Shalimar Paints: Bridging a 120-Year Legacy with a Future-Ready Vision

For over a century, Shalimar Paints has been a name woven into India’s landscape, from iconic infrastructure projects to countless homes across the country. Yet in recent years, the brand has been quietly reinventing itself. With revenues nearly doubling since the arrival of new investors, and bold moves in automation, product innovation, and rural expansion, Shalimar is re-emerging as a future-ready player in an intensely competitive paints market.

From its stronghold in the East and North-East to ambitious strides across the South and West, the company is deepening its presence with a sharp focus on distribution, technology, and product mix. Decorative paints continue to drive growth, while initiatives such as Smart Bharat and Hero 5 aim to balance affordability with aspiration across diverse consumer segments.

In this conversation, Kuldip Raina, MD & CEO, Shalimar Paints reflects on the company’s performance in FY24–25, the strategic pivots shaping its trajectory, and the milestones it is targeting as it seeks to double revenues over the next three years.

Could you share highlights of Shalimar’s FY24-25 performance? Which categories or geographies contributed most to growth, and where do you see scope for acceleration?

FY24–25 has been a year of transition and consolidation for Shalimar Paints. We closed the year with revenues nearly double what they were when our new set of investors came on board. The East and North-East regions remain our strongest markets, contributing close to 61% of sales, where the brand enjoys deep-rooted equity and a long-standing presence. At the same time, we have been expanding our reach in the West and South through the Sikandrabad, Nashik, and Chennai facilities, which are now better aligned to serve regional demand. On the product side, decorative paints continue to be our primary growth driver with a 63% share, and we see significant headroom for acceleration by penetrating smaller towns and leveraging distribution-led growth.

Looking ahead, we believe the opportunity lies in three areas: expanding our decorative presence in Tier-II and Tier-III markets, scaling automation and R&D to drive product innovation, and doubling our distribution footprint with modern tinting machines across 10,000+ dealer points. These steps, coupled with sharper cost management, will help us chart a path to profitability while aiming to double revenues over the next three years.

Over the past year, Shalimar has made significant moves in product launches, sustainability reporting, and partnerships. What were the most impactful initiatives and how are they shaping the company’s trajectory?

The past year has been about building credibility and signalling a new direction for Shalimar Paints. On the product front, we launched a refreshed portfolio across both decorative and industrial segments, with a focus on high-performance, eco-friendly coatings that meet evolving consumer and industry needs. This has not only strengthened our presence in the decorative paints category but also reinforced trust in large-scale industrial projects, where Shalimar already has a proud legacy. We have also invested significantly in plant automation and modernisation, which is already translating into improved efficiency and operational performance.

On the partnerships front, we have worked closely with distributors, wholesalers, and institutional clients to double our distribution footprint and roll out modern tinting machines across dealer outlets. On the marketing side, strategic collaborations including our IPL 2025 association with the Mumbai Indians and select movie partnerships, have helped us connect with younger consumers. Building on our 120-year legacy, we are reshaping Shalimar into a future-ready brand, one that is dynamic, youthful, and deeply relevant to today’s consumers. Together, these initiatives have laid a strong foundation for sustainable growth, deeper consumer engagement, and enhanced market competitiveness.

Which product segments — premium emulsions, waterproofing, industrial coatings, or others — are currently driving momentum? How are you balancing premiumization with affordability for tier-2/3 and rural markets?

Momentum for us is coming from two ends of the spectrum. Premium emulsions and waterproofing solutions are seeing strong uptake in urban and semi-urban markets, where consumers are increasingly seeking durability, aesthetics, and eco-friendly performance. At the same time, our industrial coatings continue to strengthen credibility in large infrastructure projects, where Shalimar has long-standing trust.

We also recognize that affordability is critical, especially in Tier-II, Tier-III, and rural markets. More than 50% of rural surfaces remain unpainted, and with rising disposable incomes and evolving aspirations, the opportunity here is immense. To capture this, we launched Smart Bharat — a high-value, cost-effective paint line designed specifically for rural consumers. Complementing this, we recently introduced Hero 5 in urban markets, a feature-rich emulsion that is health-friendly, VOC-compliant, and performance-oriented.

Our strategy is to maintain a balanced portfolio, premium products that elevate the brand and create aspiration, alongside value-driven offerings that make quality paints more accessible. Supported by an expanding indirect distribution network reaching towns of 50,000 and below, we have strategically focused on expanding its footprint in rural and semi-urban markets, recognizing the vast untapped potential where surfaces remain unpainted due to cost concerns and perceptions of paint as a luxury.

What is your roadmap for deeper penetration into Tier-II and Tier-III cities? Are you noticing any shifts in consumer buying behaviour between urban and rural markets?

“Rural India represents a significant growth opportunity for Shalimar Paints. Our roadmap for deeper penetration into Tier-II and Tier-III cities focuses on expanding our dealer network and modernising outlets with state-of-the-art tinting machines to enhance service delivery. We are tailoring regional product offerings to the specific needs of semi-urban and rural consumers, complemented by painter and dealer education programmes, as well as loyalty and incentive schemes to strengthen engagement.

