{"id":217279,"date":"2026-08-24T15:56:44","date_gmt":"2026-08-24T10:26:44","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=217279"},"modified":"2026-08-24T15:56:47","modified_gmt":"2026-08-24T10:26:47","slug":"paints-coatings-stocks-flying-under-the-radar-india","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/","title":{"rendered":"5 Under the Radar Paints and Coatings Stocks Flying Past the Usual Names in India"},"content":{"rendered":"<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>5 Paints and Coatings stocks under the radar: CMP range Rs 76-3,840. Highest ROE 25.0% (Akzo). Lowest D\/E 0.05. Data: 23 August 2026.<\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">The five paint stocks that receive comparatively lower institutional coverage in India are Indigo Paints, Shalimar Paints, Kansai Nerolac Paints, Akzo Nobel India, and Kamdhenu. These companies operate across key segments of the paint sector with market caps ranging from Rs 1,060 crore to Rs 16,550 crore. Each carries specific financial characteristics worth evaluating independently. The data used in this article is based on publicly available NSE and BSE information as of 23 August 2026. This is a research shortlist, not a buy recommendation.<\/p>\n<\/div>\n<p>India offers far more paint stocks than the three or four most-followed names in any given sector. This article identifies five paint stocks that receive comparatively lower institutional research attention than the largest-cap peers. Each of these paint stocks is evaluated on publicly available fundamental data.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=under-radar-paints-coatings\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#How_We_Selected_These_Under-the-Radar_Paints_and_Coatings_Stocks\" title=\"How We Selected These Under-the-Radar Paints and Coatings Stocks\">How We Selected These Under-the-Radar Paints and Coatings Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#What_Are_Under_the_Radar_Paint_Stocks_in_India\" title=\"What Are Under the Radar Paint Stocks in India?\">What Are Under the Radar Paint Stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#5_Paints_and_Coatings_Stocks_Flying_Under_the_Radar_in_India\" title=\"5 Paints and Coatings Stocks Flying Under the Radar in India\">5 Paints and Coatings Stocks Flying Under the Radar in India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#1_Indigo_Paints_INDIGOPNTS_Relatively_Under-Followed_Compared_With_Sector_Leaders\" title=\"1. Indigo Paints (INDIGOPNTS): Relatively Under-Followed Compared With Sector Leaders\">1. Indigo Paints (INDIGOPNTS): Relatively Under-Followed Compared With Sector Leaders<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Metrics_to_Note\" title=\"Key Metrics to Note\">Key Metrics to Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Why_It_Receives_Comparatively_Lower_Coverage\" title=\"Why It Receives Comparatively Lower Coverage\">Why It Receives Comparatively Lower Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Risk\" title=\"Key Risk\">Key Risk<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#2_Shalimar_Paints_SHALPAINTS_PE_of_120_Relatively_Under-Followed_Sector_Player\" title=\"2. Shalimar Paints (SHALPAINTS): PE of 12.0, Relatively Under-Followed Sector Player\">2. Shalimar Paints (SHALPAINTS): PE of 12.0, Relatively Under-Followed Sector Player<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Metrics_to_Note-2\" title=\"Key Metrics to Note\">Key Metrics to Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Why_It_Receives_Comparatively_Lower_Coverage-2\" title=\"Why It Receives Comparatively Lower Coverage\">Why It Receives Comparatively Lower Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Risk-2\" title=\"Key Risk\">Key Risk<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#3_Kansai_Nerolac_Paints_KANSAINER_Relatively_Under-Followed_Compared_With_Sector_Leaders\" title=\"3. Kansai Nerolac Paints (KANSAINER): Relatively Under-Followed Compared With Sector Leaders\">3. Kansai Nerolac Paints (KANSAINER): Relatively Under-Followed Compared With Sector Leaders<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Metrics_to_Note-3\" title=\"Key Metrics to Note\">Key Metrics to Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Why_It_Receives_Comparatively_Lower_Coverage-3\" title=\"Why It Receives Comparatively Lower Coverage\">Why It Receives Comparatively Lower Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Risk-3\" title=\"Key Risk\">Key Risk<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#4_Akzo_Nobel_India_AKZOINDIA_ROE_of_250_Relatively_Lower_Institutional_Attention\" title=\"4. Akzo Nobel India (AKZOINDIA): ROE of 25.0%, Relatively Lower Institutional Attention\">4. Akzo Nobel India (AKZOINDIA): ROE of 25.0%, Relatively Lower Institutional Attention<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Metrics_to_Note-4\" title=\"Key Metrics to Note\">Key Metrics to Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Why_It_Receives_Comparatively_Lower_Coverage-4\" title=\"Why It Receives Comparatively Lower Coverage\">Why It Receives Comparatively Lower Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Risk-4\" title=\"Key Risk\">Key Risk<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#5_Kamdhenu_KAMDHENUT_Relatively_Under-Followed_Compared_With_Sector_Leaders\" title=\"5. Kamdhenu (KAMDHENUT): Relatively Under-Followed Compared With Sector Leaders\">5. Kamdhenu (KAMDHENUT): Relatively Under-Followed Compared With Sector Leaders<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Metrics_to_Note-5\" title=\"Key Metrics to Note\">Key Metrics to Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Why_It_Receives_Comparatively_Lower_Coverage-5\" title=\"Why It Receives Comparatively Lower Coverage\">Why It Receives Comparatively Lower Coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Risk-5\" title=\"Key Risk\">Key Risk<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Quick_Comparison_5_Under-the-Radar_Stocks_at_a_Glance\" title=\"Quick Comparison: 5 Under-the-Radar Stocks at a Glance\">Quick Comparison: 5 Under-the-Radar Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Why_Do_These_Paints_and_Coatings_Stocks_Receive_Comparatively_Lower_Coverage\" title=\"Why Do These Paints and Coatings Stocks Receive Comparatively Lower Coverage?\">Why Do These Paints and Coatings Stocks Receive Comparatively Lower Coverage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#What_Factors_Should_Investors_Evaluate_in_Paint_Lesser-Known_Paints_and_Coatings_Stocks\" title=\"What Factors Should Investors Evaluate in Paint Lesser-Known Paints and Coatings Stocks?\">What Factors Should Investors Evaluate in Paint Lesser-Known Paints and Coatings Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Risks_to_Evaluate_in_Under-the-Radar_Paints_and_Coatings_Stocks\" title=\"Key Risks to Evaluate in Under-the-Radar Paints and Coatings Stocks\">Key Risks to Evaluate in Under-the-Radar Paints and Coatings Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#How_to_Research_and_Invest_in_Paint_Stocks_in_India\" title=\"How to Research and Invest in Paint Stocks in India\">How to Research and Invest in Paint Stocks in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Key_Takeaways_on_Paint_Stocks\" title=\"Key Takeaways on Paint Stocks\">Key Takeaways on Paint Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Frequently_Asked_Questions_on_Under_the_Radar_Paint_Stocks\" title=\"Frequently Asked Questions on Under the Radar Paint Stocks\">Frequently Asked Questions on Under the Radar Paint Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Which_paint_stocks_are_flying_under_the_radar_in_India\" title=\"Which paint stocks are flying under the radar in India?\">Which paint stocks are flying under the radar in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Are_smallcap_paint_stocks_suitable_for_long-term_investment\" title=\"Are smallcap paint stocks suitable for long-term investment?\">Are smallcap paint stocks suitable for long-term investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#What_are_the_key_metrics_to_check_in_paint_stocks\" title=\"What are the key metrics to check in paint stocks?\">What are the key metrics to check in paint stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#Is_Indigo_Paints_a_good_stock_to_research\" title=\"Is Indigo Paints a good stock to research?\">Is Indigo Paints a good stock to research?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#What_distinguishes_Shalimar_Paints_from_larger_paints_and_coatings_companies\" title=\"What distinguishes Shalimar Paints from larger paints and coatings companies?\">What distinguishes Shalimar Paints from larger paints and coatings companies?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/univest.in\/blogs-2\/paints-coatings-stocks-flying-under-the-radar-india\/#What_is_the_52-week_range_of_Akzo_Nobel_India\" title=\"What is the 52-week range of Akzo Nobel India?\">What is the 52-week range of Akzo Nobel India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 id=\"methodology\"><span class=\"ez-toc-section\" id=\"How_We_Selected_These_Under-the-Radar_Paints_and_Coatings_Stocks\"><\/span><strong>How We Selected These Under-the-Radar Paints and Coatings Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The five companies below were selected on the following basis:<\/p>\n<ul>\n<li><strong>Sector relevance:<\/strong> Each company operates meaningfully in the paint sector with an established business presence.<\/li>\n<li><strong>Market capitalisation:<\/strong> The list focuses on smallcap and midcap companies. However, market cap alone is not the definition of &#8220;under the radar&#8221;. Several mid-cap companies receive extensive coverage while smaller ones do not.<\/li>\n<li><strong>Institutional coverage and visibility:<\/strong> &#8220;Under the radar&#8221; refers to comparatively lower analyst coverage, media attention, and investor awareness relative to the sector&#8217;s largest and most widely followed names. This is a qualitative assessment based on general market observation.<\/li>\n<li><strong>Financial characteristics:<\/strong> Each company shows at least one financial characteristic worth evaluating, such as a notable ROE, low leverage, or a specific PE profile relative to its business stage.<\/li>\n<\/ul>\n<p><strong>Data note:<\/strong> All market data , CMP, market cap, PE, ROE, D\/E, and 52-week range , is based on publicly available NSE and BSE data as of 23 August 2026. Investors should verify all figures before making any decision. This selection is for educational and research purposes only.<\/p>\n<h2 id=\"what-are\"><span class=\"ez-toc-section\" id=\"What_Are_Under_the_Radar_Paint_Stocks_in_India\"><\/span><strong>What Are Under the Radar Paint Stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Paint stocks are smallcap and midcap companies operating in the paint sector that are not among the most-followed names tracked by large institutional brokerages. These paint stocks may have solid fundamentals but receive fewer dedicated research notes, consensus price targets, or media coverage than their larger peers.