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Last Updated: April 2, 2026, 2:42 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 509480 | NSE: BERGEPAINT

Berger Paints India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹384.24Fairly Valued by 8.08%vs CMP ₹418.00

P/E (43.5) × ROE (20.3%) × BV (₹53.90) × DY (0.91%)

₹177.38Overvalued by 57.56%vs CMP ₹418.00
MoS: -135.7% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹402.8922%Fair (-3.6%)
Graham NumberEarnings₹104.7616%Over (-74.9%)
Earnings PowerEarnings₹74.1413%Over (-82.3%)
DCFCash Flow₹116.0713%Over (-72.2%)
Net Asset ValueAssets₹53.887%Over (-87.1%)
EV/EBITDAEnterprise₹221.579%Over (-47%)
Earnings YieldEarnings₹90.507%Over (-78.3%)
ROCE CapitalReturns₹132.509%Over (-68.3%)
Revenue MultipleRevenue₹148.595%Over (-64.5%)
Consensus (9 models)₹177.38100%Overvalued
Key Drivers: Wide model spread (₹54–₹403) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.9%

*Investments are subject to market risks

Investment Snapshot

62
Berger Paints India Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 24.9% ExcellentROE 20.3% ExcellentD/E 0.11 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.97% MF buyingPromoter holding at 75.0% Stable
Earnings Quality50/100 · Moderate
OPM stable around 17% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 3% YoY FlatProfit (4Q): -8% YoY Declining
Industry Rank50/100 · Moderate
P/E 43.5 vs industry 38.5 In-lineROCE 24.9% vs industry 23.0% Average3Y sales CAGR: 10% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:42 am

Market Cap 48,716 Cr.
Current Price 418
Intrinsic Value₹177.38
High / Low 605/391
Stock P/E43.5
Book Value 53.9
Dividend Yield0.91 %
ROCE24.9 %
ROE20.3 %
Face Value 1.00
PEG Ratio8.96

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Berger Paints India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Berger Paints India Ltd 48,716 Cr. 418 605/39143.5 53.90.91 %24.9 %20.3 % 1.00
Kansai Nerolac Paints Ltd 14,197 Cr. 176 275/15823.0 80.11.42 %13.0 %10.4 % 1.00
Akzo Nobel India Ltd 13,077 Cr. 2,872 3,916/2,64934.7 4953.48 %41.7 %32.2 % 10.0
Sirca Paints India Ltd 2,401 Cr. 423 539/23139.0 78.00.35 %20.0 %14.9 % 10.0
Shalimar Paints Ltd 342 Cr. 40.9 119/34.4 34.00.00 %12.8 %22.6 % 2.00
Industry Average48,705.17 Cr1,025.9838.50157.501.21%23.02%20.17%4.17

All Competitor Stocks of Berger Paints India Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,6942,4443,0302,7672,8822,5203,0912,7752,9752,7043,2012,8272,984
Expenses 2,3442,0972,4732,2942,4022,1692,5692,3402,5032,2762,6722,4752,513
Operating Profit 350347557474480351522434472428528352471
OPM % 13%14%18%17%17%14%17%16%16%16%17%12%16%
Other Income 13151719204846302726337-5
Interest 30292021201815171615141714
Depreciation 647478838387878989899497100
Profit before tax 269258476389398294466358394350423275352
Tax % 25%28%25%25%25%24%24%25%25%25%25%25%23%
Net Profit 201186355292300223354270296263315206271
EPS in Rs 1.721.593.042.502.571.913.032.312.532.252.701.772.33

Last Updated: February 6, 2026, 1:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 2:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,7324,1704,2234,5525,1666,0626,3666,8188,76210,56811,19911,54511,716
Expenses 3,3003,6593,5783,8334,3595,1275,3135,6357,4319,0909,3389,6889,937
Operating Profit 4315116457198079351,0531,1821,3311,4781,8611,8561,779
OPM % 12%12%15%16%16%15%17%17%15%14%17%16%15%
Other Income 36364010846606951684810512961
Interest 47502716254747445199786361
Depreciation 719299108124182191211227264331354380
Profit before tax 3504045597037057658839791,1221,1621,5571,5681,400
Tax % 29%34%34%33%35%35%26%26%26%26%25%25%
Net Profit 2492653714744614946567208338601,1701,1831,056
EPS in Rs 2.142.273.184.073.954.245.646.177.147.3710.0210.129.05
Dividend Payout % 31%33%31%36%38%37%32%38%36%36%35%38%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)6.43%40.00%27.76%-2.74%7.16%32.79%9.76%15.69%3.24%36.05%1.11%
Change in YoY Net Profit Growth (%)0.00%33.57%-12.24%-30.51%9.90%25.64%-23.04%5.94%-12.45%32.81%-34.94%

Berger Paints India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:11%
5 Years:13%
3 Years:10%
TTM:4%
Compounded Profit Growth
10 Years:16%
5 Years:13%
3 Years:12%
TTM:0%
Stock Price CAGR
10 Years:16%
5 Years:3%
3 Years:-1%
1 Year:-9%
Return on Equity
10 Years:22%
5 Years:22%
3 Years:21%
Last Year:20%

Last Updated: September 5, 2025, 12:40 am

Balance Sheet

Last Updated: December 4, 2025, 1:02 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 69696997979797979797117117117
Reserves 1,0511,1911,4931,8042,0972,3472,5633,2803,8304,3975,2626,0386,163
Borrowings 6246103544064227537676341,0141,189753670697
Other Liabilities 8518469601,1321,3261,3601,4721,9072,2712,2832,2362,3002,480
Total Liabilities 2,5952,7162,8773,4403,9434,5574,9005,9187,2117,9668,3689,1259,457
Fixed Assets 8649319631,1361,2671,5831,9162,0442,1873,3323,5003,6773,743
CWIP 133100516297170178107606111189125216
Investments 91134348472333395315356234183255533560
Other Assets 1,5071,5501,5151,7692,2452,4092,4903,4114,1854,3414,4244,7904,938
Total Assets 2,5952,7162,8773,4403,9434,5574,9005,9187,2117,9668,3689,1259,457

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3104145953944226117257965669761,5911,269
Cash from Investing Activity + -301-184-259-308-183-379-223-457-521-600-398-650
Cash from Financing Activity + -52-198-368-82-200-259-479-282-78-363-1,069-606
Net Cash Flow -4332-32438-272257-331312414
Free Cash Flow 68254477130132320294611-1932321,321845
CFO/OP 96%105%120%85%87%91%94%89%65%87%104%89%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-193.00-99.00291.00313.00385.00182.00-766.00-633.000.000.00-752.00-669.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 484747464940415544434249
Inventory Days 122104108153140138142174178142134143
Days Payable 958199124133112118161139108103105
Cash Conversion Cycle 747056755667656783777386
Working Capital Days 21726333731284334314653
ROCE %24%25%30%31%29%27%28%27%26%24%28%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 75.00%75.00%75.00%74.99%74.99%74.99%74.99%74.99%74.99%74.99%74.99%74.98%
FIIs 10.64%10.83%10.89%10.68%10.66%7.51%6.98%5.94%5.75%5.59%5.35%5.25%
DIIs 3.47%3.75%4.06%4.67%5.17%7.57%8.77%9.60%10.11%10.45%10.71%11.08%
Public 10.90%10.42%10.05%9.65%9.17%9.93%9.24%9.47%9.15%8.97%8.95%8.68%
No. of Shareholders 4,28,4483,93,9703,99,7143,92,6563,71,4114,24,3743,73,1103,92,1763,78,3093,53,7953,43,4963,23,008

