The home-grown Zydex Group, a speciality chemicals company, entered into an exclusive licensed manufacturer-and-distributor partnership with Germany’s mineral paint pioneer, KEIMFARBEN GmbH, last year to pioneer silicate technology in India. The Gujarat-based company aims to shift the decorative paint market’s focus from periodic repainting to a minimum 20-year warranty against colour fading and film failure. Dr Moulik Ranka, Managing Director, Zydex Group, shares his views with businessline on silicate mineral paints, retail expansion and the company’s ambition to build a meaningful share in India’s paints and coatings market. Excerpt:
How would you define Zydex Paints’ current position in India’s paints and coatings market?
Zydex is a technology-driven building materials company using advanced material science to solve long-standing challenges associated with conventional acrylic paints. Consumers are increasingly seeking long-lasting, aesthetically pleasing, safer and more eco-friendly solutions. Our key differentiator is our silicate mineral paint technology. Unlike conventional acrylic or polymer-based paints that form a film on the surface, silicate mineral paints use potassium water glass, an inorganic binder. The silicate binder forms a microporous structure that does not allow wind-driven rain to enter but allows moisture vapour to escape. This creates a one-way barrier for water and prevents problems such as dampness, blistering and fungal growth.
What are the other benefits of silicate binder?
The binder penetrates and chemically bonds with the masonry substrate, becoming inseparable from the wall and reducing common problems such as peeling. Our use of mineral-based pigments enables fading warranties of up to 20 years. Our products use ultra-low-VOC formulations, supporting healthier indoor air quality and an odour-free painting experience. Fire safety is also becoming increasingly important. The inorganic nature of silicate paints does not add fuel to a fire.
What are the key growth drivers for Zydex Paints?
One of the strongest indicators of our growth is that nearly 90 per cent of our business comes from repeat customers across real estate, infrastructure and industrial projects, covering both waterproofing and mineral paint solutions. Project business will remain important, but our next phase of growth is focused strongly on retail. We are expanding our dealer and contractor network, increasing market awareness and investing in brand building to bring the benefits of mineral paint technology directly to homeowners. Our focus is on building a strong national presence with silicate mineral paints and nanotechnology waterproofing solutions as key differentiators. Our objective is not simply to increase geographic reach, but to make high-performance mineral paint and waterproofing solutions more accessible across India.
How do you see revenue growth with intense competition?
We see established players as important contributors to the growth and evolution of the paints industry. Zydex’s focus is on creating a differentiated space through material science, long-term surface performance and lifecycle value. As customer preferences evolve towards durability and sustainable solutions, we believe silicate mineral paints can complement the broader market and emerge as a strong growth segment. The company expects revenue to increase to about Rs 150 crore in the current financial year against Rs 90 crore last fiscal and targets Rs 300 crore in revenue over the next two years, representing more than a three-fold increase from last year’s level. Over the longer term, we expect the segment to grow at an annual rate of 25-50 per cent over the next 10-15 years.
How is Zydex converting its eco-friendly technologies into practical value for customers?
The true measure of sustainability is lifecycle cost. Conventional paints are largely plastic-based coatings that form a film on the surface. Over time, this film can deteriorate, leading to peeling, fading, cracking and fungal growth, resulting in repeated repainting. Our mineral-based paint technologies work differently. They chemically bond with the substrate, creating a durable, breathable and long-lasting surface. When durability and lower maintenance are combined, the result is a significantly lower lifecycle cost.
What capabilities has the company built in research and product innovation?
We have focused on addressing persistent challenges such as poor durability, peeling, dampness, fungal growth, indoor air quality and repainting costs. We have an exciting pipeline of products planned for launch this year. These innovations are aimed at the mass market and are designed to make the benefits of silicate mineral technology accessible to a much wider consumer base. Our solutions have been adopted by leading real estate developers, including M3M and Lodha.
What are the company’s key business priorities?
Our priorities are centred on strengthening our position in waterproofing and paints through innovation, market expansion and strategic partnerships. On the product side, we will expand our portfolio by introducing differentiated façade solutions based on silicate binders, including renders and specialty finishes for concrete. This will enable us to offer more comprehensive solutions to customers. Partnerships will remain a critical pillar of our growth strategy. Revenue-wise, we continue to grow at 50-70 per cent year-on-year and aim to have a meaningful market share over the next few years.
How is Zydex strengthening manufacturing and supply-chain capabilities as the business scales?
Zydex has invested in modern manufacturing facilities designed for rapid scale-up. The current site can support our growth for at least the next five to seven years. We have the capability to maintain meaningful inventory to absorb supply-chain shocks. India continues to invest heavily in infrastructure, and these assets will require significant maintenance to operate efficiently over the next several decades. Silicate mineral paints can potentially generate substantial savings for the exchequer over the lifetime of a project. Zydex has recently introduced these paints in India and is positioned to benefit as increasingly durable specifications are adopted for infrastructure projects.