Mumbai-headquartered Kansai Nerolac Paints Limited (KNPL), a subsidiary of Japanese multinational Kansai Paint Co. Ltd. It is India's second-largest paints company and the market leader in the industrial coatings segment.
The company’s annual manufacturing capacity stood at 606 million litres in FY23. Over the years, KNPL has expanded its footprint to Sri Lanka, Nepal and Bangladesh, through its subsidiaries. It also has a domestic subsidiary named Nerofix.
The company began its journey in 1920 when it was incorporated as Gahagan Paints and Varnish Company Limited. The company set up a factory at Lower Parel in Mumbai. In 1933, Lead Industries Group acquired the entire stake of the company, and it was renamed Goodlass Wall (India) Ltd.
The company was renamed Goodlass Wall Pvt Ltd in 1946 and then Goodlass Nerolac Paints (GNP) Ltd in 1957 when it also went public.
In 1976, GNP Ltd. became a part of the Tata Forbes Group with Forbes Gokak acquiring a part of its foreign shareholdings. The company bolstered its strength in 1983 through technical collaborations with Kansai Paint Co. Ltd and Nihon Tokushu Toryo Co. Ltd, Japan.
In 1986, GNP became a joint venture of Tata Forbes and Kansai Paint Co. Ltd, with the Japanese multinational picking up a 36% stake held till then by the UK Partner Cookson.
Kansai Paint took over GNP in 2000 by acquiring the entire stake of Tata Forbes group. In 2006, the company’s name was changed to Kansai Nerolac Paints Ltd.
KNPL started looking beyond India in the next decade as it acquired Nepal’s Nepal Shalimar Paints Pvt. Ltd. In 2012, it tied up with Sri Lanka’s Capital Holdings Maharaja Pvt. Ltd, and acquired RAK Paints, Bangladesh, in 2018.
The market capitalisation of Kansai Nerolac Ltd stood at nearly ₹ 25,000 crore, as of February 13, 2024. Kansai Nerolac share price has dropped nearly 20% in the last three years.
Kansai Nerolac Paints Limited business operations
KNPL is engaged in the decorative, industrial, automotive, liquid and powder coating business. It also deals in wood finish, construction chemicals, adhesives and auto refinish paints.
The company has propelled its business growth by launching a wide range of new products based on technological inputs, and by following the traditional route of mergers and acquisitions. It has also been foraying into new segments and entering into strategic collaborations targeted at specific businesses and products.
KNPL has eight manufacturing facilities in India. The plants are located in Giondwal Sahib (Punjab), Jainpur (Uttar Pradesh), Bawal (Haryana), Lote (Maharashtra), Sayakha and Sarigam (Gujarat), Kakoda (Goa) and Hosur (Tamil Nadu). It has an upcoming plant in Visakhapatnam, Andhra Pradesh.
KNPL has technical collaborations with Japan’s Cashew Tsusho for auto paint (plastic) and Oshima Kogyo for heat-resistant paint, Protect Oxyplast of Canada for powder coating and Altan Boya Sanayi of Turkey.
The company markets its products through a network of seven regional distribution centres and 103 depots across India. The company launched 64 new products and filed for two patents in FY23.
Kansai Nerolac Paints Financial Highlights
- Revenue: Kansai Nerolac Paints reported revenue of ₹8,197.85 crore in FY26 vs ₹7,962.12 crore in FY25. It showed an increase of 2.96% on a yearly basis.
- Operating Profit: Kansai Nerolac Paints reported an operating profit of ₹796.98 crore in FY26 vs ₹1,478.03 crore in FY25. It showed a decrease of 46.08% on a year-on-year basis.
- Net Profit: Kansai Nerolac Paints reported a net profit of ₹575.84 crore in FY26 vs ₹1,109.33 crore in FY25. It showed a decrease of 48.09% on a yearly basis.
Kansai Nerolac Paints Quarterly Result Highlights
- Kansai Nerolac Paints reported revenue of ₹2,428.53 crore in Jun 2026, compared with ₹1,983.40 crore in Mar 2026, representing an increase of 22.44% on a quarter-on-quarter (QoQ) basis.
- Kansai Nerolac Paints reported an operating profit of ₹312.46 crore in Jun 2026, compared with ₹158.44 crore in Mar 2026, representing an increase of 97.21% on a quarter-on-quarter (QoQ) basis.
- Kansai Nerolac Paints reported a profit of ₹228.41 crore in Jun 2026, compared with ₹109.89 crore in Mar 2026, reflecting an increase of 107.85% on a QoQ basis.
- The earnings per share (EPS) of Kansai Nerolac Paints stood at ₹7.29 during Jun 2026.
Data Source: BSE, Company announcements
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