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Model Note · BERGER PAINTS (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BERGER PAINTS (I) LTD Discounted cash flow · base FY26
BERGER PAINTS (I) LTD
Value per share, this model₹121
CMP 2026-09-10₹458.50
Difference(73.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BERGER PAINTS (I) LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
3% a year
FY26 2.9% · 5-yr CAGR 11.7%
EBITDA margin
15%
FY26 15.0% · 5-yr average 15.4%
Depreciation · capex, % of revenue
3.3% · 4.4%, fading to 1.2× depreciation
FY26 3.3% · 4.4%
Working capital, % of added revenue · tax
18.6% · 25.1%
68 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 0.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹428 · ₹0 · ₹0 cr
FY26 net debt ₹428 cr
Shares
116.60 crore
116.60 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
11,880
12,237
12,604
12,982
13,371
13,772
growth %
2.9
3.0
3.0
3.0
3.0
3.0
EBITDA
1,780
1,835
1,891
1,947
2,006
2,066
Depreciation
(392)
(404)
(416)
(428)
(441)
(454)
NOPAT
1,040
1,072
1,105
1,138
1,172
1,207
less capex
(518)
(538)
(541)
(543)
(544)
(545)
less working-capital build
—
(66)
(68)
(70)
(72)
(75)
Free cash flow to firm
—
871
911
953
996
1,041
Present value
827
779
734
691
651
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BERGER PAINTS (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,683
PV of the terminal value (75% of EV)
10,815
Enterprise value
14,499
less net debt
(428)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,071
÷ 116.60 crore shares
₹121
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
125
134
145
159
176
10.5%
115
123
132
143
156
11.0%
107
113
121
130
140
11.5%
99
105
111
119
127
12.0%
93
98
103
110
117
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
