Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Building Materials - Paints Stocks in India

Building Materials - Paints: Asian Paints Ltd owns the largest revenue base; Sirca Paints India Ltd has the fastest current growth.

Nifty Building Materials - Paints Index — Constituents & Performance

The Building Materials - Paints companies below are the listed Indian Building Materials - Paints universe this page tracks — the same constituent set people search for as the Nifty Building Materials - Paints index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Building Materials - Paints moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 7% behind NIFTY 500. Earnings across its companies grew 11% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 13 weeks running.

FADING · −1 in 4w✓Moving with the index3 of 7 companies ahead of NIFTY 500 by 5% or more over three months2 are 20% or more behind over a year while earnings grew 20% or more

RS ↑13w · 2/7 >200d (−2) · 3/7 lead (−1) · EPS 5/7↑

200300202620252024202320222021 207336 TRAILING 12-MONTH EPS · 100 AT THE START0100131Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 4 reporting · thin coverageSep 2022 · trailing 12-month earnings per share at 104, against 100 at the start · no comparable year yet · 4 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 108, against 100 at the start · no comparable year yet · 4 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 117, against 100 at the start · no comparable year yet · 4 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 130, against 100 at the start · up 29.9% on a year ago · 4 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 109, against 100 at the start · up 22.6% on a year ago · 7 reportingDec 2023 · trailing 12-month earnings per share at 120, against 100 at the start · up 29.0% on a year ago · 7 reportingMar 2024 · trailing 12-month earnings per share at 124, against 100 at the start · up 30.1% on a year ago · 7 reportingJun 2024 · trailing 12-month earnings per share at 124, against 100 at the start · up 13.3% on a year ago · 7 reportingSep 2024 · trailing 12-month earnings per share at 121, against 100 at the start · up 6.3% on a year ago · 7 reportingDec 2024 · trailing 12-month earnings per share at 121, against 100 at the start · down 1.0% on a year ago · 7 reportingMar 2025 · trailing 12-month earnings per share at 108, against 100 at the start · down 3.6% on a year ago · 7 reportingJun 2025 · trailing 12-month earnings per share at 110, against 100 at the start · down 2.2% on a year ago · 7 reportingSep 2025 · trailing 12-month earnings per share at 118, against 100 at the start · up 23.1% on a year ago · 7 reportingDec 2025 · trailing 12-month earnings per share at 125, against 100 at the start · up 4.2% on a year ago · 7 reportingMar 2026 · trailing 12-month earnings per share at 131, against 100 at the start · up 17.9% on a year ago · 7 reportingNot reported yet — earnings trail price by a quarter or two131 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200300202620252024202320222021 207336 TRAILING 12-MONTH EPS · 100 AT THE START0100131Mar 23Mar 24Mar 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 4 reporting · thin coverageSep 2022 · trailing 12-month earnings per share at 104, against 100 at the start · no comparable year yet · 4 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 108, against 100 at the start · no comparable year yet · 4 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 117, against 100 at the start · no comparable year yet · 4 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 130, against 100 at the start · up 29.9% on a year ago · 4 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 109, against 100 at the start · up 22.6% on a year ago · 7 reportingDec 2023 · trailing 12-month earnings per share at 120, against 100 at the start · up 29.0% on a year ago · 7 reportingMar 2024 · trailing 12-month earnings per share at 124, against 100 at the start · up 30.1% on a year ago · 7 reportingJun 2024 · trailing 12-month earnings per share at 124, against 100 at the start · up 13.3% on a year ago · 7 reportingSep 2024 · trailing 12-month earnings per share at 121, against 100 at the start · up 6.3% on a year ago · 7 reportingDec 2024 · trailing 12-month earnings per share at 121, against 100 at the start · down 1.0% on a year ago · 7 reportingMar 2025 · trailing 12-month earnings per share at 108, against 100 at the start · down 3.6% on a year ago · 7 reportingJun 2025 · trailing 12-month earnings per share at 110, against 100 at the start · down 2.2% on a year ago · 7 reportingSep 2025 · trailing 12-month earnings per share at 118, against 100 at the start · up 23.1% on a year ago · 7 reportingDec 2025 · trailing 12-month earnings per share at 125, against 100 at the start · up 4.2% on a year ago · 7 reportingMar 2026 · trailing 12-month earnings per share at 131, against 100 at the start · up 17.9% on a year ago · 7 reportingNot reported yet — earnings trail price by a quarter or two131No earnings on file this far back — the price series reaches further than the filings do
Building Materials - Paints, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together3 of 7 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score −2 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 2/20
Mid 0/2−1
Small 1/30

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Building Materials - Paints outperforming NIFTY 500?

The 52-week comparison of Building Materials - Paints against NIFTY 500 is not available from the current market series. 2 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sirca Paints India Ltd is the strongest against the sector itself at +17.5%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
2/6Stocks leading NIFTY 500
3/6Stocks leading sector

Sector metric: 7.1 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 2 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Asian Paints Ltd leads with revenue of ₹35,584 crore, based on 6 of 6 comparable companies through Mar 2026. Sirca Paints India Ltd has the fastest current revenue growth at 31.6%, across 6 of 6 comparable companies.

Is the Building Materials - Paints sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Building Materials - Paints company is largest by revenue?

Asian Paints Ltd leads with revenue of ₹35,584 crore, based on 6 of 6 comparable companies through Mar 2026.

Which Building Materials - Paints company is growing fastest?

Sirca Paints India Ltd has the fastest current revenue growth at 31.6%, across 6 of 6 comparable companies.

Which Building Materials - Paints company has the strongest 4-Factor Sector Score?

Sirca Paints India Ltd ranks first at 63.8/100 with 81% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Building Materials - Paints company has the least gross debt?

Indigo Paints Ltd has the lowest comparable gross debt at ₹21 crore. Asian Paints Ltd has the highest at ₹3,929 crore.

Which Building Materials - Paints company has the lowest comparable PEG?

Berger Paints India Ltd has the lowest comparable Guarded PEG at 4.15, among 3 of 6 companies that pass the metric’s comparability rules.

