JSW Paints is seeking to double its revenue in FY23 to ₹2,000 crore as the unlisted unit of JSW Group completes its first year of pan-India operations.
Achieving that revenue target will also help the company break into profitability in the decorative paints business, AS Sundaresan, chief executive officer, JSW Paints, told. Its industrial coatings business is already profitable, he said.
The company is also considering a third greenfield manufacturing facility, with Uttar Pradesh, Madhya Pradesh, Haryana and Maharashtra being the potential locations, Sundaresan said. Presently, it has a unit in Karnataka for decorative paints and one in Maharashtra for industrial coatings.
JSW Paints is looking to double its network to 10,000 retail touchpoints in the coming 2-3 years. The company is looking to corner around 5% of the highly competitive decorative paints industry where Asian Paints is the dominant player with around 50% share. It is followed by Berger, Kansai Nerolac, Akzo Nobel and Indigo Paints. Presently, the JSW Group company has a share of under 2%.
Competition in the paints business is set to get more intense as Aditya Birla Group’s Grasim plans to enter the segment with an investment of ₹10,000 crore. By contrast, JSW Paints has invested around ₹800 crore so far.