Paint stocks 2026: financial snapshot of 10 players

Why paint stocks are back on investors’ screens

Indian paint stocks have drawn fresh attention after a tough patch of weak demand, heightened competition, and an unusually long monsoon season. The latest sector chatter points to a recovery on Dalal Street, with several listed names seeing near-term price strength. The drivers cited include lower raw material costs linked to declining crude oil prices, a beneficial GST reduction, and festive season demand.

At the same time, competitive pressure has increased with newer entrants such as Birla Opus (Grasim Industries) and JSW Paints. Even with that backdrop, legacy companies such as Asian Paints and Berger Paints have remained central to investor tracking because of their scale and market positions.

Latest quarterly snapshot: what the numbers show

A financial snapshot of 10 paint-related stocks highlights differences in scale, profitability, leverage, and valuations. Asian Paints remains the largest in market capitalisation at ₹232,998.73 crore, while smaller names like Retina Paints are below ₹100 crore. Quarterly sales and net profit (NP) also vary widely, reflecting business mix and operating leverage across companies.

The snapshot also includes promoter holding, pledge levels, debt-to-equity, ROCE, ROE, P/E, and CMP/BV. Within this set, Shalimar Paints stands out for losses in the reported quarter (NP at -₹26.65 crore) and a high promoter pledge (70.51%).

Leaders by scale: Asian Paints and Berger Paints

Asian Paints reported quarterly sales of ₹8,867.02 crore versus ₹8,531.27 crore in the previous quarter, with quarterly NP at ₹1,073.92 crore. Its promoter holding is listed at 52.63%, with 8.60% pledged, and debt-to-equity at 0.18.

Berger Paints India reported quarterly sales of ₹2,983.97 crore versus ₹2,827.49 crore in the previous quarter, with quarterly NP at ₹271.35 crore. Promoter holding is shown at 74.98% with no pledge, and debt-to-equity at 0.11.

Mid-pack names: Kansai Nerolac and Akzo Nobel India

Kansai Nerolac Paints posted quarterly sales of ₹1,981.99 crore and quarterly NP of ₹117.05 crore in the snapshot. Its debt-to-equity is low at 0.04, while ROCE and ROE are listed at 13.03% and 10.41% respectively.

Akzo Nobel India posted quarterly sales of ₹907.70 crore, with quarterly NP at ₹74.10 crore. The snapshot lists debt-to-equity at 0.03 and high reported profitability ratios, with ROCE at 41.66% and ROE at 32.23%.

Growth-focused tracking: Indigo Paints and Sirca Paints

Indigo Paints is described as appealing to growth investors, and the snapshot shows quarterly sales of ₹338.85 crore and quarterly NP of ₹36.16 crore. Debt-to-equity is listed at 0.02, with ROCE at 19.51% and ROE at 14.65%.

Sirca Paints India reported quarterly sales of ₹112.79 crore and quarterly NP of ₹15.03 crore. Its debt-to-equity is listed at 0.10, and ROCE and ROE at 19.98% and 14.94% respectively.

Smaller and stressed names: what stands out

Among the smaller companies, Siddhika Coatings shows quarterly sales of ₹27.24 crore and quarterly NP of ₹4.80 crore, with debt-to-equity at 0.00. Kamdhenu Venture shows quarterly sales of ₹63.23 crore and quarterly NP of ₹0.99 crore, with debt-to-equity at 0.19.

Shalimar Paints is the most stressed on reported profitability in this list, with quarterly NP at -₹26.65 crore and negative ROCE (-12.80%) and ROE (-22.64%). It also has a high promoter pledge of 70.51%.

Market prices and 52-week levels (as of Thu, 7 May 2026)

A separate market table dated Thursday, 7 May, 2026 lists market prices, 52-week highs and lows, market caps, and valuation ratios for several paint stocks.

What moved the sector: competition fears, then relief

The sector narrative has repeatedly focused on competition risk after Birla Opus entered the market in 2024. In one reported move, Asian Paints shares rose nearly 6% to ₹2,631 and Berger Paints rose over 3% to ₹554.80 after the resignation of Rakshit Hargave, CEO of Birla Opus Paints. The same update also noted that Nomura upgraded Asian Paints and Berger Paints to ‘Buy’, stating competition concerns have lessened.

Separately, the paint sector’s rebound theme also referenced short-term price gains: Asian Paints up 0.5% to ₹2,810 in early Wednesday trade, Berger Paints up 1.5% to ₹548.7 on Monday, and Indigo Paints up 3% to ₹1,235.7 in early Wednesday trade. These moves were framed as part of improving sentiment as input-cost pressure eased and demand expectations improved.

Valuations and balance-sheet checks investors are watching

Valuation remains a key constraint in the paint pack. The sector commentary also flagged “rich” valuations, citing Asian Paints and Berger Paints trading at P/E ratios of over 60 and Indigo Paints at more than 40 times earnings. The snapshot tables, meanwhile, show varying P/E levels across names, reinforcing that valuation discussion depends on the specific data source and date.

From a risk lens, leverage is generally low for several companies in the snapshot (debt-to-equity ranging from 0.02 to 0.18 for multiple names), but promoter pledge levels differ sharply. Shalimar Paints (70.51% pledged) and Asian Paints (8.60% pledged) are notable within the provided list.

Conclusion

The latest data tables show a paint sector split between large, profitable leaders and smaller names with higher volatility in margins and earnings. Near-term sentiment has been supported by easing raw material costs, cited GST benefits, and demand tailwinds, even as competition from Birla Opus and JSW Paints stays in focus. Investors tracking the pack are likely to keep watching quarterly sales and net profit trends, promoter pledge changes, and valuation levels highlighted in the market tables dated 7 May 2026.