KANSAI NEROLAC — THE INDUSTRIAL PAINTING MACHINE

Paints are not just about colourful walls anymore. The bigger opportunity is hiding inside factories, automobiles, infrastructure and premium coatings. And that's where Kansai Nerolac has a different story. Nerolac is one of India's leading industrial paint and coatings companies, with a presence across automotive, performance coatings, powder coatings, decorative paints, wood finishes and construction chemicals. FY26 showed the underlying resilience. Revenue reached ₹7,739 crore, up 3.2%, while PBDIT increased 1.2% to ₹986 crore. But Q4 was much stronger. Revenue grew 7.6% YoY to ₹1,873 crore, while EBITDA jumped 21% to ₹215 crore. That's operating leverage beginning to show. And the most interesting part? Industrial demand. Automotive remained robust, while Performance Coatings benefited from a strong order pipeline and infrastructure-related demand. That gives Nerolac exposure beyond the traditional decorative-paint cycle. More cars → More coatings. More factories → More coatings. More infrastructure → More coatings. More premiumisation → Better mix. Meanwhile, the decorative business is gradually improving. Management highlighted continued demand revival, with new products, construction chemicals, wood finishes and projects performing well during Q4. The company is also pushing premium offerings and deeper engagement with painters, architects and interior designers — important levers for improving distribution and mix. Now add the bigger macro picture. India is building more automobiles. Manufacturing capacity is expanding. Infrastructure spending remains high. Real estate is recovering. And industrialisation creates a recurring need for protection, corrosion resistance and specialised coatings. That's the part investors should watch. Nerolac doesn't need to win every paint category. Its opportunity can come from combining: