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Asian Paints, Berger Paints and Kansai Nerolac are not best compared by revenue or a claimed market position alone. Look at what each business sells, how much it depends on decorative versus industrial coatings, the services around its products, its geographic and manufacturing footprint, and audited financial performance for the same period. The figures currently available here are not a like-for-like three-company snapshot, so they support a comparison framework—not a definitive ranking.
Start with the businesses, not a market-share ranking
All three companies operate in coatings, but their product and service mixes are not identical. Decorative paints are central to the consumer-facing paint business; industrial, automotive, protective and specialty coatings serve different customers and end markets. Those differences affect growth drivers and exposure to demand cycles.
Do not treat a company’s own description of its market position as an independently measured ranking. Kansai Nerolac describes itself as a market leader in industrial coatings and calls itself India’s second-largest coating company. Those are the company’s claims on its business page, not a common, independently verified market-share study covering all three companies.
Compare reported business mix carefully
Asian Paints’ FY 2025–26 reporting divides revenue among Decorative and Home Décor, International, and Industrial segments. It reported 86.8% of revenue, or ₹30,830.4 crore, from Decorative and Home Décor; 9.4%, or ₹3,353.6 crore, from International; and 3.8%, or ₹1,332.4 crore, from Industrial. These are company-reported figures. The company’s segment definitions and revenue denominator should be checked before comparing these shares with another issuer’s categories.
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Berger describes decorative coatings as well as industrial and specialty coatings. Kansai Nerolac’s stated industrial-coatings position makes its industrial exposure an important comparison point, but the available company description does not provide a directly comparable segment-share breakdown. Use the latest annual reports to establish each company’s definitions, revenue base and period before drawing conclusions about which is more decorative- or industrial-focused.
Include services and adjacent offerings
Paint makers may compete through more than the coating in the can. Asian Paints describes home-painting services, waterproofing and industrial asset-management services alongside decorative, home décor, international and industrial operations. Berger’s site describes waterproofing, home-painting services, and industrial or specialty coatings as well as decorative coatings. A service can support customer reach or strengthen the product offering, but it should not be counted as product revenue unless the company reports it that way.
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- Marie's water colors are pure and beautiful, with good diffusibility in the water. It is convenient for mounting because of good water resistance.
- Marie¡¯s can be truly non formaldehyde and benzene, with the certification of Environmental Protection.
- Marie¡¯s brand since 1919, passed ISO certification and most of Europe and America UL, CE.
- Many painting masters took part in the development and update of the colors, Like Han Meilin.
When comparing these activities, distinguish an actual service business from products sold through a service channel. Also check whether annual reports disclose service revenue separately; where they do not, do not infer its financial contribution from the existence of the offering.
Separate domestic scale, international reach and capacity
Geography and physical scale matter, but the measures are not interchangeable. Asian Paints reported installed in-house decorative paint manufacturing capacity in India of 2,290,000 kilolitres per annum for FY 2025–26. This is installed capacity, not actual production or utilization. Its FY 2025–26 segment reporting also identifies an International business, but that segment figure should not automatically be treated as a direct measure of overseas capacity or geographic presence.
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Berger’s investor overview displays more than 64,000 dealer and retailer touchpoints, a company-reported figure associated with FY 2023–24. It is useful as dated context for distribution reach, not as a current figure or a directly comparable measure of manufacturing capacity. For all three companies, compare the date and definition of network counts, plants, installed capacity and international operations before using them to judge scale.
Use same-period financials to assess performance
Asian Paints reported FY 2025–26 revenue from sale of products and services of ₹30,680.2 crore, EBITDA of ₹7,113.1 crore and free cash flow of ₹5,566.7 crore. These are company-reported figures for that fiscal year. They provide a baseline for examining revenue, operating earnings and cash generation, but they do not establish superiority over peers without matching figures calculated on the same basis.
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- Size: 12ml/tubex18 colors. Including colors: 104 Titanium White;218 Gamboge;242 Light Yellow;399 Vermilion;398 Cinnabar;400 Rouge;302 Scarlet;390 Eosin;684 Burnt Sienna;699 Dark Brown;439 Purple;593 Green Label Three;511 Viridian;493 Blue Label Three;455 Cerulean Blue;451 Phthalo Blue;495 Cyanine;793 Black.
- Marie's water colors are pure and beautiful, with good diffusibility in the water. It is convenient for mounting because of good water resistance.
- Marie's can be truly non formaldehyde and benzene, with the certification of Environmental Protection.
- Marie's brand since 1919, passed ISO certification and Europe and America UL, CE.
- Many painting masters took part in the development and update of the colors, Like Han Meilin.
Berger’s official investor download page lists its FY 2025–26 annual report, but the accessible investor-page material does not expose comparable figures. The investor overview instead displays ₹11,199 crore revenue for FY 2023–24. That older revenue number must not be set beside Asian Paints’ FY 2025–26 figure as if both described the same reporting period. A like-for-like comparison requires the latest audited consolidated results for all three companies.
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- Marie's water colors are pure and beautiful, with good diffusibility in the water. It is convenient for mounting because of good water resistance.
- Marie's can be truly non formaldehyde and benzene, with the certification of Environmental Protection.
- Marie's brand since 1919, passed ISO certification and Europe and America UL, CE.
- Many painting masters took part in the development and update of the colors, Like Han Meilin.
- Revenue and growth: use the same fiscal year and distinguish reported growth from volume growth where the company discloses both.
- EBITDA and margin: compare both absolute operating earnings and margin, checking how each company defines EBITDA.
- Cash generation: compare operating cash flow and free cash flow only after confirming the companies’ calculation methods.
- Working capital: examine inventory, receivables and payables in context rather than treating a single balance-sheet figure as a standalone verdict.
- Returns on capital: use consistent definitions and periods to assess how efficiently each business deploys capital.
Revenue alone measures scale, not profitability, cash conversion or capital efficiency. A business with a different mix of segments may also have different margin and working-capital characteristics.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Check risks without inventing a league table
For each company, read the annual-report risk disclosures for raw-material volatility, competitive intensity, demand conditions, new capacity and execution. These are useful comparison categories, but the available evidence does not establish a standardized comparative risk ranking. A fair assessment would need consistent, current disclosures and a clear method for weighing risks that affect different business mixes differently.
A practical comparison checklist
- Choose one common fiscal year and use audited consolidated figures for all three companies.
- Map each company’s segment labels to decorative, industrial, automotive, protective and specialty coatings, preserving the original definitions.
- Separate products from services and note whether service revenue is disclosed independently.
- Compare domestic and international presence, distribution reach and manufacturing capacity using dated, consistently defined measures.
- Review revenue growth, EBITDA margin, cash conversion, working capital and returns on capital together rather than ranking on sales alone.
- Read each annual report’s risk section and state the evidence behind any conclusion about relative exposure.
Berger’s investor materials are available on its official investor download page; its business offerings are described on the company website. Asian Paints’ FY 2025–26 figures and segment disclosures are in its annual reports.
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