Shareholding Pattern Chart

No. of Shareholders

Berger Paints India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Large & Midcap Fund 17,023,856 2.1 788.03N/AN/AN/A
SBI Multicap Fund 8,718,643 1.76 403.59N/AN/AN/A
SBI Midcap Fund 8,544,000 1.76 395.5N/AN/AN/A
Nippon India Multi Cap Fund 6,493,376 0.62 300.585,550,1542026-01-26 00:20:3916.99%
UTI Flexi Cap Fund 4,596,445 0.9 212.774,693,0002026-01-26 00:20:39-2.06%
SBI ELSS Tax Saver Fund 3,192,103 0.46 147.76N/AN/AN/A
UTI Mid Cap Fund 2,500,000 1.01 115.732,300,0002026-01-26 00:20:398.7%
SBI Consumption Opportunities Fund 2,350,172 3.71 108.79N/AN/AN/A
SBI Flexicap Fund 1,980,000 0.4 91.65N/AN/AN/A
Axis Large & Mid Cap Fund 1,629,740 0.49 75.441,695,1272026-02-21 01:49:37-3.86%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 10.1310.028.868.587.41
Diluted EPS (Rs.) 10.1210.028.868.577.41
Cash EPS (Rs.) 12.8812.5211.7110.879.64
Book Value[Excl.RevalReserv]/Share (Rs.) 52.7846.2346.3540.5034.84
Book Value[Incl.RevalReserv]/Share (Rs.) 52.7846.2346.3540.5034.84
Revenue From Operations / Share (Rs.) 99.0296.06108.7990.2170.19
PBDIT / Share (Rs.) 16.7316.5115.8414.3712.76
PBIT / Share (Rs.) 13.6913.6713.1212.0410.59
PBT / Share (Rs.) 13.1513.0012.1011.5110.13
Net Profit / Share (Rs.) 9.849.688.998.547.47
NP After MI And SOA / Share (Rs.) 10.1210.028.858.577.41
PBDIT Margin (%) 16.8917.1814.5615.9218.18
PBIT Margin (%) 13.8314.2312.0613.3415.08
PBT Margin (%) 13.2813.5311.1212.7614.43
Net Profit Margin (%) 9.9410.078.269.4610.63
NP After MI And SOA Margin (%) 10.2210.428.139.5010.55
Return on Networth / Equity (%) 19.1821.7019.1221.2021.31
Return on Capital Employeed (%) 23.6426.5425.5326.8026.56
Return On Assets (%) 12.9213.9510.7811.5412.15
Long Term Debt / Equity (X) 0.000.000.000.000.05
Total Debt / Equity (X) 0.020.030.170.170.11
Asset Turnover Ratio (%) 1.321.371.301.231.17
Current Ratio (X) 2.051.831.401.421.71
Quick Ratio (X) 1.060.900.620.610.92
Inventory Turnover Ratio (X) 5.082.492.362.392.20
Dividend Payout Ratio (NP) (%) 34.5626.6235.0332.654.04
Dividend Payout Ratio (CP) (%) 26.5820.7426.8025.673.13
Earning Retention Ratio (%) 65.4473.3864.9767.3595.96
Cash Earning Retention Ratio (%) 73.4279.2673.2074.3396.87
Interest Coverage Ratio (X) 30.8324.6015.5127.5228.11
Interest Coverage Ratio (Post Tax) (X) 19.1415.439.8017.3517.45
Enterprise Value (Cr.) 57930.0366553.6757008.3068333.7274221.67
EV / Net Operating Revenue (X) 5.025.945.397.8010.89
EV / EBITDA (X) 29.6934.5737.0548.9659.88
MarketCap / Net Operating Revenue (X) 5.055.965.347.7610.89
Retention Ratios (%) 65.4373.3764.9667.3495.95
Price / BV (X) 9.4712.4212.5717.3121.99
Price / Net Operating Revenue (X) 5.055.965.347.7610.89
EarningsYield 0.020.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Berger Paints (India) Ltd. is a Public Limited Listed company incorporated on 17/12/1923 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L51434WB1923PLC004793 and registration number is 004793. Currently Company is involved in the business activities of Manufacture of other chemical products. Company's Total Operating Revenue is Rs. 10169.22 Cr. and Equity Capital is Rs. 116.58 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Paints/VarnishesBerger House, 129, Park Street, Kolkata West Bengal 700017Contact not found
Management
NamePosition Held
Mr. Kuldip Singh DhingraChairman Emeritus
Ms. Rishma KaurChairman
Mr. Gurbachan Singh DhingraVice Chairman - Emeritus
Mr. Abhijit RoyManaging Director
Mr. Kanwardip Singh DhingraVice Chairman
Mrs. Sonu Halan BhasinIndependent Director
Dr. Anoop Kumar MittalIndependent Director
Mr. Anoop HoonIndependent Director
Mr. Gopal Krishna PillaiIndependent Director
Mr. Subir BoseIndependent Director

FAQ

What is the intrinsic value of Berger Paints India Ltd and is it undervalued?

As of 12 April 2026, Berger Paints India Ltd's intrinsic value is ₹177.38, which is 57.56% lower than the current market price of ₹418.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.3 %), book value (₹53.9), dividend yield (0.91 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Berger Paints India Ltd?

Berger Paints India Ltd is trading at ₹418.00 as of 12 April 2026, with a FY2026-2027 high of ₹605 and low of ₹391. The stock is currently near its 52-week low. Market cap stands at ₹48,716 Cr..

How does Berger Paints India Ltd's P/E ratio compare to its industry?

Berger Paints India Ltd has a P/E ratio of 43.5, which is above the industry average of 38.50. The premium over industry average may reflect growth expectations or speculative interest.

Is Berger Paints India Ltd financially healthy?

Key indicators for Berger Paints India Ltd: ROCE of 24.9 % indicates efficient capital utilization; ROE of 20.3 % shows strong shareholder returns. Dividend yield is 0.91 %.

Is Berger Paints India Ltd profitable and how is the profit trend?

Berger Paints India Ltd reported a net profit of ₹1,183 Cr in Mar 2025 on revenue of ₹11,545 Cr. Compared to ₹833 Cr in Mar 2022, the net profit shows an improving trend.

Does Berger Paints India Ltd pay dividends?

Berger Paints India Ltd has a dividend yield of 0.91 % at the current price of ₹418.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Berger Paints India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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