Synopsis:
Below are the 3 stocks to benefit from India’s Anti-Dumping Duty on Liquid Epoxy Resins.
As per sources, India has introduced a five-year anti-dumping duty on liquid epoxy resins imported from South Korea, Taiwan, Saudi Arabia, and China. The move aims to shield domestic manufacturers from cheap imports, stabilise prices, and ensure fair competition in the chemicals and paints ecosystem.
Liquid epoxy resins are used as strong glues, protective coatings, and insulating materials. They help repair and bond concrete in construction, protect metal and floors from damage, and make strong composite parts like carbon-fiber products. They are also used in electronics to cover and protect circuits, in paints for durability, and in art, molds, and 3D printing because they create a hard, clear, and long-lasting finish.
Atul Ltd
Atul, a major integrated chemicals company with over 900 products and 400 formulations, is a direct beneficiary since it manufactures epoxy resins. It serves about 4,000 customers across 30 industries. The company makes a wide range of chemical products, including organic intermediates, polymers and resins, dyes and pigments, agrochemicals, and pharmaceutical APIs.
With a market capitalization of Rs. 18,164.09 crore, the shares of Atul Limited were trading at Rs. 6,169.50, up by 0.38 percent from its previous closing price of Rs. 6,146 per equity share.
Financially, Atul reported revenue rising from Rs. 5,427.5 crore in FY23 to Rs. 5,583.4 crore in FY25, with operating profit increasing from Rs. 889.7 crore to Rs. 1,022 crore, and PAT moving from Rs. 506.6 crore to Rs. 498.8 crore over the same period. In Q2 FY26, revenue grew to Rs. 1,551.9 crore from Rs. 1,392.8 crore YoY, while net profit rose to Rs. 181.2 crore from Rs. 136.4 crore YoY.
Asian Paints Limited
Asian Paints is India’s largest paint company, consumes large quantities of epoxy resins for its coatings business. The duty may help only if domestic resin makers reduce prices below import costs, which is still uncertain.
With a market capitalization of Rs. 2,77,956.34 crore, the shares of Asian Paints Limited were trading at Rs. 2,897.20, down by 0.30 percent from its previous closing price of Rs. 2,906 per equity share.
The company’s revenue moved from Rs. 34,488.6 crore in FY23 to Rs. 33,905.6 crore in FY25, while PAT fluctuated from Rs. 4,195.3 crore to Rs. 3,709.7 crore. In Q2 FY26, Asian Paints reported a 6 percent YoY revenue rise to Rs. 8,531.3 crore and a 43 percent jump in net profit to Rs. 1,018.2 crore.
The company’s strong performance is driven mainly by its decorative paints segment, which saw solid volume and value growth. Smart regional marketing, early festive demand, and strong rural–urban sales supported this momentum, with upcoming festive and wedding seasons expected to further boost sales. Low inflation and GST changes may also aid consumption.
Berger Paints Limited
Berger Paints uses epoxy resins for its industrial and decorative coatings. Like Asian Paints, it may benefit only if domestic resin prices decline meaningfully after the duty.
With a market capitalization of Rs. 68,787.79 crore, the shares of Berger Paints Limited were trading at Rs. 589.55, up by 0.50 percent from its previous closing price of Rs. 586.60 per equity share.
The company’s revenue increased from Rs. 10,567.8 crore in FY23 to Rs. 11,544.7 crore in FY25, with PAT rising from Rs. 860.4 crore to Rs. 1,182.8 crore. In Q2 FY26, revenue inched up to Rs. 2,827.5 crore from Rs. 2,774.6 crore YoY, while net profit fell to Rs. 195.6 crore from Rs. 261 crore YoY. Berger continues to focus on rural and smaller urban markets, aided by improving agricultural incomes, infrastructure spending, and government-led development programmes.
Conclusion
While the anti-dumping duty provides a clear competitive advantage to Atul Ltd, the impact on Asian Paints and Berger Paints will depend on how domestic resin prices adjust. Overall, the move strengthens India’s domestic resin ecosystem and may reshape cost structures across the paint and specialty chemicals sectors.
Written by Akshay Sanghavi
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