Over the past year, we have focused on making quality paints both accessible and aspirational. Our Smart Bharat 2-in-1 paint line provides a durable, cost-effective solution for interior and exterior surfaces, while the Mela Series offers a budget-friendly range of primers, enamels, and distempers designed for rural households. To ensure reach and adoption, we have expanded distribution through wholesalers and local dealers in towns with populations under 50,000, and engage local influencers such as contractors and shopkeepers to build trust and educate consumers about product benefits.

We are seeing a clear shift in rural consumer behavior, with growing quality-consciousness and willingness to invest in better products as disposable incomes rise. By combining affordable offerings with targeted distribution and community engagement, Shalimar Paints is deepening its presence across Tier-II, Tier-III, and rural markets, driving both brand relevance and sustainable growth.

How extensive is Shalimar’s dealer and painter network today, and what investments are being made to expand retail presence, improve last-mile delivery, and strengthen painter engagement?

Currently, Shalimar Paints has an extensive dealer network spanning over 10,000 outlets, which are being modernised with state-of-the-art tinting machines to improve last-mile delivery, operational efficiency, and customer experience. Beyond physical upgrades, we are investing in structured training programmes for painters and dealers, ensuring they are well-versed in product knowledge, application techniques, and customer engagement. Loyalty initiatives and incentive schemes are being introduced to strengthen relationships with our trade partners, motivating them to prioritise Shalimar Paints’ offerings. These measures collectively aim to enhance brand visibility, increase adoption of new products, and ensure a consistently high-quality application experience for end consumers.

The festive period is a key consumption driver. What are your sales expectations this year, and what specific promotions, trade incentives, or marketing campaigns are you rolling out to capture demand?

The festive season is always a key driver for the paints category, and this year we are expecting a healthy uptick in sales, particularly in decorative paints, as consumers look to refresh their homes and surroundings. We are approaching the season with a multi-pronged strategy that combines trade, marketing, and consumer engagement.

On the trade front, we are rolling out targeted incentive schemes and loyalty programmes for our distributors and dealers, ensuring better availability and visibility of our products at the point of sale. In terms of promotions, we have curated region-specific campaigns highlighting our premium offerings, while also emphasizing affordability for Tier-II, Tier-III, and rural markets. Additionally, we are also launching new products this season, including luxury interior and exterior emulsions, enamel coatings, and launching a new product category–Floor Shield coatings, to cater to evolving consumer preferences and premium home improvement trends.

Furthermore, marketing efforts will include a mix of digital storytelling, local activations, and strategic partnerships that resonate with consumers’ festive aspirations. Additionally, we are leveraging initiatives such as our modern tinting machines and colour-customization offerings at dealer outlets to provide a more engaging, personalised experience. Collectively, these steps are aimed at capturing demand, enhancing brand engagement, and driving incremental sales during the critical festive period.

In a highly competitive paints market, how is Shalimar differentiating itself on value and service, especially amid raw material cost fluctuations?

Shalimar Paints is differentiating itself through product innovation, service excellence, and a refreshed brand approach. We are positioning ourselves as a young and dynamic brand, blending over a century of heritage with modern, relevant solutions for today’s consumers. Our 120-year legacy, trusted quality, and record in iconic projects reinforce consumer confidence, while investments in plant automation and advanced R&D ensure consistent performance across all categories.

Strategic pricing and careful cost management help absorb raw material fluctuations, keeping our products competitively priced without compromising quality. Equally important, we are enhancing the entire value chain from dealer support and painter training to modernised point-of-sale experiences. Dealer outlets are being upgraded with state-of-the-art tinting machines, and educational programmes ensure superior service delivery.

This integrated approach positions Shalimar Paints as both reliable and aspirational across premium and value segments, enabling us to engage a broader audience, strengthen brand loyalty, and offer consumers and trade partners confidence in every interaction.

Looking ahead, where do you envision Shalimar Paints in the next 2-3 years in terms of market share, product mix, and brand perception? What milestones are you targeting to reach that goal?

Looking ahead, we aim to double our revenue over the next three years, reflecting approximately 65% growth. Decorative paints are expected to gain 3–4% in market share, while industrial coatings will remain consolidated. Our focus is on becoming a future-ready brand that resonates with younger consumers while strengthening our on-ground presence. We plan to grow market share by deepening penetration in Tier-II, Tier-III, and rural markets, while consolidating our position in urban centers.

Brand building is a key priority. Digital activation, social media, and dynamic influencer collaborations help position Shalimar as modern, innovative, and aspirational. Expanding distribution, modernising dealer outlets, and leveraging quality-led innovation enhance consumer touchpoints and experience. Despite competitive and pricing pressures, we see strong long-term opportunities driven by rising incomes, government housing initiatives, and increasing paint penetration. Combining legacy with transformation, Shalimar Paints will remain both trusted and future-ready.