Paint makers to retain gloss with 10-12% growth in fiscal 2024
Paint

Paint makers to retain gloss with 10-12% growth in fiscal 2024

The paints sector will see revenue growth of 10-12 per cent in fiscal 2024, largely driven by volume expansion on the back of healthy demand from sectors such as construction, real estate, and automobiles.Healthy revenue growth of 18 per cent on-year was witnessed in fiscal 2023 as well. H...

The paints sector will see revenue growth of 10-12 per cent in fiscal 2024, largely driven by volume expansion on the back of healthy demand from sectors such as construction, real estate, and automobiles.Healthy revenue growth of 18 per cent on-year was witnessed in fiscal 2023 as well. However, this was primarily led by higher realisations on the back of a 6 per cent price hike taken by the players during the year, along with the full impact of a 20 per cent hike implemented in the third quarter of the previous fiscal.Anuj Sethi, Senior Director, CRISIL Ratings, says, “Demand for paint normally grows at 1.6x-2x of GDP. Decorative paints are likely to see a revenue increase of 11-12 per cent in fiscal 2024, driven by increasing renovation/construction activity and a greater preference for branded products from the increasing middle-class segment. On the other hand, 8-9 per cent revenue growth in industrial paints will be supported by higher government spending on infrastructure and steady demand from the automotive segment.”Healthy volume growth, along with moderating crude-linked input prices will ensure that the operating margin remains stable at 15-16 per cent in fiscal 2024. Besides, nearly debt-free balance sheets will continue to support the credit risk profiles despite all major paint companies being on an aggressive capex spree even as new players foray in.A study of five paint companies, which account for nearly 90 per cent of the organised sector revenue totalling Rs 650 billion, indicates as much.

Next Story
Infrastructure Urban

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Next Story
Infrastructure Energy

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Next Story
Real Estate

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement