JSW Group's paint business turns profitable; aims ₹5,000 crore sales by FY26.
JSW Paints achieved a significant milestone, surpassing ₹2,000 crore in revenue in FY24 and securing its first operating profit within five years.
JSW Paints has surpassed the milestone of ₹2,000 crore in revenue from operations during FY24 and marked its inaugural operating profit within five years of inception, according to a senior company official. Sundaresan AS, the Joint Managing Director & CEO of the JSW Group firm, outlined plans for further growth, targeting ₹5,000 crore in revenue over the next two years. This expansion strategy includes bolstering retail presence in the home decorative sector and diversifying product offerings in industrial coatings.
"We have achieved operating breakeven this fiscal year," Sundaresan informed PTI.
Positioned as one of the emerging players in India's rapidly expanding paints industry, JSW Paints aims to outpace market growth significantly.
"Our objective is to grow substantially faster than the market," Sundaresan stated. "In FY24 alone, we've grown tenfold compared to the industry average."
The company is committed to introducing new products, broadening its market reach, and investing in brand development to sustain this growth trajectory.
Addressing the target of reaching ₹5,000 crore in revenue within two years, Sundaresan expressed confidence, stating, "We believe it's achievable, provided the market remains robust and we maintain our strategic focus."
JSW Paints presently operates through a network of 6,000 retailers nationwide, with plans to steadily increase this figure by 2,000 to 2,500 outlets annually.
With an investment of ₹900 crore thus far in its decorative and industrial coating ventures, JSW Paints remains optimistic about the future of the paints market, anticipating continued double-digit growth.
Sundaresan emphasized the value of healthy competition in the industry, welcoming the entry of new players such as Aditya Birla Group and Pidilite in recent years.
Despite facing challenges due to the COVID-19 pandemic, JSW Paints has made significant strides in a relatively short period, striving to differentiate itself through product innovation and quality.
"JSW Paints is poised to effectively tackle both existing and new competition, leveraging our unique approach and capabilities," Sundaresan affirmed.
Established in May 2019, JSW Paints operates under the umbrella of the $24 billion JSW Group, known for its diverse business interests spanning multiple sectors including steel, energy, infrastructure, and real estate.
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