NSE: BERGEPAINT · BSE: 509480 · ISIN INE463A01038
Berger Paints (I) Limited stock analysis
Berger Paints (I) Limited ranks #938 in the TickerSutra evidence-ranked universe with a score of 58/100 and 95% data confidence. The latest captured fundamentals show ROCE of 21.6%, quarterly sales growth of 12.0% and quarterly profit growth of 18.2%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 21.6%
- Low debt/equity of 0.09×
- Strong CFO/EBITDA of 0.84×
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹8,762cr | ₹1,331cr | ₹833cr | 15.0% |
| 2023 | ₹10,568cr | ₹1,478cr | ₹860cr | 14.0% |
| 2024 | ₹11,199cr | ₹1,861cr | ₹1,170cr | 17.0% |
| 2025 | ₹11,545cr | ₹1,856cr | ₹1,183cr | 16.0% |
| 2026 | ₹11,880cr | ₹1,833cr | ₹1,128cr | 15.0% |
| TTM | ₹12,263cr | ₹1,912cr | ₹1,218cr | 16.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
However, profitability improved, driven by gross margin expansion. 96 00:15:28.740 --> 00:15:37.449 Abhijit Roy: STP delivered improved profitability, supported by favorable product mix, calibrated price increases, and gross margin expansion. 97 00:15:37.960 --> 00:15:42.510 Abhijit Roy: BNPA Joint Venture posted robust growth in revenue and profits.
A major milestone was the continued scale- up of the Hindupur facility, designed as a large-scale, multi-product and highly automated manufacturing unit supporting solvent-based coatings, protective coatings and speciality products. The facility has enhanced our ability to efficiently serve South India and export markets while improving manufacturing flexibility and conversion efficiencies. Targeted brownfield expans
299 00:44:54.500 --> 00:44:56.760 Abhijit Roy: Aniruddho, you know, 300 00:44:57.470 --> 00:45:06.330 Abhijit Roy: detailing in, whether in East or up, I don't know, in the premium or luxury, what we have done, the figures are not available, so it's diƯicult to… 301 00:45:06.400 --> 00:45:17.880 Abhijit Roy: tell about the market share, and whatever I say will be conjecture, but based on figures which are available tod
97 00:15:37.960 --> 00:15:42.510 Abhijit Roy: BNPA Joint Venture posted robust growth in revenue and profits. 98 00:15:42.660 --> 00:15:49.459 Abhijit Roy: Margins moderated slightly as the full benefit of price increases is yet to oƯset higher input costs. 99 00:15:49.780 --> 00:15:54.539 Abhijit Roy: But there was very strong performance as far as this JV was concerned.
Linkage to material issues 22 Innovation and R&D 25 IT & cyber security 27 Indirect economic impacts 28 Risk management 63 Statutory reports Financial statements Corporate overview FINANCIAL CAPITAL In FY 2025-26, we strengthened our financial resilience while investing in future growth. Amid market volatility and pricing pressures, we sustained a healthy balance sheet and enhanced operational efficiency. Our discipl
Capacity and infrastructure development remained a key priority. Brownfield expansions and storage enhancements across multiple plants improved supply chain responsiveness and network agility. The large-scale brownfield expansion at Hindupur—for solvent-based decorative paints, industrial coatings, wood coatings and intermediates—gained strong execution momentum, with phased commissioning underway.
188 00:29:22.420 --> 00:29:32.080 Abhijit Roy: In terms of, both two advantages. One is the operating leverage, which will be there, because the value sales is expected to be at a decent level. 189 00:29:32.140 --> 00:29:45.190 Abhijit Roy: And at the same time, you know, the mix will probably improve, because the rains, have not been as intense, and so we will have possibly more sale of exterior emulsions this quart
Last question from my side, now, backward integration, most of the players seem to be doing, Akshen has already announced, even Kansai is doing some backcore integration as far as regions are concerned. So, will that be the next, 316 00:48:03.350 --> 00:48:18.599 Aniruddha Joshi: In a way, important factor to look at profitability, as most of the players get into backward integration, and what will be Berger's strateg
Automation and advanced manufacturing systems continued to be scaled across plants, improving throughput, consistency and efficiency—particularly at large, modern facilities such as Sandila and Jejuri. New set-ups across locations enabled the introduction and scale-up of differentiated products including wood coatings, silk acrylic putty, admixtures and textures. At Jejuri, specialised equipment upgrades have strengt
363 00:55:24.010 --> 00:55:29.099 Thakkar, Akshen: You know, if we think about industry growth in the last 2 years, We've had… 364 00:55:29.500 --> 00:55:32.389 Thakkar, Akshen: You know, volume growths, which were middling, and then… 365 00:55:32.580 --> 00:55:35.760 Thakkar, Akshen: Obviously, last two to three quarters, you've seen a sharp pickup. 366 00:55:36.170 --> 00:55:41.450 Thakkar, Akshen: You know, even i
In addition to superior waterproofing performance, the product offers infrared ray reflection, anti-microbial protection, and excellent dirt pick-up resistance, making it ideal for long-term roof and terrace applications. With its strong value proposition, the range is well-positioned in the waterproofing solutions segment, and your Company is confident of achieving even stronger growths in the coming financial year.
However, profitability improved, driven by gross margin expansion. 96 00:15:28.740 --> 00:15:37.449 Abhijit Roy: STP delivered improved profitability, supported by favorable product mix, calibrated price increases, and gross margin expansion. 97 00:15:37.960 --> 00:15:42.510 Abhijit Roy: BNPA Joint Venture posted robust growth in revenue and profits.
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Evidence, freshness and limitations
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The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
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Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
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Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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