<\/p>\n<p>Identifying paint stocks requires scanning beyond the top ten holdings of major paint sector mutual funds and ETFs. Companies that become paint stocks on institutional radars often do so because their size falls below the minimum threshold that large portfolio managers can deploy capital into. This structural gap, not necessarily a business quality gap, is why these paint stocks remain under the radar.<\/p>\n<h2 id=\"five-stocks\"><span class=\"ez-toc-section\" id=\"5_Paints_and_Coatings_Stocks_Flying_Under_the_Radar_in_India\"><\/span><strong>5 Paints and Coatings Stocks Flying Under the Radar in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The five paint stocks below were selected as worth placing on a research watchlist, not as definitive buy recommendations. Each paint stocks has a different risk-return profile and should be evaluated independently against an investor&#8217;s own criteria and risk appetite.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 14px;\">\n<thead>\n<tr>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: left;\">Company<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">NSE Symbol<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">CMP (Rs)<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">MCap (Rs Cr)<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">PE<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">ROE<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">D\/E<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 10px 12px; text-align: right;\">52W Range (Rs)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 10px 12px;\">Indigo Paints<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">INDIGOPNTS<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">1415.0<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">6,750<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">45.00<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">18.00%<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">0.10<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">1795.0 &#8211; 1100.0<\/td>\n<\/tr>\n<tr style=\"background: #f9f9f9;\">\n<td style=\"padding: 10px 12px;\">Shalimar Paints<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">SHALPAINTS<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">76.0<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">1,060<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">12.00<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">5.00%<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">0.20<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">97.0 &#8211; 58.0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px;\">Kansai Nerolac Paints<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">KANSAINER<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">307.0<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">16,550<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">45.00<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">18.00%<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">0.10<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">390.0 &#8211; 240.0<\/td>\n<\/tr>\n<tr style=\"background: #f9f9f9;\">\n<td style=\"padding: 10px 12px;\">Akzo Nobel India<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">AKZOINDIA<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">3840.0<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">8,700<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">55.00<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">25.00%<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">0.05<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">4876.0 &#8211; 3000.0<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px 12px;\">Kamdhenu<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">KAMDHENUT<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">232.0<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">5,850<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">25.00<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">10.00%<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">0.30<\/td>\n<td style=\"padding: 10px 12px; text-align: right;\">295.0 &#8211; 180.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12px; color: #666; margin-top: 6px;\"><em>Data as of 23 August 2026. Source: NSE\/BSE public disclosures. Verify before investing.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Indigo_Paints_INDIGOPNTS_Relatively_Under-Followed_Compared_With_Sector_Leaders\"><\/span><strong>1. Indigo Paints (INDIGOPNTS): Relatively Under-Followed Compared With Sector Leaders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Indigo Paints is India&#8217;s fifth-largest decorative paint company, having grown through a differentiated marketing strategy targeting franchise painters and distinct product innovations like Tile Coat and Waterproof Exterior Laminate. Indigo Paints is one of the paint stocks covered here, currently trading at Rs 1415.0, with a market cap of Rs 6,750 crore and a 52-week range of Rs 1100.0 to Rs 1795.0. This paint stocks is evaluated on publicly available NSE and BSE data.