Manufactures and sells paints in India through a network of 64,475 dealers, operating from 15 plants with 9,119 employees on its rolls. In FY26 it reported revenue from operations of ₹11,880.25 Cr, EBITDA of ₹1,940 Cr and profit after tax of ₹1,128.02 Cr, an EBITDA margin of 15.88%. Raw materials are the biggest cost line at 49.2% of revenue, followed by other operating expenses at 19.4% and employee cost at 7.7%. The company added 11,100+ dealers during FY26 to expand its retail reach. Capital expenditure ran at 4.4% of revenue, with ₹1,800–2,000 Cr earmarked for two new mega manufacturing plants at Panagarh (West Bengal) and Khordha (Odisha) to build capacity in eastern India. A dividend of ₹4 per share was recommended for FY26, translating to a 44.4% payout. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Paints. Asset-heavy, branded consumer durables manufacturer with pan-India dealer distribution
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,762 | 10,568 | 11,199 | 11,545 | 11,880 |
| EBITDA (ex other income) | 1,335 | 1,487 | 1,861 | 1,856 | 1,780 |
| margin % | 15.2 | 14.1 | 16.6 | 16.1 | 15.0 |
| Owners' profit | 833 | 859 | 1,168 | 1,180 | 1,127 |
| EPS, as reported (₹) | 8.58 | 8.86 | 10.02 | 10.13 | 9.67 |
| ROE % · ROCE % | 21.2 · 26.9 | 19.1 · 25.5 | 21.7 · 26.5 | 19.2 · 23.6 | 16.3 · 20.0 |
| Debt / equity (x) | 0.26 | 0.26 | 0.14 | 0.11 | 0.09 |
| Cash from operations | 567 | 976 | 1,591 | 1,269 | 1,540 |
| Capex | (774) | (748) | (275) | (429) | (518) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,775 | 2,975 | 2,704 | 3,201 | 2,827 | 2,984 | 2,868 | 3,584 |
| Profit before tax | 349 | 387 | 341 | 412 | 264 | 334 | 428 | 531 |
| Net profit | 270 | 296 | 263 | 315 | 206 | 271 | 335 | 405 |
| EPS (₹) | 2.31 | 2.53 | 2.25 | 2.70 | 1.77 | 2.33 | 2.87 | 3.47 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,37,162 | 49.7 | 10.77 | 32.9 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD ◆ | 53,461 | 43.9 | 7.71 | 28.6 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 15,267 | 25.4 | 2.28 | 14.3 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED | 14,366 | 7.3 | 5.86 | 5.8 | 80.5 | 89.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Berger Paints starts new solvent paint plant at Hindupur | capex operations | high | — | — |
| 8 Sept 2026 · Promoter Rishma Kaur buys 24735 shares of Berger Paints via open market | ownership changes | medium | — | — |
| 8 Sept 2026 · Berger Paints promoter Kanwardip Singh Dhingra buys 19,788 shares via open market | ownership changes | high | — | — |
| 8 Sept 2026 · Promoter Jessima Kumar buys 24,734 shares of Berger Paints via open market | ownership changes | high | — | — |
| 8 Sept 2026 · Berger Paints promoter Anshana Sawhney buys 14,841 shares via open market | ownership changes | medium | — | — |
| 8 Sept 2026 · Promoter Sunaina Kohli buys 14,840 shares of Berger Paints via open market | ownership changes | medium | — | — |
| 4 Sept 2026 · Newspaper notice on postal ballot dispatch to shareholders | compliance | minimal | — | — |
| 3 Sept 2026 · Postal Ballot Notice: Two Director Appointments | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Berger Paints appoints new Independent Director and Whole-time Director | management changes | high | — | — |
| 31 Aug 2026 · Board appoints new Independent and Whole-time Directors | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 8.3 |
| 14.6 |
| INDIGO PAINTS LIMITED | 5,166 | 32.1 | 4.48 | 19.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,425 | 35.8 | 5.10 | 23.4 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 719 | — | 2.86 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 142 | — | 0.80 | 14.5 | 0.1 | 0.3 | — | (4.2) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.9 | 35.8 | 5 of 7 | 33% |
| P/B | 7.7 | 4.8 | 7 of 8 | 14% |
| ROCE | 19.2 | 16.5 | 3 of 8 | 71% |
| ROE | 16.3 | 13.2 | 3 of 8 | 71% |
| Debt / Equity | 0.1 | 0.1 | 5 of 8 | 43% |
| EBITDA margin | 18.0 | 17.1 | 4 of 8 | 57% |
| Revenue growth | 12.0 | 10.9 | 4 of 8 | 57% |
| Profit growth | 28.6 | 10.0 | 3 of 8 | 71% |
| Market cap | 53461 | 5166 | 2 of 9 | 88% |
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