Top 5 Paint Stocks of April 2025: Asian Paints, Berger Paints, and More, Based On Net Profit Margin

The Indian paint industry, valued at approximately ₹60,000 croreores in 2020. It is broadly divided into two segments: decorative/architectural and industrial. The decorative segment dominates the industrial landscape, accounting for roughly 70% of total paint consumption. On the other hand, the industrial segment comprises the remaining 30%.

The market is characterised by a concentrated oligopoly, with four major players – Asian Paints, Kansai Nerolac, Berger, and Akzo Nobel – holding a combined market share of approximately 70%. The remaining 30% is fragmented among nearly 3,000 medium and small-sized manufacturers.

Best Paint Stocks in India in April 2025 – Net Profit Margin Basis

Note: The list of best paint stocks has been selected based on the market cap of over ₹1,000 crore and sorted based on net profit margin as of April 04, 2025. 

Overview of Best Paint Stocks in India

• Asian Paints Ltd

Asian Paints Ltd is India’s premier paint manufacturer, a major player in both the decorative and industrial coating sectors worldwide. They excel in providing cutting-edge products for interior design, wall protection, and waterproofing. Renowned for their high-quality, diverse color options, Asian Paints is considered an industry leader.

Asian Paints Ltd. reported quarterly revenues of ₹7,320.53 crore (Dec-24) and ₹6,868.37 crore (Sep-24), with a FY23-24 revenue of ₹30,850.12 crore. The company’s net profit was ₹1,108.59 crore (Dec-24), ₹602.31 crore (Sep-24), and ₹5,321.55 crore for FY23-24.

Key metrics:

• Earning per Share (EPS): ₹42.88
• Return On Equity (ROE): 23.18%

1. Berger Paints India Ltd

Berger Paints India Ltd is a major player in the Indian paint industry, offering a broad spectrum of decorative and industrial paints. They are known for their innovative and environmentally conscious products, providing interior, exterior, and protective coatings to both residential and industrial clients through an extensive distribution network.

Berger Paints Ltd. recorded quarterly revenues of ₹2,584.76 crore (Dec-24) and ₹2,430.70 crore (Sep-24), with a FY23-24 revenue of ₹10,002.93 crore. The company’s net profit was ₹306.08 crore (Dec-24), ₹228.98 crore (Sep-24), and ₹1,015.05 crore for FY23-24.

Key metrics:

• Earning per Share (EPS): ₹8.77
• Return On Equity (ROE):19.91%

• Kansai Nerolac Paints Ltd 

Kansai Nerolac Paints Ltd specialises in decorative and industrial coatings, serving the automotive, powder coating, and general industrial sectors. With a focus on sustainable practices and advanced technologies, they are recognised for delivering durable, eco-friendly, and stylish paint solutions throughout India.

Kansai Nerolac Paints Ltd. reported quarterly revenues of ₹1,842.16 crore (Dec-24) and ₹1,863.77 crore (Sep-24), with a FY23-24 revenue of ₹7,393.30 crore. The company’s net profit was ₹526.49 crore (Dec-24), ₹130.16 crore (Sep-24), and ₹1,182.87 crore for FY23-24.

Key metrics:

• Earning per Share (EPS): ₹12.36
• Return On Equity (ROE):17.45%

• Indigo Paints Ltd 

Indigo Paints Ltd is a rapidly growing Indian paint company, distinguished by its innovative and niche product offerings. They provide decorative paints, including interior emulsions, enamels, and primers, emphasising quality, affordability, and unique products like metallic paints to establish a strong market presence.

Indigo Paints Ltd. reported quarterly revenues of ₹327.48 crore (Dec-24) and ₹288.55 crore (Sep-24), with a FY23-24 revenue of ₹1,254.86 crore. The company’s net profit was ₹36.46 crore (Dec-24), ₹24.12 crore (Sep-24), and ₹148.65 crore for FY23-24.

Key metrics:

• Earning per Share (EPS): ₹29.51
• Return On Equity (ROE):14.76%

• Sirca Paints India Ltd 

Sirca Paints India Ltd focuses on premium wood coatings, decorative paints, and industrial finishes. With its Italian heritage, the company caters to high-end customers seeking luxurious and durable finishes for interiors and furniture, prioritising superior quality and aesthetic appeal in its specialised product line.

For the financial year ending March 31, 2023, Sirca Paints India Limited reported operating revenue within the range of ₹100 crore to ₹500 crore. The company experienced significant growth, with a 63.45% increase in EBITDA and a 17.93% rise in its book net worth compared to the previous year.

Key metrics:

• Earning per Share (EPS): ₹8.66
• Return On Equity (ROE):17.91%

Top 5 Paint Stocks in India in April 2025 – PE Ratio Basis

Note: The list of best paint stocks has been selected based on the market cap of over ₹1,000 crore and sorted based on PE ratio as of April 04, 2025. 

Top 5 Paint Stocks in India in April 2025 – ROCE Basis

Note: The list of best paint stocks has been selected based on the market cap of over ₹1,000 crore and sorted based on return on capital employed as of April 04, 2025. 

Important Factors to Evaluate Before Investing in the Best Paint Stocks in India

1. Market Position and Brand Strength
   Leading brands like Asian Paints Ltd and Berger Paints command substantial market shares, offering stability and reliable returns.
2. Raw Material Price Impact
   The cost fluctuations of key raw materials, especially crude oil derivatives, can affect profit margins. Keeping track of these trends is essential for profitability analysis.
3. Economic Influences
   Economic indicators like GDP growth, construction activity, and consumer spending directly affect paint demand. A slowdown could reduce demand, negatively impacting sales.
4. Focus on Innovation and Sustainability
   Companies that prioritise sustainable and innovative product development may gain a competitive edge, appealing to changing consumer preferences.
5. Regulatory Compliance
   Meeting environmental and safety standards can influence operational costs. Stricter regulations may raise expenses for paint companies.
6. Financial Performance
   Key financial indicators such as revenue growth, profit margins, debt levels, and return on equity help assess a company’s financial health and growth potential.

Conclusion

In navigating the colourful hues of top Indian paint companies, we’ve explored the prominent contenders for the month of April 2025. From Asian Paints to Sirca, each company presents a unique opportunity for potential investors. By blending financial metrics, market insights, and economic realities, you can also paint your own investment portrait successfully.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.