Nerolac Paints

What Nerolac Paints does

Kansai Nerolac Paints Limited (NSE: KANSAINER; brand: Nerolac), founded in 1920 and headquartered in Lower Parel, Mumbai, is India's third-largest paint manufacturer with approximately 15% market share, behind Asian Paints and Berger Paints. It operates as a publicly listed subsidiary of Japan's Kansai Paint Co. Ltd., which acquired a controlling stake in 1989. The company runs a three-pillar business model spanning decorative paints (interior emulsions, exterior coatings, wood and metal finishes, textures, waterproofing), industrial coatings, and automotive OEM coatings, with products manufactured across six Indian plants (Bawal, Goindwal, Hosur, Jainpur, Sayakha, Lote) plus a Navi Mumbai R&D facility.

The company monetises through a pan-India authorized dealer and retail network, direct-to-consumer NxtGen professional painting services (online booking, trained applicators, mechanized tools), and direct B2B sales for industrial and automotive customers. Sub-brands include Excel Everlast 20 (20-year warranty exterior paint), Perma NoHeat (heat-reflective coating), Beauty Gold, Impressions Kashmir, Wonderwood, Kansai Select, and the recently launched Sorakash shade card (a collaboration with All Nippon Airways). Its technology backbone emphasises low-VOC and lead-free formulations, elastomeric waterproofing, and validated durability (e.g., stratospheric balloon testing). FY26 consolidated net sales were ₹8,051.91 crore (+2.93% YoY) with FY26 net profit of ₹589.47 crore (down 48.43% YoY on raw material and FX headwinds), and Q4 FY26 EBITDA margin expanded 196 bps to 11.1% as commodity pressures eased.

Name

Nerolac Paints

Legal name

Kansai Nerolac Paints Limited

Website

https://nerolac.com

Company type

Public

Founded year

1920

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Kansai Nerolac Paints is India's third-largest paint manufacturer (~15% market share), producing decorative, industrial, and automotive coatings across six plants for homeowners, contractors, industrial buyers, and automotive OEMs via dealers, NxtGen painting services, and direct B2B channels.

Ownership category

akta.pro rank

Product category

Decorative and Industrial Paints & Coatings

NAICS

Paint and Coating Manufacturing (325510), Paint and Coating Manufacturing (32551)

SIC

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

akta.pro primary industry

Architectural & Decorative Paints (IMAEAHAA)

akta.pro secondary industries

Architectural & Decorative Paints (IMADAKAA), Architectural & Decorative Coatings (IMAEAGAA), Automotive Surface Materials & Coatings for Interiors/Exteriors Manufacturing (Upholstery Materials/Decor Films/Paints for Trim) (IMACAKAL)

Keywords

• Decorative paints
• Industrial coatings
• Automotive coatings
• Waterproofing solutions
• Wood coatings

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Decorative/Architectural Paints: Revenue from interior wall paints, exterior wall paints, wood coatings, metal enamel paints, textures, waterproofing solutions, and paint ancillary products sold to homeowners, contractors, and architects through dealer network and NxtGen painting services. This segment has faced pressure from subdued demand and intense competition from new entrants.
2. Industrial and Automotive Coatings: Revenue from industrial coatings and automotive OEM coatings, which has shown strong growth driven by the automobile sector recovery and GST rate cuts. The company's three-pillar strategy balances investment across decorative, industrial, and automotive coatings across market cycles.
3. Collaborative Product Development: Revenue supported by strategic collaborations such as the 'Sorakash' shade card with All Nippon Airways (ANA) — an exclusive shade card featuring 85 sky-inspired colours — which strengthens the brand's Japanese credentials and differentiates it in India's competitive paint market.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Kansai Nerolac Paints manufactures and sells decorative paints (interior emulsions, exterior wall paints, wood and metal coatings, textures, waterproofing), industrial coatings, and automotive OEM coatings across India. The company also operates NxtGen, a direct-to-consumer professional home painting service offering end-to-end site visit, colour consultation, and execution.

