Corporate Report     

Published: September 15, 2025
Updated: September 15, 2025

Leading Pioneer in Construction Material Segment

A new star has risen in the construction material skies of India. The Goregaon (Mumbai)-headquartered Aquaproof group, promoted by far-sighted and dynamic first-generation entrepreneur Dr. Bajranglal Maheshwari, is an ISO-certified construction chemicals company which provides a complete range of wall care, tile care, dry mix mortar, water proofing and coating solutions for building and other civil constructions. Promoted in 2002, the group aimed at becoming a pioneer, front-runner and undisputed market leader in its segment. Aquaproof has made rapid strides during the last 23 years of its existence by floating 10 companies and setting up 19 world- class manufacturing facilities at 10 locations spread across India.

The group has made rapid strides in its financial performance with its turnover during the last two decades crossing Rs 500-crore mark. If the industry and consumer demand trends are any indication, Dr. Maheshwari is confident that the sales turnover will hit the Rs 1,000-crore mark within the next 3 years and reach Rs 3,000 crore by 2030. Mr Maheshwari attributes the remarkable growth of the group to its army of talented professionals who are committed to the highest standards of corporate governance. “Our management team values an innovative approach and are fired by entrepreneurial zeal,” he notes with justifiable pride.

The Aquaproof group manufactures world-class consumer-friendly construction products using state-of-the-art technology, and its product range covers innovative, environment-friendly product solutions for the civil construction industry. Little wonder that within the last score of years, Aquaproof has emerged as a wellestablished name in the domestic construction industry.

GROUP POWER

Today, the Aquaproof conglomerate consists of 10 companies: They are:

1. Aquaproof Wallcare (I) Pvt Ltd
(Gujarat-Kalol, RajasthanAlwar & Bhiwadi, ChhattisgarhRajim, Tamil Nadu-Coimbatore, Telangana-Hyderabad) With its registered address at GIDC near Godra, Kalol Panchmahal, Gujarat-156157, it has two directors – Banwarilal Maheshwari and Rohit Asave. The company is doing very well financially. During the year ended March 2022, its EBITDA shot up 49.7% over the previous year. At the same time, its book net worth increased by 26.35%.

2. Aquaproof Construction Chemicals (I) Pvt Ltd.
(Gujarat-Kalol) With its registered office at Rajendra Ratna Shopping Centre, S V Road, Goregoan, Mumbai, the company is managed by three directors — Bajranglal Maheshwari, Sonia Dipen Ruparaelia and Vatsal B. Maheshwari. The company’s authorised share capital is Rs 1.5 crore and paid-up capital Rs 1 crore. In its building care portfolio, the company has introduced waterproofing material, concrete protection and tile care.

3. Aquaproof Building Solution Pvt Ltd.
(Chhattisgarh, Rajasthan, Gujarat, Jharkhand & Maharashtra) With its registered office located at 5, Rajendra Ratna Shopping Centre, S V Road, Goregaon, Mumbai, the company is engaged in the manufacture of jewellery-related articles. Its board of directors consists of Shakuntala B Maheshwari and Kirti Rohit Salve.The authorised share capital is Rs 1 crore and the paid-up capital is Rs 25 lakh.

4. Hindustan Tiles & Wallcare LLP
(Raipur-Rajim)

5. Avon Building Product Pvt. Ltd.
(Raipur-Rajim, Ranchi-Ramgarh, Gujarat-Kalol & Rajasthan-Alwar)

6. Inland Building Product Pvt. Ltd.
(Alwar-Rajasthan, KaradMaharashtra & Cuttack-Odisha)

7. Global Green Ventures Pvt. Ltd.
(Asangaon- Maharashtra)

8. Soniya Agencies Pvt. Ltd.
(Mumbai)

9. Shakuntalam Fiscal Services Pvt. Ltd.
(Mumbai- Maharashtra)

10. Vatsal Logistics
(Raipur)

R&D EDGE

Smiles Dr. Banwarilal Maheshwari, "I am thrilled that the group has emerged as one of the most reputed names in the building material solutions industry. The group has a large variety of products in the construction chemicals field such as water proofing, tiles and stone care, repairing products, coating purity plaster, water repellents, etc."

He adds, "We are known for employing R&D experts to develop products and processes that continuously redefine industry standards, leading to solutions that are cost-effective and environment- friendly. We ensure that our products and processes are easy to use from end to end."

Maintaining that "Aquaproof is a growing conglomerate that has a history of enduring relationships with renowned global companies," Mr Maheshwari adds proudly, "Our group is ISO 9000:2015, 14000:2015 and 45001:2018-certified, and with our own manufacturing facilities. The group is present in western, eastern and northern India. I can say proudly that Aquaproof is today one of the major brands in the industry. It is committed to building a strong and prosperous nation."

THE BEGINNING

Mr Banwarilal Maheshwari promoted the Aquaproof group in 2002 after working for a few prominent companies

belonging to established industry groups. Though he was not born into a rich family and had no large funds to set up large companies, he was a highly ambitious person with tremendous faith in himself and a determination to scale new heights in his endeavours. Having worked in very senior positions in leading companies and earning rich experience, he entered the building and other civil construction products segment. Comments Vatsal Maheshwari, son of Banwarilal, and a director of the Aquaproof group, "To carry on any business one needs courage, willingness to take risks and the ability to take tough decisions. This is precisely what my father and founder of Aquaproof has done, that too despite having no outside help and having to do it all himself."

The group has made rapid strides since its inception in 2002. The far-sighted and dynamic founder laid a strong foundation on the strength of core values like high productivity, high product quality, cost control, a friendly work culture, innovation, integrity and team work. The group does not compromise on quality at any cost. Maintains director Vatsal Maheshwari, "At Aquaproof, the quality of products is not an accident. It is a way of life. Utmost care is taken at every stage to maintain the best quality." Insisting that "our endeavour is to win customer's satisfaction through constasnt personalised attention," Mr. Vatsal adds "we offer total quality through instant technological upgradation and offer world class, durable, ready to use, zero defect products which never have any defect and package them in a consumer-friendly way at an economical rate."

MARQUEE CLIENTS

Little wonder that the group is recognised as a 'business partner' with corporates having interests in construction materials. The group's major customers are wellknown names in Indian industry and include ACC, Ultratech Cement, JSW, JK Lakshmi, Ambuja Cement, Asian Paints, NUVOCO Berger, Nippon Paints, Astral Webber, Harmony AAC, NCL, Godrej, Chryso, Magicrete Cera, AGL, Bostic, Master Builders, Pidilite and Fosroc. With an expanding business, the group's sales turnover has crossed the Rs 500-crore mark.

"We will think of going public when revenues reach the Rs 1,000-crore level," notes Mr Maheshwari. He adds, "By 2030, we aim to hit the Rs 3,000-crore sales mark."

Future prospects for the company are extremely bright. Mr Vatsal Maheshwari notes, "We are doing extremely well and all our products are well-received in the market. I would like to further diversify our product range and expand forward and backward with the aim of reaching the milestone of Rs 10,000 crore in revenue."