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India's second-largest paint company, making decorative and industrial paints/coatings sold through a nationwide dealer network.
India's second-largest paint company, making decorative and industrial paints/coatings sold through a nationwide dealer network.
Sells paint through dealers whose tinting machines mix colours on the spot, with repainting of existing homes the main source of demand and steadier than new construction. Industrial coatings and waterproofing are sold more directly to builders and manufacturers. The Dhingra family controls the company, and Birla Opus, from the Aditya Birla Group, entered the market as a new rival in 2024.
In one line: India's #2 Sherwin-Williams-style challenger.
Moat: narrow (brand, distribution). An established brand and dealer network as the long-standing #2 player, though trailing Asian Paints in scale.
Headquarters: Kolkata, India · Founded: 1923 · Employees: 14,653
Size Berger Paints India (BERGEPAINT.NS) is an India Materials company (Industrial Specialties) with a market value of $5.90B, the 190th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹478.35 on 6 Nov 2026.
Performance Over six months the shares fell 2.0%, against -11.2% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +11.9%); the operating margin is 12.3% (peer median 12.9%).
Valuation It trades at 41.5× forward earnings against a peer median of 20.8× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points above its cost of capital (15.4% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹123B | ₹118B | ₹115B | ₹111B | ₹105B |
| Revenue growth | — | +3% | +3% | +7% | — |
| Gross profit | ₹38.5B | ₹33.3B | ₹32.3B | ₹32.1B | ₹26.4B |
| EBITDA | ₹19.1B | ₹18.4B | ₹18.5B | ₹18.3B | ₹14.2B |
| Net income | ₹12.2B | ₹11.3B | ₹11.8B | ₹11.7B | ₹8.59B |
| Free cash flow | n/a | ₹10.5B | ₹8.54B | ₹13.0B | ₹1.84B |
| Capital expenditure | n/a | ₹5.18B | ₹4.29B | ₹2.75B | ₹7.48B |
| Total debt | n/a | ₹6.35B | ₹6.70B | ₹7.53B | ₹11.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Berger Paints India BERGEPAINT.NS | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% |
| Asian Paints ASIANPAINT.NS | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% |
| Kansai Nerolac Paints KANSAINER.NS | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% |
| Indigo Paints INDIGOPNTS.NS | $462M | -1% | +12% | 13% | 23.8× | 27.6% |
| Pidilite Industries PIDILITIND.NS | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BERGEPAINT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | -3.5% | 4th highest of 20 |
| 6-month return | -2.0% | -11.2% | 9th highest of 20 |
| Distance from 52-week high | -19.5% | -28.8% | 6th highest of 20 |
| Revenue growth (TTM) | +5.2% | +11.9% | 6th lowest of 21 |
| Operating margin | 12.3% | 12.9% | 10th lowest of 21 |
| Forward P/E | 41.5× | 20.8× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 38.5% | 10.6% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +11.8% | +10.1% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +26.6 pp | -2.7 pp | most demanding of 14 |
| ROIC minus cost of capital | +0.9 pp | +0.9 pp | 11th highest of 21 |
| EV / EBITDA | 29.2× | 11.3× | 3rd most expensive of 12 |
| Net debt / EBITDA | -0.3× | 1.1× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |