New Delhi, Aug. 19 -- Indigo Paints Ltd is putting growth ahead of margins as it steps up spending to win market share in India's increasingly competitive paints market. Managing director Hemant Jalan is targeting more than 25% annual revenue growth if the industry expands at 13-14%.

The paint maker, which has about 3% of India's decorative paints market, does not have a fixed market-share target. Instead, it aims to grow at least 10 percentage points faster than the industry, a pace Jalan said would allow it to steadily gain share.

"What is more important for a company of our size is to grow the top line aggressively," Jalan said in an interview with Mint. "We are not very concerned about a 1 or 2% movement in the gross margin in eithe...