BERGEPAINT

Berger Paints (I) share price & financials

Price
₹550.7
Market cap
₹61.9k Cr
Sector
Consumer Durables
Calls analysed
3
Latest concall · Q1 FY27 · call held 05 Aug 2026

Berger Paints (I) Limited Q1 FY27

Consolidated Revenue Growth — +12%Overall Volume Growth — +8%Consolidated PBDIT Growth — +13%Consolidated PBDIT Margin Expansion 40 bps

What went well

  • Consolidated revenue grew 12% YoY (00:13:40.830).
  • Consolidated PBDIT margin expanded by 40 basis points YoY (00:09:58.640, 00:14:32.430).
  • Consolidated PAT grew 28.6% YoY (00:14:59.860).

What to watch

  • Protective GI and powder coatings divisions recorded relatively lower growth due to delayed price increases (00:09:10.920).
  • Gross margin moderated marginally due to delayed and partial pass-through of input cost increases in industrial business (00:09:38.790).
Read the full call →

What Berger Paints (I) Limited does

Berger Paints India manufactures and sells decorative paints (interior/exterior emulsions, wood coatings) as well as industrial paints, protective coatings, automotive coatings, powder coatings and construction chemicals/waterproofing products, sold through a pan-India dealer and retail network. It also operates value-added services such as tinting/colour-matching machines and an Express Painting home-painting service. Beyond India, the group manufactures and sells through subsidiaries and joint ventures in Nepal, Poland and Russia, and holds a market-leading position in protective and general industrial coatings in India.

Segments

  • Decorative paints
  • Industrial paints
  • Construction chemicals
  • Waterproofing
Market position in India
Second-largest paint company in India; No.1 in protective and general industrial coatings
Domestic paint manufacturing units
15 (Berger and British Paints divisions)
Global manufacturing facilities
29 (includes Berger and British Paints divisions and subsidiaries/JVs in Nepal, Poland and Russia)
Retail/distribution touchpoints
~59,000 pan-India
Geographic presence
150+ districts across 28 states
Colour bank machines installed
57,000+
Founded 1923Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 1 delivered 4 missed 10 open
  • EBITDA Margin delivered said Q3 FY25 Promised: 15 to 17% range Q1 FY27: Standalone Operating Profit Margin at 17.4%. Guidance reiterated for FY27.
  • Volume-Value Growth Differential missed said Q3 FY25 Promised: 2-2.5% to sustain in the next few quarters Q1 FY27: Overall volume growth was 8.4% and consolidated revenue growth was 12%, implying a gap of 3.6%. This is well above the 2-2.5% target.
  • Overall Volume Growth (Next Year) at risk said Q3 FY26 Promised: double-digit volume growth should happen Q1 FY27: Q1 FY27 volume growth was 8.4%. Q2 FY27 volume growth guided at 7.5-8%. Both are below the double-digit target.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 12.7%, net profit up 25.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,431 2,585 2,347 2,863 2,458 +1%2,595 +0%2,504 +7%3,227 +13%
EBITDA383 417 390 499 311 −19%417 +0%459 +18%562 +13%
Net profit229 306 237 294 176 −23%298 −3%327 +38%369 +26%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −14.5% 1Y

₹400₹450₹500₹550₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 5 Feb 2026Q1 FY27 — 5 Aug 2026

1Y: ₹535.65 on 10 Sept 2025 → ₹458.05. High ₹590.1 (20 Nov 2025), low ₹404.5 (16 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.1%
5 Aug
Q3 FY26
−1.6%
5 Feb

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 0.3% a year over 3 years, FY23 to FY26. Operating margin widened to 16.2%.

Year endingFY23FY24FY25FY26
Revenue₹10.3k Cr₹10.0k Cr₹10.2k Cr₹10.4k Cr
Operating profit₹1.5k Cr₹1.7k Cr₹1.7k Cr₹1.7k Cr
Operating margin14.2%16.7%16.5%16.2%
Interest₹96 Cr₹65 Cr₹48 Cr₹45 Cr
Depreciation₹256 Cr₹297 Cr₹318 Cr₹345 Cr
Net profit₹871 Cr₹1.0k Cr₹1.1k Cr₹1.1k Cr
Net margin8.4%10.1%10.6%10.5%
Cash from operations₹934 Cr₹1.5k Cr₹1.1k Cr₹1.4k Cr
Free cash flow₹238 Cr₹1.3k Cr₹765 Cr₹988 Cr
ROCE24.0%26.0%25.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹97 Cr₹97 Cr₹97 Cr₹117 Cr₹117 Cr₹117 Cr
Reserves₹3.2k Cr₹3.7k Cr₹4.2k Cr₹4.9k Cr₹6.2k Cr₹6.2k Cr
Borrowings₹396 Cr₹831 Cr₹1.1k Cr₹579 Cr₹697 Cr₹459 Cr
Other liabilities₹1.7k Cr₹2.0k Cr₹2.0k Cr₹2.0k Cr₹2.5k Cr₹2.1k Cr
Total liabilities₹5.4k Cr₹6.6k Cr₹7.4k Cr₹7.6k Cr₹9.5k Cr₹8.9k Cr
Fixed assets₹1.5k Cr₹1.6k Cr₹2.7k Cr₹2.9k Cr₹3.7k Cr₹3.0k Cr
Capital work in progress₹98 Cr₹569 Cr₹79 Cr₹130 Cr₹216 Cr₹260 Cr
Investments₹788 Cr₹744 Cr₹772 Cr₹797 Cr₹560 Cr₹1.7k Cr
Other assets₹3.0k Cr₹3.7k Cr₹3.8k Cr₹3.8k Cr₹4.9k Cr₹4.0k Cr
Total assets₹5.4k Cr₹6.6k Cr₹7.4k Cr₹7.6k Cr₹9.5k Cr₹8.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +1.33 pp while FIIs trimmed −0.77 pp. The shareholder count shrank 12% to 3,12,571.

