Berger Paints logo

Berger Paints

BERGEPAINT NSE

Key Fundamentals

MidcapPaintsConsumer Goods
Market Cap
₹53,759 Cr
Volatility
Low Risk
P/E Ratio
43.87
EBITDA
₹1,940 Cr
Return on Equity
16.28%
Debt to Equity
0.09
Book Value
₹59.32
EPS
₹10.01
52W High
₹594.55
52W Low
₹391.1

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 38.0%

Weaknesses

2
  • Stock is trading at 7.72 times its book value
  • The company has delivered a poor sales growth of 11.8% over past five years.

Growth Rate

Revenue Growth
2.98% lower than 3Y
Net Income Growth
-4.63% lower than 3Y
Cash Flow Change
21.35% higher than 3Y
ROE
-15.12% lower than 3Y
ROCE
-14.65% higher than 3Y
EBITDA Margin (Avg.)
-3.46% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Berger Paints India Ltd, with a market cap of ₹53,759 Cr and a PE of 44.4x, is a near debt-free decorative paints company that has compounded profits at 10% over five years but seen sales growth moderate to 5% on a TTM basis. ROE has declined from a 5-year average of 20% to 17% in the last year, while the stock has underperformed with a -16% return over the past one year.

Bull Case 7
  • Company is almost debt free, providing significant balance sheet strength and financial flexibility during economic downturns
  • Consistent long-term profitability with compounded profit growth of 12% over 10 years and 10% over 5 years
  • Healthy dividend payout ratio of 38.0%, reflecting disciplined capital allocation and shareholder return focus
  • Solid long-term ROE track record averaging 20% over 5 years and 21% over 10 years, indicating efficient use of equity capital
  • Compounded sales growth of 11% over 10 years demonstrates a durable franchise with sustained revenue scaling ability
  • 10-year stock CAGR of 8% despite recent corrections suggests long-term wealth creation track record through business cycles
  • TTM profit growth of 5% remains positive even as the broader paint industry faces margin pressure from new entrants and competition
Bear Case 8
  • Stock trades at 7.82x price-to-book, a steep premium that leaves little margin of safety if earnings disappoint
  • PE ratio of 44.4x is elevated relative to broader market averages, pricing in significant future growth that may not materialize
  • Sales growth has decelerated sharply from 12% (5-year CAGR) to just 5% on a TTM basis, signaling possible demand slowdown
  • ROE has deteriorated from 20% (5-year average) to 17% in the last year, a 300 bps decline indicating weakening return efficiency
  • Stock has delivered -16% returns over 1 year and -8% CAGR over 3 years, reflecting sustained negative price momentum
  • 3-year compounded sales growth of only 4% suggests the recent slowdown is not a one-off but a multi-year trend
  • Dividend yield of 0.86% offers limited income cushion for investors during periods of capital depreciation
  • Intensifying competition from new entrants like Grasim Industries in the decorative paints segment threatens market share and pricing power going forward

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 4
  • Hindupur plant goes live Sep 9

    Berger Paints commenced commercial production at its Hindupur solvent-based paint plant with installed capacity of 36,000 KL/MT, backed by ₹188 crore investment.

  • Multiple promoters buy shares Sep 8

    Five promoters collectively acquired ~99,938 shares via open market trades on Sep 7, 2026, signaling insider confidence. Buyers include Rishma Kaur, Kanwardip Singh Dhingra, Jessima Kumar, Anshana Sawhney, and Sunaina Kohli.

  • 7-8% price hike announced Aug 19

    Berger Paints announced an upcoming price hike of 7-8% across products, which should support revenue growth and margin expansion if demand holds.

  • New board appointments Aug 31

    Navjeet Singh Sobti appointed as Independent Director and Amardeep Jain as Whole Time Director effective Sep 1, 2026, strengthening board governance.

Neutral 1
  • Price hike demand risk Aug 19

    The 7-8% price hike, while margin-positive, could weigh on volume growth if consumer demand softens, particularly in a competitive paint market.

