Mumbai: JSW Paints, the paints and coatings venture of the Sajjan Jindal-led JSW Group, has laid out an aggressive growth roadmap following its acquisition of AkzoNobel India Ltd, announcing ambitions to break into the top three players in India’s highly competitive paints market and build a ₹7,000-crore business platform by the end of FY26.
The acquisition of AkzoNobel India, which operates the iconic Dulux brand and commands a strong presence in premium decorative paints, propels JSW Paints to the fourth-largest player in the domestic paints industry. The seasoned decorative paints sector is dominated by Asian Paints, Berger Paints and Kansai Nerolac, with newer challengers like Birla Opus also expanding their footprint.
Parth Jindal, Managing Director of JSW Paints, has set a clear strategic target to crack the top three ranking in the Indian paints hierarchy, leveraging the widened portfolio and dealer network enabled by the acquisition. The combined entity is expected to reach annual revenues of around ₹7,000 crore by March 2026, split roughly between decorative paints and industrial coatings businesses.
A cornerstone of JSW’s growth plan is operational integration: expanding distribution reach, cross-selling products across the enlarged dealer base, and driving efficiencies in procurement, logistics and manufacturing. The deal brings together roughly 29,000 retail outlets — with AkzoNobel India’s ~20,000 and JSW’s ~9,000 dealers — creating a significantly broader platform for market penetration.
Eliminating royalty payments previously made by AkzoNobel India to its global parent is another important financial lever, with JSW expected to redirect savings into brand building, marketing and channel expansion. The company also plans to deepen its play in industrial coatings — aiming to become the No. 1 player in select segments such as coil coatings and marine protective coatings — as part of its broader diversification strategy.
The paints sector in India is ripe for consolidation, with rising infrastructure activity, housing demand and aesthetic preferences driving steady growth. JSW’s bold push into the space underscores rising competition among both established brands and new entrants as companies seek scale and deeper market penetration.
JSW Paints is also evaluating strategic options for a reverse merger or listing route that could bring the enlarged paints business onto a public exchange within the next few years, subject to market conditions and regulatory approvals.