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Metrics_to_Note\"><\/span><strong>Key Metrics to Note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>A PE of 45.00 is above the broader market average. At this level, the market is embedding expectations of continued earnings growth, making execution consistency an important factor to watch. ROE of 18.00% sits at a reasonable level. Tracking whether this has been improving or declining over recent quarters provides a more complete picture. D\/E of 0.10 reflects low leverage, providing financial flexibility in varied interest-rate environments.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_It_Receives_Comparatively_Lower_Coverage\"><\/span><strong>Why It Receives Comparatively Lower Coverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Indigo Paints grew from regional brand to national presence by targeting the painter community rather than the dealer network, creating bottom-up product advocacy unavailable to Asian Paints and Berger in their early growth phases. Its digital marketing efficiency and focused product portfolio allow it to grow faster than the industry.<\/p>\n<p>As a paint stocks, Indigo Paints sits in a segment of the paint sector where dedicated research is less common than among the largest-cap peers. Investors tracking paint stocks should add this company to their research watchlist only after verifying data on NSE or BSE.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Risk\"><\/span><strong>Key Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>Key Risk for this paint stocks:<\/strong> Indigo Paints operates in a market where Asian Paints, Berger, Kansai Nerolac, and Akzo Nobel are well-entrenched with stronger dealer networks and brand recall. Any market share defence by these larger incumbents through pricing aggression or product launches can squeeze Indigo&#8217;s margins. Cross-verify risks among all paint stocks before drawing conclusions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Shalimar_Paints_SHALPAINTS_PE_of_120_Relatively_Under-Followed_Sector_Player\"><\/span><strong>2. Shalimar Paints (SHALPAINTS): PE of 12.0, Relatively Under-Followed Sector Player<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Shalimar Paints is one of India&#8217;s oldest paint companies, manufacturing decorative and industrial coatings across its plants in Howrah, Nashik, and Ghaziabad, and is now majority-owned by JSW Group. Shalimar Paints is one of the paint stocks covered here, currently trading at Rs 76.0, with a market cap of Rs 1,060 crore and a 52-week range of Rs 58.0 to Rs 97.0. This paint stocks is evaluated on publicly available NSE and BSE data.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Metrics_to_Note-2\"><\/span><strong>Key Metrics to Note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>A PE of 12.00 indicates a relatively modest earnings multiple. Whether this represents a discount to sector peers should be validated against the current sector PE on NSE or BSE. ROE of 5.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D\/E of 0.20 reflects low leverage, providing financial flexibility in varied interest-rate environments.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_It_Receives_Comparatively_Lower_Coverage-2\"><\/span><strong>Why It Receives Comparatively Lower Coverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>JSW Group&#8217;s ownership of Shalimar Paints since 2019 provides a major industrial customer captive , JSW Steel and JSW Infrastructure&#8217;s coating requirements , alongside Shalimar&#8217;s existing dealer network. The JSW operational turnaround playbook is being applied to modernise the business.<\/p>\n<p>As a paint stocks, Shalimar Paints sits in a segment of the paint sector where dedicated research is less common than among the largest-cap peers. Investors tracking paint stocks should add this company to their research watchlist only after verifying data on NSE or BSE.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Risk-2\"><\/span><strong>Key Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>Key Risk for this paint stocks:<\/strong> Shalimar has historically been loss-making and is only recently stabilising under JSW ownership. ROE of 5% reflects the early stage of operational turnaround, and investors are effectively betting on the JSW management&#8217;s ability to replicate its industrial revamp success in the branded paint sector. Cross-verify risks among all paint stocks before drawing conclusions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Kansai_Nerolac_Paints_KANSAINER_Relatively_Under-Followed_Compared_With_Sector_Leaders\"><\/span><strong>3. Kansai Nerolac Paints (KANSAINER): Relatively Under-Followed Compared With Sector Leaders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kansai Nerolac Paints is India&#8217;s second-largest automotive paint manufacturer and a major decorative paint company, backed by Japan&#8217;s Kansai Paint group, serving both OEM automotive customers and retail decorative segments. Kansai Nerolac Paints is one of the paint stocks covered here, currently trading at Rs 307.0, with a market cap of Rs 16,550 crore and a 52-week range of Rs 240.0 to Rs 390.0. This paint stocks is evaluated on publicly available NSE and BSE data.