AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Please find attached letter dated 15th September, 2026.
Source: Bse
Berger Paints (I) Limited (BERGEPAINT)
Large CapConsumer stocks · Large cap · NSE
Berger Paints India Limited is a paint manufacturer. The company reported strong Q4 FY26 performance driven by volume growth, margin expansion, and robust contributions from decorative, construction chemicals, and industrial segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:30 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -4.3% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BERGEPAINTD candles · FIT view+2.1%Latest close ₹470.00 on 2026-10-19
Bar
-0.8%
RSI
50
MACD hist
3.06
52W pos
39%
2026-10-19O ₹473.95H ₹473.95L ₹466.05C ₹470.00Vol 1.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BERGEPAINTNifty Consumer DurablesNifty 500
- BERGEPAINT
- -4.2%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +1.4 pp
Chart stats
19 Oct 2026- From 52W high
- -20.9%
- 52W range position
- 39%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹16.1 Cr
- 20D price channel
- ₹441.1 - ₹482.4
₹594.6
₹391.1 - ₹594.6
₹11.2
Latest completed session
20-session average
23.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +12.0% · PAT +28.6% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model-44.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust63
medium confidence · 3/5 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +12% YoY · PAT +29% YoY · +25% QoQ · operating leverage · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,584 Cr | +12.0% | +25.0% |
| EBITDA | ₹607 Cr | +15.0% | +25.9% |
| Operating margin | 17.0% | +0 bps | +0 bps |
| PAT | ₹405 Cr | +28.6% | +20.9% |
| PAT margin | 11.3% | +146 bps | -38 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.20
- P/B
- 8.04
- EV/EBITDA
- 25.16
- Market Cap
- 55583.00Cr
Profitability
- ROE
- 17.30%
- ROCE
- 21.60%
- ROA
- 12.14%
- Dividend Y
- 0.84%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 32.73×
- Altman Z
- 9.02
- Book Value
- 59.30
Cash Flow
- FCF Yield
- 1.02%
- FCF Positive Y
- 12/5
- OCF
- 1540.00 Cr
- EPS TTM
- 10.44
Shareholding
- Promoter Hold
- 74.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 11.9k+2.9% vs prev
Net Profit
₹ CrLatest: 1,128-4.6% vs prev
Return on Equity
%Latest: 964+5538.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 50.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 20% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
49
RS percentile
Stage 1 Base / Transition
1M return
+2.5%
3M return
-4.2%
6M return
-1.7%
1Y return
-13.7%
RS 1D
+2
RS 20D
+18
Sector rank
#8
Industry rank
-
Stage evidence
- Price is within 3.9% of the 30-week proxy.
- The 30-week proxy changed +0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 92.88+0.19%
RS vs Nifty 50093
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality12/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Fair-value margin of safety is negative at -44.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
45.2
PB
8.0
EV/EBITDA
25.2
ROE
17.3%
ROCE
21.6%
FCF Yield
1.0%
Debt/Equity
0.1
MoS
-44.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-44.2%
Previous: -44.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹118.02
-298.2% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹325.94
-44.2% MoS
PEG
4.52
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
INDIGOPNTS
Micro
Indigo Paints Limited
Paints & Coatings
match 156
30
30.1
13.7%
-980%
OVERVALUED
ASIANPAINT
Large
Asian Paints Limited
Paints & Coatings
match 146
45
45.9
21.8%
-186%
WATCHLIST
JSWDULUX
Small
JSW Dulux Limited
Paints & Coatings
match 130
69
35.2
19.1%
+84%
UNDERVALUED
FLUOROCHEM
Large
Gujarat Fluorochemicals Limited
Specialty Chemicals
match 83
36
82.2
7.8%
-80%
WATCHLIST
SUMICHEM
Large
Sumitomo Chemical India Limited
Fertilizers & Agrochemicals
match 78
44
35.3
16.2%
-73%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:39:19.349Z
Management commentary snapshot
Berger Paints reports strong Q4 FY26 with 11.8% volume growth and 18% operating profit increase, driven by favorable mix and cost optimization, achieving 12-quarter high gross margins.
Q4 FY26 results show strong operational execution with significant margin expansion and volume growth. While competitive intensity persists, strategic investments and segment-specific tailwinds support the near-term outlook. Full-year performance was more subdued, indicating Q4 strength is crucial.
Growth engines
Decorative Segment
Delivered strong double-digit volume growth with sequential improvement in value, supported by pre-price hike channel pick-up and premium emulsion traction.
Construction Chemicals & Waterproofing
Continue to outperform, sustaining robust momentum across key markets and expected to lead growth momentum in FY27.
Wood Coatings Business
Continued to witness robust double-digit growth across markets and expected to lead growth momentum in FY27.
Automotive Coatings
Delivered strong double-digit volume and high single-digit value growth driven by healthy demand in two and three-wheelers.
Capacity and execution
Retail Footprint
Retail footprint expanded to ~1,900 stores, with over ~700 additions during the year.
Tinting Machine Installations
Tinting machine installations crossed 10,000 units with 2,600+ deployments in Q4 alone.
Tailwinds
Favourable Product Mix
Gross margins improved due to favourable mix enrichment and waning impact of economy segment price cuts.
Input Cost Relief
Partial benefit from withdrawal of anti-dumping duty on TiO₂ supported gross margins.
