Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹54,079Cr
Building Materials - Paints
Rev Gr TTM
Revenue Growth TTM
3.13%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

BERGEPAINT
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 11.7 | 9.8 | 3.6 | 7.0 | 3.1 | 2.0 | 0.3 | 3.2 | 7.3 | 3.5 | 1.9 | 0.3 |
| 2,075 | 2,473 | 2,294 | 2,402 | 2,169 | 2,569 | 2,340 | 2,503 | 2,276 | 2,672 | 2,475 | 2,513 |
Operating Profit Operating ProfitCr |
| 15.1 | 18.4 | 17.1 | 16.7 | 13.9 | 16.9 | 15.7 | 15.9 | 15.8 | 16.5 | 12.5 | 15.8 |
Other Income Other IncomeCr | -7 | 17 | 19 | 20 | 48 | 46 | 30 | 27 | 26 | 3 | 37 | -5 |
Interest Expense Interest ExpenseCr | 29 | 20 | 21 | 20 | 18 | 15 | 17 | 16 | 15 | 14 | 17 | 14 |
Depreciation DepreciationCr | 74 | 78 | 83 | 83 | 87 | 87 | 89 | 89 | 89 | 94 | 97 | 100 |
| 258 | 476 | 389 | 398 | 294 | 466 | 358 | 394 | 350 | 423 | 275 | 352 |
| 72 | 121 | 97 | 98 | 71 | 112 | 88 | 98 | 87 | 108 | 68 | 81 |
|
Growth YoY PAT Growth YoY% | -15.6 | 39.9 | 33.1 | 49.2 | 19.7 | -0.3 | -7.6 | -1.4 | 18.1 | -11.0 | -23.5 | -8.3 |
| 7.6 | 11.7 | 10.6 | 10.4 | 8.8 | 11.4 | 9.7 | 9.9 | 9.7 | 9.8 | 7.3 | 9.1 |
| 1.6 | 3.0 | 2.5 | 2.6 | 1.9 | 3.0 | 2.3 | 2.5 | 2.3 | 2.7 | 1.8 | 2.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -2.3 | 7.8 | 13.5 | 17.4 | 5.0 | 7.1 | 28.5 | 20.6 | 6.0 | 3.1 | 1.5 |
| 3,811 | 3,578 | 3,834 | 4,359 | 5,126 | 5,305 | 5,630 | 7,431 | 9,081 | 9,338 | 9,689 | 9,937 |
Operating Profit Operating ProfitCr |
| 11.8 | 15.3 | 15.8 | 15.6 | 15.4 | 16.7 | 17.4 | 15.2 | 14.1 | 16.6 | 16.1 | 15.2 |
Other Income Other IncomeCr | 36 | 40 | 109 | 47 | 59 | 60 | 46 | 68 | 38 | 105 | 130 | 61 |
Interest Expense Interest ExpenseCr | 50 | 27 | 16 | 25 | 47 | 47 | 44 | 51 | 99 | 78 | 63 | 61 |
Depreciation DepreciationCr | 93 | 99 | 108 | 124 | 182 | 191 | 211 | 227 | 264 | 331 | 354 | 380 |
| 404 | 559 | 703 | 705 | 765 | 883 | 979 | 1,122 | 1,162 | 1,557 | 1,568 | 1,400 |
| 139 | 189 | 229 | 244 | 271 | 227 | 259 | 289 | 302 | 387 | 386 | 344 |
|
| | 40.0 | 27.8 | -2.7 | 7.2 | 32.8 | 9.7 | 15.7 | 3.3 | 36.0 | 1.1 | -10.8 |
| 6.1 | 8.8 | 10.4 | 8.9 | 8.2 | 10.3 | 10.6 | 9.5 | 8.1 | 10.4 | 10.3 | 9.0 |
| 2.3 | 3.2 | 4.1 | 4.0 | 4.2 | 5.6 | 6.2 | 7.2 | 6.1 | 10.0 | 10.1 | 9.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 69 | 69 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 117 | 117 | 117 |
| 1,191 | 1,493 | 1,804 | 2,097 | 2,347 | 2,563 | 3,280 | 3,830 | 4,397 | 5,262 | 6,038 | 6,163 |
Current Liabilities Current LiabilitiesCr | 1,132 | 1,024 | 1,179 | 1,403 | 1,573 | 1,707 | 2,051 | 2,852 | 2,975 | 2,363 | 2,380 | 2,574 |
Non Current Liabilities Non Current LiabilitiesCr | 323 | 291 | 359 | 346 | 546 | 531 | 486 | 427 | 490 | 617 | 585 | 591 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,631 | 1,730 | 2,058 | 2,359 | 2,583 | 2,586 | 3,506 | 4,057 | 4,164 | 4,318 | 4,890 | 5,072 |
Non Current Assets Non Current AssetsCr | 1,084 | 1,147 | 1,383 | 1,584 | 1,984 | 2,319 | 2,415 | 3,155 | 3,803 | 4,051 | 4,241 | 4,385 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 414 | 595 | 395 | 422 | 611 | 725 | 796 | 567 | 976 | 1,591 | 1,269 |
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 |
|
Free Cash Flow Free Cash FlowCr | 254 | 477 | 130 | 132 | 320 | 294 | 611 | -193 | 232 | 1,321 | 845 |
| 156.3 | 160.4 | 83.3 | 91.5 | 123.7 | 110.5 | 110.6 | 68.0 | 113.4 | 136.0 | 107.3 |
CFO To EBITDA CFO To EBITDA% | 81.0 | 92.2 | 54.9 | 52.3 | 65.3 | 68.3 | 67.0 | 42.6 | 65.6 | 85.5 | 68.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 14,476 | 16,956 | 23,449 | 24,902 | 31,431 | 48,308 | 74,270 | 67,973 | 56,479 | 66,788 | 58,271 |
Price To Earnings Price To Earnings | 58.6 | 45.8 | 49.5 | 54.0 | 63.6 | 73.5 | 103.2 | 81.7 | 65.7 | 57.2 | 49.4 |
Price To Sales Price To Sales | 3.4 | 4.0 | 5.2 | 4.8 | 5.2 | 7.6 | 10.9 | 7.8 | 5.3 | 6.0 | 5.0 |
Price To Book Price To Book | 11.5 | 10.9 | 12.3 | 11.3 | 12.9 | 18.2 | 22.0 | 17.3 | 12.6 | 12.4 | 9.5 |
| 29.2 | 26.6 | 33.1 | 31.1 | 34.1 | 46.0 | 62.7 | 51.6 | 38.6 | 36.0 | 31.5 |
Profitability Ratios Profitability Ratios |
| 41.4 | 41.5 | 43.0 | 41.7 | 39.0 | 41.5 | 43.3 | 38.0 | 36.3 | 40.6 | 41.4 |
| 11.8 | 15.3 | 15.8 | 15.6 | 15.4 | 16.7 | 17.4 | 15.2 | 14.1 | 16.6 | 16.1 |
| 6.1 | 8.8 | 10.4 | 8.9 | 8.2 | 10.3 | 10.6 | 9.5 | 8.1 | 10.4 | 10.3 |
| 24.3 | 31.3 | 31.2 | 27.9 | 25.7 | 27.1 | 25.5 | 23.7 | 22.2 | 26.7 | 23.9 |
| 21.0 | 23.7 | 24.9 | 21.0 | 20.2 | 24.7 | 21.3 | 21.2 | 19.1 | 21.8 | 19.2 |
| 9.8 | 12.9 | 13.8 | 11.7 | 10.8 | 13.4 | 12.2 | 11.6 | 10.8 | 14.0 | 12.9 |
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.