250 band, with a corporate office at HINCOL House, Lower Parel, Mumbai. No public revenue figures, capital raises, M&A activity, or AI/technology platform disclosures are present in the source data.

Name

Hindustan Colas

Legal name

Hindustan Colas Private Limited

Website

https://hincol.in

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

Hindustan Colas (HINCOL) is an India-based joint venture (HPCL, Colas SA, Tipco Asphalt) that manufactures value-added bituminous products — bitumen emulsions, CRMB, PMB, Roadbond pothole repair, and specialty waterproofing products — and provides microsurfacing, cold mix, and NABL-accredited testing services to government road, highway, and airport infrastructure projects across India.

Ownership category

akta.pro rank

Product category

Bituminous Products Manufacturing

NAICS

Asphalt Paving, Roofing, and Saturated Materials Manufacturing (32412)

SIC

Miscellaneous Chemical Products (2890)

akta.pro primary industry

Asphalt Mixing & Paving Materials (Hot/Warm/Cold Mix, RAP/RAS Blends) (EUALAKAG)

akta.pro secondary industries

Industrial & Waterproofing Bitumen Products (Roofing, Membranes, Shingles, Sealants) (EUALAKAF), Bitumen Logistics & Terminals (Bulk Storage, Heating, Packaging, ISO Tanks) (EUALAKAI)

Keywords

• Bitumen emulsions
• Modified bitumen
• Pavement maintenance
• Road construction materials
• Bituminous products

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Bitumen Emulsions: Sale of bitumen emulsion products (Rapid Setting, Medium Setting, Slow Setting grades) for road construction and maintenance. HINCOL emulsions meet/exceed relevant BIS/ASTM standards.
2. Modified Bitumen (CRMB and PMB): Sale of Crumb Rubber Modified Bitumen (CRMB) and Polymer Modified Bitumen (PMB) for highways, runways, and expressways with enhanced performance characteristics.
3. Pothole Repair Products: Sale of HINCOL Roadbond and HINCOL Road Bond Max premix solutions for quick and cost-effective road maintenance.
4. Specialty Products: Sale of specialized bituminous products including HINCOL BONDCOAT, BITUCLAIR, Bitumen Primer, ANTICORR, ROADSEAL, Bio Emulsion, Dust Suppression Emulsion, and CAM Emulsion for waterproofing and surface protection.
5. Road Maintenance Services: Microsurfacing, coldmix design, material testing (NABL accredited), and technical consultancy services for road construction projects.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Hindustan Colas (HINCOL) manufactures and supplies bituminous products for road construction and infrastructure in India. The company produces bitumen emulsions (Rapid, Medium, and Slow Setting grades), Crumb Rubber Modified Bitumen (CRMB), Polymer Modified Bitumen (PMB), specialty bituminous products, and pothole repair premix solutions. It also provides road maintenance services including microsurfacing, coldmix design, NABL-accredited material testing, and technical consultancy.

Product overview

Hindustan Colas (HINCOL) is a joint venture between Hindustan Petroleum Corporation Ltd. (HPCL) and Colas SA, France, specializing in bituminous products and road construction solutions. The company operates as a single unified product portfolio comprising value-added bituminous products (Bitumen Emulsion, CRMB, PMB, Special Products) and related services (Microsurfacing, Coldmix Design, Material Testing, Technical Consultancy). The product line includes multiple branded variants such as HINMATRAP Bitumen Emulsion, HINPRIME SS1, HINCOL Roadbond, and various specialized formulations like HINCOL BONDCOAT, HINCOL BITUCLAIR, HINCOL ANTICORR, and HINCOL ROADSEAL. The company also provides NABL-accredited material testing laboratory services and technical consultancy for road construction projects. HINCOL's manufacturing units are strategically spread across India with R&D center and NABL-accredited testing facilities.

