Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
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Research updated
Berger Paints India Ltd
NSE: BERGEPAINTBasic MaterialsSpecialty Chemicals
- Last close
- ₹466.35
- Day change
- −₹3.60 (−0.77%)vs
- Market cap
- ₹55,508 crIndian rupees
- Research updated
- 1 report
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About Berger Paints India
Berger Paints India Ltd is a leading company in the paints and coatings sector, focusing on manufacturing and selling a wide array of paint products. Founded in 1923 and headquartered in Kolkata, India, the company specializes in decorative paints, protective coatings, and industrial finishes. Known for innovation and quality, Berger Paints provides solutions that cater to various sectors including residential, commercial, and industrial markets. Its product range includes emulsions, enamels, distempers, wood coatings, and specialized construction chemicals. As a prominent player in the Indian market, Berger Paints India Ltd plays a critical role in enhancing infrastructure aesthetics and durability. The company’s distribution network spans across the country, ensuring availability of its products to a wide customer base.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: BERGEPAINT
- Next results
- Chief executive
- Mr. Abhijit Roy
- Employees
- 4,760
- Headquarters
- Kolkata, India
- ISIN
- INE463A01038
- Website
- bergerpaints.com
Public research · Report of
Business model & financial foundation
Berger Paints India (NSE: BERGEPAINT), Decorative and industrial paints and coatings: revenue of ₹11,880 crore in FY26 (+2.9% on FY25), an EBITDA margin of 15.4%, net profit of ₹1,127 crore and net cash of ₹618.8 crore.
- Revenue, FY26 (₹ crore)
- 11,880
- consolidated
- Revenue growth, FY26
- +2.9%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,127
- to owners
- Return on equity, FY26
- 17.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -618.8
- Net debt incl leases less conservatively accessible liquidity
- Market capitalisation (₹ crore)
- 53,485
- at the close of 14 Oct 2026
Company profile
Berger manufactures decorative and industrial coatings, with brand, dealer reach, tinting machines and painter engagement supporting repeat repainting demand. Consolidated operations include overseas building coatings and Indian construction chemicals; industrial JVs contribute equity-accounted profit. Revenue is sensitive to volume, realised pricing and product mix; margins depend on raw-material pass-through and distribution/advertising intensity.
| Item | Value |
|---|---|
| Legal name | Berger Paints India Limited |
| Exchange and ticker | NSE: BERGEPAINT; BSE: 509480 |
| ISIN | INE463A01038 |
| CIN | L51434WB1923PLC004793 |
| Sector | Consumer discretionary |
| Industry | Decorative and industrial paints and coatings |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since FY26) |
| Market capitalisation | ₹53,485 crore (14 Oct 2026) |
| Shares outstanding | 116.60 crore shares (FY26) |
| Price | ₹470.2 (close, 14 Oct 2026) |
| 52-week range | ₹391.1 - ₹594.5 (to 14 Oct 2026) |
| Website | https://www.bergerpaints.com |
Corporate structure and shareholding
Parent: U K Paints (India) Private Limited.
| Entity | Holding | Business |
|---|---|---|
| Bolix S.A. through Lusako | 100% | Polish building coatings and insulation systems |
| Berger Paints Nepal | 100% | Nepal paints business |
| STP Limited | 95.53% | Construction chemicals, waterproofing and protective products |
