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Asian Paints vs Berger Paints vs Kansai Nerolac: How to Compare the Businesses

A like-for-like comparison of Asian Paints, Berger Paints and Kansai Nerolac starts with business mix and consistent financial periods, not headline revenue alone.
From TheFinanceBase Team4 min to read
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Asian Paints, Berger Paints and Kansai Nerolac are not interchangeable businesses. Compare them using the same reporting year and accounting basis, then look beyond revenue at product mix, services, geography, cash generation and risks. The available figures show useful differences, but they do not support a current three-way financial ranking or an independent market-share leaderboard.

Start with a like-for-like comparison

For each company, use audited consolidated results for the same financial year. Check whether revenue means sales of products alone or products and services, and whether margins and segment shares use the same definitions. These details matter: a segment share can look different depending on its denominator, and a subsidiary or international operation may affect consolidated results.

Revenue is a measure of scale, not a verdict on business quality. A more useful comparison includes growth, EBITDA margin, working-capital requirements, free cash flow and returns on capital, alongside the business mix that produces those results. Use company descriptions of market position as attributed claims, not as independently verified rankings.

Compare what each company sells

Asian Paints: decorative paints and home décor dominate

Asian Paints reported that Decorative and Home Décor represented 86.8% of revenue, or ₹30,830.4 crore, in FY 2025–26. International operations represented 9.4%, or ₹3,353.6 crore, and Industrial represented 3.8%, or ₹1,332.4 crore. These are company-reported segment figures; check the company’s definitions and revenue denominator before comparing the percentages with another company’s segments. Asian Paints FY 2025–26 annual report

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Berger Paints: decorative, industrial and specialty breadth

Berger describes its business as spanning decorative coatings, waterproofing, home-painting services, and industrial or specialty coatings. This establishes breadth, but the available figures here do not quantify the comparable revenue contribution of each line. Use Berger’s segment disclosures in its annual report rather than inferring mix from its product or service descriptions. Berger Paints business overview

Kansai Nerolac: assess industrial exposure from segment disclosures

Kansai Nerolac’s business page calls it “a market leader in Industrial Coatings.” That is the company’s own positioning, not a common independent market-share study covering all three companies. To compare industrial exposure, examine each company’s reported segment revenue and definitions, including automotive, protective and specialty coatings where disclosed. Kansai Nerolac business page

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Look at services and adjacencies separately

Painting services, waterproofing, home décor, construction chemicals and asset-management services can broaden a coatings company’s relationship with customers, but their presence does not establish how much revenue or profit they contribute. Distinguish service revenue from product revenue wherever a company reports it.

Asian Paints’ annual report describes home-painting services, waterproofing and industrial asset-management services alongside its decorative, home décor, international and industrial operations. Berger describes home-painting services and waterproofing in addition to coatings. Compare the scope and reported economics of these offerings rather than treating every adjacent service as equivalent. Asian Paints FY 2025–26 annual report · Berger Paints business overview

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Separate scale, reach and capacity

Scale can mean revenue, manufacturing capacity, production, distribution reach or international presence; these measures answer different questions. Asian Paints reported installed in-house decorative paint manufacturing capacity in India of 2,290,000 kilolitres per annum for FY 2025–26. Installed capacity is not actual production or utilization. Asian Paints FY 2025–26 annual report

Berger’s investor overview displays revenue of ₹11,199 crore for FY 2023–24 and more than 64,000 dealer and retailer touchpoints. Those are historical company-published figures, not FY 2025–26 results, and should not be set beside newer peer numbers as if the periods matched. A touchpoint count also measures network reach, not sales productivity or market share. Berger Paints investor overview

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For a current comparison, check each company’s latest disclosures for domestic and international operations, manufacturing footprint, capacity and distribution network. Keep the dates and definitions attached to every figure.

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What the reported financial figures do—and do not—show

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 year. Do not calculate a peer ranking from them without matching consolidated results, periods and definitions for Berger and Kansai Nerolac. Asian Paints FY 2025–26 annual report

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Berger’s official investor download page lists its FY 2025–26 annual report, but the comparable figures are not stated in the cited page material. Obtain the reported results directly from that report before making a same-year comparison. Berger Paints investor downloads

A disciplined financial comparison should consider:

  • Growth: Compare volume and value growth where each company reports them; price changes and product mix can make revenue growth differ from underlying volume growth.
  • Margins: Check EBITDA definitions and whether reported margins are consolidated or segment-specific.
  • Cash conversion: Compare operating cash flow and free cash flow on consistent definitions, accounting for working-capital needs and investment.
  • Returns: Consider returns on capital alongside growth and margins to see how effectively the business uses investment.

Compare risks without inventing a league table

Read each company’s annual-report risk discussion for exposure to raw-material volatility, competitive intensity, new capacity, demand and execution. The available evidence does not establish a standardized comparative risk ranking, so these factors should be assessed from each company’s disclosures rather than compressed into a single unsupported score.

Market-share claims need similar care. No common, independently sourced market-share figure for all three companies is established here. In particular, Kansai Nerolac’s industrial-coatings leadership wording is its own claim; it is not a three-company ranking based on a shared, dated methodology.

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A practical comparison checklist

  1. Fix the scope: Choose the same financial year and consolidated basis for all three.
  2. Align definitions: Verify revenue, segment categories, EBITDA, free cash flow and growth measures in each report.
  3. Map business mix: Separate decorative, industrial, automotive, protective and specialty coatings, and note when segment definitions differ.
  4. Assess adjacencies: Identify services and related products, then distinguish their disclosed revenue from their mere availability.
  5. Measure scale carefully: Keep revenue, capacity, production and distribution reach separate, and label each figure with its year.
  6. Evaluate financial quality: Compare growth, margins, working capital, cash generation and returns on capital rather than revenue alone.
  7. Read risks and qualify claims: Use annual-report risk sections and attribute company statements about leadership or market position.

This is a framework for comparing businesses, not a valuation or a buy-or-sell recommendation. A conclusion about which company is financially stronger requires complete, consistently defined peer results for the same period.

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