How much history does this Building Materials - Paints comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
6
complete canonical membership
Combined market value
₹3.5 L Cr
Asian Paints Ltd
Revenue growing
5/6
positive TTM year-on-year growth
Beating NIFTY 500
2/6
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Sirca Paints India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 81% evidence confidence.
Kansai Nerolac Paints Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
JSW Dulux Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Sirca Paints India Ltd · SIRCA

63.8/100 · Mixed-positive evidence · 81% evidence

Exact sum: 27.1 + 13.1 + 11.6 + 12 = 63.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

27.1/35Growth & earnings

Revenue 31.6% · PAT 35.4% · OPM change 0 pp

95% evidence

13.1/25Capital efficiency

ROCE 20.3% · debt/equity 0.07×

95% evidence

11.6/20Valuation

P/E 34.4× · PEG —

50% evidence

12.0/20Relative strength

RS sector 17.5% · RS bench -15.4% · 1Y -7.4%

70% evidence

2. Asian Paints Ltd · ASIANPAINT

57.3/100 · Mixed-positive evidence · 100% evidence

Exact sum: 22.3 + 18.1 + 2.5 + 14.4 = 57.3

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

22.3/35Growth & earnings

Revenue 5% · PAT 18.4% · OPM change 2 pp

100% evidence

18.1/25Capital efficiency

ROCE 26.3% · debt/equity 0.18×

100% evidence

2.5/20Valuation

P/E 57× · PEG 6.9

100% evidence

14.4/20Relative strength

RS sector 5.9% · RS bench 4.2% · 1Y 12.9%

100% evidence

3. JSW Dulux Ltd · AKZOINDIA

48.5/100 · Mixed-negative evidence · 81% evidence

Exact sum: 11.3 + 16.5 + 7.4 + 13.3 = 48.5

Decision use: Price leads the evidence: RS versus the benchmark is -2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

11.3/35Growth & earnings

Revenue -11.6% · PAT 100% · OPM change -2 pp

95% evidence

16.5/25Capital efficiency

ROCE 22.7% · debt/equity 0.03×

95% evidence

7.4/20Valuation

P/E 37.2× · PEG —

50% evidence

13.3/20Relative strength

RS sector 6.9% · RS bench -2% · 1Y -18.9%

70% evidence

4. Indigo Paints Ltd · INDIGOPNTS

47.6/100 · Mixed-negative evidence · 94% evidence

Exact sum: 15.4 + 17.4 + 8.1 + 6.7 = 47.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

15.4/35Growth & earnings

Revenue 4.7% · PAT 3.5% · OPM change -1 pp

100% evidence

17.4/25Capital efficiency

ROCE 18.6% · debt/equity 0.02×

100% evidence

8.1/20Valuation

P/E 33.5× · PEG 5.59

100% evidence

6.7/20Relative strength

RS sector -18.2% · RS bench 1.4% · 1Y -11.3%

70% evidence

5. Kansai Nerolac Paints Ltd · KANSAINER

43.9/100 · Mixed-negative evidence · 83% evidence

Exact sum: 13.7 + 9.9 + 14.9 + 5.4 = 43.9

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

13.7/35Growth & earnings

Revenue 2.9% · PAT -48.1% · OPM change 2 pp

95% evidence

9.9/25Capital efficiency

ROCE 12% · debt/equity 0.04×

80% evidence

14.9/20Valuation

P/E 27× · PEG —

50% evidence

5.4/20Relative strength

RS sector -8.7% · RS bench -10.3% · 1Y -18.9%

100% evidence

6. Berger Paints India Ltd · BERGEPAINT

40.1/100 · Mixed-negative evidence · 100% evidence

Exact sum: 9.8 + 15.8 + 4.4 + 10.1 = 40.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

9.8/35Growth & earnings

Revenue 2.9% · PAT -4.7% · OPM change 1 pp

100% evidence

15.8/25Capital efficiency

ROCE 21.6% · debt/equity 0.09×

100% evidence

4.4/20Valuation

P/E 51.3× · PEG 4.15

100% evidence

10.1/20Relative strength

RS sector -2.5% · RS bench -4.2% · 1Y -14.4%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Asian Paints Ltd has the highest Revenue among the 6 Building Materials - Paints companies compared here, at ₹35,584 crore. Berger Paints India Ltd is next at ₹11,880 crore. Sirca Paints India Ltd has the highest Revenue growth at 31.6%, so level and change sit with different companies. Its Revenue series carries 20 reported observations across the 20-quarter window.

What the numbers say: Asian Paints Ltd is the scale leader at ₹35,584 crore, 199.5% ahead of Berger Paints India Ltd. Sirca Paints India Ltd's growth is 31.6% from a ₹492 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderAsian Paints Ltd · ₹35,584 crore
Gap199.5% versus #2 · Berger Paints India Ltd
Persistence3/8 recent comparable periods
Coverage6/6 companies · 102 observations

Investor read: Asian Paints Ltd is the scale benchmark; Sirca Paints India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Asian Paints Ltd's growth falls below Sirca Paints India Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Asian Paints Ltd ASIANPAINT₹35.6K Cr
2Berger Paints India Ltd BERGEPAINT₹11.9K Cr
3Kansai Nerolac Paints Ltd KANSAINER₹8.1K Cr
4JSW Dulux Ltd AKZOINDIA₹3.6K Cr
5Indigo Paints Ltd INDIGOPNTS₹1.4K Cr
Revenue growthfastest growers
1Sirca Paints India Ltd SIRCA⚠ unverified32%
2Asian Paints Ltd ASIANPAINT5.0%
3Indigo Paints Ltd INDIGOPNTS4.7%
4Kansai Nerolac Paints Ltd KANSAINER2.9%
5Berger Paints India Ltd BERGEPAINT2.9%
Revenue · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Asian Paints Ltd ASIANPAINT₹9.2K Cr11%Mar 2026
Berger Paints India Ltd BERGEPAINT₹2.9K Cr6.1%Mar 2026
Kansai Nerolac Paints Ltd KANSAINER₹2.0K Cr7.5%Mar 2026
JSW Dulux Ltd AKZOINDIA₹883 Cr-13%Mar 2026
Indigo Paints Ltd INDIGOPNTS₹425 Cr9.5%Mar 2026
Sirca Paints India Ltd SIRCA⚠ unverified₹134 Cr33%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Asian Paints Ltd · ASIANPAINT

₹5.6K Cr
₹7.1K Cr
₹8.5K Cr
₹7.8K Cr
₹8.6K Cr
₹8.5K Cr
₹8.6K Cr
₹8.8K Cr
₹9.2K Cr
₹8.5K Cr
₹9.1K Cr
₹8.7K Cr
₹9.0K Cr
₹8.0K Cr
₹8.5K Cr
₹8.4K Cr
₹8.9K Cr
₹8.5K Cr
₹8.9K Cr
₹9.2K Cr