| Berger Hesse Wood Coatings | 51% | Wood coatings |
| Berger Rock Paints | 51% | Automotive refinish |
Becker 48.98% and Nippon 49% are equity-accounted JVs. Surefire fully consolidated from April 2024. No subsidiary meets issuer regulatory material-subsidiary definition.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 74.98% | 74.98% | 74.98% | 74.98% |
| Foreign institutions | 5.35% | 5.25% | 4.68% | 4.83% |
| Domestic institutions | 10.71% | 11.08% | 11.71% | 11.79% |
| of which mutual funds | 5.82% | 6.23% | 6.80% | 7.01% |
| Other | 8.96% | 8.69% | 8.63% | 8.40% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Berger sells decorative and industrial paints through dealer/tinting distribution, painter influence and contractor/architect channels. Decorative exposure is82% and industrial18% in FY26, with64,000+ dealers. This is a brand/distribution compounder rather than a tonne-capacity commodity producer. Overseas Bolix and construction-chemical STP are consolidated; Becker/Nippon industrial JVs are equity accounted.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Paints and Coatings: sole reportable business | 11,880 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Asian Paints (ASIANPAINT) | Decorative distribution and brand leader |
| Kansai Nerolac Paints (KANSAINER) | Paints peer with greater industrial/OEM exposure |
| Indigo Paints (INDIGOPNTS) | Smaller decorative brand and distribution growth challenger |
| Akzo Nobel India / JSW Dulux | Premium decorative coatings; ownership transition limits comparability |
| Grasim Industries (GRASIM) | |
| Shalimar Paints (SHALPAINTS) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,656 | 10,415 | 11,199 | 11,545 | 11,880 |
| Cost of revenue (vendor classification) * | 5,443 | 6,745 | 6,664 | 6,942 | 7,040 |
| Other operating costs (vendor classification) * | 1,425 | 1,690 | 1,941 | 1,878 | 2,027 |
| EBITDA (vendor classification) * | 1,381 | 1,522 | 1,953 | 1,972 | 1,957 |
| EBIT before other income (EBITDA less D&A) | 1,173 | 1,262 | 1,530 | 1,502 | 1,441 |
| Finance costs incl lease interest | 50.7 | 99.2 | 78.3 | 63.3 | 57.6 |
| Profit before tax | 1,122 | 1,162 | 1,557 | 1,568 | 1,488 |
| Tax | 289.3 | 301.9 | 387.1 | 385.7 | 360.1 |
| Profit after tax (vendor: before the non-controlling share is taken out) | 833.0 | 860.4 | 1,170 | 1,183 | 1,128 |
| Diluted EPS (₹) | 7.14 | 7.37 | 10.02 | 10.12 | 9.66 |
| Materials consumed + traded purchases + inventory change | 6,646 | 6,762 | 6,827 | ||
| Employee benefits expense | 713.0 | 814.7 | 912.8 | ||
| Other expenses | 1,979 | 2,112 | 2,307 | ||
| EBITDA excluding other income | 1,861 | 1,856 | 1,833 | ||
| Other income | 63.7 | 94.8 | 106.7 | ||
| Depreciation and amortisation | 330.9 | 354.2 | 392.1 | ||
| Share of JV profit net of tax | 41.0 | 35.1 | 51.1 | ||
| Exceptional items (signed) | 0.00 | 0.00 | -53.3 | ||
| PAT attributable to owners | 1,168 | 1,180 | 1,127 | ||
| PAT attributable to NCI | 2.08 | 2.41 | 1.15 | ||
| Basic EPS (₹) | 10.02 | 10.13 | 9.67 | ||
| Materials consumed | 5,597 | 5,875 | 5,840 | ||
| Purchases of stock in trade | 923.8 | 1,022 | 1,062 | ||
| Inventory change FG/WIP/traded goods | 124.8 | -134.4 | -74.4 | ||
| Current tax | 375.5 | 386.9 | 374.4 | ||
| Deferred tax | 11.6 | -1.22 | -14.3 | ||
| Freight and forwarding (within other expenses) | 706.7 | 660.1 | 715.8 | ||
| Advertising and sales promotion (within other expenses) | 445.4 | 491.2 | 523.6 | ||
| Power and fuel (within other expenses) | 88.3 | 91.9 | 94.8 | ||
| Subcontractor expenses (within other expenses) | 56.8 | 163.9 | 195.9 | ||