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Metrics_to_Note-3\"><\/span><strong>Key Metrics to Note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>A PE of 45.00 is above the broader market average. At this level, the market is embedding expectations of continued earnings growth, making execution consistency an important factor to watch. ROE of 18.00% sits at a reasonable level. Tracking whether this has been improving or declining over recent quarters provides a more complete picture. D\/E of 0.10 reflects low leverage, providing financial flexibility in varied interest-rate environments.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_It_Receives_Comparatively_Lower_Coverage-3\"><\/span><strong>Why It Receives Comparatively Lower Coverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Kansai Nerolac&#8217;s automotive paint leadership gives it technical differentiation in high-durability and scratch-resistant coatings that decorative-only paint companies cannot easily replicate. As India&#8217;s vehicle production grows, Nerolac&#8217;s OEM paint volumes grow proportionally.<\/p>\n<p>As a paint stocks, Kansai Nerolac Paints sits in a segment of the paint sector where dedicated research is less common than among the largest-cap peers. Investors tracking paint stocks should add this company to their research watchlist only after verifying data on NSE or BSE.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Risk-3\"><\/span><strong>Key Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>Key Risk for this paint stocks:<\/strong> Kansai Nerolac&#8217;s performance is tied to India&#8217;s automotive production cycle. A period of auto sector slowdown simultaneously reduces OEM paint volumes and weakens professional painter sentiment in the decorative segment, creating a dual-segment headwind. Cross-verify risks among all paint stocks before drawing conclusions.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Use the Univest Screener to Compare Live Paints and Coatings Stocks by PE, ROE and Debt<\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Akzo_Nobel_India_AKZOINDIA_ROE_of_250_Relatively_Lower_Institutional_Attention\"><\/span><strong>4. Akzo Nobel India (AKZOINDIA): ROE of 25.0%, Relatively Lower Institutional Attention<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Akzo Nobel India markets the Dulux premium decorative paint brand and industrial coatings, backed by the Netherlands-headquartered Akzo Nobel global group, with a strong institutional and premium residential market positioning. Akzo Nobel India is one of the paint stocks covered here, currently trading at Rs 3840.0, with a market cap of Rs 8,700 crore and a 52-week range of Rs 3000.0 to Rs 4876.0. This paint stocks is evaluated on publicly available NSE and BSE data.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Metrics_to_Note-4\"><\/span><strong>Key Metrics to Note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>A PE of 55.00 is above the broader market average. At this level, the market is embedding expectations of continued earnings growth, making execution consistency an important factor to watch. ROE of 25.00% is above-average for most sectors, suggesting the business generates meaningful returns on the equity base deployed. D\/E of 0.05 reflects a near-zero debt position, which significantly reduces financial risk.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_It_Receives_Comparatively_Lower_Coverage-4\"><\/span><strong>Why It Receives Comparatively Lower Coverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Akzo Nobel India&#8217;s Dulux brand commands premium pricing in the Indian decorative segment that generates higher margin per litre than mid-market brands. Its institutional coatings business serves commercial real estate developers who prioritise brand and technical performance over price.<\/p>\n<p>As a paint stocks, Akzo Nobel India sits in a segment of the paint sector where dedicated research is less common than among the largest-cap peers. Investors tracking paint stocks should add this company to their research watchlist only after verifying data on NSE or BSE.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Risk-4\"><\/span><strong>Key Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>Key Risk for this paint stocks:<\/strong> Akzo Nobel India is a premium-only player without a value-tier product to capture budget consumers. In India&#8217;s highly price-sensitive paint market, its inability to compete on volume at lower price points structurally limits its market share ceiling versus Asian Paints and Berger. Cross-verify risks among all paint stocks before drawing conclusions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Kamdhenu_KAMDHENUT_Relatively_Under-Followed_Compared_With_Sector_Leaders\"><\/span><strong>5. Kamdhenu (KAMDHENUT): Relatively Under-Followed Compared With Sector Leaders<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Kamdhenu operates a franchise-based steel TMT bar and paints business, with Kamdhenu Paints being its decorative paint brand distributed through a franchise dealer network primarily in north and central India. Kamdhenu is one of the paint stocks covered here, currently trading at Rs 232.0, with a market cap of Rs 5,850 crore and a 52-week range of Rs 180.0 to Rs 295.0. This paint stocks is evaluated on publicly available NSE and BSE data.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Metrics_to_Note-5\"><\/span><strong>Key Metrics to Note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>A PE of 25.00 sits in a moderate range. Investors should compare this against the sector PE to assess whether the stock trades at a premium or discount to peers. ROE of 10.