JSW Paints Eyes Top 3 Slot with ₹7,000 Cr Target by FY26

Introduction

JSW Group's strategic push into the Indian paints market has reached a pivotal moment with the completion of its acquisition of AkzoNobel India in December 2025. This transaction immediately promotes JSW Paints to the fourth-largest position in the country's competitive paints industry. With control over the iconic Dulux brand, the company has laid out a clear and aggressive roadmap to integrate operations, expand its market reach, and challenge the established leaders.

The Landmark Acquisition

The deal saw JSW Paints acquire a majority stake in AkzoNobel India, a move that reshapes the industry landscape. Speaking at the World Economic Forum 2026 in Davos, JSW Paints' Managing Director, Parth Jindal, confirmed the company's ambition. The primary mandate is to first break into the top three paint companies in India and then aim for the top two. This acquisition is not just about scale but about creating a powerful platform for sustained growth in both the decorative and industrial segments.

A New Market Powerhouse

With the deal finalized, the combined JSW Paints and AkzoNobel India entity holds a market share of approximately 7%. The immediate goal is to increase this to at least 10% in the decorative segment within the next year. The acquisition provides JSW with a formidable portfolio, combining its own fast-growing brand with AkzoNobel's premium Dulux brand, which has strong recognition in major urban centers.

Strategic Roadmap: Synergies First

Instead of pursuing further acquisitions, JSW's immediate focus is on unlocking operational and distribution synergies between the two companies, which currently operate as separate entities. The first step involves a significant cross-selling initiative. JSW plans to offer its products to AkzoNobel's extensive dealer network, while making Dulux products available through JSW's retail points. This strategy is expected to substantially increase counter share and drive revenue growth without major capital expenditure.

Financial Ambitions for FY26

The financial targets are ambitious. By the end of fiscal year 2026, the combined business is projected to be a ₹7,000 crore operation. This revenue is expected to be split between decorative paints, contributing approximately ₹3,800 crore, and industrial coatings, which will account for around ₹3,200 crore. This increased scale will provide more resources for branding, advertising, and distribution, strengthening its competitive position against market leaders.

Dominance in Industrial Coatings

A key aspect of the acquisition is the strengthened position in the industrial coatings market. The combined JSW-AkzoNobel entity is now the second-largest player in this segment in India. Parth Jindal highlighted a structural advantage, noting that 70% of industrial coatings are applied to steel. As India's largest steel producer, JSW Group believes it has a natural 'right to win' in this space, with a clear ambition to eventually become the number one player.

Expanding the Distribution Network

The synergy in distribution is one of the most powerful aspects of this deal. AkzoNobel India has a network of around 19,000 retailers, while JSW Paints has about 9,000. With a minimal overlap of only 10%, the combined entity will have access to a vast network of approximately 26,000 to 27,000 retailers across the country. This network also has complementary strengths. Dulux is a leader in the premium segment in Tier 1 and Tier 2 cities, whereas JSW Paints has a strong presence in the mass and value segments in Tier 3 and Tier 4 towns. This combined reach allows for comprehensive market coverage.

Future Corporate Structure

JSW Group has a clear plan for the corporate structure. JSW Paints, currently a private entity, served as the vehicle for the acquisition. Once the operational synergies are fully realized, the group intends to simplify the structure. The plan is to merge JSW Paints into the listed Akzo Nobel India entity within the next two to three years. This move would provide a direct path for JSW's paints business to be publicly listed, potentially unlocking further value for shareholders.

Conclusion

The acquisition of AkzoNobel India is a transformative event for JSW Paints, catapulting it into the top tier of the Indian paints industry. The company's strategy is well-defined, focusing on leveraging synergies in distribution and product portfolios to achieve a ₹7,000 crore revenue target by FY26. With a dominant position in industrial coatings and a clear path to becoming a top-three player in decorative paints, JSW is poised to intensify competition and reshape the market. The planned merger in the coming years will be a key milestone to watch.