Berger Paints India Ltd · BERGEPAINT

₹1.8K Cr
₹2.2K Cr
₹2.6K Cr
₹2.2K Cr
₹2.8K Cr
₹2.7K Cr
₹2.7K Cr
₹2.4K Cr
₹3.0K Cr
₹2.8K Cr
₹2.9K Cr
₹2.5K Cr
₹3.1K Cr
₹2.8K Cr
₹3.0K Cr
₹2.7K Cr
₹3.2K Cr
₹2.8K Cr
₹3.0K Cr
₹2.9K Cr

Indigo Paints Ltd · INDIGOPNTS

₹156 Cr
₹196 Cr
₹265 Cr
₹288 Cr
₹224 Cr
₹243 Cr
₹281 Cr
₹325 Cr
₹288 Cr
₹279 Cr
₹354 Cr
₹385 Cr
₹311 Cr
₹300 Cr
₹343 Cr
₹388 Cr
₹309 Cr
₹312 Cr
₹359 Cr
₹425 Cr

JSW Dulux Ltd · AKZOINDIA

—
—
—
—
—
—
₹987 Cr
₹951 Cr
₹999 Cr
₹956 Cr
₹1.0K Cr
₹973 Cr
₹1.0K Cr
₹982 Cr
₹1.1K Cr
₹1.0K Cr
₹995 Cr
₹835 Cr
₹894 Cr
₹883 Cr

Kansai Nerolac Paints Ltd · KANSAINER

—
—
—
—
—
—
₹1.8K Cr
₹1.7K Cr
₹2.2K Cr
₹2.0K Cr
₹1.9K Cr
₹1.8K Cr
₹2.1K Cr
₹2.0K Cr
₹1.9K Cr
₹1.8K Cr
₹2.2K Cr
₹2.0K Cr
₹2.0K Cr
₹2.0K Cr

Sirca Paints India Ltd · SIRCA⚠ unverified

—
—
—
—
—
—
₹65 Cr
₹68 Cr
₹73 Cr
₹84 Cr
₹72 Cr
₹83 Cr
₹79 Cr
₹105 Cr
₹89 Cr
₹101 Cr
₹114 Cr
₹131 Cr
₹113 Cr
₹134 Cr

Revenue growth · reported quarter history

Asian Paints Ltd · ASIANPAINT

—
—
—
—
54%
19%
1.3%
13%
6.7%
0.3%
5.4%
-0.6%
-2.3%
-5.3%
-6.1%
-4.3%
-0.4%
6.3%
3.7%
11%

Berger Paints India Ltd · BERGEPAINT

—
—
—
—
54%
20%
5.6%
12%
9.8%
3.6%
7.0%
3.1%
2.0%
0.3%
3.2%
7.3%
3.6%
1.9%
0.3%
6.1%

Indigo Paints Ltd · INDIGOPNTS

—
—
—
—
44%
24%
6.0%
13%
29%
15%
26%
18%
8.0%
7.5%
-3.1%
0.8%
-0.6%
4.0%
4.7%
9.5%

JSW Dulux Ltd · AKZOINDIA

—
—
—
—
—
—
—
—
—
—
4.7%
2.3%
3.7%
2.7%
1.7%
4.2%
-4.0%
-15%
-15%
-13%

Kansai Nerolac Paints Ltd · KANSAINER

—
—
—
—
—
—
—
—
—
—
5.0%
2.0%
-1.1%
-0.3%
0.2%
2.7%
1.4%
0.2%
3.1%
7.5%

Sirca Paints India Ltd · SIRCA⚠ unverified

—
—
—
—
—
—
—
—
—
—
11%
22%
8.2%
25%
24%
22%
44%
25%
27%
33%
02 · compare level, then change

Operating Economics & Margin Trend

Indigo Paints Ltd has the highest OPM among the 6 Building Materials - Paints companies compared here, at 22%. Asian Paints Ltd is next at 19%. Asian Paints Ltd has the highest Margin change at +2 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Indigo Paints Ltd leads opm at 22%; Asian Paints Ltd leads margin change at +2 percentage points.

LeaderIndigo Paints Ltd · 22%
Gap15.8% versus #2 · Asian Paints Ltd
Persistence3/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Indigo Paints Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Indigo Paints Ltd INDIGOPNTS22%
2Asian Paints Ltd ASIANPAINT19%
3Sirca Paints India Ltd SIRCA⚠ unverified19%
4Berger Paints India Ltd BERGEPAINT17%
5JSW Dulux Ltd AKZOINDIA14%
Margin changefastest expanders
1Asian Paints Ltd ASIANPAINT+2.0 pp
2Kansai Nerolac Paints Ltd KANSAINER+2.0 pp
3Berger Paints India Ltd BERGEPAINT+1.0 pp
4Sirca Paints India Ltd SIRCA⚠ unverified0.0 pp
5Indigo Paints Ltd INDIGOPNTS−1.0 pp
Operating margin · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Indigo Paints Ltd INDIGOPNTS22%−1.0 ppMar 2026
Asian Paints Ltd ASIANPAINT19%+2.0 ppMar 2026
Sirca Paints India Ltd SIRCA⚠ unverified19%0.0 ppMar 2026
Berger Paints India Ltd BERGEPAINT17%+1.0 ppMar 2026
JSW Dulux Ltd AKZOINDIA14%−2.0 ppMar 2026
Kansai Nerolac Paints Ltd KANSAINER11%+2.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Asian Paints Ltd · ASIANPAINT

16%
13%
18%
18%
18%
15%
19%
21%
23%
20%
23%
19%
19%
15%
19%
17%
18%
18%
20%
19%

Berger Paints India Ltd · BERGEPAINT

13%
16%
15%
16%
15%
14%
13%
14%
18%
17%
17%
14%
17%
16%
16%
16%
17%
12%
16%
17%

Indigo Paints Ltd · INDIGOPNTS

13%
12%
15%
19%
16%
14%
14%
22%
17%
15%
18%
22%
15%
14%
17%
23%
14%
15%
19%
22%

JSW Dulux Ltd · AKZOINDIA

14%
13%
14%
14%
13%
11%
14%
16%
16%
15%
16%
17%
16%
15%
16%
16%
14%
13%
15%
14%

Kansai Nerolac Paints Ltd · KANSAINER

14%
10%
12%
5.5%
12%
10%
11%
10%
15%
14%
13%
10%
15%
11%
12%
9.0%
14%
11%
12%
11%

