Berger Paints India Ltd(BERGEPAINT)

NSE: BERGEPAINTBSE: 509480

₹ 465.6-0.90%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 54,289 crNext results: 5 Nov 2026Website: www.bergerpaints.comUpdated: 24 Oct 2026

About

Berger Paints India Ltd is one of India's leading paint manufacturers, selling decorative and industrial coatings under brands including Silk, Luxol and Kolor Plus, alongside construction chemicals and waterproofing products. It operates through subsidiaries including Berger Nippon Paint Automotive, Bolix (Poland) and STP Ltd, and is expanding into two new greenfield factories funded from a consolidated cash surplus of ₹1,424 cr as of Q1 FY27.^[1][2][3]

Business segments

Decorative coatings is the dominant segment, delivering ~13.5% value growth and nearly 20% operating profit growth in Q1 FY27, the highest decorative growth in 12 quarters.^[3]
Industrial coatings spans protective, general industries, automotive, and powder coatings; protective coatings recovered to high single-digit volume and value growth with operating margins in the high teens in Q4 FY26.^[2]
Construction chemicals and waterproofing represent ~10-12% of the decorative mix in Q1 FY27 and are growing at a significantly higher rate than paints.^[3]

Products and brands

Flagship decorative brands include Silk (premium emulsion), Luxol (enamel), and Kolor Plus (premium interior emulsion launched recently), with Kolor Plus gaining strong traction in Q1 FY27.^[3][4]
Silk Metallics / Luxol Metallica (metallic enamel/water-based metallic paint) was launched towards end of Q3 FY26 and described as high-profit-margin products doing well across most markets.^[4]
DAMShield (damp-proofing) and Roof Kool & Seal were launched and gained traction; tile adhesives and admix are fast-growing lower-ASP products within construction chemicals.^[4][3]
Automotive coatings are supplied via subsidiary Berger Nippon Paint Automotive Coatings, which delivered robust topline and profitability growth in Q2 FY26 driven by 4-wheeler demand.^[5]

Distribution and retail reach

Berger Exclusive Stores total count reached 1,900+ in Q1 FY27, with urban stores at ~900+; over 700 stores were added during FY26.^[3][2]
Tinting machine installations crossed 2,100 units in Q1 FY27 (quarterly addition); the full-year FY27 target is ~10,000 machines focused on under-indexed pin codes.^[3]
Cumulative tinting machine installations crossed 10,000 units by end of FY26, with 2,600+ deployed in Q4 FY26 alone.^[2]

Key operating numbers

Standalone volume growth was 8.4% in Q1 FY27 and value growth was 12.7%, with decorative value growth at ~13.5%.^[3]
Standalone gross margin was 39.3% in Q1 FY27, moderating from a 15-quarter high of 41.2% in Q3 FY26 and 42.3% in Q4 FY26, due to delayed industrial price pass-through.^[3][4][2]
Standalone PBDIT margin was 17.4% in Q1 FY27 (flat YoY); consolidated PBDIT margin expanded ~40 bps YoY to 16.9%, within the guided 15-17% range.^[3]
Market share among listed peers was ~20% in Q4 FY26; this had dipped marginally to ~19.4% in Q3 FY26 from ~19.5-19.6%, with share gains going primarily to Birla.^[2][4]
Full-year FY26 standalone total income grew 2.5% YoY to ₹10,420 cr; PBDIT margin for FY26 was 16.2%, down 30 bps YoY.^[2]

Subsidiaries

Bolix (Poland) had strong topline but muted profitability in Q2 FY26 due to pricing pressure; revenue was flattish in Q1 FY27 due to seasonal factors.^[5][3]
STP Ltd (construction chemicals subsidiary) was soft in Q2 FY26 due to a temporary Jamshedpur plant shutdown and showed muted revenue in Q1 FY27 due to Jam Siddhpur plant disruption; both issues expected to resolve in Q2 FY27.^[5][3]
Consolidated PAT in FY26 was ₹1,128 cr, down 4.6% from ₹1,183 cr in FY25, weighed by exceptional items, higher employee costs and operating deleverage.^[2]

Expansion and capex

Two greenfield factories are planned: one at Panagarh, West Bengal and one in Odisha near Jajpur; combined investment is ₹1,800-2,000 cr to be funded from cash and future free cash flows.^[4][3]
The Panagarh greenfield factory is expected to start at end of FY27; FY27 capex is guided at ₹600-800 cr.^[3]
Consolidated cash surplus grew from ₹992 cr (June FY26) to ₹1,424 cr (June FY27), with a large part earmarked for the two greenfield plants.^[3]

Competitive environment

A challenger brand (Birla) raised its dealer price list to industry level, closing a ~5% gap, but increased rebating to larger dealers and continued a 10% free-material offer in most packs as of Q1 FY27.^[3]
Automotive coatings delivered strong double-digit volume and high single-digit value growth in Q4 FY26, driven by two- and three-wheeler demand supported by lower financing costs and GST cuts.^[2]

Market Cap

₹54,289 Cr

High / Low

₹594 / 392

Stock P/E

45.1

Price / Book

7.9

Book Value

₹59

EPS

₹9.7

No. of Shares

116.6 Cr

ROCE

22.0%

ROE

17.2%

OPM

12.9%

Debt / Equity

0.09

Sales

₹11,880 Cr

Net Profit

₹1,128 Cr

Promoter holding

75.0%

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