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D\/E of 0.30 reflects low leverage, providing financial flexibility in varied interest-rate environments.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_It_Receives_Comparatively_Lower_Coverage-5\"><\/span><strong>Why It Receives Comparatively Lower Coverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Kamdhenu&#8217;s franchise model eliminates manufacturing capex risk , franchisees invest in production while Kamdhenu earns brand licensing and raw material supply fees. This asset-light approach generates cash flows with lower balance sheet risk than fully integrated paint companies.<\/p>\n<p>As a paint stocks, Kamdhenu sits in a segment of the paint sector where dedicated research is less common than among the largest-cap peers. Investors tracking paint stocks should add this company to their research watchlist only after verifying data on NSE or BSE.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Risk-5\"><\/span><strong>Key Risk<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>Key Risk for this paint stocks:<\/strong> Kamdhenu&#8217;s franchise model also limits quality control and brand consistency across a geographically dispersed network. In the paints market, consistent product colour matching and quality is critical to painter loyalty, and variability across franchise plants risks brand reputation erosion. Cross-verify risks among all paint stocks before drawing conclusions.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track live paints and coatings prices and get daily research.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Quick_Comparison_5_Under-the-Radar_Stocks_at_a_Glance\"><\/span><strong>Quick Comparison: 5 Under-the-Radar Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below summarises each company&#8217;s standout attribute and primary risk for quick reference. This is a research shortlist, not a ranking.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 13px;\">\n<thead>\n<tr>\n<th style=\"background: #1F4E79; color: #fff; padding: 8px 10px; text-align: left;\">Stock<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 8px 10px; text-align: left;\">Standout Attribute<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 8px 10px; text-align: left;\">Key Metrics<\/th>\n<th style=\"background: #1F4E79; color: #fff; padding: 8px 10px; text-align: left;\">Primary Risk<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 8px 10px;\">Indigo Paints<\/td>\n<td style=\"padding: 8px 10px;\">MCap Rs 6,750 Cr, lower coverage<\/td>\n<td style=\"padding: 8px 10px;\">PE 45.0, ROE 18.0%, D\/E 0.10<\/td>\n<td style=\"padding: 8px 10px;\">Indigo Paints operates in a market where Asian Paints, Berger, Kansai Nerolac, and Akzo Nobel are well-entrenched with stronger dealer networks and brand recall.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 8px 10px;\">Shalimar Paints<\/td>\n<td style=\"padding: 8px 10px;\">PE 12.0 (below market average)<\/td>\n<td style=\"padding: 8px 10px;\">PE 12.0, ROE 5.0%, D\/E 0.20<\/td>\n<td style=\"padding: 8px 10px;\">Shalimar has historically been loss-making and is only recently stabilising under JSW ownership.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 8px 10px;\">Kansai Nerolac Paints<\/td>\n<td style=\"padding: 8px 10px;\">MCap Rs 16,550 Cr, lower coverage<\/td>\n<td style=\"padding: 8px 10px;\">PE 45.0, ROE 18.0%, D\/E 0.10<\/td>\n<td style=\"padding: 8px 10px;\">Kansai Nerolac&#8217;s performance is tied to India&#8217;s automotive production cycle.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 8px 10px;\">Akzo Nobel India<\/td>\n<td style=\"padding: 8px 10px;\">25.0% ROE<\/td>\n<td style=\"padding: 8px 10px;\">PE 55.0, ROE 25.0%, D\/E 0.05<\/td>\n<td style=\"padding: 8px 10px;\">Akzo Nobel India is a premium-only player without a value-tier product to capture budget consumers.<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 8px 10px;\">Kamdhenu<\/td>\n<td style=\"padding: 8px 10px;\">MCap Rs 5,850 Cr, lower coverage<\/td>\n<td style=\"padding: 8px 10px;\">PE 25.0, ROE 10.0%, D\/E 0.30<\/td>\n<td style=\"padding: 8px 10px;\">Kamdhenu&#8217;s franchise model also limits quality control and brand consistency across a geographically dispersed network.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"why-radar\"><span class=\"ez-toc-section\" id=\"Why_Do_These_Paints_and_Coatings_Stocks_Receive_Comparatively_Lower_Coverage\"><\/span><strong>Why Do These Paints and Coatings Stocks Receive Comparatively Lower Coverage?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Lower trading volumes further reduce interest from momentum traders, keeping news flow consistently thin. Historically, some of India&#8217;s strongest multi-year compounding has originated from exactly this kind of overlooked ground , when a cycle shift or earnings re-rating forces the broader market to reassess what the fundamentals already indicated. That said, low coverage is neither a guarantee of outperformance nor a signal of undervaluation on its own.<\/p>\n<h2 id=\"factors\"><span class=\"ez-toc-section\" id=\"What_Factors_Should_Investors_Evaluate_in_Paint_Lesser-Known_Paints_and_Coatings_Stocks\"><\/span><strong>What Factors Should Investors Evaluate in Paint Lesser-Known Paints and Coatings Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Return on equity:<\/strong> Look for ROE consistently above 12-15% across multiple reporting periods, not just peak-cycle years. High and consistent ROE signals capital efficiency that PE screens alone cannot capture.