BERGEPAINT
Large CapBerger Paints (I) Limited
Consumer
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/5 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 60/100Rev +6% YoY · PAT +27% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,868 Cr | +6.1% | -3.9% |
| EBITDA | ₹482 Cr | +12.6% | +2.3% |
| Operating margin | 17.0% | +100 bps | +100 bps |
| PAT | ₹335 Cr | +27.4% | +23.6% |
| PAT margin | 11.7% | +195 bps | +260 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
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
Protective business prospects are seen better due to government spending on infrastructure.
"Protective business prospects seen better on the back of government spending on infrastructure"
Consumer sentiment is likely to improve, fuelled by favourable budget announcements and adequate monsoon.
"Likely improvement in consumer sentiment fuelled by favourable budget announcements and adequate monsoon"
The volume-value gap is expected to bridge due to the weaning of price decrease impact.
"Volume - value gap expected to bridge due to weaning of price decrease impact in the coming quarter"
Automotive and other industrial businesses are likely to perform better.
"Automotive and other industrial businesses likely to perform better in the coming quarters"
Decorative business is expected to improve its growth sequentially.
"We remain optimistic on decorative business improving its growth sequentially"
Trend score and candlestick chart
53NeutralSMA20 +13.2% / mo
Technical chart
BERGEPAINTweekly · 5Y-27.0%Technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 56.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~11.7% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 28% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Fair-value margin of safety is negative at -22.8%.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 87th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%. Key concern: ROCE trend is -2.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 87th pctile, median 67 · Large: 68th pctile, median 74
110 documents indexed, but claim history is not strong enough yet.
5 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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 -2.8%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 49.20
- P/B
- 8.30
- EV/EBITDA
- 26.06
- Market Cap
- 57356.00Cr
Profitability
- ROE
- 17.80%
- ROCE
- 22.20%
- ROA
- 11.22%
- Dividend Y
- 0.77%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 31.60×
- Altman Z
- 8.98
- Book Value
- 59.30
Cash Flow
- FCF Yield
- 0.98%
- FCF Positive Y
- 12/5
- OCF
- 1540.00 Cr
- EPS TTM
- 9.66
Shareholding
- Promoter Hold
- 74.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.