Sirca Paints India Ltd · SIRCA⚠ unverified

8.9%
22%
23%
17%
25%
26%
22%
19%
24%
25%
19%
20%
18%
18%
17%
19%
20%
21%
20%
19%

Margin change · reported quarter history

Asian Paints Ltd · ASIANPAINT

+0.2 pp
−10.9 pp
−8.3 pp
−1.5 pp
+1.8 pp
+1.8 pp
+0.9 pp
+2.7 pp
+4.9 pp
+5.5 pp
+4.0 pp
−2.0 pp
−4.0 pp
−5.0 pp
−4.0 pp
−2.0 pp
−1.0 pp
+3.0 pp
+1.0 pp
+2.0 pp

Berger Paints India Ltd · BERGEPAINT

+3.8 pp
−3.3 pp
−4.2 pp
−0.7 pp
+1.5 pp
−2.3 pp
−2.4 pp
−1.8 pp
+3.3 pp
+3.4 pp
+4.0 pp
0.0 pp
−1.0 pp
−1.0 pp
−1.0 pp
+2.0 pp
0.0 pp
−4.0 pp
0.0 pp
+1.0 pp

Indigo Paints Ltd · INDIGOPNTS

—
−6.9 pp
−0.5 pp
+1.8 pp
+2.8 pp
+2.0 pp
−0.6 pp
+3.4 pp
+1.3 pp
+1.1 pp
+4.0 pp
0.0 pp
−2.0 pp
−1.0 pp
−1.0 pp
+1.0 pp
−1.0 pp
+1.0 pp
+2.0 pp
−1.0 pp

JSW Dulux Ltd · AKZOINDIA

+19.3 pp
−4.4 pp
−3.4 pp
−0.8 pp
−1.6 pp
−1.3 pp
+0.0 pp
+2.2 pp
+3.1 pp
+3.5 pp
+2.0 pp
+1.0 pp
0.0 pp
0.0 pp
0.0 pp
−1.0 pp
−2.0 pp
−2.0 pp
−1.0 pp
−2.0 pp

Kansai Nerolac Paints Ltd · KANSAINER

+1.6 pp
−9.4 pp
−7.4 pp
−9.2 pp
−1.2 pp
+0.3 pp
−0.7 pp
+4.5 pp
+2.6 pp
+3.7 pp
+2.0 pp
0.0 pp
0.0 pp
−3.0 pp
−1.0 pp
−1.0 pp
−1.0 pp
0.0 pp
0.0 pp
+2.0 pp

Sirca Paints India Ltd · SIRCA⚠ unverified

+11.2 pp
+36.5 pp
+3.9 pp
−2.2 pp
+16.1 pp
+4.1 pp
−0.7 pp
+1.6 pp
−1.0 pp
−1.3 pp
−3.0 pp
+1.0 pp
−6.0 pp
−7.0 pp
−2.0 pp
−1.0 pp
+2.0 pp
+3.0 pp
+3.0 pp
0.0 pp
03 · compare level, then change

Profit Scale & Acceleration

Asian Paints Ltd has the highest Net profit among the 6 Building Materials - Paints companies compared here, at ₹4,394 crore. JSW Dulux Ltd is next at ₹1,974 crore. JSW Dulux Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Asian Paints Ltd leads with ₹4,394 crore of TTM profit, 122.6% above JSW Dulux Ltd. JSW Dulux Ltd shows ≥100% on the scoring scale (359.1% uncapped) growth from a ₹1,974 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderAsian Paints Ltd · ₹4,394 crore
Gap122.6% versus #2 · JSW Dulux Ltd
Persistence2/8 recent comparable periods
Coverage6/6 companies · 102 observations

Investor read: Asian Paints Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Asian Paints Ltd ASIANPAINT₹4.4K Cr
2JSW Dulux Ltd AKZOINDIA₹2.0K Cr
3Berger Paints India Ltd BERGEPAINT₹1.1K Cr
4Kansai Nerolac Paints Ltd KANSAINER₹576 Cr
5Indigo Paints Ltd INDIGOPNTS₹147 Cr
Profit growthfastest growers
1JSW Dulux Ltd AKZOINDIA100%
2Sirca Paints India Ltd SIRCA⚠ unverified35%
3Asian Paints Ltd ASIANPAINT18%
4Indigo Paints Ltd INDIGOPNTS3.5%
5Berger Paints India Ltd BERGEPAINT-4.7%
Net profit · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Asian Paints Ltd ASIANPAINT₹1.2K Cr69%Mar 2026
Berger Paints India Ltd BERGEPAINT₹335 Cr27%Mar 2026
JSW Dulux Ltd AKZOINDIA₹126 Cr17%Mar 2026
Kansai Nerolac Paints Ltd KANSAINER₹110 Cr7.8%Mar 2026
Indigo Paints Ltd INDIGOPNTS₹59 Cr3.5%Mar 2026
Sirca Paints India Ltd SIRCA⚠ unverified₹18 Cr29%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Asian Paints Ltd · ASIANPAINT

₹574 Cr
₹605 Cr
₹1.0K Cr
₹874 Cr
₹1.0K Cr
₹804 Cr
₹1.1K Cr
₹1.3K Cr
₹1.6K Cr
₹1.2K Cr
₹1.5K Cr
₹1.3K Cr
₹1.2K Cr
₹694 Cr
₹1.1K Cr
₹701 Cr
₹1.1K Cr
₹1.0K Cr
₹1.1K Cr
₹1.2K Cr

Berger Paints India Ltd · BERGEPAINT

₹141 Cr
₹219 Cr
₹253 Cr
₹221 Cr
₹253 Cr
₹219 Cr
₹201 Cr
₹186 Cr
₹355 Cr
₹292 Cr
₹300 Cr
₹223 Cr
₹354 Cr
₹270 Cr
₹296 Cr
₹263 Cr
₹315 Cr
₹206 Cr
₹271 Cr
₹335 Cr

Indigo Paints Ltd · INDIGOPNTS

₹12 Cr
₹14 Cr
₹24 Cr
₹35 Cr
₹20 Cr
₹37 Cr
₹26 Cr
₹49 Cr
₹32 Cr
₹25 Cr
₹38 Cr
₹54 Cr
₹27 Cr
₹22 Cr
₹36 Cr
₹57 Cr
₹26 Cr
₹25 Cr
₹37 Cr
₹59 Cr