<\/li>\n<li><strong>Debt-to-equity ratio:<\/strong> Low D\/E provides operational runway to survive a difficult year without equity dilution or asset sales. A D\/E below 0.30 is generally considered low leverage for non-financial companies.<\/li>\n<li><strong>PE relative to sector PE:<\/strong> A discount to sector PE is only meaningful if business quality supports the comparison. Always check the current sector PE on NSE or BSE and pair this with ROE and D\/E data.<\/li>\n<li><strong>Revenue and profit growth:<\/strong> Consistent revenue growth over three to five years is more meaningful than a single strong year. Check the quarterly results section on NSE (nseindia.com) for the complete trend.<\/li>\n<li><strong>Promoter holding:<\/strong> Stable or increasing promoter holding often signals confidence in the business outlook. Significant promoter selling should prompt additional scrutiny. Check the latest shareholding disclosure on NSE or BSE before investing.<\/li>\n<li><strong>Consistency over multiple years:<\/strong> A single exceptional year of high ROE or low D\/E can be misleading. Look for patterns across 3-5 years of annual reports. Companies with consistent financial characteristics tend to be structurally sound rather than cyclically lucky. Annual reports are available on the respective company investor relations pages and on NSE and BSE.<\/li>\n<\/ul>\n<h2 id=\"risks\"><span class=\"ez-toc-section\" id=\"Key_Risks_to_Evaluate_in_Under-the-Radar_Paints_and_Coatings_Stocks\"><\/span><strong>Key Risks to Evaluate in Under-the-Radar Paints and Coatings Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Valuation compression:<\/strong> Several stocks on this list carry PE multiples above 40x, embedding growth expectations that require consistent execution. Any earnings miss against these expectations can cause disproportionate share-price corrections.<\/li>\n<li><strong>Low trading liquidity:<\/strong> Smallcap paints and coatings stocks can move sharply on modest volumes. Building or exiting a large position without meaningful market impact can be challenging in lower-volume names.<\/li>\n<li><strong>Input-cost inflation:<\/strong> Many paints and coatings companies face raw material cost volatility. A sudden spike in input prices without the pricing power to pass through costs can rapidly compress margins.<\/li>\n<li><strong>Earnings cyclicality:<\/strong> Smallcap companies tend to deliver less stable quarter-on-quarter earnings growth than large caps. Investors must be prepared for wider swings in reported profits, sometimes within the same financial year.<\/li>\n<li><strong>Competitive intensity:<\/strong> Larger sector players with established distribution, brand recall, and balance-sheet strength can pressure smaller companies&#8217; market share in a downturn.<\/li>\n<\/ul>\n<h2 id=\"how-to\"><span class=\"ez-toc-section\" id=\"How_to_Research_and_Invest_in_Paint_Stocks_in_India\"><\/span><strong>How to Research and Invest in Paint Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Start with the business model. Each of the five companies on this list operates differently, and position sizing should reflect the specific risk-return profile of each rather than treating them as a uniform group.<\/p>\n<p>Verify independently. All figures in this article are based on publicly available NSE and BSE data as of 23 August 2026. Always check the latest quarterly results, annual reports, and shareholding disclosures on nseindia.com or bseindia.com before investing.<\/p>\n<p>Use a screener to compare. The Univest Screener allows investors to apply PE, ROE, and D\/E filters on live market data to build a comparison shortlist across the paints and coatings sector.<\/p>\n<p>Diversify across names where relevant. Concentrating entirely in one smallcap paint stocks amplifies single-stock event risk. Spreading exposure across two or three names where the thesis is independently sound reduces that risk meaningfully. Consult a SEBI-registered investment advisor to align any investment with your personal financial goals.<\/p>\n<p>Track earnings trends, not just a point-in-time snapshot. The metrics shown in this article reflect data as of 23 August 2026. These figures will change with each quarterly result. Building a simple trend view across three to five recent quarters tells you far more about business direction than any single set of current figures. NSE&#8217;s quarterly results archive is a free, comprehensive primary source for this data. Combine it with the company&#8217;s own investor presentations where available.<\/p>\n<h2 id=\"takeaways\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_on_Paint_Stocks\"><\/span><strong>Key Takeaways on Paint Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The five paint stocks covered here represent a range of market caps and business models within the paint sector.<\/li>\n<li>Each of these paint stocks has been selected based on publicly available fundamental data as of 23 August 2026.<\/li>\n<li>Investors researching paint stocks should verify all figures on NSE or BSE directly before making any decision.<\/li>\n<li>The paint sector has more depth than the top three names. These paint stocks are the starting point for broader exploration.<\/li>\n<li>No paint stocks selection is permanent. Review the thesis quarterly as new fundamental data becomes available.