Differentiator

Problem solved

Functional benefit

Brands

• HINMATRAP: Bitumen Emulsion brand
• HINPRIME
• Roadbond
• DUST-A-SIDE HINCOL

Products and services

• Bitumen Emulsions High-quality bitumen emulsions for roads and pavements offering superior performance and sustainability. All HINCOL emulsions are manufactured to meet/exceed relevant BIS/ASTM standards and serve government road agencies, highway developers, and infrastructure contractors.
• Crumb Rubber Modified Bitumen (CRMB) Bitumen enhanced with recycled tire rubber for improved elasticity and durability in road infrastructure. Available in grades CRMB 60, CRMB 55, and CRMB 50 for highway and expressway applications.
• Polymer Modified Bitumen (PMB) Polymer modified bitumen offering enhanced performance and durability for highways, runways, and expressways. Grades include PG 64-10, PG 70-10, PG 76-10, PG 82-10, PG 76-22, PMB 40, PMB 70, and PMB 120.
• Specialty Bituminous Products Cutting-edge specialized solutions for road surfaces, concrete protection, and waterproofing for surface protection. Includes BONDCOAT, BITUCLAIR, Bitumen Primer, ANTICORR, ROADSEAL, Bio Emulsion, Dust Suppression Emulsion, and CAM Emulsion for specialized road and waterproofing applications.
• HINCOL Roadbond Pothole Repair Solutions Quick, durable, and cost-effective premix solution for road maintenance suitable for both flexible and rigid pavements. Available as HINCOL Road Bond and HINCOL Roadbond Max.
• Microsurfacing Service Durable and cost-effective road maintenance solution using polymer-modified asphalt emulsion to restore existing road surfaces by filling and sealing cracks, providing skid resistance, and improving ride quality.
• Coldmix Design Service Customized solutions for sustainable pavement repair using ambient temperature asphalt mixture with aggregate, binder, and additives, reducing energy consumption and enabling year-round road construction.
• NABL-Accredited Material Testing Service NABL-accredited laboratory services ensuring quality and performance of construction materials with advanced technology and equipment for road and infrastructure projects.
• Technical Consultancy Service Technical support, product research and development, and advanced solutions for the road construction industry.

Quantifiable outcome

• HINCOL emulsions meet/exceed relevant BIS/ASTM standards, ensuring consistent quality for road construction projects.
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Three partnerships are on record, tiered core.

• Hindustan Petroleum Corporation Ltd. (HPCL)coreStrategic or Co-development PartnerHPCL is one of the founding joint venture partners of HINCOL. As India's state-owned oil refiner and marketer, HPCL provides the bitumen raw material supply chain foundation and strategic backing for HINCOL's bituminous products business.
• Colas SA, FrancecoreStrategic or Co-development PartnerColas SA, a global leader in road construction and bituminous products headquartered in France, is a founding joint venture partner providing international technology, expertise, and best practices in bitumen product manufacturing and road construction services.
• Tipco Asphalt Public Co Ltd., ThailandcoreStrategic or Co-development PartnerTipco Asphalt Public Co Ltd., Thailand, is one of the founding joint venture partners bringing Asian market expertise and regional capabilities to HINCOL's operations in the Indian subcontinent.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Colas SA: French global leader in road construction and bituminous products, and one of HINCOL's founding JV partners. Operates a much broader road construction and materials portfolio across global markets, with HINCOL acting as its India vehicle.

Others

• Mapei S.p.A. Italian construction chemicals producer offering bituminous waterproofing and road-repair specialty products adjacent to HINCOL's special products and pothole repair lines.
• Hindustan Petroleum Corporation Limited (HPCL): HINCOL's largest JV parent and primary bitumen feedstock supplier; HPCL is itself a major bitumen producer but functions here as parent/upstream supplier and channels HINCOL into PSU refinery bitumen output.
• G R Infraprojects Limited: Indian highway EPC contractor and significant bitumen consumer; functions primarily as a customer/market participant rather than a direct product peer but operates in the same government highway procurement ecosystem as HINCOL.

Emerging players

• Sika AG: Swiss specialty construction chemicals manufacturer with strong waterproofing, concrete protection, and road repair portfolio that overlaps with HINCOL's specialty products and microsurfacing services.
• TotalEnergies Bitumen: Global integrated major offering bitumen products, emulsions, and polymer-modified binders; competes on premium specifications and increasingly on Indian highways and airfields.

Direct peers

• Indian Oil Corporation Limited: Major Indian PSU oil refiner and direct competitor in the Indian bitumen market, producing paving bitumen, modified bitumen, and emulsions for NHAI and state road projects alongside HINCOL.
• Shalimar Tar Products Limited: India-headquartered manufacturer of bitumen, road construction chemicals, and specialty tar/bitumen products serving domestic road and infrastructure markets.
• Bharat Petroleum Corporation Limited: Indian PSU oil refiner producing bitumen grades, modified bitumen, and emulsions for road infrastructure. Competes with HINCOL in tenders issued by NHAI and state PWDs.
• Tipco Asphalt Public Co Ltd. Thailand-based bitumen and asphalt manufacturer, and a founding joint-venture partner of HINCOL. Directly comparable product portfolio (bitumen emulsions, modified bitumen) and Asian market presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Hincol_official
• YouTubeyoutube.com/channel/UCBhOqhGTkBJNedOWW5w3y0Q
• Facebookfacebook.com/people/Hindustan-Colas-Hincol/61583029064777
• LinkedInlinkedin.com/company/hindustan-colas-limited
• Instagraminstagram.com/hindustan_colas

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Hindustan Colas