Technopaints & Chemicals IPO

Technopaints and Chemicals Limited Initial Public Offering is a book-building issue of ₹500.00 crore, comprising a fresh issue of shares worth ₹325 crore and an offer for sale of ₹175.00 crore.

The equity shares are proposed to be listed on NSE and BSE. Anand Rathi Advisors Limited is the book-running lead manager, and Kfin Technologies Limited is the registrar of the issue. Key details, including the initial public offering dates, price band, and lot size, are yet to be announced.

About Technopaints & Chemicals Limited

Technopaints and Chemicals Limited is an integrated paint solutions company based in Telangana, India. Incorporated in 2017, the company provides turnkey paint supply and application services to real estate developers, builders, contractors, and government institutions. Its operations cover paint manufacturing, product supply, surface preparation, painting, and project execution across residential, commercial, institutional, and industrial segments.

The company manufactures putties, textures, primers, emulsions, and enamels through two facilities located at Cheriyal and Pashamylaram in Telangana. As of July 31, 2026, its installed capacity stood at 103,896 metric tonnes per annum for powder paints and 22,199 kilolitres per annum for liquid paints. It also sells products through business customers and a franchise network, offering 886 stock-keeping units and operating 25 franchise stores at the end of the financial year 2025–2026.

Technopaints and Chemicals has executed more than 1,150 turnkey projects covering over 1,450 million square feet across multiple Indian states. For the financial year 2025–2026, turnkey paint projects contributed ₹319.82 crore, while standalone product sales contributed ₹30.68 crore. As of March 31, 2026, its order book stood at approximately ₹1,052.85 crore.

The company plans to expand its manufacturing capacity through a proposed greenfield facility at Ibrahimpatnam, Telangana.

Industry Outlook

• The Indian paint industry grew from approximately ₹620–640 billion in the financial year 2020 to ₹1,210–1,260 billion in the financial year 2025, registering a compound annual growth rate of around 13.5–15.5%.
• The industry is projected to reach approximately ₹2,080–2,170 billion by the financial year 2030, growing at an estimated annual rate of 11–12%.
• The paint application segment was valued at approximately ₹400–420 billion in the financial year 2025 and is expected to reach ₹640–670 billion by the financial year 2030, growing at 10–11% annually.
• The paint application market remains highly fragmented, with approximately 80% of the market by value served by unorganised contractors, creating opportunities for organised service providers.
• Growth in residential and commercial real estate construction is expected to drive demand for paint products and professional painting services.
• Rising urbanisation, increasing household incomes, and greater spending on housing and property improvement are expected to support long-term demand for decorative paints.
• Demand for integrated paint solutions is expected to create opportunities for companies offering paint manufacturing, supply, and application services through a single business model.
• Expansion of organised distribution networks, franchise outlets, and manufacturing capacities can help paint companies improve market reach, serve institutional customers, and capitalise on growing demand.

Technopaints & Chemicals IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Funding capital expenditure towards setting up a greenfield paints manufacturing and innovation facility
• Part funding the incremental working capital requirements of the company
• Towards general corporate purposes.

Financial Performance of Technopaints & Chemicals Limited

Technopaints & Chemicals Limited Peer Details Comparison