ભારતીય પેઇન્ટ માર્કેટમાં ધમાકેદાર વૃદ્ધિ! નવા જાયન્ટ્સનો પ્રવેશ, જૂની કંપનીઓ માટે કઠિન સ્પર્ધા - તમારા રોકાણો માટે આનો અર્થ શું છે!

Consumer Products

Published on 21st November 2025, 8:54 AM

Author

Aditi Singh | Whalesbook News Team

Overview

ભારતીય પેઇન્ટ ઉદ્યોગ માર્ચ ક્વાર્ટરમાં 8-10% વૃદ્ધિ પામશે તેવી અપેક્ષા છે, જે ચોમાસાની અસરોમાંથી બહાર આવી રહી છે. બર્જર પેઇન્ટ્સના એમડી, અભિજીત રોય, જણાવે છે કે બિરલા ઓપસનો પ્રવેશ અને JSW ગ્રુપ દ્વારા અક્ઝો નોબેલ ઇન્ડિયાનું અધિગ્રહણ વ્યવસ્થાપિત અસર કરી રહ્યા છે, અને ઉદ્યોગ વૃદ્ધિ સ્વસ્થ સ્તરે પાછી ફરશે. તેમનું માનવું છે કે ખાસ પેઇન્ટ કંપનીઓને મોટા કોંગ્લોમેરેટ્સ પર ફાયદો છે.

Akzo Nobel India Ltd

₹ 3,385-0.26%

21 Nov – close price

🔗akzonobel.co.in•BSE: 500710•NSE: AKZOINDIA

Market Cap₹ 15,446 Cr.

Current Price₹ 3,385

High / Low₹ 3,958

Stock P/E39.6

Book Value₹ 495

Dividend Yield2.95 %

ROCE41.7 %

ROE32.2 %

Face Value₹ 10.0

Sales₹ 3,903 Cr.

OPM14.6 %

Mar Cap₹ 15,446 Cr.

ABOUT

Incorporated in 1954, Akzo Noble India Ltd isin the business of manufacturing, trading, and selling paints and related products. It also provides research and development servicesto its Holding Company and other group companies[1]

KEY POINTS

Business Overview:[1]ANL is a part of the Akzo Nobel group, the world's largest coating company. It supplies essential protection and essential color to industries and consumers.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Asian Paints	2876.60	68.67	275985.56	0.86	1018.23	20.45	8531.27	6.28	25.72	34378.17	18.04	4018.77	993.59	14.09	13.18	0.18
2.	Berger Paints	579.55	61.11	67557.98	0.66	206.38	-23.50	2827.49	1.91	24.90	11707.34	15.21	1105.49	206.29	10.76	13.39	0.11
3.	Kansai Nerolac	232.80	28.90	18812.77	1.07	133.31	9.89	1954.18	0.14	13.03	7854.75	11.70	651.00	134.93	2.91	7.57	0.04
4.	Akzo Nobel	3385.00	39.56	15445.89	2.95	1682.70	-14.84	834.90	-15.01	41.66	3902.60	14.63	390.47	83.37	6.84	14.76	0.03
5.	Indigo Paints	1281.20	42.10	6114.75	0.27	25.53	5.85	298.50	3.45	19.51	1288.05	18.06	145.25	25.53	5.62	11.15	0.02
6.	Sirca Paints	521.60	51.14	2962.60	0.29	18.10	36.30	131.17	24.38	19.98	435.04	19.40	57.93	18.10	6.69	12.27	0.10
7.	Shalimar Paints	68.34	–	578.38	0.00	-14.14	27.93	133.81	-7.55	-12.80	614.36	-5.95	-64.41	-14.14	2.01	-11.69	0.67
–	Median: 10 Co.	377.2	42.1	4538.68	0.47	21.82	7.87	216.16	3.5	19.75	951.2	14.92	101.59	21.82	4.66	11.71	0.11

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	926	987	951	999	956	1,033	973	1,036	982	1,050	1,022	995	835
Expenses	820	844	797	837	814	866	812	867	836	884	863	861	724
Operating Profit	106	143	155	162	142	166	162	169	146	167	159	134	111
Other Income	5	12	6	8	9	8	10	10	9	6	3	9	1,882
Profit before tax	88	132	133	148	127	152	147	154	132	146	137	122	1,972
Tax %	26%	26%	28%	26%	26%	25%	26%	26%	26%	26%	22%	26%	15%
Net Profit	65	97	95	110	94	114	109	115	98	109	108	91	1,683
EPS in Rs	14.36	21.39	20.95	24.13	20.68	24.99	23.89	25.16	21.50	23.85	23.61	19.98	369.50