| Foreign exchange loss net (within other expenses) | 4.04 | 3.52 | 18.1 | ||
| Impairment loss/bad debts (within other expenses) | 21.3 | 27.3 | 25.3 | ||
| Depreciation PPE (within D&A) | 232.5 | 246.8 | 274.9 | ||
| Amortisation intangibles (within D&A) | 5.87 | 6.96 | 10.7 | ||
| Depreciation right-of-use assets (within D&A) | 92.6 | 100.5 | 106.5 | ||
| Company five-year summary EBITDA incl other income | 1,925 | 1,951 | 1,940 | ||
| Stores and spare parts (within other expenses) | 17.6 | 16.6 | 16.8 | ||
| Plant machinery repairs (within other expenses) | 33.9 | 31.8 | 36.4 | ||
| Building repairs (within other expenses) | 1.71 | 2.74 | 1.63 | ||
| Other repairs (within other expenses) | 17.9 | 20.1 | 24.4 | ||
| Rent short term/low value (within other expenses) | 15.4 | 16.6 | 20.3 | ||
| Processing charges (within other expenses) | 42.1 | 33.9 | 34.4 | ||
| Rates and taxes (within other expenses) | 14.4 | 17.6 | 20.4 | ||
| Travelling (within other expenses) | 95.0 | 107.6 | 119.2 | ||
| Insurance (within other expenses) | 15.0 | 14.2 | 20.1 | ||
| Non-executive director commission (within other expenses) | 0.64 | 2.30 | 2.27 | ||
| Information technology (within other expenses) | 47.4 | 52.1 | 56.2 | ||
| Professional/auditor fees regrouped (within other expenses) | 26.6 | 23.3 | 17.9 | ||
| Retainership (within other expenses) | 7.91 | 10.9 | 11.6 | ||
| Office upkeep (within other expenses) | 110.5 | 108.4 | 115.6 | ||
| Carrying and forwarding (within other expenses) | 81.1 | 85.5 | 88.6 | ||
| Printing and stationery (within other expenses) | 6.69 | 6.64 | 4.87 | ||
| CSR (within other expenses) | 22.0 | 24.8 | 27.6 | ||
| Loss sale/discard assets (within other expenses) | 0.00 | 0.37 | 0.00 | ||
| Miscellaneous (within other expenses) | 100.0 | 98.8 | 115.4 | ||
| Revenue plus other income | 11,263 | 11,639 | 11,987 | ||
| Total expenses incl finance and D&A | 9,747 | 10,106 | 10,497 | ||
| Profit before share of JV profit and tax | 1,516 | 1,533 | 1,490 | ||
| Profit before exceptional items and tax incl JV share | 1,557 | 1,568 | 1,541 | ||
| Other comprehensive income net of tax | 22.3 | -3.33 | 71.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity incl NCI | 3,934 | 4,502 | 5,389 | 6,167 | 6,930 |
| Borrowings excl leases | 1,014 | 1,189 | 205.4 | 146.2 | 142.2 |
| Cash and cash equivalents | 103.3 | 116.2 | 240.3 | 254.0 | 207.2 |
| Current plus noncurrent trade receivables net of impairment | n.r. | n.r. | 1,323 | 1,546 | 1,573 |
| Inventories | 2,316 | 2,319 | 2,180 | 2,366 | 2,393 |
| Trade payables incl MSME | 1,803 | 1,766 | 1,679 | 1,740 | 1,745 |
| Property plant and equipment | n.r. | n.r. | 2,516 | 2,693 | 2,811 |
| Capital work in progress | 605.5 | 110.2 | 187.3 | 122.6 | 316.0 |
| Total assets | 7,213 | 7,967 | 8,369 | 9,132 | 10,057 |
| Equity attributable to owners | 5,379 | 6,154 | 6,916 | ||
| Non-controlling interest | 10.2 | 12.6 | 13.7 | ||
| Lease liabilities current + non-current | 547.9 | 524.0 | 492.9 | ||
| Other bank balances incl unpaid dividend | 210.4 | 246.5 | 98.1 | ||
| Current mutual fund investments FVTPL | 85.9 | 333.7 | 953.5 | ||
| Net debt incl leases less conservatively accessible liquidity | 221.1 | -159.2 | -618.8 | ||
| Investments in joint ventures | 169.2 | 199.0 | 235.4 | ||
| Goodwill | 304.7 | 323.1 | 373.8 | ||
| Noncurrent bank term loans | 6.00 | 2.96 | 15.7 | ||
| Current borrowings incl current term maturities | 199.4 | 143.3 | 126.5 | ||
| Current lease liabilities | 105.6 | 108.2 | 109.2 | ||
