Paints industry

10 companies · ₹3.4 L cr · 6 with AI deep dives · Q1FY27 report

Volume recovery broadens but exhausted low-cost inventory and 25% RM inflation set up a Q2 margin test

Turning upmargin troughed at 14.6% and has risen for 7 quarters to 18.2%, on positive revenue growth

Revenue YoY: +14.0%
EBITDA margin: 18.2%; +150bps YoY
Price, 1 year: -7.1%; 14% of names up
P/E vs own 5y: -14.9%; 35.6x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	18,102 cr	15,667 cr	+15.5%	15,873 cr	+14.0%	18,102 cr	0.0%
EBITDA margin	18.2%	17.5%	+70bps	16.7%	+150bps	18.2%	0bps

Revenue

Jun 26: 18,102 cr
Mar 26: 15,667 cr
QoQ: +15.5%
Jun 25: 15,873 cr
YoY: +14.0%
Peak: 18,102 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 18.2%
Mar 26: 17.5%
QoQ: +70bps
Jun 25: 16.7%
YoY: +150bps
Peak: 18.2%
vs peak: 0bps

Breadth: 71% of 7 companies grew revenue year on year (was 71% a quarter earlier) and 43% expanded margin (was 71%).

Exhibit 2What it costs

28.38x - 44.27x across the panel today

The median name trades at 35.6x, -14.9% against this industry's own 5-year median of 41.8x, and -62.3% against its own peak of 94.3x.

Exhibit 3Structure

₹3.4 L cr

Asian Paints Ltd is 71.6% of this industry by market cap. The top 5 are 99% and the top 10 are 100%.

large 2mid 2small 2micro 47 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 35.57x, 5y ROCE above its median of 19.03%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (10 of 10)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Asian Paints Ltd	₹2.4 L cr	49.9x	32.9x	26.1%	20.0%	+17.9%	Unlock
Berger Paints India Ltd	₹53,485 cr	44.4x	28.7x	20.0%	16.3%	+12.0%	Unlock
Kansai Nerolac Paints Ltd	₹15,305 cr	25.7x	14.6x	11.8%	12.9%	+9.8%	Unlock
JSW Dulux Ltd	₹14,391 cr	7.4x	-	89.5%	66.1%	-3.0%	Unlock
Indigo Paints Ltd	₹5,159 cr	32.1x	19.7x	16.3%	19.1%	+19.7%	Unlock
Sirca Paints India Ltd	₹2,419 cr	36.5x	23.9x	17.9%	20.6%	+13.8%	Unlock
Shalimar Paints Ltd	₹717 cr	-	-42.7x	-17.3%	-4.5%	-10.3%	Unlock
Siddhika Coatings Ltd	₹145 cr	13.1x	-	28.7%	23.7%	+10.1%	Unlock
Kamdhenu Ventures Ltd	₹142 cr	-	16.3x	2.3%	4.2%	-7.9%	Unlock
Retina Paints Ltd	₹60 cr	85.7x	26.7x	6.5%	12.3%	+6.4%	Unlock

Asian Paints Ltd

Mcap: ₹2.4 L cr
P/E: 49.9x
EV/EBITDA: 32.9x
ROCE: 26.1%
Margin: 20.0%
Rev YoY: +17.9%

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Berger Paints India Ltd

Mcap: ₹53,485 cr
P/E: 44.4x
EV/EBITDA: 28.7x
ROCE: 20.0%
Margin: 16.3%
Rev YoY: +12.0%

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Kansai Nerolac Paints Ltd

Mcap: ₹15,305 cr
P/E: 25.7x
EV/EBITDA: 14.6x
ROCE: 11.8%
Margin: 12.9%
Rev YoY: +9.8%

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JSW Dulux Ltd

Mcap: ₹14,391 cr
P/E: 7.4x
EV/EBITDA: -
ROCE: 89.5%
Margin: 66.1%
Rev YoY: -3.0%

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Indigo Paints Ltd

Mcap: ₹5,159 cr
P/E: 32.1x
EV/EBITDA: 19.7x
ROCE: 16.3%
Margin: 19.1%
Rev YoY: +19.7%

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Sirca Paints India Ltd

Mcap: ₹2,419 cr
P/E: 36.5x
EV/EBITDA: 23.9x
ROCE: 17.9%
Margin: 20.6%
Rev YoY: +13.8%

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Shalimar Paints Ltd

Mcap: ₹717 cr
P/E: -
EV/EBITDA: -42.7x
ROCE: -17.3%
Margin: -4.5%
Rev YoY: -10.3%

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Siddhika Coatings Ltd

Mcap: ₹145 cr
P/E: 13.1x
EV/EBITDA: -
ROCE: 28.7%
Margin: 23.7%
Rev YoY: +10.1%

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Kamdhenu Ventures Ltd

Mcap: ₹142 cr
P/E: -
EV/EBITDA: 16.3x
ROCE: 2.3%
Margin: 4.2%
Rev YoY: -7.9%

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Retina Paints Ltd

Mcap: ₹60 cr
P/E: 85.7x
EV/EBITDA: 26.7x
ROCE: 6.5%
Margin: 12.3%
Rev YoY: +6.4%

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Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindCrude-linked raw material inflation running well ahead of price increases5 managements

Every major company flagged crude and petrochemical derivative inflation as the primary profit risk. Asian Paints disclosed ~25% material inflation against a ~7% weighted average…

ASIANPAINT (Q1FY27): “The overall weighted average price increase was around 7%. The material inflation was…”

tailwind5 managements headwind4 managements tailwind4 managements tailwind4 managements headwind2 managements

5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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