In actuality, Asian Paints is quite literally the biggest paint company in the country. And yes, it is actually an Indian company that is thriving as of 2025, but the roots of it go back to 1942. After all these decades, Asian Paints is still at the very top, and the reasons are pretty simple. They have the quality, amazing availability, great customer support, and a range of offerings. But for some reason, if lately, you’re feeling a bit intrigued about this company and how it makes money, then just keep on reading. Why? Well, we’re here specifically to talk about the Asian Paints business model and how does this company makes money, like all the methods/ways.
| Company / Brand Name | Asian Paints Ltd. |
| Establishment Year | 1942 |
| Headquarters | Mumbai, Maharashtra, India |
| Founder(s) / Owner(s) | Champaklal Choksey; Chimanlal Choksi; Suryakant Dani; Arvind Vakil |
| Industry | Paints & Coatings; Home Décor/Related Services |
| Number of Employees | Around 9,482 on-roll (as of March 31 2024) |
| Net Worth (Market Capitalisation approx) | ₹2.41 lakh crore (approx) |
| Total Revenue (FY2024) | ₹36,183 crore |
Just A Little Bit About Asian Paints
Asian Paints Ltd. is the biggest paint and décor company in India. The firm was established in 1942 when it was launched by the four friends Choksey, Choksi, Suryakant Dani, and Arvind Vakil. Their head office is situated in Mumbai, Maharashtra. The company has changed from a small paint maker to a multinational giant with a presence in several countries over time. And today, it is, quite rightly, one of the top 10 decorative coatings companies worldwide.
Core Business Segments
1. Decorative Paints (India)
This is essentially their core business. Oh, and this one incorporates a variety of different products, such as interior and exterior emulsions, enamels, primers, putties, waterproofing, and textured finishes. This division caters to both the mass and the premium markets, the former being repainting projects and designer finishes. Frequent repaint cycles, extensive retail reach, and premiumization contribute to high volumes and good margins.
2. Industrial & Automotive Coatings (JVs with PPG)
Asian Paints operates two 50:50 joint ventures with PPG Industries, like PPG Asian Paints Pvt. Ltd. and Asian Paints PPG Pvt. Ltd. These cover automotive, packaging, marine, and performance coatings.
3. International Business
Asian Paints is present in roughly 15 different nations and offers its products in over 60 markets. The company’s foreign subsidiaries produce and market both decorative and protective coatings, which not only broaden the revenue base beyond India but also generate income in foreign currencies.
4. Home Décor & Adjacencies
Besides paints, the firm is reaching out with décor and lifestyle offerings like Beautiful Homes (design and service), Sleek (modular kitchens and furniture), Ess Ess (bath fittings), and The White Teak (decorative lighting). These facilitate the cross-selling of products to the current customers and thus, the revenue per home goes up.
How Asian Paints Makes Money
1. Product Sales (Decorative segment)
Essentially, the company is importing and reselling popular decorative paint products in local Indian markets to homeowners and contractors. The company mainly profits through a very large turnover since it produces and sells on a large scale in India. Besides the volume sales, the company is attempting to promote premium products (better finishes, durability, designer ranges), which have higher margins.
2. Solutions & Services
By these additional non-commodity businesses, it is possible for the company to enhance the margin since they are not purely in the paint business but can also play the service chain role with the customers and clients. These activities increase the value per house/contractor and also provide margin improvement as the company can get more of the service chain instead of just the commodity part.
3. Industrial/Automotive Coatings Through JVs
Asian Paints has the possibility to get the industrial coatings from PPG via its partnerships (with PPG) for OEMs, packaging, marine, and protective markets. These are more profitable than decorative paints, and the company is sharing the profits of these ventures or sales to these markets.
4. International Business Sales
The company’s foreign subsidiaries produce and distribute the coatings in the local market. These transactions, as a result of which consolidated revenue is generated, enjoy the advantages of scale, global sourcing, and local market growth.
5. Home-Décor And Adjacent Product Businesses
By Asian Paints expanding its business into kitchen, bathroom fittings, lighting, and furniture segments, it is effectively monetizing its brand and customer base. A person who selects Asian Paints to paint his house is most probably also taking the Asian Paints’ home décor services or buying adjacent products.
Competition & Recent Updates (2024-2025)
Well, we all know that Birla Opus (Aditya Birla Group) came in 2024 and has been growing fast with price-cutting promotions.
By March 2025, the Indian market share of Asian Paints is said to have gone down from approximately 59% to 52%. The company’s Q4 FY2025 net profit also decreased by about 45% year-on-year due to weak demand and one-time expenses.
