NewsOrders & DealsJSW Paints Eyes Top-Three Market Position After AkzoNobel Acquisition, Targets ₹7,000-Crore Platform by FY26JSW Paints Eyes Top-Three Market Position After AkzoNobel Acquisition, Targets ₹7,000-Crore Platform by FY26
JSW Paints has outlined an aggressive expansion strategy after completing its AkzoNobel India acquisition in December 2025, targeting a ₹7,000.00-crore platform by FY26. The company aims to increase decorative paints market share from 7% to 10% by leveraging synergies across a combined 29,000-dealer network and eliminating 2.9% royalty payments. Managing Director Parth Jindal emphasized the goal of reaching top-three market position through operational integration and enhanced brand investments.
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JSW Paints has unveiled an ambitious roadmap to break into India's top-three paints companies following the successful completion of its AkzoNobel India acquisition in December 2025. Managing Director Parth Jindal outlined the company's strategy during the World Economic Forum 2026 in Davos, emphasizing immediate focus on synergy extraction and market share expansion rather than further acquisitions.
Strategic Market Positioning
The AkzoNobel acquisition has instantly positioned JSW as the fourth-largest player in India's paints industry, bringing the iconic Dulux brand under its control. The transaction creates a complementary business portfolio, with Dulux maintaining strong presence in premium and luxury decorative segments while JSW Paints has established traction in mass and mid-market categories over the past five years.
| Business Segment: | FY26 Target Revenue |
|---|---|
| Decorative Paints: | ₹3,800.00 crore |
| Industrial Coatings: | ₹3,200.00 crore |
| Total Platform: | ₹7,000.00 crore |
Jindal emphasized the clear mandate to "move into the top three first, and then the top two," highlighting the company's systematic approach to market leadership.
Distribution Network Expansion
The integration strategy centers on leveraging the combined dealer network to maximize market penetration. AkzoNobel brings approximately 20,000 dealers to the partnership, while JSW Paints contributes around 9,000 dealers, with minimal overlap between the networks.
The immediate implementation plan involves:
- Cross-selling JSW products through AkzoNobel's dealer network
- Offering Dulux products to JSW dealers
- Expanding wallet share across the combined 29,000 counters
- Targeting new market segments through enhanced distribution reach
"The first step would be to offer JSW products to AkzoNobel dealers and Dulux products to JSW dealers. With that, we think we can significantly increase our counter share," Jindal explained.
Market Share Growth Targets
The company has set aggressive market share expansion goals, particularly in the decorative paints segment. Currently holding approximately 7% of the combined decorative paints market, JSW targets reaching at least 10% market share in the next year.
| Market Position: | Current Status | Target |
|---|---|---|
| Decorative Paints Market Share: | 7% | 10%+ |
| Overall Industry Ranking: | 4th largest | Top 3 |
| Industrial Coatings Position: | Combined 2nd largest | Market leader |
Operational Synergies and Cost Optimization
Backend integration represents a significant value creation opportunity through manufacturing and logistics optimization. The combined entity operates six manufacturing locations, addressing current inefficiencies where AkzoNobel services southern Indian markets from western plants while JSW operates primarily from a single southern facility.
Expected operational improvements include:
- Reduced logistics and warehousing costs
- Optimized last-mile delivery networks
- Shared distribution infrastructure
- Enhanced manufacturing footprint utilization
Financial Leverage Through Royalty Elimination
A major earnings enhancement comes from eliminating the 2.9% royalty payments that AkzoNobel India previously made to its global parent for the decorative business. This cost elimination frees up substantial capital for reinvestment in marketing and brand development.
Jindal noted that Dulux has been "under-invested in advertising for several years," and the royalty savings will be redirected toward branding, sales promotion, and distribution expansion. "That gives us more ammunition to spend on branding and advertising," he stated.
Industrial Coatings Leadership Strategy
Beyond decorative paints, JSW sees significant growth potential in industrial coatings, where the combined franchise becomes India's second-largest player. The company maintains strong presence across coil coatings, vehicle refinish, and marine protective coatings segments.
Jindal highlighted JSW's structural advantage in industrial coatings, noting that "70% of industrial coatings are applied on steel, and given that we are the largest steel producers in India, we have a right to win in that space." The company aims to achieve market leadership in this segment over time.
Future Integration Timeline
JSW Paints currently operates as a private entity that served as the acquisition vehicle for the AkzoNobel stake. The company plans structural simplification once synergies are fully realized. "In two to three years' time, we would like to merge JSW Paints into the listed entity. Hopefully by then, we will be in the top three, and then we can aim for bigger things," Jindal concluded.
The AkzoNobel transaction represents a defining step in JSW's strategy to build a scaled, profitable, and nationally competitive paints platform capable of challenging established market incumbents across both decorative and industrial segments.
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