JSW Paints sees business revenue at Rs 2,200 crore by end of FY24

The company has already broken even at an operating level during the year, and its earnings before interest, tax, depreciation, and amortisation (EBIDTA) margins are expected to be in single digits

JSW Paints’ revenue has reached Rs 2,000 crore in 2023-24 (FY24), and the conglomerate anticipates that its paint business revenue will touch Rs 2,200 crore by the end of FY24.

In 2022-23, its revenue stood at Rs 1,616 crore. The company has already achieved break-even at the operating level during the year, and its earnings before interest, tax, depreciation, and amortisation margins are expected to be in single digits.

A S Sundaresan, joint managing director and chief executive officer of JSW Paints, said that the company’s turnover is projected to grow by an additional Rs 1,000 crore in 2024-25.

“We expect our revenues to reach Rs 5,000 crore by 2025-26,” Sundaresan told Business Standard in an interview.

He also added that the company currently operates two plants with a capacity of 210,000 kilolitres. Although there are plans to start another plant, the plan remains on the drawing board.

Presently, 60 per cent of its revenue comes from the decorative paint business, but the company intends to launch new products and finishes across segments.

Sundaresan said, “The decorative (paint) segment will grow at a faster pace, and over time, it will contribute to 75 per cent of the revenue, allowing us to grow faster than the industry.”

Currently, the company also sees 15 per cent of its sales coming from new products, and it expects the ratio of new product contributions to remain in the 10-15 per cent range in the years to come as it plans to launch new products.

“Our pioneering efforts to build a strong, holistic water-based paint portfolio have placed us in a commanding position to service the fast-evolving preferences of Indian consumers. It’s a moment of great pride that JSW Group’s first true consumer-facing business has been so well-received across the country, enabling us to cross the Rs 2,000 crore revenue mark so quickly from when we entered the market,” Parth Jindal, managing director of JSW Paints, was quoted as saying in the company’s release.