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Berger Paints India Ltd

BERGEPAINT
NSE
463.80
0.86%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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Berger Paints India Ltd

BERGEPAINT
NSE
463.80
0.86%
29 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
54,079Cr
Close
Close Price
463.80
Industry
Industry
Building Materials - Paints
PE
Price To Earnings
51.25
PS
Price To Sales
4.62
Revenue
Revenue
11,716Cr
Rev Gr TTM
Revenue Growth TTM
3.13%
PAT Gr TTM
PAT Growth TTM
-7.60%
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Quarterly Results

Upcoming Results on
12 May 2026
Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
2,4443,0302,7672,8822,5203,0912,7752,9752,7043,2012,8272,984
Growth YoY
Revenue Growth YoY%
11.79.83.67.03.12.00.33.27.33.51.90.3
Expenses
ExpensesCr
2,0752,4732,2942,4022,1692,5692,3402,5032,2762,6722,4752,513
Operating Profit
Operating ProfitCr
369557474480351522434472428528352471
OPM
OPM%
15.118.417.116.713.916.915.715.915.816.512.515.8
Other Income
Other IncomeCr
-71719204846302726337-5
Interest Expense
Interest ExpenseCr
292021201815171615141714
Depreciation
DepreciationCr
7478838387878989899497100
PBT
PBTCr
258476389398294466358394350423275352
Tax
TaxCr
721219798711128898871086881
PAT
PATCr
186355292300223354270296263315206271
Growth YoY
PAT Growth YoY%
-15.639.933.149.219.7-0.3-7.6-1.418.1-11.0-23.5-8.3
NPM
NPM%
7.611.710.610.48.811.49.79.99.79.87.39.1
EPS
EPS
1.63.02.52.61.93.02.32.52.32.71.82.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
4,3224,2234,5525,1666,0626,3666,8188,76210,56811,19911,54511,716
Growth
Revenue Growth%
-2.37.813.517.45.07.128.520.66.03.11.5
Expenses
ExpensesCr
3,8113,5783,8344,3595,1265,3055,6307,4319,0819,3389,6899,937
Operating Profit
Operating ProfitCr
5116457198079361,0611,1881,3311,4871,8611,8561,779
OPM
OPM%
11.815.315.815.615.416.717.415.214.116.616.115.2
Other Income
Other IncomeCr
364010947596046683810513061
Interest Expense
Interest ExpenseCr
502716254747445199786361
Depreciation
DepreciationCr
9399108124182191211227264331354380
PBT
PBTCr
4045597037057658839791,1221,1621,5571,5681,400
Tax
TaxCr
139189229244271227259289302387386344
PAT
PATCr
2653714744614946567208338601,1701,1831,056
Growth
PAT Growth%
40.027.8-2.77.232.89.715.73.336.01.1-10.8
NPM
NPM%
6.18.810.48.98.210.310.69.58.110.410.39.0
EPS
EPS
2.33.24.14.04.25.66.27.26.110.010.19.1

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
696997979797979797117117117
Reserves
ReservesCr
1,1911,4931,8042,0972,3472,5633,2803,8304,3975,2626,0386,163
Current Liabilities
Current LiabilitiesCr
1,1321,0241,1791,4031,5731,7072,0512,8522,9752,3632,3802,574
Non Current Liabilities
Non Current LiabilitiesCr
323291359346546531486427490617585591
Total Liabilities
Total LiabilitiesCr
2,7162,8773,4403,9434,5674,9055,9217,2137,9678,3699,1329,457
Current Assets
Current AssetsCr
1,6311,7302,0582,3592,5832,5863,5064,0574,1644,3184,8905,072
Non Current Assets
Non Current AssetsCr
1,0841,1471,3831,5841,9842,3192,4153,1553,8034,0514,2414,385
Total Assets
Total AssetsCr
2,7162,8773,4403,9434,5674,9055,9217,2137,9678,3699,1329,457

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
4145953954226117257965679761,5911,269
Investing Cash Flow
Investing Cash FlowCr
-184-259-308-183-379-223-457-521-600-398-650
Financing Cash Flow
Financing Cash FlowCr
-198-368-82-200-259-479-282-78-363-1,069-606
Net Cash Flow
Net Cash FlowCr
32-32438-272257-331212414
Free Cash Flow
Free Cash FlowCr
254477130132320294611-1932321,321845
CFO To PAT
CFO To PAT%
156.3160.483.391.5123.7110.5110.668.0113.4136.0107.3
CFO To EBITDA
CFO To EBITDA%
81.092.254.952.365.368.367.042.665.685.568.4

