Asian Paints Ltd is an Indian multinational paint company, headquartered in Mumbai. The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services. Asian Paints is India's largest paints company by market share. Asian Paints is India's leading paint and décor company and ranks among the top 10 Decorative Coating companies globally.
The company was started in a garage in Gaiwadi, Girgaon, Mumbai by four friends Champaklal Choksey, Chimanlal Choksi, Suryakant Dani and Arvind Vakil, in February 1942. Over the course of 25 years, Asian Paints became a corporate force and India's leading paints company. Driven by its strong consumer-focus and innovative spirit, the company has been the market leader in paints since 1967.
Asian Paints manufactures a wide range of paints for decorative and industrial use and also offers water proofing, adhesives and services under its portfolio. The company is into wall paints, wall coverings, waterproofing, texture painting, wall stickers, mechanized tools, adhesives, modular kitchens, sanitaryware, lightings, soft furnishings, and uPVC windows.
The company is also present in the Home Decor segment and offers Modular kitchens and wardrobes, Bath fittings and sanitaryware, Decorative lightings, uPVC windows and doors, wall coverings, Furniture, Fabric & Furnishings and Rugs. In 2020, Asian Paints started its personalised interior design service called Beautiful Homes, and launched experiential studios across India under the same name.
The company has 27 paint manufacturing facilities in 15 countries, servicing consumers in over 60 countries. Asian Paints has established a strong international footprint through strategic acquisitions and joint ventures over the years. Asian Paints established its first overseas subsidiary in 1978 in Fiji, before expanding into Nepal in 1983.
The company has made significant investments in various markets including Sri Lanka, Egypt, Bangladesh, Ethiopia, and other Asian and African countries. However, by 2010, it ceased its loss-making operations in Malaysia, Hong Kong, Thailand and China.
As of the latest available data, Asian Paints has a market capitalization of ₹2,32,529 crores. The company has faced challenging market conditions in recent periods.
Asian Paints reported a 23.3 per cent drop in consolidated net profit to ₹1,110.48 crore for the third quarter (Q3) of the financial year 2024-25 (FY25), from ₹1,447.72 crore reported during the same period last year, impacted by muted festive season demand. Consolidated revenue from operations also dropped marginally by 6 per cent to ₹8,549.44 crore year-on-year from ₹9,103.09 crore.
For the full year, net profit declined 32.84% to Rs 3667.23 crore in the year ended March 2025 as against Rs 5460.23 crore during the previous year ended March 2024. Sales declined 4.48% to Rs 33797.36 crore in the year ended March 2025 as against Rs 35382.12 crore during the previous year ended March 2024.
The current market share of Asian Paints has been recorded at 59% of the Indian paints industry. The India Paints and Coatings Market is valued at USD 9.56 billion in 2024 and is expected to grow to USD 15.00 billion by 2029, with a growth rate (CAGR) of 9.38% during this period.
However, the company faces increasing competition, particularly from new entrants. Asian Paints holds a 52% market share but has lost ground to Birla Opus, which has rapidly gained market presence since its launch in February 2024. The Competition Commission of India is reviewing a complaint from Birla Opus alleging that Asian Paints abused its dominant market position to stifle competition. The complaint claims Asian Paints pressured dealers to avoid stocking rival products and threatened to cut credit facilities.
Asian Paints has been actively making strategic acquisitions to strengthen its position in the home décor segment. Asian Paints acquires remaining 40% of White Teak for Rs.188 Cr, making it a wholly owned subsidiary. The company had initially acquired 49% stake in April 2022 from the White Teak's promoters, Pawan Mehta and Gagan Mehta under share purchase agreement and other definitive agreements. In June 2023, it further increased shareholding by acquiring an 11% stake.
Promoter Holding: 52.6% The founding families continue to maintain significant control over the company. As per the Forbes list of India's 100 richest tycoons, dated 9 October 2024, Dani family is ranked 36th with a net worth of $8.1 billion.
Despite near-term challenges, Asian Paints remains committed to innovation and growth. The company fuels inspiration by providing personalised solutions and pushing the boundaries of innovation to create better homes sustainably. Management remains cautiously optimistic about demand recovery while continuing to invest in brand, innovation, and customer centricity.
The company's diversified portfolio spanning decorative paints, industrial coatings, and home décor solutions positions it well to capture growth opportunities in India's expanding consumer market, even as it navigates current market challenges and increased competition.
