Kansai Nerolac Paints Ltd(KANSAINER)

NSE: KANSAINERBSE: 500165

₹ 177.7-1.82%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 14,373 crNext results: 4 Nov 2026Website: www.nerolac.comUpdated: 27 Oct 2026

About

Kansai Nerolac Paints Ltd, established in 1920 and a subsidiary of Kansai Paint Co., Ltd., Japan, makes decorative paints and industrial coatings and is one of the largest paints and coatings manufacturers in India. It reported revenue of ₹8,051.91 Cr in FY26. In decorative paints it is recognised as the third-largest paint manufacturer in India, and it says it leads the automotive and powder coating segments, with an auto OEM market share of 50%+ as of Q3 FY26.^[1][2][3]

Business segments

Decorative paints is the larger segment. Within it, projects and institutional business made up ~10%+ of decorative sales as of FY26, and new businesses (construction chemicals, waterproofing, wood finish) a slightly higher share.^[4]
Industrial coatings cover automotive coatings, powder coatings, performance coating liquids (general industrial and high-performance) and auto refinish (FY25).^[1][5]
Services made up a mid-single-digit % of the decorative business in Q1 FY27. The company entered services about two years earlier.^[5]

Products and brands

The Paint+ premium range had 28 offerings in FY25. As of Q3 FY26 it was more than 10% of the decorative business, after gaining 240 basis points of mix share in H1 FY26 vs H1 FY24.^[1][3]
FY25 launches included the Wow Whites range (15% more coverage), Excel No Dust, Kansai Select Shikisai, Beauty Gold Washable NXT and Wonderwood Gloria NXT.^[1]
Q1 FY27 launches included Excel Everlast 20 (an exterior paint with a 20-year warranty), Excel Total Floor Coat and Perma NoDamp NXT waterproofing.^[5]
The Super Series range serves the projects and institutional segment. Premium wood finish and construction chemicals/waterproofing are adjacent product families.^[5]
Nerolac consistently has the 2nd highest Brand Equity Index score in the paints category (FY25). Its brand ambassador is Ranveer Singh.^[1]

Operations

Industrial plants making powder and liquid performance coatings were running at 70-75% utilisation as of Q4 FY26.^[4]
There is a central R&D centre in Vashi, Navi Mumbai, plus satellite R&D units at plants. R&D spend was ₹51.86 crore in FY25.^[1]
It has manufacturing subsidiaries in Bangladesh, Nepal and Sri Lanka, plus Nerofix in India (FY25).^[1]
About 20% of input materials came from MSMEs in FY25. The company had 3,859 permanent employees.^[1]

Key operating numbers

In Q1 FY27, decorative value growth was high-single-digit and volume growth low-single-digit, as the mix shifted towards premium and emulsion products.^[5]
In Q1 FY27, the super-premium decorative range grew by double digits and economy decorative by mid-single digits.^[5]
The cash conversion cycle was 82 days in December 2025, down from 94 days in December 2024.^[3]

Customers and distribution

It reached dealers and distributors through 114 depots and 7 regional distribution centres in FY25.^[1]
1,700+ dealers were added in Q1 FY27, with focused investment in towns where it has low presence.^[5]
The specialty store network (NxtGen Shoppe, Shop-in-Shop, NP+ Zone) passed 600 outlets as of Q3 FY26, up from 100+ NxtGen Shoppes and 200+ Shop-in-Shops in FY25.^[3][1]
NxtGen painting services were in 250+ cities in Q1 FY27 and had served over 25,000 customers by FY25. The Pragati painter programme had 65,000+ active members in Q1 FY27.^[5][1]
The projects business reached 80+ cities as of Q1 FY27.^[5]
Industrial customers include automotive OEMs, auto refinish body shops, general industrial users, and oil and gas, power and infrastructure companies. Royal Enfield gave it a Best Supplier Award (FY25).^[1]

Expansion and capex

A ₹601 Cr expansion at Sayakha (Gujarat), Bawal (Haryana) and Hosur (Tamil Nadu) adds 66,000 KL/year of paint and powder capacity and ~10,000 MT/year of resin capacity. It is to be commissioned over about 2+ years from FY27.^[5]
Normal annual capex is guided at ₹150-200 Cr, separate from the ₹601 Cr programme.^[5]
Management aims to become the #1 player in non-automotive industrial coatings in about 2 years (target FY28).^[5]

Recent developments

On 25 September 2026, the NCLT sanctioned the amalgamation of Nerofix Private Limited with Kansai Nerolac Paints, with an appointed date of 1 April 2025.^[6]
Nerofix was growing sales at a high double-digit rate, with a significant improvement in profitability, as of Q3 FY26.^[3]
Industrial coatings secured a ~5% price increase in Q1 FY27, with more increases expected in Q2 FY27.^[5]
Construction chemicals and waterproofing grew by double digits in Q1 FY27.^[5]

Market Cap

₹14,373 Cr

High / Low

₹262 / 158

Stock P/E

24.4

Price / Book

2.2

Book Value

₹83

EPS

₹7.3

No. of Shares

80.87 Cr

ROCE

13.3%

ROE

9.0%

OPM

10.9%

Debt / Equity

0.01

Sales

₹8,052 Cr

Net Profit

₹576 Cr

Promoter holding

75.0%

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