8. Asian Paints Limited

Mumbai, India


Managing Director/CEO: Amit Syngle

2021 Coatings Sales: Approx. $3.75 billion for sales ended March 31, 2022


Founded in 1942, Asian Paints is now India’s leading paint company. Asian Paints produces a range of decorative and industrial coatings. The company recorded coatings sales for the period ending March 31, 2022, of ₹28,339.2 Crores. Asian Paints operates in four segments: Decorative, International, Industrial, and Kitchen and Bath. For the period ending March 31, 2022, the Decorative business accounted for 84.9% of revenue (₹24,721.4 Crores), while the International business accounted for a 10% share (₹2,894.9 Crores). In the Industrial business, the company operates through PPG Asian Paints Pvt. Ltd. (a 50:50 joint venture with PPG), which serves the Indian automotive, marine and packaging coatings markets, and Asian Paints PPG Pvt. Ltd., another joint venture with PPG that serves the industrial protective coatings, powder coatings, floor coatings and road marking coatings markets in India. This segment accounted for 2.5% of the revenue for the period (₹723.3 Crores — PPG Asian Paints PVT Ltd revenues not included). The company’s Kitchen and Bath business accounted for 2.6% of revenue for the period. Revenue from the Kitchen and Bath business is not included in the coatings sales numbers. The company and its subsidiaries have operations in 15 countries across the world with 26 paint manufacturing facilities. The company serves consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints.
Source: 2021-22 Annual Report, company website