Zydex Aims to Triple Revenue To ₹300 Cr In Paints, Bets On Silicate Mineral Segment

New Delhi, July 13: Gujarat-based Zydex Group is targeting a three-fold jump in revenue from its paints and waterproofing business to Rs 300 crore within the next two years, as the company bets on silicate mineral paints in the Indian market, said its Managing Director Moulik Ranka on Monday.

The company, which clocked around Rs 90 crore in paints and waterproofing revenue last fiscal, expects this to rise to about Rs 150 crore in the current financial year, Ranka said, adding that the segment could grow 25–50 per cent annually over the next 10–15 years.

Zydex, as a group, which operates its four divisions with a revenue of approximately Rs 550 crore, entered into the paints business a couple of years ago. It is banking on silicate mineral paints, unlike mainstream acrylic paints, for its revenue growth target.

"We think this category is a new category and definitely has the potential to grow between 25 to 50 per cent year-on-year, at least for the next 10 to 15 years," Ranka told PTI.

The company expects its niche paints category to eventually corner around 2 per cent of the overall Indian paints market, which it pegs at roughly Rs 80,000–1,00,000 crore, translating into a potential opportunity of Rs 1,500–2,000 crore over the medium to long term.

He further said Zydex is aiming to build a meaningful presence in the premium paints segment in the medium to long term.

The company has invested around Rs 50 crore in its Vadodara-based plant for silicate mineral paints.

Ranka said silicate mineral paints currently cost about three times as much as conventional acrylic paints, but the price gap is expected to shrink over the coming years as production scales up and manufacturing costs decline.

Unlike mainstream acrylic paint players sold through B2C retail channels, Zydex is operating through the specification route, working directly with architects.

"There is an absolute bloodbath when it comes to acrylic paints, particularly in the retail market. We are more in the specification channel where architects and consultants focus on durability, longevity and lifecycle value rather than just price," he said.

Zydex Paints COO Amrendra Mishra said the company is building a database of around 80 top-tier architects annually for its premium range, while onboarding 150–200 additional architects every month across other categories for its organosilicate paint line.

Ranka also said the company intends to invest aggressively in brand-building as it expands into retail channels, with marketing expenditure likely to account for 15–20 per cent of revenue in the short to medium term.

On investments, Ranka said Zydex has put in about Rs 50 crore to set up its manufacturing facility in Vadodara, which now sources over 95 per cent of its raw materials domestically.

Zydex Paints and realty firm M3M India on Monday announced a strategic partnership to deploy KEIM Regalan, a silicate mineral paint system from KEIM, Germany, across M3M’s premium developments.

Acrylic paints are polymer-based coatings that form a film on the surface, while silicate mineral paints are made from natural mineral binders and chemically bond with the substrate through a process known as silicification. This allows silicate paints to offer superior breathability, UV resistance and longevity, often lasting several decades without significant fading or peeling.

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