<\/li>\n<\/ul>\n<h2 id=\"conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The five paint stocks companies covered in this article , Indigo Paints (D\/E 0.10), Shalimar Paints (PE 12.0), Kansai Nerolac Paints (D\/E 0.10), Akzo Nobel India (ROE 25.0%), and Kamdhenu (PE 25.0) , each present a distinct profile. They are not identical in their risk-return characteristics, their stage of development, or the reason they receive comparatively lower institutional attention. Investors researching paint stocks in India should evaluate each company independently using its own financial history, management track record, and position within the sector before drawing any conclusion.<\/p>\n<p>None of the companies in this article are presented as buy recommendations. The paint sector carries market, operational, and valuation risks that affect each of these five companies differently. Please consult a SEBI-registered investment advisor before making any investment decision.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available NSE and BSE information. These may or may not be accurate. Please verify all data with NSE (nseindia.com) and BSE (bseindia.com) before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/div>\n<h2 id=\"faqs\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_on_Under_the_Radar_Paint_Stocks\"><\/span><strong>Frequently Asked Questions on Under the Radar Paint Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_paint_stocks_are_flying_under_the_radar_in_India\"><\/span><strong>Which paint stocks are flying under the radar in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Five paint stocks that receive comparatively lower institutional coverage in India are Indigo Paints, Shalimar Paints, Kansai Nerolac Paints, Akzo Nobel India, and Kamdhenu. Each has a different fundamental profile. Treating these paint stocks as research starting points, not buy signals, is advisable. Verify all data on NSE or BSE before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_smallcap_paint_stocks_suitable_for_long-term_investment\"><\/span><strong>Are smallcap paint stocks suitable for long-term investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Smallcap paint stocks can offer higher potential returns than large-cap peers in a favourable cycle, but they also carry greater risks: lower liquidity, limited analyst coverage, and higher earnings volatility. Each of the five stocks covered here should be evaluated on its own financial merits and risk profile. Consult a SEBI-registered advisor before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_metrics_to_check_in_paint_stocks\"><\/span><strong>What are the key metrics to check in paint stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Key metrics include PE ratio (compared against the current sector PE on NSE or BSE), ROE (ideally above 12-15% consistently), D\/E ratio (lower is generally safer for non-financial companies), revenue growth trend, and promoter holding. No single metric should be used in isolation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Indigo_Paints_a_good_stock_to_research\"><\/span><strong>Is Indigo Paints a good stock to research?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Indigo Paints has a PE of 45.00 and an ROE of 18.00%, with a D\/E of 0.10 and a 52-week range of Rs 1100.0 to Rs 1795.0. These metrics are worth evaluating against the sector average and the company&#8217;s own historical performance. Verify all data on NSE before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_distinguishes_Shalimar_Paints_from_larger_paints_and_coatings_companies\"><\/span><strong>What distinguishes Shalimar Paints from larger paints and coatings companies?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Shalimar Paints operates with a D\/E of 0.20 and an ROE of 5.00%. JSW Group&#8217;s ownership of Shalimar Paints since 2019 provides a major industrial customer captive , JSW Steel and JSW Infrastructure&#8217;s coating requirements , alongside Shalimar&#8217;s existing dealer networ. Investors should verify all claims through company disclosures on NSE before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_52-week_range_of_Akzo_Nobel_India\"><\/span><strong>What is the 52-week range of Akzo Nobel India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Akzo Nobel India has traded between Rs 3000.0 and Rs 4876.0 over the past 52 weeks, with a current price of Rs 3840.0 (data: 23 August 2026). Always verify current data on NSE or BSE before investing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Explore 5 under the radar paints and coatings stocks in India with key PE, ROE, and debt metrics investors should evaluate. Covers Indigo, Shalimar, Kansai, and two more.<\/p>\n","protected":false},"author":36,"featured_media":217278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[3802],"class_list":["post-217279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-news"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["217278"],"_edit_lock":["1787567209:36"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["24"],"rank_math_seo_score":["59"],"rank_math_title":["5 Under the Radar Paints and Coatings Stocks in India 2026"],"rank_math_description":["Explore 5 under the radar paint stocks in India, with key PE, ROE, debt, and business factors investors should evaluate. 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