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
14,47616,95623,44924,90231,43148,30874,27067,97356,47966,78858,271
Price To Earnings
Price To Earnings
58.645.849.554.063.673.5103.281.765.757.249.4
Price To Sales
Price To Sales
3.44.05.24.85.27.610.97.85.36.05.0
Price To Book
Price To Book
11.510.912.311.312.918.222.017.312.612.49.5
EV To EBITDA
EV To EBITDA
29.226.633.131.134.146.062.751.638.636.031.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
41.441.543.041.739.041.543.338.036.340.641.4
OPM
OPM%
11.815.315.815.615.416.717.415.214.116.616.1
NPM
NPM%
6.18.810.48.98.210.310.69.58.110.410.3
ROCE
ROCE%
24.331.331.227.925.727.125.523.722.226.723.9
ROE
ROE%
21.023.724.921.020.224.721.321.219.121.819.2
ROA
ROA%
9.812.913.811.710.813.412.211.610.814.012.9
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Berger Paints India Ltd is one of India’s leading paint and coatings manufacturers and ranks among the **top 15 global coating companies**. With a legacy spanning over a century, the company has evolved from a primarily industrial coatings provider into a diversified leader in decorative paints, industrial coatings, construction chemicals, and waterproofing solutions. It operates across **India, Nepal, Russia, Poland (via Bolix S.A.), the UK, France, and Ukraine**, either directly or through subsidiaries and joint ventures. Its products serve residential, commercial, industrial, and infrastructure sectors, supported by a robust manufacturing and distribution network, continuous innovation, and a strong customer-first philosophy. --- ### **Market Position & Financial Highlights** - **Market Leadership**: - **#2 in India** (Decorative & Overall Paints) - **#4 in Asia** (Paints) - **#7 globally** (Decorative Paints by Volume) - **Subsidiary Positioning**: - **Bolix S.A.**: Market leader in **ETICS (External Thermal Insulation Composite Systems)** in **Poland**, with operations across Europe. - **STP Limited**: **#3 in India’s Construction Chemicals** segment. - **Revenue (Standalone)**: ₹1,839.80 crore (Jul 2025, YoY +6.0%). - **Consolidated Revenue**: Exceeded ₹10,500 crore in FY2024–25. - **Production Capacity**: Over **1.5 million kiloliters/year**, with 29 manufacturing facilities globally (including subsidiaries). - **Employee Base**: 4,445 permanent staff (as of Jul 2024), with 94 dedicated R&D professionals. --- ### **Core Business Segments** Berger Paints operates across four key verticals: 1. **Decorative Paints (80% of revenue)** - Flagship Brands: *WeatherCoat*, *Easy Clean*, *Silk Glamour*, *GlamArt*, *Berger Ceiling White*. - Premium Products: - **WeatherCoat Anti Dustt Kool** – Dust-resistant, heat-reflective nano-technology exterior paint. - **Easy Clean Silky Touch** – Stain-resistant, crack-preventing interior emulsion with silky finish. - **Kool Range**: Includes *Roof Kool & Seal*, *Tank Kool*, *WeatherCoat Kool* – engineered to reduce indoor temperatures by up to 10°C. - Innovative Initiatives: - **Colourbank**: Over **62,338 machines** deployed, enabling over **5,000 shades** on demand at retail points. - **Express Painting**: India’s first organized home painting-as-a-service offering; serves ~250,000 homes annually, operating in over 500 towns. 2. **Industrial Coatings** - **Market Leader** in **Protective Coatings (Protecton)** and **General Industrial Coatings (via SBL Specialty Coatings)**. - Key Clients: Tata Motors, Mahindra & Mahindra, TVS, Crompton, Indian Railways. - Innovations: - **Monocoat Systems** – Reduces painting cycle from 3–4 days to 1. - **Cathodic Electrodeposition (CED)** – Joint venture **Berger Nippon Paint Automotive (BNPA)** serves passenger cars and three-wheelers. - Low-bake, fast-cure, and **eco-friendly baking technologies** supporting 'Make in India'. - Expansion into E-rickshaws, fans, and new OEM segments. 3. **Powder Coatings** - **Market leader** in niche industrial applications. - Advanced Offerings: - **Soft-feel Powder Coatings**: Velvety matte finish for appliances, furniture, and electronics. - **Heat-Resistant (650–700°C)**: Used in mufflers, stoves, and grills. - **Low-Bake, Fast-Cure**: Saves energy, reduces curing time by up to 67%. - Supplied to **Defence** (ammunition boxes), **Atomberg**, and **Foxconn** (manufacturing zones). 