JSW Dulux Ltd · AKZOINDIA

—
—
—
—
—
—
₹97 Cr
₹95 Cr
₹110 Cr
₹94 Cr
₹114 Cr
₹109 Cr
₹115 Cr
₹98 Cr
₹109 Cr
₹108 Cr
₹91 Cr
₹1.7K Cr
₹74 Cr
₹126 Cr

Kansai Nerolac Paints Ltd · KANSAINER

—
—
—
—
—
—
₹109 Cr
₹96 Cr
₹734 Cr
₹175 Cr
₹152 Cr
₹114 Cr
₹225 Cr
₹120 Cr
₹662 Cr
₹102 Cr
₹216 Cr
₹133 Cr
₹117 Cr
₹110 Cr

Sirca Paints India Ltd · SIRCA⚠ unverified

—
—
—
—
—
—
₹11 Cr
₹9 Cr
₹13 Cr
₹16 Cr
₹11 Cr
₹13 Cr
₹10 Cr
₹13 Cr
₹11 Cr
₹14 Cr
₹14 Cr
₹18 Cr
₹15 Cr
₹18 Cr

Profit growth · reported quarter history

Asian Paints Ltd · ASIANPAINT

—
—
—
—
80%
33%
6.4%
44%
52%
53%
34%
1.4%
-25%
-44%
-24%
-45%
-5.9%
47%
-4.8%
69%

Berger Paints India Ltd · BERGEPAINT

—
—
—
—
79%
0.0%
-21%
-16%
40%
33%
49%
20%
-0.3%
-7.5%
-1.3%
18%
-11%
-24%
-8.5%
27%

Indigo Paints Ltd · INDIGOPNTS

—
—
—
—
67%
164%
8.3%
40%
60%
-32%
46%
10%
-16%
-12%
-5.3%
5.6%
-3.7%
14%
2.8%
3.5%

JSW Dulux Ltd · AKZOINDIA

—
—
—
—
—
—
—
—
—
—
18%
15%
4.6%
4.3%
-4.4%
-0.9%
-21%
1,617%
-32%
17%

Kansai Nerolac Paints Ltd · KANSAINER

—
—
—
—
—
—
—
—
—
—
39%
19%
-69%
-31%
336%
-11%
-4.0%
11%
-82%
7.8%

Sirca Paints India Ltd · SIRCA⚠ unverified

—
—
—
—
—
—
—
—
—
—
0.0%
44%
-23%
-19%
0.0%
7.7%
40%
38%
36%
29%
04 · not available

Capacity Spending & Returns On It

No company in this Building Materials - Paints comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 6 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Mar 2026.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

Withheld from this comparison: Kansai Nerolac Paints Ltd (KANSAINER) — its two data sources disagree by up to 5.8% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Indigo Paints Ltd has the lowest Gross debt among the 6 Building Materials - Paints companies compared here, at ₹21 crore. Sirca Paints India Ltd is next at ₹32 crore. Asian Paints Ltd has the lowest Net debt at ₹4,673 crore net cash, so level and change sit with different companies.

What the numbers say: Asian Paints Ltd has the clearest covered balance-sheet capacity with ₹4,673 crore net cash and gross debt of ₹3,929 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderIndigo Paints Ltd · ₹21 crore
Gap34.4% versus #2 · Sirca Paints India Ltd
Persistence8/8 recent comparable periods
Coverage6/6 companies · 84 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Indigo Paints Ltd INDIGOPNTS₹21 Cr
2Sirca Paints India Ltd SIRCA⚠ unverified₹32 Cr
3JSW Dulux Ltd AKZOINDIA₹79 Cr
4Kansai Nerolac Paints Ltd KANSAINER₹303 Cr
5Berger Paints India Ltd BERGEPAINT₹635 Cr
Net debtlowest net debt
1Asian Paints Ltd ASIANPAINT₹-4.7K Cr
2Berger Paints India Ltd BERGEPAINT₹-624 Cr
3Indigo Paints Ltd INDIGOPNTS₹-311 Cr
4Sirca Paints India Ltd SIRCA⚠ unverified₹-76 Cr
Debt and balance-sheet capacity · company comparison
6/6 level · 4/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Asian Paints Ltd ASIANPAINT₹3.9K Cr₹-4.7K CrMar 2026
Berger Paints India Ltd BERGEPAINT₹635 Cr₹-624 CrMar 2026
Kansai Nerolac Paints Ltd KANSAINER₹303 Cr—Mar 2026
JSW Dulux Ltd AKZOINDIA₹79 Cr—Mar 2026
Sirca Paints India Ltd SIRCA⚠ unverified₹32 Cr₹-76 CrMar 2026
Indigo Paints Ltd INDIGOPNTS₹21 Cr₹-311 CrMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Asian Paints Ltd · ASIANPAINT

₹1.1K Cr
₹1.4K Cr
₹1.4K Cr
₹1.6K Cr
₹1.6K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹2.3K Cr
₹2.3K Cr
₹2.5K Cr
₹2.5K Cr
₹2.5K Cr
₹2.5K Cr
₹2.3K Cr
₹2.3K Cr
₹3.6K Cr
₹3.6K Cr
₹3.9K Cr

Berger Paints India Ltd · BERGEPAINT

₹634 Cr
₹1.1K Cr
₹1.1K Cr
₹1.0K Cr
₹1.0K Cr
₹1.6K Cr
₹1.6K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹753 Cr
₹753 Cr
₹797 Cr
₹797 Cr
₹670 Cr
₹670 Cr
₹697 Cr
₹697 Cr
₹635 Cr

Indigo Paints Ltd · INDIGOPNTS

₹9 Cr
₹9 Cr
₹9 Cr
₹12 Cr
₹12 Cr
₹12 Cr
₹12 Cr
₹12 Cr
₹12 Cr
₹17 Cr
₹17 Cr
₹21 Cr
₹21 Cr
₹27 Cr
₹27 Cr
₹27 Cr
₹27 Cr
₹24 Cr
₹24 Cr
₹21 Cr

