JSW Paints, the paint division of the diversified JSW Group, has achieved a significant milestone by crossing Rs 2,000 crore in revenue from operations for the financial year 2024 (FY24) and logging its first operating profit since its inception five years ago. This was announced by Sundaresan AS, the Joint Managing Director and CEO, on Thursday.
Having entered the highly competitive Indian paint market in May 2019, JSW Paints has set its sights on further growth, targeting Rs 5,000 crore in revenue over the next two years. To achieve this, the company is expanding its retail footprint in the home decorative segment and introducing new products in the industrial coating sector.
“We have been able to achieve operating breakeven this year (FY24),” Sundaresan said, highlighting the company’s successful efforts to reach profitability. He emphasized that JSW Paints aims to grow at a rate significantly outpacing the market, stating, “We aim to keep growing anywhere from 5 to 10 times the market growth. In the current year (FY24), we have grown 10 times the rest of the industry.”
To support its ambitious growth targets, JSW Paints is enhancing its product offerings and expanding its distribution network. Currently, the company has a robust network of 6,000 retailers across India, with plans to add between 2,000 and 2,500 retailers annually. This expansion is part of a broader strategy to build brand presence and reach more consumers.
Sundaresan expressed confidence in achieving the Rs 5,000 crore revenue target, noting that success would depend on maintaining a buoyant market and continuing the company’s systematic approach towards aspirational goals. “We believe it is possible,” he stated, reflecting the company’s optimistic outlook.
JSW Paints has invested Rs 900 crore in its decorative and industrial coating business to date. This investment underscores the company’s commitment to innovation and quality, which Sundaresan believes will help it compete effectively with both existing players and new entrants in the Indian paint industry.
The Indian paints market has seen robust double-digit growth over the past few decades and continues to attract new players, including industry giants like the Aditya Birla Group and Pidilite. Despite this increased competition, Sundaresan is confident that JSW Paints can differentiate itself through its unique offerings and strategic approach.
“We have already faced the existing competition actively over the last five years,” Sundaresan said. “We believe JSW Paints will be able to face both the existing as well as new competition which is coming into the industry well with our approach and difference we can make in the industry.”
JSW Paints is part of the USD 24 billion JSW Group, which has diverse business interests spanning steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, cement, sports, and venture capital. The paint division’s recent profitability marks a significant achievement for the group, showcasing its ability to diversify successfully into new sectors.
