8. Asian Paints Limited

Mumbai, India

Managing Director/CEO: Amit Syngle

www.asianpaints.com

2024 Coatings Sales: Approx. $3.95 billion USD (₹33,797.4) for the fiscal year ending March 31, 2025

Founded in 1942, Asian Paints is India’s largest paint company and one of the top eight coatings manufacturers globally. Asian Paints and its subsidiaries operate in 14 countries and run 26 paint manufacturing facilities, servicing customers in over 60 markets under the brands Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints.

For the fiscal year ending March 31, 2025, the company reported consolidated coatings sales of ₹33,797.4 crores, a decline of 4.5% from the prior year. Profit before depreciation, interest, tax and exceptional items dropped 20.8% to ₹6,006.2 crores, with a PBDIT margin of 17.8%. Net profit after minority interest fell 32.8% to ₹3,667.2 crores, impacted by exceptional charges including impairments on investments in its White Teak and Causeway Paints businesses and losses in Indonesia and Ethiopia.

The domestic Decorative coatings business saw a volume increase of 1.8% but faced a revenue decline amid subdued consumer demand and increased competitive pressure. The Industrial segment performed more robustly, with PPG Asian Paints Pvt. Ltd. (PPGAP) posting 6.0% sales growth to ₹2,136.5 crores and Asian Paints PPG Pvt. Ltd. (APPPG) increasing 4.1% to ₹1,193.1 crores. Together, the two ventures generated over ₹3,300 crores in coatings sales. The International business delivered flat nominal growth at ₹3,066.4 crores but achieved 8.6% growth in constant currency terms.

CEO Amit Syngle acknowledged the “weak demand conditions” that persisted throughout the year, noting, “The demand for decorative coatings was only marginally better in the fourth quarter than in the third quarter,” and emphasized the company’s focus on “leveraging our brand strength and driving operational efficiencies to pursue growth” amid continued macroeconomic uncertainty.

The company does not separately report its Home Décor business, stating it is “primarily engaged in the business of Paints and Home Décor” with “no separate reportable segment as per Ind AS 108.” In previous listings, PCI excluded Home Décor revenue (typically around 4% of total sales) from coatings figures, but this year, no such adjustment was made due to the absence of segmented reporting.

Source: Annual Report, company website, press releases