JSW Dulux Ltd · AKZOINDIA

—
—
—
₹70 Cr
—
—
—
₹70 Cr
—
—
—
₹60 Cr
—
—
—
₹62 Cr
—
₹71 Cr
—
₹79 Cr

Kansai Nerolac Paints Ltd · KANSAINER

—
—
—
₹203 Cr
—
—
—
₹160 Cr
—
—
—
₹276 Cr
—
—
—
₹296 Cr
—
₹276 Cr
—
₹303 Cr

Sirca Paints India Ltd · SIRCA⚠ unverified

₹13 Cr
₹12 Cr
₹12 Cr
₹0 Cr
—
₹0 Cr
₹0 Cr
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹50 Cr
—
₹45 Cr
₹45 Cr
₹32 Cr

Net debt · reported quarter history

Asian Paints Ltd · ASIANPAINT

₹-3.7K Cr
₹-2.1K Cr
₹-2.1K Cr
₹-2.5K Cr
₹-2.5K Cr
₹-677 Cr
₹-677 Cr
₹-1.6K Cr
₹-2.7K Cr
₹-1.7K Cr
₹-1.7K Cr
₹-3.0K Cr
₹-3.0K Cr
₹-316 Cr
₹-316 Cr
₹-2.4K Cr
₹-2.4K Cr
₹-2.1K Cr
₹-2.1K Cr
₹-4.7K Cr

Berger Paints India Ltd · BERGEPAINT

₹-9 Cr
₹540 Cr
₹540 Cr
₹619 Cr
₹619 Cr
₹1.3K Cr
₹1.3K Cr
₹896 Cr
₹896 Cr
₹762 Cr
₹762 Cr
₹197 Cr
₹197 Cr
₹267 Cr
₹267 Cr
₹-165 Cr
₹-165 Cr
₹-92 Cr
₹-92 Cr
₹-624 Cr

Indigo Paints Ltd · INDIGOPNTS

₹-299 Cr
₹-282 Cr
₹-282 Cr
₹-261 Cr
₹-261 Cr
₹-163 Cr
₹-163 Cr
₹-168 Cr
₹-168 Cr
₹-154 Cr
₹-154 Cr
₹-179 Cr
₹-179 Cr
₹-180 Cr
₹-180 Cr
₹-236 Cr
₹-236 Cr
₹-234 Cr
₹-234 Cr
₹-311 Cr

Sirca Paints India Ltd · SIRCA⚠ unverified

₹-66 Cr
₹-62 Cr
₹-62 Cr
—
—
₹-77 Cr
₹-77 Cr
—
—
—
—
₹-114 Cr
—
—
—
₹-6 Cr
—
₹-63 Cr
₹-63 Cr
₹-76 Cr
06 · compare level, then change

Return On Capital Employed

Asian Paints Ltd has the highest ROCE among the 6 Building Materials - Paints companies compared here, at 26.3%. JSW Dulux Ltd is next at 22.7%. Sirca Paints India Ltd has the highest ROCE change at +1.7 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Asian Paints Ltd leads ROCE at 26.3%, 3.6 percentage points above JSW Dulux Ltd. Sirca Paints India Ltd has the strongest latest improvement at +1.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderAsian Paints Ltd · 26.3%
Gap15.9% versus #2 · JSW Dulux Ltd
Persistence1/8 recent comparable periods
Coverage6/6 companies · 60 observations

Investor read: Asian Paints Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Asian Paints Ltd ASIANPAINT26%
2JSW Dulux Ltd AKZOINDIA23%
3Berger Paints India Ltd BERGEPAINT22%
4Sirca Paints India Ltd SIRCA⚠ unverified20%
5Indigo Paints Ltd INDIGOPNTS19%
ROCE changefastest improvers
1Sirca Paints India Ltd SIRCA⚠ unverified+1.7 pp
2Indigo Paints Ltd INDIGOPNTS−0.2 pp
3Asian Paints Ltd ASIANPAINT−0.8 pp
4Kansai Nerolac Paints Ltd KANSAINER−1.0 pp
5Berger Paints India Ltd BERGEPAINT−3.3 pp
Return on capital · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Kansai Nerolac Paints Ltd (KANSAINER) — its two data sources disagree by up to 5.8% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Asian Paints Ltd ASIANPAINT22%−0.8 ppMar 2026
Berger Paints India Ltd BERGEPAINT19%−3.3 ppMar 2026
Sirca Paints India Ltd SIRCA⚠ unverified17%+1.7 ppMar 2026
Indigo Paints Ltd INDIGOPNTS15%−0.2 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Asian Paints Ltd · ASIANPAINT

—
29%
—
26%
—
31%
—
31%
—
34%
44%
32%
36%
28%
30%
22%
24%
22%
26%
22%

Berger Paints India Ltd · BERGEPAINT

—
29%
—
26%
—
28%
—
25%
—
28%
32%
26%
30%
23%
27%
23%
25%
21%
22%
19%

Indigo Paints Ltd · INDIGOPNTS

—
15%
—
16%
—
18%
—
18%
—
19%
24%
19%
22%
17%
20%
16%
19%
15%
19%
15%

Sirca Paints India Ltd · SIRCA⚠ unverified

—
16%
—
15%
—
20%
—
22%
—
22%
25%
20%
23%
17%
21%
16%
21%
15%
21%
17%

ROCE change · reported quarter history

Asian Paints Ltd · ASIANPAINT

—
—
—
—
—
+2.0 pp
—
+4.6 pp
—
+3.1 pp
—
+1.0 pp
—
−6.3 pp
−13.8 pp
−9.1 pp
−12.0 pp
−6.2 pp
−4.3 pp
−0.8 pp

Berger Paints India Ltd · BERGEPAINT

—
—
—
—
—
−1.1 pp
—
−0.6 pp
—
−0.7 pp
—
+0.5 pp
—
−4.1 pp
−5.2 pp
−3.2 pp
−4.6 pp
−2.7 pp
−4.9 pp
−3.3 pp

Indigo Paints Ltd · INDIGOPNTS

—
—
—
—
—
+3.1 pp
—
+2.9 pp
—
+0.9 pp
—
+0.5 pp
—
−1.6 pp
−4.3 pp
−3.3 pp
−3.4 pp
−1.8 pp
−1.1 pp
−0.2 pp

Sirca Paints India Ltd · SIRCA⚠ unverified

—
—
—
—
—
+4.7 pp
—
+7.1 pp
—
+1.4 pp
—
−1.8 pp
—
−4.4 pp
−3.6 pp
−4.8 pp
−2.5 pp
−2.0 pp
−0.8 pp
+1.7 pp
07 · compare level, then change

