What is Mysore Paints and Varnish Limited famous for?

Mysore Paints and Varnish Limited is the world's sole manufacturer of indelible ink (election ink) used to mark voters' fingers during Indian elections and elections in several other countries. It has been supplying this ink to the Election Commission of India since 1962.

When was Mysore Paints and Varnish Limited established?

The company was established in 1947, the year of India's independence, and is registered in Karnataka with CIN U51434KA1947SGC000503.

Who owns Mysore Paints and Varnish Limited?

The Government of Karnataka holds a majority stake in the company. It is classified as a State Government Company (SGC) as denoted by the 'SGC' in its CIN.

Does Mysore Paints make products other than indelible ink?

Yes. In addition to indelible election ink, the company manufactures a range of paints, varnishes, enamels, distempers, and specialty coatings for industrial and commercial use.

Does Mysore Paints supply indelible ink to other countries?

Yes. Mysore Paints has exported its indelible election ink to over 25 countries globally, including Nigeria, South Africa, Malaysia, and several other democracies that conduct elections.

How do I buy Mysore Paints & Varnish unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Mysore Paints & Varnish?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Mysore Paints & Varnish shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Mysore Paints & Varnish Unlisted Share Price | Buy Mysore Paints & Varnish Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Mysore Paints & Varnish Unlisted Share Price | Buy Mysore Paints & Varnish Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Mysore Paints and Varnish Limited is one of India's most unique industrial enterprises — a 75-year-old Karnataka government company that holds an uncontested global monopoly on election indelible ink. While its commercial paints segment faces competition, the indelible ink monopoly provides a durable moat backed by India's constitutional democracy. At ₹550 per share, it represents an iconic unlisted investment with government backing and a globally exclusive product.

Pros

Sole manufacturer of indelible ink (Statutory Ink) used in all Indian general elections — a unique, irreplaceable monopoly product with guaranteed government demand
Government of Karnataka ownership provides financial stability, sovereign backing, and immunity from hostile takeovers
Indelible ink orders from the Election Commission of India and State Election Commissions provide predictable, recurring revenue every election cycle
Over 75 years of operating history (est. 1947) with deep institutional knowledge in specialty paints and coatings
India's large and growing democratic electoral process (Lok Sabha, Vidhan Sabha, local body elections) ensures sustained demand for indelible ink domestically and internationally

Cons

Indelible ink revenue is highly cyclical, spiking during election years and dropping significantly in non-election years
As a government company, it may face bureaucratic inefficiencies, slower decision-making, and limited commercial agility
Operating revenues in the INR 1-100 crore range indicates a small-scale operation with limited ability to expand significantly
The paints and varnish commercial segment faces strong competition from large listed players like Asian Paints, Berger, and Nerolac
Unlisted status severely limits secondary market liquidity for investors despite its iconic product portfolio

Business Segments

Indelible Ink (Election Ink)

Manufacturing and supply of silver nitrate-based indelible ink used to mark voters' fingers during elections. Supplied to the Election Commission of India for all general and state elections, and exported to 25+ countries.

Paints & Varnishes

Manufacturing of decorative and industrial paints, varnishes, enamels, distempers, and specialty coatings for residential, commercial, and industrial applications in Karnataka and surrounding regions.

Revenue Model

Mysore Paints and Varnish Limited generates revenue through two streams: (1) Election ink contracts from the Election Commission of India and state election bodies — a high-margin, guaranteed government order that recurs with every election cycle; and (2) commercial sale of paints, varnishes, and coatings in the open market. The indelible ink business is uniquely monopolistic, while the paints segment competes in the open market against established private players.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

India's decennial census and frequent state elections ensuring a regular order pipeline for indelible ink

Growing number of democracies globally that conduct free and fair elections, expanding the export market

Expansion of the paints business targeting government infrastructure and institutional projects in Karnataka

Industry Tailwinds

India's decennial census and frequent state elections ensuring a regular order pipeline for indelible ink

Recent Developments

Indelible Ink Supply for 2024 Lok Sabha Elections

Mysore Paints and Varnish Limited supplied indelible ink for the 2024 Indian General Elections (18th Lok Sabha), maintaining its six-decade-long monopoly as the sole supplier to the Election Commission of India.

