Nerolac reports industrial coating growth and targets EVs

On 5 November 2026, Kansai Nerolac Paints Limited reported robust automotive and performance-coating liquid growth and strong powder-coating growth across all segments, while setting an electric-vehicle, or EV, thrust and presenting industrial product work across five segments: Auto 4W, Auto 2W, Auto CV, performance-coating liquid and powder.

How is Nerolac growing its automotive coatings business?

Nerolac is growing its automotive coatings business through selected-account expansion, an EV thrust and new automotive applications. Its 5 November 2026 presentation said the auto segment recorded robust growth in passenger vehicles, two/three-wheelers and commercial vehicles. The company did not disclose revenue, volume or market-share data for any of these three vehicle categories.

The automotive technology programme includes water-based, high-solids and low-bake technologies, alongside coatings designed for durability, finish, corrosion resistance and workability. Nerolac also identified seam sealer and underbody black, alloy wheels, PT and booth chemicals as new segments. These applications broaden the opportunity beyond conventional vehicle paint layers and support the stated objective of increasing presence in identified accounts.

Nerolac listed implemented and approved automotive products across its three vehicle categories. A wet-on-wet seam sealer and underbody coating was implemented at a leading passenger-vehicle maker, while a premium clear coat was developed and implemented for a wet-look appearance. In two-wheelers, the company implemented a next-generation PU clear coat and developed lead-free TSA Bright Red for first-time implementation with a three-wheeler customer.

For commercial vehicles, Nerolac said Anti-Rust Clear was approved for tractor applications and supports corrosion protection, including in inaccessible areas after assembly. The company also developed and implemented the Nerokan HG range for bus-body applications. The presentation establishes product activity in passenger vehicles, two/three-wheelers and commercial vehicles, but gives no quantified EV sales target or named EV customer win.

Which performance-coating businesses are growing for Nerolac?

Nerolac said performance-coating liquid recorded robust growth, while powder coating grew strongly across all segments. Construction equipment and infrastructure were identified as areas of strong growth for the general industrial and high-performance coating business. For powder, auto ancillary and construction equipment were identified as the top-performing segments.

The two coating formats have different stated priority markets. General industrial and high-performance coatings serve infrastructure applications including bridges and railways, and construction applications including appliances and electricals. Powder coatings are positioned for rebar, construction, alloy wheels, super-durables, pipe coating and heat-resistant uses, showing a different mix of component and built-environment applications.

Nerolac’s performance-coating liquid product work includes a water-based PUD developed for pumps, with anti-corrosive properties and multi-substrate adhesion. It also reported approval of a fluoropolymer-based coating system for Bullet Train Station projects and development of a coil-coating primer for aluminium composite panels. These products correspond with the cited infrastructure and industrial growth areas, although the presentation does not disclose their sales contribution.

The powder portfolio includes Metallic Mocha Brown, introduced for the fan segment as part of a liquid-to-powder conversion initiative, and Super Durable Anodic Bronze, commercialised for architectural applications. The latter product was presented as offering long-term durability. This differs from the liquid portfolio’s cited pumps, coil coating and station-project applications.

What premium technologies is Nerolac commercialising?

Nerolac is commercialising premium finishes, sustainability-related formulations and functional coating systems across automotive and performance applications. Its automotive work includes a premium clear coat in Auto 4W and a next-generation PU clear coat in Auto 2W. In Auto CV, the Anti-Rust Clear product is intended to improve protection in tractor applications.

In performance-coating liquid, Nerolac’s technology list includes fluoropolymer, anti-carbonation, high-solids, direct-to-metal, low-bake and water-based systems. In powder coatings, it lists low-bake or fast-cure technology, anti-dirt-pick-up products, bonded metallic products and thermoplastic coatings. The presentation does not provide revenue, pricing or margin data for these premium technologies.

The industrial product programme also identifies environmental-sustainability initiatives in all five segments. These include the wet-on-wet automotive seam sealer, lead-free TSA Bright Red, Anti-Rust Clear for tractors, water-based PUD for pumps and the fan-sector liquid-to-powder conversion. Nerolac labels this industrial product work as WIP while also identifying specific products that have been implemented, approved, introduced or commercialised.

The range of end uses extends beyond automotive and infrastructure. Nerolac lists powder applications in white goods, air conditioners, washing machines, kitchen applications, alloy wheels and rebar. Its general industrial applications include helmets, can coating, construction equipment and agricultural equipment, while high-performance coatings include floor coating, plants and bridges.

How will Nerolac expand industrial customer access?

Nerolac plans to expand industrial customer access through dealer-network growth, entry into untapped geographies, new approvals and identified-account expansion. For general industrial and high-performance coatings, the company’s plan is dealer expansion and geographic entry. For powder coatings, it combines network expansion with new approvals and states an objective to maintain high market share.

The automotive strategy is more focused on identified accounts and EVs. Nerolac said it will increase its presence in selected accounts while pursuing the new segments of seam sealer and underbody black, alloy wheels, PT and booth chemicals. The company did not provide a timetable for the EV programme, the number of identified accounts or the scale of expected business.

Auto refinish provides another channel for expansion through body shops and approvals. Nerolac said it plans to increase body-shop count, secure new approvals and raise sales of premium PU, high-solids paint systems and water-borne coatings. The auto-refinish business recorded growth, but its mix deteriorated, unlike the unqualified robust or strong growth statements for automotive, performance-coating liquid and powder.

Nerolac said the premium PU segment delivered notable body-shop wins and remained on track for its annual target. It also said the customer base expanded significantly through ongoing training and skill-enhancement initiatives. The presentation does not disclose the annual target, the number of body shops, or the extent of the reported mix deterioration.

Conclusion

Nerolac’s industrial update points to a broader coating portfolio across five segments, combining automotive demand with construction equipment, infrastructure, architecture, pumps, fans and consumer-durable applications. The reported growth pattern differs by format: performance-coating liquid cites construction equipment and infrastructure, while powder identifies auto ancillary and construction equipment as its top performers.

The next items to watch are management’s EV thrust in identified automotive accounts, dealer and geography expansion in general industrial and high-performance coatings, and new approvals in powder and auto refinish. Nerolac also says premium PU in auto refinish remains on track for its annual target, while the presentation leaves EV sales, product revenue and the scale of mix deterioration undisclosed.