Valuation Against Growth & Quality

Berger Paints India Ltd has the lowest Guarded PEG among the 6 Building Materials - Paints companies compared here, at 4.15×. Indigo Paints Ltd is next at 5.59×. Kansai Nerolac Paints Ltd has the lowest P/E at 27×, so level and change sit with different companies. 3 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Berger Paints India Ltd has the lowest comparable Guarded PEG at 4.15×, 25.8% below Indigo Paints Ltd. Only 3 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderBerger Paints India Ltd · 4.15×
Gap25.8% versus #2 · Indigo Paints Ltd
Persistence0/8 recent comparable periods
Coverage3/6 companies · 32 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Berger Paints India Ltd BERGEPAINT4.2
2Indigo Paints Ltd INDIGOPNTS5.6
3Asian Paints Ltd ASIANPAINT6.9
P/Elowest P/E
1Kansai Nerolac Paints Ltd KANSAINER27.0
2Indigo Paints Ltd INDIGOPNTS33.5
3Sirca Paints India Ltd SIRCA⚠ unverified34.4
4JSW Dulux Ltd AKZOINDIA37.2
5Berger Paints India Ltd BERGEPAINT51.3
Valuation · company comparison
3/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Asian Paints Ltd ASIANPAINT6.951.9Mar 2026
Indigo Paints Ltd INDIGOPNTS5.623.4Mar 2026
Berger Paints India Ltd BERGEPAINT4.243.1Mar 2026
Kansai Nerolac Paints Ltd KANSAINER—22.3Mar 2026
JSW Dulux Ltd AKZOINDIA—35.5Mar 2026
Sirca Paints India Ltd SIRCA⚠ unverified—38.1Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Asian Paints Ltd · ASIANPAINT

5.9
3.2
2.3
9.4
—
—
5.0
2.7
2.3
2.2
1.8
1.2
1.6
6.9
—
—
—
—
—
—

Berger Paints India Ltd · BERGEPAINT

11.4
—
—
2.4
4.5
—
4.9
7.1
—
—
7.5
2.2
1.4
2.9
4.2
—
—
—
—
—

Indigo Paints Ltd · INDIGOPNTS

5.0
—
5.7
2.4
—
—
6.5
0.9
0.9
—
1.3
4.2
—
6.2
—
5.6
—
—
—
—

P/E · reported quarter history

Asian Paints Ltd · ASIANPAINT

92.2
94.8
99.7
96.4
86.0
89.6
78.7
69.3
78.0
65.1
64.2
50.1
51.3
62.5
46.4
51.5
57.6
58.4
65.5
51.9

Berger Paints India Ltd · BERGEPAINT

108.7
96.6
89.0
81.5
69.3
63.4
59.7
63.2
76.7
69.0
68.2
59.0
50.3
61.7
45.0
51.1
57.6
52.0
57.2
43.1

Indigo Paints Ltd · INDIGOPNTS

161.4
177.0
136.4
90.9
71.9
61.6
52.6
36.4
47.5
53.6
53.8
42.0
44.4
49.2
45.5
32.4
39.0
36.7
37.3
23.4

JSW Dulux Ltd · AKZOINDIA

50.7
33.1
31.8
30.6
28.1
34.7
33.8
33.5
33.1
31.0
29.9
26.3
30.3
39.9
35.7
38.1
36.2
37.6
36.3
35.5

Kansai Nerolac Paints Ltd · KANSAINER

61.0
55.5
59.6
53.4
57.7
65.8
56.0
51.6
51.9
46.9
44.1
32.3
33.3
36.9
33.9
28.7
32.1
31.2
29.5
22.3

Sirca Paints India Ltd · SIRCA⚠ unverified

53.5
48.3
43.2
34.7
43.4
43.9
44.4
41.3
41.1
45.0
46.4
32.2
34.2
38.5
39.9
27.9
42.7
50.0
46.6
38.1
08 · compare level, then change

Enterprise Value & Book Value

Kansai Nerolac Paints Ltd has the lowest EV/EBITDA among the 6 Building Materials - Paints companies compared here, at 12.8×. Indigo Paints Ltd is next at 13.2×. The same company also holds the lowest P/BV, at 2.33×. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Kansai Nerolac Paints Ltd leads both ev/ebitda at 12.8× and p/bv at 2.33×.

LeaderKansai Nerolac Paints Ltd · 12.8×
Gap3% versus #2 · Indigo Paints Ltd
Persistence0/8 recent comparable periods
Coverage6/6 companies · 120 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Kansai Nerolac Paints Ltd KANSAINER12.8
2Indigo Paints Ltd INDIGOPNTS13.2
3JSW Dulux Ltd AKZOINDIA23.0
4Sirca Paints India Ltd SIRCA⚠ unverified24.9
5Berger Paints India Ltd BERGEPAINT25.2
P/BVlowest P/BV
1Kansai Nerolac Paints Ltd KANSAINER2.3
2Indigo Paints Ltd INDIGOPNTS4.3
3Sirca Paints India Ltd SIRCA⚠ unverified4.7
4JSW Dulux Ltd AKZOINDIA5.5
5Berger Paints India Ltd BERGEPAINT8.4
Enterprise and book valuation · company comparison
6/6 level · 6/6 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Asian Paints Ltd ASIANPAINT29.910.8Mar 2026
Berger Paints India Ltd BERGEPAINT25.27.7Mar 2026
Sirca Paints India Ltd SIRCA⚠ unverified24.95.4Mar 2026
JSW Dulux Ltd AKZOINDIA23.06.0Mar 2026
Indigo Paints Ltd INDIGOPNTS13.23.3Mar 2026
Kansai Nerolac Paints Ltd KANSAINER12.82.1Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Asian Paints Ltd · ASIANPAINT

55.8
58.4
60.6
57.7
51.4
54.7
48.1
42.3
48.1
41.0
41.1
32.3
33.5
40.1
29.4
32.0
33.9
33.8
38.1
29.9

Berger Paints India Ltd · BERGEPAINT

63.9
58.7
54.0
49.1
41.4
39.1
36.6
37.3
43.6
40.1
39.8
35.0
30.4
36.9
26.9
30.4
34.4
30.7
33.2
25.2

Indigo Paints Ltd · INDIGOPNTS

99.2
105.6
82.6
56.5
43.7
43.9
37.9
26.2
35.2
36.7
37.1
25.1
25.9
27.9
25.2
18.2
21.9
20.7
21.3
13.2