TL;DR: Berger Paints is in expansion mode with its new Hindupur facility going live and a meaningful 7-8% price hike in the pipeline. Coordinated promoter buying across five family members reinforces insider confidence. No material headwinds are visible in the near term, though execution on the price hike without volume loss will be the key monitorable. The overall trend appears constructive heading into the festive season.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,030
2,767
2,882
2,520
3,091
2,775
2,975
2,704
3,201
2,827
2,984
2,868
3,584
Expenses
2,473
2,294
2,402
2,169
2,569
2,340
2,503
2,276
2,672
2,475
2,513
2,386
2,976
Operating Profit
557
474
480
351
522
434
472
428
528
352
471
482
607
OPM %
18%
17%
17%
14%
17%
16%
16%
16%
17%
12%
16%
17%
17%
Other Income
17
19
20
48
46
30
27
26
3
37
-5
69
51
Interest
20
21
20
18
15
17
16
15
14
17
14
12
12
Depreciation
78
83
83
87
87
89
89
89
94
97
100
101
103
PBT
476
389
398
294
466
358
394
350
423
275
352
438
543
Tax %
25%
25%
25%
24%
24%
25%
25%
25%
25%
25%
23%
24%
25%
Net Profit
355
292
300
223
354
270
296
263
315
206
271
335
405
EPS in Rs
3.04
2.5
2.57
1.91
3.03
2.31
2.53
2.25
2.7
1.77
2.33
2.87
3.47
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
4,170
4,223
4,552
5,166
6,062
6,366
6,818
8,762
10,568
11,199
11,545
11,880
12,263
Expenses
3,659
3,578
3,833
4,359
5,127
5,313
5,635
7,431
9,090
9,338
9,688
10,047
10,351
Operating Profit
511
645
719
807
935
1,053
1,182
1,331
1,478
1,861
1,856
1,833
1,912
OPM %
12%
15%
16%
16%
15%
17%
17%
15%
14%
17%
16%
15%
16%
Other Income
36
40
108
46
60
69
51
68
48
105
129
104
152
Interest
50
27
16
25
47
47
44
51
99
78
63
58
56
Depreciation
92
99
108
124
182
191
211
227
264
331
354
392
401
PBT
404
559
703
705
765
883
979
1,122
1,162
1,557
1,568
1,488
1,608
Tax %
34%
34%
33%
35%
35%
26%
26%
26%
26%
25%
25%
24%
—
Net Profit
265
371
474
461
494
656
720
833
860
1,170
1,183
1,128
1,218
EPS in Rs
2.27
3.18
4.07
3.95
4.24
5.64
6.17
7.14
7.37
10.02
10.12
9.66
10.44
Div. Payout %
33%
31%
36%
38%
37%
32%
38%
36%
36%
35%
38%
41%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
69
69
97
97
97
97
97
97
97
117
117
117
Reserves
1,191
1,493
1,804
2,097
2,347
2,563
3,280
3,830
4,397
5,262
6,038
6,800
Borrowings
610
354
406
422
753
767
634
1,014
1,189
753
670
635
Other Liabilities
846
960
1,132
1,326
1,360
1,472
1,907
2,271
2,283
2,236
2,300
2,484
Total Liabilities
2,716
2,877
3,440
3,943
4,557
4,900
5,918
7,211
7,966
8,368
9,125
10,035
Fixed Assets
931
963
1,136
1,267
1,583
1,916
2,044
2,187
3,332
3,500
3,677
3,841
CWIP
100
51
62
97
170
178
107
606
111
189
125
316
Investments
134
348
472
333
395
315
356
234
183
255
533
1,189
Other Assets
1,550
1,515
1,769
2,245
2,409
2,490
3,411
4,185
4,341
4,424
4,790
4,689
Total Assets
2,716
2,877
3,440
3,943
4,557
4,900
5,918
7,211
7,966
8,368
9,125
10,035
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
414
595
394
422
611
725
796
566
976
1,591
1,269
1,540
Investing
-184
-259
-308
-183
-379
-223
-457
-521
-600
-398
-650
-974
Financing
-198
-368
-82
-200
-259
-479
-282
-78
-363
-1,069
-606
-613
Net Cash Flow
32
-32
4
38
-27
22
57
-33
13
124
14
-47
Free Cash Flow
254
477
130
132
320
294
611
-193
232
1,321
845
1,037
CFO/OP
105
120
85
87
91
94
89
65
87
104
89
102
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
47
47
46
49
40
41
55
44
43
42
49
48
Inventory Days
104
108
153
140
138
142
174
178
142
134
143
144
Days Payable
81
99
124
133
112
118
161
139
108
103
105
105
Cash Conversion Cycle
70
56
75
56
67
65
67
83
77
73
86
87
Working Capital Days
17
26
33
37
31
28
43
34
31
46
53
49
ROCE %
25%
30%
31%
29%
27%
28%
27%
26%
24%
28%
25%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.49%Promot.74.98%FIIs4.83%Public5.91%DIIs11.79%As ofJun 2026

Documents

Frequently Asked Questions about Berger Paints

What does Berger Paints India Ltd do?
Berger Paints India is engaged in the Manufacturing and selling of Paints.(Source : 201903 Annual Report Page No: 117)
Where is Berger Paints India Ltd (BERGEPAINT) listed?
Berger Paints India Ltd trades as BERGEPAINT on the NSE and under code 509480 on the BSE.
Which sector does Berger Paints India Ltd belong to?
Berger Paints India Ltd is classified under the Consumer Goods sector, in the Paints industry.
What is the market capitalisation of Berger Paints India Ltd?
Berger Paints India Ltd has a market capitalisation of ₹53,759 Cr, which places it in the Large Cap band.
What is the PE ratio of Berger Paints India Ltd?
Berger Paints India Ltd trades at a PE ratio of 43.87, on earnings per share of ₹10.01, against a book value of ₹59.32 per share.
What is the 52-week high and low of Berger Paints India Ltd?
Over the last 52 weeks Berger Paints India Ltd has traded between ₹391.1 and ₹594.55.
Does Berger Paints India Ltd pay dividends?
Berger Paints India Ltd has a dividend yield of 0.86%.
What is the Return on Equity (ROE) of Berger Paints India Ltd?
Berger Paints India Ltd reported a return on equity of 16.28%. Its debt-to-equity ratio is 0.09.

Company Information

Berger Paints India is engaged in the Manufacturing and selling of Paints.(Source : 201903 Annual Report Page No: 117)

Website bergerpaints.com
CEO Mr. Abhijit Roy
Employees 4,760
Listed 1999-11-24
Face Value ₹ 1
Issued Size 1,16,59,27,190

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