| Noncurrent lease liabilities | 442.3 | 415.8 | 383.7 | ||
| Noncurrent trade receivables | 20.9 | 10.1 | 7.45 | ||
| Current and noncurrent trade receivables | 1,323 | 1,546 | 1,573 | ||
| Paid up share capital INR crore | 116.6 | 116.6 | 116.6 | ||
| Bank deposits original maturity 3-12 months | 206.0 | 241.8 | 93.1 | ||
| Noncurrent bank deposits incl pledged | 0.68 | 0.67 | 60.4 | ||
| Current portion original deposit maturity over 12 months | 23.9 | 5.28 | 26.1 | ||
| Bank balances earmarked for unpaid dividend | 4.35 | 4.31 | 4.92 | ||
| Other earmarked bank balances | 0.03 | 0.39 | 0.04 | ||
| Right-of-use assets | 662.3 | 629.8 | 617.1 | ||
| Intangible assets excluding goodwill | 16.8 | 30.6 | 40.0 | ||
| Intangible assets under development | 1.61 | 2.68 | 0.22 | ||
| Trade payables micro/small enterprises | 60.5 | 77.9 | 101.3 | ||
| Trade payables other than micro/small | 1,619 | 1,662 | 1,644 | ||
| Company capital-management net debt incl leases, cash only | 416.3 | 427.9 | |||
| Current term-loan maturities included in current borrowings | 3.11 | 2.31 | |||
| Current trade receivables net of impairment | 1,054 | 1,243 | 1,302 | 1,536 | 1,565 |
| Vendor erroneous PPE field reference only do not bind * | 3.96 | 5.12 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 348.5 | 1,005 | 1,591 | 1,269 | 1,540 |
| Free cash flow (vendor definition) * | -207.5 | 227.5 | 1,316 | 839.6 | 1,022 |
| Dividends paid | -272.0 | -301.1 | -310.9 | -408.0 | -443.0 |
| Purchase of PPE and intangibles incl CWIP | -759.6 | -743.9 | -275.0 | -429.4 | -518.0 |
| CFO less capex | 1,316 | 839.6 | 1,022 | ||
| Acquisition of subsidiary net of cash | 0.00 | -7.62 | 0.00 | ||
| Lease liability principal paid | -123.7 | -86.3 | -115.5 | ||
| Gross borrowing repayments excluding leases | -7,027 | -712.9 | n.d. | ||
| Repayment of short-term borrowings | -7,026 | -710.1 | -555.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Paid-up shares at year end (crore) | 116.56 | 116.56 | 116.58 | 116.59 | 116.60 |
| Weighted diluted shares (crore) | 116.59 | 116.61 | 116.62 | ||
| Weighted basic shares (crore) | 116.57 | 116.58 | 116.59 | ||
| FY24-FY26 cumulative CFO/PAT (x) | 1.26x | ||||
| Total trade receivables YoY growth (%) | 16.8% | 1.7% | |||
| Receivables growth less revenue growth (%) | 13.8% | -1.2% | |||
| Claims plus bank and full corporate guarantees | 457.6 | 262.6 | 281.4 | ||
| Lease-inclusive all-deposit counterpart includes uncertain liquidity | 196.6 | -165.1 | -705.2 | ||
| Management net cash surplus excluding leases historical convention | 351.0 | 689.0 | 1,198 | ||
| Materials / revenue fraction (x) | n.r. | n.r. | 0.59x | 0.59x | 0.57x |
| Employee cost / revenue fraction (x) | n.r. | n.r. | 0.06x | 0.07x | 0.08x |
| Other expenses / revenue fraction | n.r. | n.r. | 0.18x | 0.18x | 0.19x |
| Tax / PBT fraction | 0.26x | 0.26x | 0.25x | 0.25x | 0.24x |
| Closing total trade receivables / revenue days | n.r. | n.r. | 43 | 49 | 48 |
| Closing inventory / material cost days | n.r. | n.r. | 120 | 128 | 128 |
| Closing trade payables / material cost days | n.r. | n.r. | 92 | 94 | 93 |
| Standalone volume growth proxy fraction model history only | 0.00x | 0.08x | 0.09x | ||
| Multiplicative standalone price/mix model history only | 0.00x | -0.05x | -0.06x | ||
| Consolidated/standalone growth residual model history only (x) | 0.08x | 0.01x | 0.00x | ||
| Achieved/beat share of clearly settled guidance, asof14Oct2026 (%) | 86.7% | ||||
