Alrighty, so apparently the battle for Akzo Nobel’s India business is down to just two contenders now – JSW Paints and Indigo Paints. Pidilite decided to sit this one out, according to some sources who seem to know what’s up. Word on the street is that JSW Paints is leading the pack, but who really knows for sure, right?
Akzo India, the proud owner of the Dulux brand, holds a decent 8% market share in the paint game. The deal is rumored to be worth around ₹10,000-12,000 crore, with the lucky winner getting their hands on both decorative and industrial coatings. However, the not-so-sexy stuff like powder coatings and R&D units will be sent back to the folks in the Netherlands. Seems like Akzo NV, the big boss parent company, hasn’t made up their mind just yet. Could be a while before we get the final verdict.
The India business of Akzo is valued at a cool ₹15,000 crore, give or take, but that includes some extra bits like powder coating that won’t be part of the sale. This whole review thing started last year because the parent company wanted to jazz up their operations and be more efficient in the face of all the economic craziness happening worldwide. AkzoNobel India, the fourth biggest player in the market after Asian Paints, Berger, and Kansai Nerolac, focuses mainly on making spaces look pretty with their paints. And hey, they’re doing pretty well for themselves, keeping things running smoothly despite any global supply chain hiccups.
Seems like JSW Paints, Indigo Paints, and maybe Pidilite were the ones throwing their hats in the ring. Two bids were locked in by April, and if anyone tries to snag a controlling stake from the Dutch masters, it’ll spark an open offer situation. Based on the market cap of the Indian arm as of May 15, AkzoNobel NV’s stake is sitting pretty at around ₹11,854 crore. The local branch of AkzoNobel is all about decorative and industrial paints, and their stock price has been on a wild 35.79% ride over the past year.
When it comes to the nitty-gritty financials, AkzoNobel India raked in ₹4,091.2 crore in revenue in FY25, showing a slight 3% increase. Their EBIT from operations stayed flat at ₹551.8 crore, but they managed to keep their profitability in the double digits at 13.5%. PAT also held steady at ₹428.6 crore. So, all in all, it looks like Akzo’s Indian adventure is chugging along just fine, even with all the drama surrounding the sale.