2024-04

State Assembly Election Supply

Supplied indelible ink for the Karnataka, Rajasthan, Madhya Pradesh, Chhattisgarh, and Telangana state assembly elections, reflecting continued government procurement dependence.

2023-11

Export Orders for International Elections

The company continued to receive export orders for indelible ink from international election commissions, sustaining its status as the world's only manufacturer of this product.

2022-06

Comparable Companies

CompanyTypeTickerMkt Cap

Asian Paints LimitedListedASIANPAINT~₹2,00,000 Cr

Berger Paints India LimitedListedBERGEPAINT~₹55,000 Cr

Kansai Nerolac Paints LimitedListedKANSAINER~₹25,000 Cr

Asian Paints LimitedListed

ASIANPAINT · ~₹2,00,000 Cr

Frequently Asked Questions

About Mysore Paints & Varnish

Mysore Paints and Varnish Limited is a historic Government of Karnataka enterprise incorporated on 4 December 1947 — shortly after India's independence. Headquartered at Tilak Nagar, Mysuru (Mysore), Karnataka, with CIN U51434KA1947SGC000503, the company has a unique 75+ year heritage as one of India's oldest state-owned paint manufacturers. The company is famous for manufacturing the indelible ink used in Indian elections — the violet ink applied to voters' fingers during elections to prevent double voting. This indelible ink has been supplied by Mysore Paints to the Election Commission of India for every general and state election since 1962. The ink is also exported to over 25 countries for their election processes, making Mysore Paints a globally recognised specialist in this niche application. Beyond election ink, Mysore Paints manufactures a broad range of conventional paints and varnishes including decorative paints, industrial coatings, and specialty chemical products. The company sells through government channels and conventional retail/distribution for its paint range. For FY2022, Mysore Paints reported operating revenue in the INR 1–100 crore range — consistent with its niche specialist positioning rather than mass-market paint scale. EBITDA grew 25.63% YoY in the same period. As a Karnataka state government company, Mysore Paints benefits from government patronage including election ink procurement contracts from the Election Commission of India.

Key Milestones

1947 — Established as a State Government Company in Mysuru (then Mysore), Karnataka, at the time of India's independence

Common questions about unlisted shares

How do I buy Mysore Paints & Varnish unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings10

Fraud / GovernanceMedium

Indelible ink demand is directly tied to the election calendar. Revenue spikes significantly in general election years (Lok Sabha) and declines in intervening years, creating lumpy, unpredictable revenue patterns.

Source: Company Financial Filings

Management RiskLow

Being a state government enterprise, the company is subject to policy decisions by the Karnataka state government including pricing approvals, management appointments, and capex decisions.

Source: AlphaHub Research

Fraud / GovernanceLow

The paints and varnishes segment faces intense competition from large listed players including Asian Paints, Berger Paints, and Kansai Nerolac, which have superior marketing, distribution, and brand equity.

Source: Media Reports / Public Records

Business ScaleLow

Any future shift to electronic voting without the indelible ink ritual — while politically unlikely in India — would eliminate the core monopoly revenue stream.

Source: Company Financial Filings

Fraud / GovernanceLow

As a government company with limited capex investment, aging plant and machinery could restrict the company's ability to scale up production during peak election demand periods.

Source: Media Reports / Public Records

Revenue Cyclicality

Government Policy Risk

Being a state government enterprise, the company is subject to policy decisions by the Karnataka state government including pricing approvals, management appointments, and capex decisions.

Commercial Segment Competition

Technological Disruption

Any future shift to electronic voting without the indelible ink ritual — while politically unlikely in India — would eliminate the core monopoly revenue stream.

Capacity Constraints

As a government company with limited capex investment, aging plant and machinery could restrict the company's ability to scale up production during peak election demand periods.

Mysore Paints and Varnish Limited

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