NSE: BERGEPAINT · BSE: 509480
BERGER PAINTS (I) LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,19,139 | 46.0 | 9.95 | 30.4 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD ◆ | 53,677 | 44.1 | 7.75 | 28.7 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,557 | 24.3 | 2.18 | 13.7 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED | 4,848 | 30.1 | 4.20 | 18.4 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,351 | 34.7 | 4.95 | 22.6 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED | 1,256 | 0.6 | 0.51 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD | 685 | — | 2.73 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 124 | — | 0.70 | 12.8 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.1 | 34.7 | 5 of 7 | 33% |
| P/B | 7.8 | 3.5 | 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 | 53677 | 2351 | 2 of 9 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Special window opened for re-lodging physical share transfers | compliance | minimal | — | — |
| 7 Oct 2026 · Postal Ballot Results: Both Director Appointments Approved With Over 99 Percent | board shareholder meetings | medium | — | — |
| 7 Oct 2026 · Postal ballot: Two special resolutions approved by shareholders | board shareholder meetings | medium | — | — |
| 6 Oct 2026 · Berger Paints files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 5 Oct 2026 · Board Meeting on 5 Nov 2026 to consider Q2 FY27 financial results | results | low | — | — |
| 24 Sept 2026 · Trading window closed for insiders ahead of Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Berger Paints to attend JP Morgan India Conference on 22 Sep 2026 | board shareholder meetings | low | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.