Promoters
75.0%
FIIs
4.8%
DIIs
11.8%
Public
8.4%

Since Jun 2025

  • DIIs +1.33 pp
  • FIIs −0.77 pp
  • Public −0.57 pp

How it drifted, 12 quarters

Over this window DIIs went from 4.1% to 11.8% — +7.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 10.9%, DIIs 4.1%, Public 10.1%.Dec '23: Promoters 75.0%, FIIs 10.7%, DIIs 4.7%, Public 9.7%.Mar '24: Promoters 75.0%, FIIs 10.7%, DIIs 5.2%, Public 9.2%.Jun '24: Promoters 75.0%, FIIs 7.5%, DIIs 7.6%, Public 9.9%.Sep '24: Promoters 75.0%, FIIs 7.0%, DIIs 8.8%, Public 9.2%.Dec '24: Promoters 75.0%, FIIs 5.9%, DIIs 9.6%, Public 9.5%.Mar '25: Promoters 75.0%, FIIs 5.8%, DIIs 10.1%, Public 9.2%.Jun '25: Promoters 75.0%, FIIs 5.6%, DIIs 10.4%, Public 9.0%.Sep '25: Promoters 75.0%, FIIs 5.3%, DIIs 10.7%, Public 8.9%.Dec '25: Promoters 75.0%, FIIs 5.3%, DIIs 11.1%, Public 8.7%.Mar '26: Promoters 75.0%, FIIs 4.7%, DIIs 11.7%, Public 8.6%.Jun '26: Promoters 75.0%, FIIs 4.8%, DIIs 11.8%, Public 8.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Berger Paints (I) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
UK Paints (India ) Private Limited 64.56%unchanged
SBI Large & Midcap Fund Mutual fund4.32%unchanged
Life Insurance Corporation Of India Insurer4.20%−0.07 pp
Citland Commercial Credits Limited 3.18%unchanged
Wang Investment And Finance Pvt Ltd 3.09%unchanged
Nalanda India Fund Limited FPI fund2.59%unchanged
KSD Family Trust 0.86%unchanged
Bigg Investment And Finance Private Limited 0.82%unchanged
GBS Dhingra Family Trust 0.61%unchanged
Kuldip Singh Dhingra 0.57%unchanged
Gurbachan Singh Dhingra 0.46%unchanged
Vinu Dhingra 0.40%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BERGEPAINT

Filings to Aug 2026

0 new, 6 added, 4 trimmed, 0 sold out — net −2.31 L shares (−0.4%).

Held by funds
₹2.9k Cr
20 schemes
Biggest holder
SBI Large and Midcap Fund
₹996 Cr · 2.4% of that fund
SchemeHoldingLast month
SBI Large and Midcap Fund SBI Mutual Fund₹996 Crheld
SBI MultiCap Fund SBI Mutual Fund₹548 Crheld
SBI Midcap Fund SBI Mutual Fund₹511 Cr+8.55 L
Nippon India Multi Cap Fund Nippon India Mutual Fund₹350 Crheld
SBI ELSS Tax Saver Fund SBI Mutual Fund₹159 Crheld
SBI Consumption Opportunities Fund SBI Mutual Fund₹104 Cr−1.15 L
SBI Flexicap Fund SBI Mutual Fund₹60 Cr−7.75 L
SBI ESG Exclusionary Strategy Fund SBI Mutual Fund₹55 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 4 trimmed — net −2.31 L shares (−0.4%)

Funds are sitting on
+8%
vs est. average cost
Held by funds
₹2.9k Cr
20 schemes · ≈ 5.2% of the company
Biggest holder
SBI Large and Midcap Fund
₹996 Cr · 2.4% of that fund

Shares held by these funds +5664%

Aug '23 5.84 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹458, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹119 — downside of 74%.

Growth the price implies
30.8% a year
for 7 years, fading to 4%
It has actually compounded at
4.7% a year
net profit, FY23–FY26 · EPS 4.8%
The gap
0.3 pp
-74% downside if it only repeats history
Price today ₹458.05 Value at the reference growth ₹119.42

Change the assumptions yourself →

All earnings calls (3)

Read the Q1 FY27 call →

Learn to analyse Berger Paints (I) Limited

Guides on how to read this kind of business and the numbers that matter.