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,332	2,442	2,640	2,572	2,719	2,918	2,662	2,421	3,149	3,802	3,962	4,091	3,903
Expenses	2,141	2,181	2,380	2,244	2,420	2,576	2,291	2,078	2,714	3,276	3,328	3,449	3,332
Operating Profit	192	261	260	329	300	342	370	343	434	526	633	642	571
Other Income	57	68	110	65	240	43	41	21	23	26	35	27	1,900
Interest	2	2	2	3	4	4	9	10	14	14	12	10	11
Depreciation	44	53	54	54	58	65	79	76	76	82	82	89	82
Profit before tax	203	275	314	337	478	316	323	278	367	456	573	570	2,378
Net Profit	150	186	214	247	401	211	237	208	290	335	427	429	1,990
EPS in Rs	32.19	39.93	45.91	52.94	85.85	46.33	52.13	45.59	63.68	73.58	93.70	94.11	436.94
Dividend Payout %	233%	50%	153%	42%	26%	52%	27%	110%	118%	88%	80%	106%	–

Compounded Sales Growth

10 Years:5%

5 Years:9%

3 Years:9%

TTM:-3%

Compounded Profit Growth

10 Years:11%

5 Years:13%

3 Years:14%

TTM:-10%

Stock Price CAGR

10 Years:10%

5 Years:10%

3 Years:13%

1 Year:-7%

Return on Equity

10 Years:24%

5 Years:26%

3 Years:30%

Last Year:32%

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	47	47	47	47	47	46	46	46	46	46	46	46	46
Reserves	801	873	1,116	962	1,244	1,090	1,192	1,242	1,213	1,270	1,284	1,283	2,208
Borrowings	-0	-0	3	3	3	3	64	64	70	70	60	62	71
Other Liabilities	1,191	879	878	872	938	959	1,024	1,178	1,261	1,354	1,513	1,511	1,315
Total Liabilities	2,039	1,799	2,043	1,884	2,231	2,097	2,325	2,529	2,590	2,739	2,903	2,902	3,640
Fixed Assets	502	516	523	519	539	530	574	543	520	511	526	481	1,580
Gross Block	905	959	577	624	697	752	856	877	905	965	1,009	871	–
Accumulated Depreciation	402	443	54	105	158	222	282	334	385	454	484	390	–
CWIP	31	12	9	23	27	17	16	16	42	73	119	67	74
Investments	629	394	600	336	573	377	84	0	-0	-0	-0	0	0
Other Assets	877	876	911	1,006	1,092	1,173	1,652	1,969	2,029	2,156	2,258	2,354	1,987
Total Assets	2,039	1,799	2,043	1,884	2,231	2,097	2,325	2,529	2,590	2,739	2,903	2,902	3,640

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	171	155	263	143	181	141	375	283	121	486	486	311
Cash from Investing Activity	250	239	-156	225	-6	185	4	-225	230	-15	-87	123
Cash from Financing Activity	-438	-410	-113	-392	-126	-360	-157	-174	-346	-302	-439	-460
Net Cash Flow	-17	-16	-6	-24	50	-34	222	-116	6	170	-41	-26

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	48	42	49	58	53	56	54	62	57	53	53	52
Inventory Days	86	95	89	107	84	85	107	135	129	95	100	95
Days Payable	130	119	145	164	159	131	171	220	164	138	164	151
Cash Conversion Cycle	4	17	-7	1	-22	9	-10	-23	22	11	-10	-3
Working Capital Days	-62	-12	-59	15	10	20	-3	-14	14	4	-2	22
ROCE %	16%	25%	26%	27%	40%	24%	27%	22%	28%	35%	42%	42%

Shareholding Pattern
Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	74.76%	69.76%
FIIs	2.71%	2.97%	3.15%	3.14%	3.20%	3.42%	3.63%	3.75%	3.84%	3.68%	3.70%	7.97%
DIIs	9.21%	8.99%	8.75%	8.61%	8.56%	8.36%	8.28%	8.11%	8.05%	8.49%	8.56%	13.77%
Public	13.33%	13.27%	13.34%	13.49%	13.49%	13.47%	13.33%	13.39%	13.35%	13.08%	12.98%	8.50%