Best Paint Stocks in Nov 2025 - Asian Paints, Indigo Paints & More – Net Profit Margin Basis

India’s paints and coatings market is set for robust growth, with its value expected to increase from USD 10.46 billion in 2025 to USD 16.37 billion by 2030, registering a CAGR of 9.38%. Driven by rising demand for architectural coatings across residential and commercial segments, the paint industry continues to attract strong investor interest. In this article, find the best paint stocks in India in November 2025, based on various parameters. 

Best Paint Stocks in Nov 2025 – Based on Net Profit Margin

Note: The list of best paint stocks in November 2025 is as of Oct 23, 2025. The stocks are sorted based on the net profit margin.

Overview of Best Paint Stocks in Nov 2025

1. Sirca Paints India Ltd

Sirca Paints India is engaged in the manufacturing, sale, and export of wood coatings and other decorative paints, marketed under the ‘Sirca’ brand. For Q1 FY26, the company reported revenue from operations of ₹114.24 crore, marking a growth of 45.27% year-on-year and 13.20% quarter-on-quarter. Profit after tax (PAT) stood at ₹14.21 crore, reflecting a 39.18% YoY rise and a marginal 0.35% increase compared to Q4 FY25.

Key Metrics:

• ROCE: 16.73%
• ROE: 14.91%

2. Kansai Nerolac Paints Ltd

Kansai Nerolac Paints mainly works in the manufacturing of paints and holds a leading position in the industrial coatings segment. In the first quarter of the financial year 2025-26, the company reported net revenue of ₹2,087.42 crore, reflecting a growth of 1.8% compared to the same period last year. EBITDA stood at ₹311.97 crore, representing a decline of 6.7% over the corresponding quarter of the previous year.

Key Indicators:

• ROCE: 22.31%
• ROE: 19.04%

3. Asian Paints Ltd

Asian Paints, India’s leading home décor company with a legacy of over 80 years, houses prominent brands such as Asian Paints and Apco under its portfolio. The company reported its consolidated results for Q1 FY26, with net sales declining marginally by 0.2% to ₹8,924.5 crore compared to ₹8,943.2 crore in the same quarter last year. Net profit after minority interest fell by 6.0% to ₹1,099.8 crore from ₹1,170.0 crore in the corresponding period of the previous year.

Key Indicators:

• ROCE: 23.99%
• ROE: 18.58%

4. Indigo Paints Limited

Indigo Paints is involved in the manufacturing and sale of decorative paints. In Q1 FY26, the company’s standalone revenue from operations stood at ₹294.9 crore, reflecting a modest year-on-year growth of 0.3%. Profit after tax (PAT) was ₹26.4 crore, registering a slight decline of 0.4% compared to the same period last year. 

Key Indicators:

• ROCE: 17.25%
• ROE:14.67%

5. Berger Paints India Ltd

Berger Paints India is involved in the manufacturing and selling of paints. For the quarter ended June 30, 2025, the company reported revenue from operations of ₹3,200.8 crore, up 3.6% from ₹3,091.0 crore in the same quarter last year. Net profit for the quarter stood at ₹315.0 crore, marking an 11.0% decline compared to ₹354.0 crore reported in the corresponding period of the previous year.

Key Indicators:

• ROCE: 24.19%
• ROE: 20.43%

Key Factors to Consider Before Investing in Paint Stocks

• Raw Material Dependency: Paint manufacturers are highly dependent on crude oil derivatives such as solvents and resins, making their profit margins vulnerable to fluctuations in crude prices.
• Real Estate-Driven Demand: Rising activity in housing, infrastructure, and renovation projects drives paint consumption, particularly within the decorative segment.
• Seasonal Cycles: Demand for paints typically rises during festive and post-monsoon seasons, often leading to quarterly variations in performance.
• Product Innovation: Companies introducing products like waterproofing solutions, texture paints, and low-VOC formulations tend to enjoy higher margins and stronger brand loyalty.
• Expansion Strategy: Setting up new manufacturing units or diversifying into related areas such as waterproofing and adhesives signals a company’s long-term growth intent.
• Profitability Metrics: Robust EBITDA margins and healthy return ratios such as ROE and ROCE serve as indicators of strong financial performance and operational efficiency.

Also Read: Gold ETF Inflows Soar 6-Fold Amid Market Uncertainty!

Conclusion

Paint stocks can provide consistent growth opportunities driven by urbanisation, rising real estate activity, and strong brand loyalty. However, investors should ensure their investments align with their financial goals, risk tolerance, and investment horizon. It’s advisable to evaluate company fundamentals, industry outlook, and individual business strengths before making any investment decisions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.