4. **Construction Chemicals & Waterproofing (Berger HomeShield)** - **HomeShield** is a major growth driver: - **Roof Kool & Seal**: Acrylic elastomeric coating offering waterproofing + 5–10°C cooling; crossed ₹100 crore in sales. - **Dampstop Duo & Advanced**: Dual-function primers with waterproofing properties. - **Scientific Waterproofing**: Uses moisture meters and data-driven diagnostics. - Full **"Basement to Roof"** solution provider. - **Prolinks**: Dedicated project sales division serving landmark projects (DLF Mall, Leela Palace, IITs). --- ### **Strategic Growth Initiatives** 1. **Urban Market Focus**: - Targeting **20% of India’s largest urban districts** (150+ districts). - Expanding **franchise stores, dealer networks, and influencer partnerships**. - Promoting **premiumization**, higher margins, and **problem-solving products** (e.g., anti-dust, cooling, waterproofing). 2. **Distribution & Retail Expansion**: - **62,338+ Colorbank machines** (as of Mar 2025). - **700+ exclusive retail stores** and **>60,000 dealer touchpoints** nationwide. - **“Shop In Shop” model** to enhance visibility in retail hubs. - Adding **13,000+ retail touchpoints** and **12,000+ dealers** in FY2024–25. 3. **Capacity Expansion**: - **Sandila Plant (UP)**: Fully operational – **37-acre greenfield facility**, 33,000 KL/month capacity. - New **greenfield plants** underway: - **Panagarh, West Bengal** (Industrial & Construction Chemicals) – Commissioning expected FY25–26. - **Khordha, Odisha** (Water-based, Solvent-based paints, Resins) – Land acquired; statutory approvals in progress. - Investment: **₹2,700 crore** planned for capacity expansion. 4. **Digital & AI Transformation**: - **MyColour App**: - AI & **AR-powered** virtual wall painting. - Enhances **color selection, engagement, and conversion**. - Widely used in Tier II/III cities. - **Shakti App**: Digitizes dealer accounts, incentives, and transactions. - **Salesforce CRM**: Unified platform for data from painters, dealers, and D2C. - **AI in Supply Chain**: Demand sensing, predictive analytics (Tableau), freight optimization, and real-time tracking. 5. **Sustainability & Innovation** - R&D Focus Areas: - **Nanotechnology**, **biomaterials**, **graphene integration**, **low-VOC** & **eco-friendly formulations**. - Partnerships with **IIT Kharagpur, CECRI, CSIR, and Ramakrishna Mission**. - Green Operations: - **Solar-powered plants**, **zero-liquid-discharge (ZLD)** systems. - **Bio-briquettes**, **low-VOC**, **heavy-metal-free** products. - **Green Pro Certified** by CII and **Singapore Green Label** certifications. 6. **Digital Tools & Ecosystem Development** - 40+ digital tools & portals for sales, dealers, and contractors. - **iTrain Program**: - **31 fixed + 23 mobile training centers**. - **10 lakh+ painters trained**; upskilling rural workforce. - Focus on **technical skills, customer service, professionalism**. - **Prolinks Lead Management**: Uses data analytics to drive B2B growth. - **Click-to-Deliver**: Scaling up rapid delivery services. --- ### **International Operations** - **Nepal**: Strong No. 2 in decorative paints; own manufacturing. - **Poland (Bolix S.A.)**: Market leader in ETICS; offers **EIFS, plasters, adhesives, and textured panels**. - **UK & France**: Operates in **EIFS/ETICS** and participates in **ECO-funded home insulation programs**. - **Russia**: Niche decorative paint business. - **Ukraine**: Step-down entity serving regional markets. --- ### **Key Acquisitions & Joint Ventures** - **Bolix S.A. (2008)**: Strengthened European insulation & coatings. - **Sherwin Williams’ Decorative Business (2013)**: Enhanced in-house emulsion capability. - **STP Limited (2019)**: Boosted construction chemicals & waterproofing. - **Joint Ventures**: - **Berger Nippon Paint Automotive (BNPA)**: Advanced automotive coatings. - **Berger Becker Coatings**: Coil coatings technology. - **Berger Rock Paints**: Auto refinish & advanced effect paints.