| External promoter purchases and services as percent revenue (%) | 2.4% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,775 | 2,975 | 2,704 | 3,201 | 2,827 | 2,984 | 2,868 | 3,584 |
| Cost of revenue (vendor classification) * | 1,618 | 1,737 | 1,549 | 1,875 | 1,699 | 1,601 | 2,119 | |
| Other operating costs (vendor classification) * | 501.8 | 566.6 | 525.7 | 580.2 | 586.0 | 563.3 | 612.7 | |
| EBITDA (vendor classification) * | 464.1 | 499.2 | 454.2 | 568.0 | 519.7 | 514.3 | 658.1 | |
| EBIT * | 375.2 | 410.4 | 365.0 | 437.3 | 366.3 | 450.1 | 555.1 | |
| Finance cost | 17.0 | 16.0 | 15.1 | 14.5 | 17.4 | 14.1 | 11.6 | 12.5 |
| Reported PBT after JV share and exceptional items | 358.2 | 394.4 | 349.9 | 422.8 | 274.6 | 352.2 | 438.5 | 542.6 |
| Total tax expense: current plus deferred | 88.3 | 98.4 | 87.0 | 107.7 | 68.2 | 80.9 | 103.2 | 137.6 |
| Group PAT including non-controlling interests | 269.9 | 296.0 | 262.9 | 315.0 | 206.4 | 271.4 | 335.3 | 405.0 |
| Diluted EPS, not annualised (₹) | 2.31 | 2.53 | 2.25 | 2.70 | 1.77 | 2.33 | 2.87 | 3.47 |
| Materials, traded purchases and inventory change | 1,618 | 1,737 | 1,549 | 1,875 | 1,652 | 1,699 | 1,601 | 2,119 |
| Employee benefits expense | 221.1 | 199.8 | 201.5 | 217.4 | 245.4 | 227.6 | 222.4 | 245.1 |
| Other expenses | 501.8 | 566.6 | 525.7 | 580.2 | 577.4 | 586.0 | 563.3 | 612.7 |
| EBITDA excluding other income | 434.2 | 471.7 | 427.8 | 528.4 | 352.3 | 471.0 | 481.7 | 607.4 |
| Cost of materials consumed | 1,498 | 1,406 | 1,393 | 1,488 | 1,482 | 1,370 | 1,501 | 1,917 |
| Purchases of stock-in-trade | 257.5 | 249.0 | 247.9 | 267.5 | 254.9 | 258.5 | 281.0 | 302.6 |
| Signed change in finished goods, traded stock and WIP | -137.6 | 81.9 | -92.0 | 119.7 | -84.4 | 71.2 | -180.8 | -101.0 |
| Other income | 21.1 | 20.2 | 17.1 | 28.5 | 26.0 | 30.5 | 21.7 | 38.9 |
| Depreciation and amortisation | 89.0 | 88.8 | 89.2 | 94.0 | 97.1 | 100.0 | 101.0 | 103.1 |
| Exceptional items: signed profit contribution | 0.00 | 0.00 | 0.00 | -36.8 | 0.00 | -53.3 | 36.8 | 0.00 |
| PAT attributable to non-controlling interests | 0.24 | 0.84 | 0.86 | 0.41 | 0.09 | 0.17 | 0.48 | 0.67 |
| Share of equity-accounted JV profit, net of tax | 8.86 | 7.24 | 9.34 | 11.2 | 10.8 | 18.2 | 10.9 | 11.8 |
| PAT attributable to owners of the parent | 269.7 | 295.1 | 262.1 | 314.6 | 206.3 | 271.2 | 334.8 | 404.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.5% | 20.3% | 7.5% | 3.1% | 2.9% |
| EBITDA margin | 16.6% | 16.1% | 15.4% | ||
| Net margin | 10.4% | 10.2% | 9.5% | ||
| Return on equity | 23.6% | 20.4% | 17.2% | ||
| Return on capital employed | 26.2% | 23.7% | 27.1% | 25.2% | 21.5% |
| Return on assets | 14.3% | 13.5% | 11.7% | ||
| Net debt (₹ crore) | 221.1 | -159.2 | -618.8 | ||
| Net debt / EBITDA | 0.12x | -0.09x | -0.34x | ||
| Interest cover | 23.1x | 12.7x | 19.6x | 23.7x | 25.0x |
| Asset turnover | 1.32x | 1.37x | 1.37x | 1.32x | 1.24x |
| Receivable days | 43 | 49 | 48 | ||
| Inventory days (on revenue) | 98 | 81 | 71 | 75 | 74 |
| Payable days (on revenue) | 76 | 62 | 55 | 55 | 54 |
| Cash conversion | 1.36x | 1.08x | 1.37x | ||
| Capex intensity | 8.8% | 7.1% | 2.5% | 3.7% | 4.4% |
| Free cash flow (₹ crore) | -411.1 | 261.2 | 1,316 | 839.6 | 1,022 |
| Dividend payout | 26.6% | 34.6% | 39.3% | ||
| EPS, diluted (₹) | 7.14 | 7.37 | 10.02 | 10.12 | 9.66 |
| Book value per share (₹) | 33.75 | 38.62 | 46.23 | 52.89 | 59.43 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases less conservatively accessible liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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