Berger Paints (I) Limited (BERGEPAINT)
🎯 Key Takeaways
- Berger Paints (I) Limited is transitioning from a mature, volume-driven business to a growth-oriented enterprise with improving operational efficiency and margin expansion, supported by rural recovery and strategic pricing power. Management is targeting double-digit revenue growth and margin expansion in FY27, driven by new product launches and favorable demand trends in key segments like industrial and construction chemicals.
- Revenue grew 7.2% QoQ to ₹2,975 in Q3FY25.
- ⚠️ Raw material cost inflation remains a concern, with management acknowledging pressure and planning price hikes to protect margins — delays or insuffic
📖 The Story
Berger Paints (I) Limited is transitioning from a mature, volume-driven business to a growth-oriented enterprise with improving operational efficiency and margin expansion, supported by rural recovery and strategic pricing power. Management is targeting double-digit revenue growth and margin expansion in FY27, driven by new product launches and favorable demand trends in key segments like industrial and construction chemicals.
📰 What's Happening
In Q4 FY26, the company reported a 69.9% YoY surge in net profit to ₹120.5 crores, with revenue up 5.2% to ₹1,250 crores and operating margin improving to 12.8%. This followed a standalone revenue of ₹2,504 crores in the same quarter, up 11.8% YoY, with PAT rising 38% to ₹389.51 crores after exceptional items. PBDIT grew 17.8% to ₹458.74 crores, and gross margins expanded to 42.3% due to favorable product mix and cost optimisation. Management highlighted sustained momentum in decorative, industrial, and automotive coatings segments, along with plans for staggered price hikes from March FY27 to counter raw material inflation. The Board reappointed Managing Director Abhijit Roy for a four-year term until June 2031, ensuring leadership continuity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,444 | 3,030 | 2,767 | 2,882 | 2,520 | 3,091 | 2,775 | 2,975 |
| Operating Profit | 384 | 570 | 493 | 500 | 367 | 559 | 455 | 492 |
| OPM % | 15.1% | 18.4% | 17.1% | 16.7% | 13.9% | 16.9% | 15.7% | 15.9% |
| Net Profit | 186 | 355 | 292 | 300 | 223 | 354 | 270 | 296 |
| EPS | ₹1.91 | ₹3.65 | ₹2.50 | ₹2.57 | ₹1.91 | ₹3.03 | ₹2.31 | ₹2.53 |
Revenue trends show volatility, with Q1FY25 peaking at ₹3,091 crores before declining to ₹2,520 crores in Q4FY24, but rebounding to ₹2,504 crores in Q4 FY26. However, profitability has improved significantly, with operating margins holding steady around 15-16% in recent quarters and net profit margins expanding notably. The 69.9% YoY jump in net profit in Q4 FY26, outpacing revenue growth, indicates strong cost control and margin improvement, likely aided by operational efficiencies and favorable mix. This suggests management’s initiatives are translating into tangible profitability gains despite modest top-line growth in the latest quarter.
🔮 Management Outlook & What's Next
Management expects double-digit revenue growth and margin expansion in FY27, driven by rural recovery, new product launches, and staggered price hikes from March FY27 to protect margins amid raw material cost pressures. This forward guidance, articulated in the Q4 FY26 financial results filing, underscores confidence in sustained momentum across key growth verticals, particularly industrial and construction chemicals.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Consumer Durables
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Titan Company Limited | 3.70 L Cr | 77.6 | 34.3% | 41.0% | 0.88 |
| Asian Paints Limited | 2.50 L Cr | 65.0 | 26.0% | 19.8% | 0.04 |
| LG Electronics India Limited | 1.07 L Cr | — | — | — | — |
| Havells India Limited | 75,873 | 54.2 | — | — | — |
| Dixon Technologies (India) Limited | 66,754 | 75.9 | — | — | — |
| Berger Paints (I) Limited | 62,200 | 54.5 | — | — | — |
| Voltas Limited | 40,722 | 56.8 | — | — | — |
| Kalyan Jewellers India Limited | 36,461 | 54.6 | — | — | — |
| Blue Star Limited | 34,091 | 61.2 | — | — | — |
| Amber Enterprises India Limited | 29,854 | 164.3 | 8.4% | 4.1% | 0.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Raw material cost inflation remains a concern, with management acknowledging pressure and planning price hikes to protect margins — delays or insufficient pass-through could compress profitability. 2. Rural demand recovery, a key pillar of growth guidance, is subject to agricultural and weather-related volatility, which could dampen momentum in key segments. 3. Intensifying competition in the coatings and paints industry may pressure pricing and market share if product innovation or brand differentiation falters.
📋 Recent Filings
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🔴 Announcement 15 June 2026No summary available
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🔴 Corporate Action 9 June 2026Berger Paints (I) Limited announced that, under the Income Tax Act 2025 as amended by the Finance Act 2026, it will deduct tax at source on dividends ...
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Announcement 1 June 2026Berger Paints (I) Limited announced it will host an investor meeting on June 9, 2026, from 9 a.m. to 6 p.m. at Hotel Grand Hyatt, Mumbai, organized by...
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🔴 Financial Results 14 May 2026No summary available
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Announcement 13 May 2026Berger Paints (I) Limited announced the merger of its subsidiary CB Management Services Private Limited with MUFG Intime India Private Limited, effect...
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🟡 Board Meeting 12 May 2026Berger Paints (I) Limited announced on 12 May 2026 the approval of audited financial results for the quarter and year ended 31 March 2026, recommendin...
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🔴 Financial Results 12 May 2026Berger Paints India reported standalone revenue of ₹2,504 crores for Q4 FY26, up 11.8% YoY, with PAT rising 38% to [amount context mismatch] crores af...
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🟡 Board Meeting 12 May 2026Berger Paints India announced the Board's recommendation to reappoint Abhijit Roy as Managing Director and CEO for four years starting 1 July 2027, su...
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🔴 Financial Results 12 May 2026BERGER PAINTS INDIA LIMITED announced that an audio recording of its investor presentation on financial results for Q4 FY2025-26 is now available on i...
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🔴 Announcement 6 May 2026No summary available
🧠 Analyst's Read
Berger Paints is executing a clear turnaround narrative, with profitability accelerating despite modest revenue growth, supported by margin discipline, pricing power, and leadership continuity. Investors should monitor rural demand trends, the timing and impact of FY27 price hikes, and execution of new product launches as critical near-term catalysts.
Based on filing content and financial data. Not a recommendation.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.