Government Capex
Protective coatings business outlook remains positive, supported by expected increase in government capex spending.
Auto Demand
Healthy demand in two and three-wheelers, supported by lower financing costs and GST cuts, drove Automotive Coatings.
Headwinds
Competitive Intensity
Competitive intensity expected to remain elevated.
Currency Depreciation
Sharp ₹ depreciation impacted margins and is a key monitorable.
Global Disturbances
West Asian disturbances are identified as a key monitorable for the sector.
Raw Material Volatility
Volatility in crude-based derivatives and potential inflationary pressures remain key monitorables.
Risk radar
Raw Material Price Volatility
Volatility in crude-based derivatives and potential inflationary pressures are key monitorables.
Currency Fluctuations
₹ depreciation is a key monitorable, impacting margins.
Geopolitical Risks
West Asian disturbances are identified as a key monitorable for the sector.
Supply Chain Disruptions
Supply-side disruptions are listed as a key monitorable.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is crucial for assessing sequential momentum in margins and segment performance, especially given the 12-quarter high gross margins. YoY comparison provides a view on annual growth and overall business health against the previous year.
Sector KPIs management disclosed
Volume growth
Q4 FY26 volume growth of 11.8% driven by healthy traction across key business segments.
Value growth
Q4 FY26 value growth stood at 6.7%.
Gross Margin
Q4 FY26 Gross Margin of 42.3%, a 12-quarter high, aided by favourable mix and TiO₂ anti-dumping duty withdrawal.
Operating Margin
Q4 FY26 Operating Margin of 18.3%, a 10-quarter high, with operating profit growing ~18%.
Management forward view
Demand Recovery
Gradual recovery expected across decorative and industrial businesses in FY27.
Margin Management
Staggered price hikes from March onwards expected to support gross margins amid rising raw material costs.
Cost Optimization
Sustained cost optimisation initiatives likely to keep operating margins within the guided range.
Strategic Investments
Continued investments in branding, distribution expansion, and stores-led urban market initiatives should yield positive results.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin | 42.3% (Q4 FY26) | Sustained expansion or pressure from rising RM costs and competitive intensity. |
| Volume Growth | 11.8% (Q4 FY26) | Monitor if double-digit volume growth can be sustained across key segments. |
| Retail Footprint Expansion | ~1,900 stores (+700 in FY26) | Track continued expansion and its impact on urban market penetration. |
| Competitive Intensity | Elevated | Observe pricing actions and market share shifts among listed peers. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
demand outlooknot yet verifiable
Protective business prospects are seen better due to government spending on infrastructure.
Direction: betterConfidence: seen better
"Protective business prospects seen better on the back of government spending on infrastructure"
demand outlooknot yet verifiable
Protective business prospects are seen better due to government spending on infrastructure.
Direction: betterConfidence: seen better
"Protective business prospects seen better on the back of government spending on infrastructure"
macro expectationnot yet verifiable
Consumer sentiment is likely to improve, fuelled by favourable budget announcements and adequate monsoon.
Direction: improvementConfidence: likely
"Likely improvement in consumer sentiment fuelled by favourable budget announcements and adequate monsoon"
macro expectationnot yet verifiable
Consumer sentiment is likely to improve, fuelled by favourable budget announcements and adequate monsoon.
Direction: improvementConfidence: likely
"Likely improvement in consumer sentiment fuelled by favourable budget announcements and adequate monsoon"
pricingnot yet verifiable
The volume-value gap is expected to bridge due to the weaning of price decrease impact.
Timeframe: coming quarterDirection: narrowingConfidence: expected
"Volume - value gap expected to bridge due to weaning of price decrease impact in the coming quarter"
pricingpartially delivered
The volume-value gap is expected to bridge due to the weaning of price decrease impact.
Timeframe: coming quarterDirection: narrowingConfidence: expected
"Volume - value gap expected to bridge due to weaning of price decrease impact in the coming quarter"
Outcome check: OPM moved from 16.0% to average 16.5% (+0.5 pp).
revenue outlookpartially delivered
Automotive and other industrial businesses are likely to perform better.
Timeframe: coming quartersDirection: better performanceConfidence: likely
"Automotive and other industrial businesses likely to perform better in the coming quarters"
Outcome check: Revenue YoY averaged 5.4% across 2 later quarter(s).
revenue outlooknot yet verifiable
Automotive and other industrial businesses are likely to perform better.
Timeframe: coming quartersDirection: better performanceConfidence: likely
"Automotive and other industrial businesses likely to perform better in the coming quarters"
Trust Score
63Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 38th percentile of the scored universe and 41st percentile within Consumer. No major sub-score weakness stands out.
Healthy Trust: 3/5 extracted management claims have outcome checks; 0% were fully delivered and 3 were partially delivered.
Computed 21 Oct 2026
management-trust-v1
7 extracted concalls · 3/5 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
38th percentile
overall median 67 · Consumer: 41st pctile, median 66 · Large: 19th pctile, median 73
Evidence depth
Early sample
3/5 claims checked. Use as directional, not final.
Claim delivery
100% delivered or partly delivered
3/5 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
64
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸12 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.4%.
Continue researching Berger Paints (I) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Jun - Please find attached letter dated 01.06.2026 .
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.