Differentiator

Problem solved

Functional benefit

Brands

• Excel Everlast: Premium exterior paint range with durability claims, including Excel Everlast 20 with 20-year warranty
• Perma NoHeat
• Beauty Gold
• Impressions Kashmir
• Wonderwood
• NXTGEN
• Kansai Select
• Sorakash

Products and services

• Interior Wall Paints

Quantifiable outcome

• 15°C surface temperature reduction on surfaces treated with Perma NoHeat heat-reflective coating compared to untreated surfaces
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• All Nippon Airways (ANA)flagshipStrategic or Co-development Partner · 24 December 2025Kansai Nerolac Paints and All Nippon Airways (ANA) jointly launched 'Sorakash' — an exclusive shade card featuring 85 colours inspired by the sky. The name blends the Japanese word 'Sora' and Hindi word 'Akash' (both meaning sky), aiming to bring Japanese cultural values and travel-inspired aesthetics into Indian homes. The partnership is positioned as a strategic move to strengthen Kansai Nerolac's Japanese credentials and differentiate the brand in India's competitive paint market.
• BUZZINga (Creative Agency)coreGTM or Marketing PartnerKansai Nerolac collaborated with creative agency BUZZINga to produce a digital video campaign for its Nerolac Perma NoHeat heat-reflective coating. The campaign used a thermal imaging camera to visually demonstrate the product's performance, filmed in Rajasthan, showing a 15°C surface temperature reduction on treated surfaces.
• ULKA (Creative Agency)coreGTM or Marketing PartnerKansai Nerolac collaborated with creative agency ULKA to launch a stratospheric balloon to 86,000 feet carrying a payload painted with their Excel Everlast exterior paint range. The campaign, marketed as the first-of-its-kind scientific validation in the Indian paint industry, demonstrated the paint surviving extreme conditions including temperatures below -64°C, unfiltered UV radiation, and near-zero atmospheric pressure.
• Tribes (Marketing Agency)minorGTM or Marketing PartnerKansai Nerolac partnered with agency Tribes for an on-ground marketing activation applying Perma NoHeat heat-reflective coating on pathways at multiple temples across Southern India. On-ground temperature readings recorded a reduction of up to 15°C on treated surfaces, positioning Perma NoHeat as the brand's first dedicated heat-reduction solution for everyday environments.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Kansai Paint Co. Ltd. Japanese parent company of Kansai Nerolac and a global coatings major. Provides technology, capital, and strategic alignment; serves as both an enabler and a benchmark for global coatings capabilities.
• PPG Industries: Global coatings giant with significant presence in industrial and automotive coatings. Comparable in the industrial/automotive pillar and a reference point for global scale and technology.

Direct peers

• Shalimar Paints: Historic Indian paint manufacturer with a diversified decorative and industrial portfolio. Smaller-scale direct peer competing across similar product lines and customer segments.
• Indigo Paints: Indian decorative paint challenger focused on differentiated finishes and newer product categories. Competes with Nerolac primarily in the decorative segment with growing distribution.
• Berger Paints India: Second-largest Indian paint manufacturer with ~18% market share. Closely comparable product portfolio spanning decorative, industrial, and automotive coatings with pan-India distribution.
• Nippon Paint India: Indian arm of Japanese paint major Nippon Paint, leveraging Japanese technology heritage similar to Nerolac. Competes directly in decorative, automotive, and industrial coatings in India.
• Asian Paints: India's largest decorative and industrial paint manufacturer with 52-59% market share. Direct competitor across decorative, automotive, and industrial coatings with a much larger distribution network and brand presence.
• Akzo Nobel India: Indian subsidiary of Dutch multinational Akzo Nobel, marketing Dulux and other premium paint brands. Directly competes with Nerolac in decorative and industrial coatings with strong premium positioning.

Emerging players

• JSW Paints: New-entrant Indian decorative and industrial paint brand backed by JSW Group, expanding aggressively and targeting share gains from established players.
• Birla Opus (Aditya Birla Group): New-entrant Indian paint brand from the Aditya Birla Group that has rapidly scaled distribution and is actively eroding share of the traditional Big 4, including Nerolac.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nerolac_paints
• Facebookfacebook.com/nerolacpaints.india
• LinkedInlinkedin.com/company/nerolac-paints-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A3 records

Investments

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

Frequently asked questions about Nerolac Paints