JSW Dulux Ltd · AKZOINDIA

27.5
19.9
19.5
18.8
16.3
20.2
19.8
19.5
19.3
18.3
17.8
15.7
18.6
24.8
22.0
23.3
22.6
23.7
23.5
23.0

Kansai Nerolac Paints Ltd · KANSAINER

35.8
33.4
35.1
30.3
30.6
36.3
31.1
28.0
29.1
27.6
26.5
19.7
20.3
22.1
19.8
17.4
19.7
18.6
17.8
12.8

Sirca Paints India Ltd · SIRCA⚠ unverified

31.3
29.4
28.5
22.8
27.0
28.3
29.0
26.9
27.2
30.2
30.9
21.1
22.7
25.2
25.9
17.7
27.9
34.3
31.1
24.9

P/BV · reported quarter history

Asian Paints Ltd · ASIANPAINT

22.5
25.8
25.9
23.4
19.2
22.7
21.0
19.2
20.2
19.0
19.7
16.5
14.9
17.0
12.1
12.5
11.7
11.6
13.5
10.8

Berger Paints India Ltd · BERGEPAINT

29.4
24.2
21.6
19.3
17.1
14.6
13.8
14.4
16.8
14.8
14.6
13.8
13.0
13.4
9.2
10.4
12.7
9.9
10.1
7.7

Indigo Paints Ltd · INDIGOPNTS

21.2
20.7
17.2
11.8
10.2
10.3
8.9
6.2
8.8
9.1
8.7
7.3
7.2
7.8
6.8
4.8
6.1
5.0
5.0
3.3

JSW Dulux Ltd · AKZOINDIA

8.5
7.8
7.3
6.9
6.3
8.1
8.1
8.3
8.8
8.7
8.9
8.1
9.8
12.9
10.9
11.5
11.7
11.5
6.3
6.0

Kansai Nerolac Paints Ltd · KANSAINER

7.8
8.4
7.9
6.0
4.9
6.1
5.4
5.0
5.3
5.7
5.1
4.0
3.9
4.5
3.7
3.3
3.1
3.1
3.0
2.1

Sirca Paints India Ltd · SIRCA⚠ unverified

4.4
4.7
7.0
6.1
6.0
6.7
7.5
7.8
8.4
8.0
7.9
5.5
6.0
6.1
5.7
4.1
6.8
7.6
6.2
5.4
09 · let price answer last

Market action

Asian Paints Ltd has the strongest one-year price move in Building Materials - Paints at +12.9%. It also leads on Mansfield relative strength against NIFTY at +4.2%. 2 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Building Materials - Paints comparison names 7 specific ways its own evidence can mislead, all listed below. All 6 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
  • 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
  • Thin comparisons: Capital expenditure have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 6 companies in the canonical Building Materials - Paints membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. 1 of these is no longer being priced, so its price and relative strength are frozen at the last traded week shown.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Asian Paints Ltd ASIANPAINTAHEAD₹2.5 L Cr₹2,6382026-07-19Mar 2026Cross-checked
Berger Paints India Ltd BERGEPAINTAHEAD₹58.1K Cr₹4982026-07-19Mar 2026Cross-checked
Kansai Nerolac Paints Ltd KANSAINER₹15.6K Cr₹1932026-07-19Mar 2026Second feed withheld
JSW Dulux Ltd AKZOINDIALAGGING, FUNDAMENTALS UP₹13.4K Cr₹2,9442026-03-29 · not currently pricedMar 2026Primary source only
Indigo Paints Ltd INDIGOPNTSAHEAD₹5.0K Cr₹1,0492026-07-19Mar 2026Cross-checked
Sirca Paints India Ltd SIRCA⚠ unverified₹2.2K Cr₹3932026-07-19Mar 2026Includes unverified figures
How each company's sources stand: 1 of 6 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Kansai Nerolac Paints Ltd (KANSAINER) — its two data sources disagree by up to 5.8% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 6 Building Materials - Paints companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Mar 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing3 cross-checked · 2 unverified · 1 withheld, of 6 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Building Materials - Paints company comparison FAQs

These 18 answers restate the Building Materials - Paints comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Building Materials - Paints index?

The Nifty Building Materials - Paints index tracks India's listed Building Materials - Paints companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Building Materials - Paints sector rather than to its largest constituent. Figures are as of Mar 2026.

Which are the best Building Materials - Paints stocks in India?

Ranked by this page's four-factor score, Sirca Paints India Ltd places first among 6 listed Building Materials - Paints companies, followed by Asian Paints Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Building Materials - Paints stocks are listed in India?

This comparison covers 6 listed Building Materials - Paints companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

Which Building Materials - Paints company is the biggest?

Asian Paints Ltd is the largest, with trailing-twelve-month revenue of ₹35,584 crore, ahead of Berger Paints India Ltd at ₹11,880 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

Which Building Materials - Paints company is growing fastest?

Sirca Paints India Ltd has the fastest revenue growth at 31.6% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Building Materials - Paints company has the best profit margins?

Indigo Paints Ltd has the highest operating margin at 22%, from 6 of 6 comparable companies. Asian Paints Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Building Materials - Paints company makes the most profit?

Asian Paints Ltd earns the most, at ₹4,394 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. JSW Dulux Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Building Materials - Paints company earns the highest return on capital?

Asian Paints Ltd leads on return on capital employed at 26.3%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Building Materials - Paints stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Berger Paints India Ltd screens cheapest at 4.15×. Only 3 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Building Materials - Paints company has the strongest balance sheet?

Indigo Paints Ltd carries the lowest comparable gross debt at ₹21 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Building Materials - Paints stock has the strongest price momentum?

Asian Paints Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Building Materials - Paints company scores highest for research priority?

Sirca Paints India Ltd scores 63.8 out of 100 with 81% evidence confidence, from 27.1 points on growth and earnings, 13.1 on capital efficiency, 11.6 on valuation and 12 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Building Materials - Paints companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Building Materials - Paints sector?

The 6 Building Materials - Paints companies on this page carry ₹3,47,390 crore of combined market value. Asian Paints Ltd is the largest at ₹2,53,027 crore, about 73% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Building Materials - Paints sector's P/E ratio?

The median price-to-earnings ratio across the 6 Building Materials - Paints companies on this page is 37.2×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Building Materials - Paints sector performing?

2 of the 6 covered Building Materials - Paints companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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