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The company, under the leadership of its Chairman B.R. Bhatia, has leveraged the technology so well that waste paint contributes six per cent of its top line. Set up in 1986 by Bhatia, currently it has one factory each in Haryana, Uttarakhand and Maharashtra. Unlike companies like Asian Paints, which make industrial and decorative paints, Maharani Paints focuses only on industrial paints.
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"While large brands dominate the domestic paints industry, small and medium-sized companies dominate the commercial paints segment that mainly supplies to industries like railways, automobile or hospitals. Large companies even outsource production of primers to SMEs, to keep their costs low," says O P Madhogaria, Vice-President of the Indian Small Scale Paint Association.
Bhatia kept away from decorative paint business as it involves huge marketing costs and need a robust distribution network. In February, the company had entered into a pact with Japan's Dai Nippon Toryo Company for better know-how on paint manufacturing. Growth has been consistent for the company.
Its gross sales have grown from around Rs 82 crore in 2010/11 to Rs 100 crore in 2013/14. It aims to cross Rs 132 crore by the end of this fiscal year. "When your balance sheet is strong, everybody is after you to give funds," says Bhatia, eldest among four brothers.