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Indian paints company (Japan's Kansai Paint subsidiary) selling decorative and industrial/automotive OEM paints.
Indian paints company (Japan's Kansai Paint subsidiary) selling decorative and industrial/automotive OEM paints.
Sells decorative paints through dealers to painters and households, and coatings to automakers on approved-supplier programmes whose volume follows vehicle production; titanium dioxide and oil-linked inputs are major costs. Kansai Paint of Japan is the majority owner.
Moat: narrow (brand, customer qualification, distribution). Strong OEM qualification with Indian automakers plus an established decorative-paint dealer network.
Headquarters: Mumbai, India · Founded: 1920 · Employees: 10,241
Size Kansai Nerolac Paints (KANSAINER.NS) is an India Materials company (Industrial Specialties) with a market value of $1.67B, the 422nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹196.01 on 6 Nov 2026.
Performance Over six months the shares fell 7.3%, against -15.9% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +12.6%); the operating margin is 8.8% (peer median 10.5%).
Valuation It trades at 22.1× forward earnings against a peer median of 21.1× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.2 points below its cost of capital (14.8% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹86.3B | ₹80.5B | ₹78.2B | ₹78.0B | ₹75.4B |
| Revenue growth | — | +3% | 0% | +3% | — |
| Gross profit | ₹21.1B | ₹19.3B | ₹18.9B | ₹19.6B | ₹15.8B |
| EBITDA | ₹10.1B | ₹9.75B | ₹9.42B | ₹10.3B | ₹8.18B |
| Net income | ₹6.12B | ₹5.89B | ₹11.4B | ₹11.9B | ₹4.74B |
| Free cash flow | n/a | ₹6.79B | ₹3.40B | ₹6.54B | ₹2.69B |
| Capital expenditure | n/a | ₹2.13B | ₹3.26B | ₹2.37B | ₹1.23B |
| Total debt | ₹2.89B | ₹3.03B | ₹2.96B | ₹2.76B | ₹2.87B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kansai Nerolac Paints KANSAINER.NS | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% |
| Asian Paints ASIANPAINT.NS | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% |
| Berger Paints India BERGEPAINT.NS | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% |
| JSW Dulux JSWDULUX.NS | $1.31B | +3% | -5% | 11% | 30.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KANSAINER.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | -15.6% | 3rd highest of 21 |
| 6-month return | -7.3% | -15.9% | 9th highest of 21 |
| Distance from 52-week high | -25.8% | -38.7% | 8th highest of 21 |
| Revenue growth (TTM) | +9.8% | +12.6% | 8th lowest of 21 |
| Operating margin | 8.8% | 10.5% | 9th lowest of 21 |
| Forward P/E | 22.1× | 21.1× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 7.3% | 6th most demanding of 17 |
| Growth delivered (Del g) | +9.7% | +7.9% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | +12.4 pp | -2.0 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | -3.2 pp | +1.8 pp | 8th lowest of 21 |
| EV / EBITDA | 13.7× | 9.6× | 5th most expensive of 13 |
| Net debt / EBITDA | -1.9× | -0.4× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kansai Nerolac Paints KANSAINER.NS | India | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% | +9.7% |
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |
| Kunshan Dongwei Technology 688700.SS | China | $1.64B | -40% | +56% | 13% | 34.2× | 23.1% | +14.5% |
| Explosive 002096.SZ | China | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% | +37.7% |
| Triumph Science & Technology 600552.SS | China | $1.76B | -20% | +12% | 5% | 65.5× | 21.3% | +3.1% |
| Zhejiang Runtu 002440.SZ | China | $1.77B | -1% | +23% | 17% | 8.5× | -5.5% | +2.0% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 59.3× | 44.2% | -2.3% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 21.8× | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 30.9× | n/a | n/a |
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | n/a | -0.2% | +8.1% |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |