Paint Stocks and Companies in India

The largest Paint stocks in India by market value are Asian Paints (₹2.32 lakh crore), Berger Paints (₹56,563 crore) and Kansai Nerolac Paints (₹15,799 crore), at prices of 4 Nov 2026.

• Asian Paints: ₹2,418.30 | market value ₹2.32 lakh crore | P/E 46.9
• Berger Paints: ₹485.10 | market value ₹56,563 crore | P/E 46.1
• Kansai Nerolac Paints: ₹195.32 | market value ₹15,799 crore | P/E 24.5
• JSW Dulux: ₹263.70 | market value ₹12,009 crore | P/E 31.3
• Indigo Paints: ₹859.85 | market value ₹4,104 crore | P/E 26.7
• Sirca Paints India: ₹408.65 | market value ₹2,321 crore | P/E 34.7
• Shalimar Paints: ₹78.28 | market value ₹656 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Building Materials - Paints companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Building Materials - Paints index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Asian Paints Ltd₹2.2 lakh cr
2. Berger Paints India Ltd₹54,200 cr
3. Kansai Nerolac Paints Ltd₹14,300 cr
4. JSW Dulux Ltd₹12,000 cr
5. Indigo Paints Ltd₹4,760 cr
6. Sirca Paints India Ltd₹2,300 cr
7. Shalimar Paints Ltd₹666 cr

7 Paint companies in the Building Materials - Paints industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is Asian Paints (₹2.23 lakh crore) and the smallest with a market value is Shalimar Paints.

Download all 7 Paint companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 17% behind NIFTY 500. Earnings across its companies grew 16% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 26 weeks running.

1 of 8 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 26 weeks running; 2 of the 8 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 8 pass the momentum test (no change from four weeks earlier); earnings rising at 6 of the 8 that report earnings.

Ahead of NIFTY 500 for 26 weeks running, participation steady at 1 → 1 of 8. Earnings confirming, 6 of 8 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 8 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Building Materials - Paints has done worse than the NIFTY 500 by 3.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.2%. Shalimar Paints Ltd is the strongest against the sector itself at +30.8%.

Building Materials - Paints has done worse than the NIFTY 500 by 3.5% over 52 weeks, but is 2.2% ahead over the last 13 weeks. 1 of 7 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of the 5 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Sirca Paints India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 95.6% evidence confidence.

Kansai Nerolac Paints Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Shalimar Paints Ltd has the strongest one-year price move in Building Materials - Paints at +1.5%. It also leads on relative strength against the NIFTY, at +32.0%. 2 of 7 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Building Materials - Paints itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Revenue actually plateaued/eased from the ₹64,036 Cr (2024) peak to ₹61,012 Cr (2026) and profit round-tripped (₹8,958 Cr 2024 → ₹7,053 Cr 2025 → ₹8,286 Cr 2026), so the operating curve is choppy, not a clean up-leg.

From our industry review of 14 June 2026. A newer review (10 October 2026) did not cover Building Materials - Paints, so this is the latest we have.

1 of 7 Building Materials - Paints companies held a results call for July to September 2026. Asian Paints guided: November price increase of 3.5 percent already announced including anti dumping impact.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.5 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹4,560 crore in the last 12 months, 86% more than a year before.
• Projects still being built grew 40% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 8 Building Materials - Paints companies, in percentage points.

Ownership and spending as of 10 October 2026.

Asian Paints Ltd has the highest Revenue among the 7 Building Materials - Paints companies compared here, at ₹38,633 crore. Berger Paints India Ltd is next at ₹12,263 crore. Sirca Paints India Ltd has the highest Revenue growth at 24.2%, 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 largest at ₹38,633 crore, 215% ahead of Berger Paints India Ltd. Sirca Paints India Ltd's growth is 24.2% from a ₹508 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Asian Paints Ltd is the size to compare against; Sirca Paints India Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Sirca Paints India Ltd has the highest OPM among the 7 Building Materials - Paints companies compared here, at 19%. Berger Paints India Ltd is next at 17%. Berger Paints India Ltd has the highest Margin change at 0 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: Sirca Paints India Ltd leads opm at 19%; Berger Paints India Ltd leads margin change at 0 percentage points.

What this means: Sirca Paints India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Asian Paints Ltd has the highest Net profit among the 7 Building Materials - Paints companies compared here, at ₹4,903 crore. JSW Dulux Ltd is next at ₹1,963 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 earns the most, ₹4,903 crore of profit over the last 12 months, 149.8% above JSW Dulux Ltd. JSW Dulux Ltd shows at least 100% on the scoring scale (383.5% in full) growth from a profit base of ₹1,963 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Asian Paints Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Asian Paints Ltd has the highest ROCE among the 7 Building Materials - Paints companies compared here, at 26.3%. JSW Dulux Ltd is next at 22.7%. JSW Dulux Ltd has the highest ROCE change at +78.2 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Asian Paints Ltd leads ROCE at 26.3%, 3.6 percentage points above JSW Dulux Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Asian Paints Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

Withheld from this chart: Kansai Nerolac Paints Ltd (KANSAINER): its two data sources disagree by up to 5.8% on reported income across 15 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Sirca Paints India Ltd has the lowest PEG among the 7 Building Materials - Paints companies compared here, at 1.23×. Asian Paints Ltd is next at 1.8×. Kansai Nerolac Paints Ltd has the lowest P/E at 22.1×, so level and change sit with different companies. 5 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Sirca Paints India Ltd has the lowest comparable PEG at 1.23×, 31.7% below Asian Paints Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Building Materials - Paints companies show up on 5 of our India lists. The most are on the small & mid cap stocks list (2 companies).

This Building Materials - Paints comparison names 5 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company is missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 7 Building Materials - Paints companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

1 of 7 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 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Building Materials - Paints comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.