A coating composition for granular roofing has a liquid phase, such as a water, vinyl copolymer or a modified acrylic, and a material with high reflectance, such as CaCO3, TiO2, ceramic microspheres, nano-particles, talc dispersed therein to yield a low-viscosity coating. The coating is applied to a granular surface in a thin layer that does not significantly disturb the granular aesthetics, but covers the base material, e.g., modified bitumen, at least partially, to increase the overall reflectivity of the material. In some embodiments, the coating improves the physical integrity of the granular surface and increases resistance to environmental effects and may perform a pigment function. In one embodiment, the coating is applied as a powder followed by the application of a liquid. In another embodiment, the coating includes a water repellant.