Berger Paints India Ltd (BERGEPAINT)

Consumer Durables · Paints/Varnish · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹491.15 ↓ 9.38% (1Y)

🎯 Key Takeaways

Berger Paints India is in a mature growth phase with stable profitability and strong returns on capital, characterized by consistent reinvestment and shareholder returns. Management maintains confidence in long-term prospects through leadership continuity and operational discipline, though recent quarterly performance shows signs of margin compression and revenue softness.
Revenue grew 25% QoQ to ₹3,584 in Q1FY27.
⚠️ Margin pressure from input cost inflation or pricing pressures in a competitive paint market, which management has not explicitly addressed in recent

Market Cap

₹57,268

P/E Ratio

47.0

P/B Ratio

8.28

ROE

17.6%

ROCE

23.6%

Debt/Equity

0.02

Div Yield

0.81%

Promoter

75.0%

✨ Ask AI About BERGEPAINT 📊 Interactive Charts

📖 The Story

Berger Paints India is in a mature growth phase with stable profitability and strong returns on capital, characterized by consistent reinvestment and shareholder returns. Management maintains confidence in long-term prospects through leadership continuity and operational discipline, though recent quarterly performance shows signs of margin compression and revenue softness. The company operates with minimal leverage and a dominant promoter stake, reflecting financial stability but limited upside from aggressive expansion.

📰 What's Happening

In the last three quarters, Berger Paints has focused on capital allocation and governance continuity. At the 102nd AGM on August 12, 2026, shareholders approved the audited financials for FY2026, declared a Rs 4 per share dividend, and reappointed Managing Director Abhijit Roy for a four-year term starting July 1, 2027, extending his tenure through 2031. Executive remuneration was ratified within a 1% net profit cap. The company also made available the audio recording of its investor presentation for Q1FY26 on August 6, 2026, though no financial results or forward guidance were disclosed. The Integrated Report and AGM notice were circulated via web link and QR code on July 21, 2026, emphasizing compliance with SEBI regulations and stakeholder communication protocols.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	2,827	2,984	2,868	3,584
Operating Profit	255	371	381	504
OPM %	9.0%	12.4%	13.3%	14.1%
Net Profit	206	271	335	405
EPS	₹1.77	₹2.33	₹2.87	₹3.47

Quarterly revenue has declined sequentially from ₹2,984 crore in December 2025 to ₹3,584 crore in June 2026, but this reflects seasonal volatility rather than a structural downturn. However, operating margins have contracted from 12.4% in December 2025 to 14.1% in June 2026, with net profit rising to ₹405 crore from ₹271 crore in the same period, indicating improved cost control despite softer top-line growth. Earnings per share increased to ₹3.47 in June 2026 from ₹2.33 in December 2025, suggesting profitability is holding up better than revenue trends might imply. The trend in operating performance aligns with management’s focus on margin discipline rather than aggressive volume growth.

🔮 Management Outlook & What's Next

Management has not provided explicit forward-looking guidance on revenue, margins, or capital allocation in the recent filings reviewed. The reappointment of Abhijit Roy until 2031 signals confidence in leadership stability, but no strategic roadmap, growth targets, or performance metrics were disclosed in the AGM or board meeting announcements. The absence of forward-looking statements in the investor presentation audio or AGM materials suggests a cautious stance, with emphasis on compliance and continuity rather than expansion or new initiatives.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	117	117	117	117
Reserves	5,474	6,038	6,163	6,800
Borrowings	797	670	697	142
Total Liabilities	8,881	9,132	9,457	10,057
Fixed Assets	3,146	3,323	3,347	3,842
Investments	258	533	560	1,189
Total Assets	8,881	9,132	9,457	10,057

The balance sheet shows a stable capital structure with equity remaining flat at ₹117 crore and reserves growing from ₹6,038 crore to ₹6,800 crore over the past year, indicating retained earnings are being accumulated. Borrowings have increased slightly from ₹670 crore to ₹142 crore in the latest quarter, but this appears inconsistent with the cash flow data showing net financing outflows of ₹613 crore, suggesting possible repayments or reclassifications. Total assets have risen to ₹10,057 crore, driven by asset growth outpacing liability increases. The company is not aggressively deleveraging but maintains a conservative debt profile with debt-to-equity at 0.02.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+1,540
Investing	-976
Financing	-613
Net Cash Flow	-49

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	75.0%	75.0%	75.0%	75.0%
FII	5.3%	5.3%	4.7%	4.8%
DII	10.7%	11.1%	11.7%	11.8%
Public	6.3%	6.0%	6.1%	5.9%
# Shareholders	3,43,496	3,23,008	3,26,701	3,12,571

Institutional investor interest has recently declined, with FII holding dropping from 5.35% in Q2FY26 to 4.83% in Q1FY27, while DII holdings have remained relatively stable around 11%. Public shareholding has decreased slightly, but the number of shareholders has increased to 3.13 million, suggesting broader retail participation. Promoter holding remains unchanged at 74.98%, indicating no stake sales or pledging. The declining FII allocation may reflect sector rotation or reduced exposure to mid-cap consumer stocks, but the lack of significant exits among promoters or institutions suggests no major confidence erosion.

⚖️ Peer Comparison — Paints/Varnish

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ASIANPAINT	2.46 L Cr	51.6	28.7%	22.6%	0.11
BERGEPAINT	57,268	47.0	23.6%	17.6%	0.02
KANSAINER	15,730	24.1	12.5%	8.8%	0.01
JSWDULUX	14,312	7.3	96.8%	80.0%	0.00
INDIGOPNTS	5,588	34.7	21.5%	15.8%	0.01
SIRCA	2,452	36.2	18.6%	14.1%	0.07
SHALPAINTS	666	—	-11.2%	-27.6%	0.63
543902	61	—	—	—	0.26
MCON	—	—	—	—	0.59

🔗 Peer Stock Analyses

ASIANPAINT KANSAINER JSWDULUX INDIGOPNTS SIRCA

⚠️ Risk Factors

1. Margin pressure from input cost inflation or pricing pressures in a competitive paint market, which management has not explicitly addressed in recent commentary. 2. Revenue softness in sequential quarters, particularly in key markets, with no clear recovery path outlined. 3. Over-reliance on domestic consumer demand, with limited exposure to high-growth international markets. 4. Regulatory and compliance risks related to ESG reporting and integrated reporting obligations under SEBI’s <IR> Framework, which increase disclosure complexity without guaranteed investor recognition.

📋 Recent Filings

🧠 Analyst's Read

Berger Paints remains a financially resilient mid-cap with strong returns and promoter stability, but near-term growth appears constrained by macroeconomic headwinds and margin volatility. Investors should monitor the next earnings cycle for signs of revenue stabilization and margin recovery, particularly in relation to input cost trends and demand patterns in urban and semi-urban markets.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on BERGEPAINT

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when BERGEPAINT files new disclosures

Track BERGEPAINT filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track BERGEPAINT — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd