Birla Opus becomes third-largest player by revenue in six months of pan-India operations
'This is a feat unprecedented globally in the paints industry,' Kapania said in the company's annual report for 2024 – 25 (Apr – Mar). Birla Opus is housed within Grasim Industries and commenced operations last fiscal.
The decorative paints business represents a galactic opportunity for the company. 'With rising per capita income, young population, booming real estate sector and shorter repainting cycles, the potential for growth in paint consumption is immense,' he said.The company plans to have a total production capacity of 1,332 million litres per annum – which is 24% of the industry's capacity – and has already commissioned five out of its six greenfield plants, which have a total production capacity of 1,096 million litres per annum. It started commercial production in April last year.It has spent Rs 2,288 as capital expenditure on the paints business in fiscal 2025, and a total of Rs 9,352 crore on the business so far, which is nearly 94% of its planned capital expenditure of Rs 10,000 crore for the business.
'FY 2025-26 will be a defining year for Birla Opus, with the Kharagpur plant becoming fully operational in H1. This will unlock major efficiencies in logistics and operations, enhancing our ability to meet market demand swiftly,' the company said in its annual report.It also reiterated its target of achieving Rs 10,000 crore in revenue within three years of full-scale operations.The previous fiscal was one of the worst for the industry in more than two decades, with demand seeing a year-on-year decline. Industry incumbents pointed out that a combination of weak demand and the entry of a new player weighed on their earnings.Nearly 1,500 million litres of annual production capacity was added in the domestic paint industry last fiscal, which at around 40% of the industry's existing capacity, is the highest capacity addition in a single year in nearly 100 years.
Apart from the capacity addition, the paint industry is also seeing some consolidation. JSW Paints recently announced the acquisition of Akzo Nobel's business in India, valuing the company at Rs 12,000 crore. This is set to make the company the fourth-largest in the industry, and the second-largest in the industrial paints segment.
'Even as JSW Paints is a rational competitor, we expect a rise in competitive intensity—especially in the premium segment where APNT holds a dominant 65-70% share—driven by Dulux's strong brand equity, under-penetration (latent potential) and JSW Group's execution prowess,' Kotak Institutional Equities said in a recent report.
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