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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteCompare Asian Paints, Berger Paints and Kansai Nerolac by what they sell, where they operate, the services around their products, and how they report financial results—not by revenue or a single market-position claim alone. The available figures are not all from the same year, so they do not support a clean three-way financial ranking.
Start with comparable reporting periods and definitions
For a fair comparison, use the same financial year, consolidated results, currency and accounting definitions for each company. Separate revenue, volume growth, EBITDA margin, working-capital needs, cash conversion and returns on capital; revenue by itself does not show profitability or business quality.
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Also check how each company defines its segments. A category such as decorative and home décor may not have the same boundaries as another company’s decorative-paints segment. Segment percentages should not be compared until their definitions and revenue denominators are understood.
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Asian Paints
Asian Paints reported FY 2025–26 revenue from products and services of ₹30,680.2 crore, EBITDA of ₹7,113.1 crore and free cash flow of ₹5,566.7 crore. Its FY 2025–26 segment presentation lists Decorative and Home Décor at 86.8% of revenue (₹30,830.4 crore), International at 9.4% (₹3,353.6 crore), and Industrial at 3.8% (₹1,332.4 crore), according to its FY 2025–26 annual report. The segment values and the headline revenue figure use company-reported presentations; check the report’s segment definitions and denominator before treating them as directly comparable.
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The report also describes home-painting services, waterproofing and industrial asset-management services alongside its paint, home décor, international and industrial operations. These adjacencies matter to the business profile, but should not be treated as equivalent revenue streams unless the company discloses them on a comparable basis.
Berger Paints
Berger’s official site describes a business spanning decorative coatings, waterproofing, home-painting services, and industrial or specialty coatings. Its investor overview displays ₹11,199 crore revenue for FY 2023–24 and more than 64,000 dealer and retailer touchpoints. Those are historical company-published figures, not FY 2025–26 comparables; the company’s investor overview and annual-report page should be consulted for the relevant reporting year. The investor page lists a FY 2025–26 annual report, but the accessible material does not provide comparable FY 2025–26 financial figures here.
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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.
Kansai Nerolac
Kansai Nerolac’s business page calls it “a market leader in Industrial Coatings” and also describes it as India’s second-largest coating company. These are the company’s own positioning statements, not an independently verified, common market-share comparison across all three businesses. Its business page is useful for understanding how the company presents its portfolio, but the claim should not be converted into a numerical ranking without a dated, consistently defined independent source.
Compare the businesses across five dimensions
1. Decorative versus industrial exposure
Assess how much each company depends on decorative paints versus automotive, protective, industrial and specialty coatings. Use each company’s own segment disclosures, while noting where categories differ. A company with a larger industrial presence may have different customer and demand drivers from one whose reported mix is concentrated in decorative and home-related offerings.
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2. Services and adjacent products
Look beyond paint sales to painting services, waterproofing, home décor, construction chemicals and asset-management offerings. Distinguish product revenue from service revenue where the company reports the split; otherwise, treat the breadth of offerings as qualitative context rather than a quantified growth engine.
3. Geography, distribution and capacity
Check domestic and international operations, manufacturing footprint, distribution reach and installed capacity separately. Asian Paints reported installed in-house decorative paint manufacturing capacity in India of 2,290,000 kilolitres per annum for FY 2025–26. That is installed capacity, not production or utilization. Berger’s more-than-64,000 touchpoints figure is from FY 2023–24, so it should not be presented as a current, directly comparable network count.
Rank #4
- 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.
4. Financial performance and cash generation
Once same-year audited consolidated figures are available for all three, compare growth, EBITDA margins, working capital, cash conversion and returns on capital together. Revenue growth can reflect price, volume or mix; where volume and value growth are disclosed, keep them distinct. Do not rank the companies on top-line size alone.
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5. Competition and execution risks
Read each company’s annual-report risk disclosures for raw-material volatility, competitive intensity, new capacity, demand conditions and execution. The reported material does not establish a standardized comparative risk ranking, so differences should be described from the individual disclosures rather than collapsed into a single winner.
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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.
What this comparison can—and cannot—establish
The available facts establish that Asian Paints reports a broad decorative and home décor business with international and industrial segments, while Berger describes offerings across decorative, waterproofing, services and industrial or specialty coatings, and Kansai Nerolac emphasizes industrial coatings in its own positioning. They do not establish a current independent three-company market-share ranking or a like-for-like FY 2025–26 financial ranking. For that, use each listed company’s audited consolidated annual report for the same year and reconcile segment definitions before drawing conclusions.
This is a business comparison, not a valuation or buy/sell recommendation. Reported company results describe past performance and do not alone establish investment value.
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