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Berger Paints India Ltd - Stock Valuation and Financial Performance

BSE: 509480 | NSE: BERGEPAINT | Paints | Mid Cap

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Berger Paints India Share Price

 ₹463.65 -8.75 -1.85%
as on 29-Jan'25 11:28

DeciZen - make an informed investing decision on Berger Paints India

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Undervalued
Check 10 Yrs Valuation charts

3. Price Trend

Semi Strong
Check Price chart

Berger Paints India stock performance -

PE Chart Key Ratios
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P/E Ratio (CD):
48.10
Market Cap:
55,073.9 Cr.
52-wk low:
437.8
52-wk high:
629.6

Is Berger Paints India Ltd an attractive stock to invest in?

1. Is Berger Paints India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Berger Paints India Ltd is a good quality company.

2. Is Berger Paints India Ltd undervalued or overvalued?

The key valuation ratios of Berger Paints India Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Berger Paints India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Berger Paints India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Berger Paints India:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Berger Paints India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ25.2%31%34.1%29.6%29.1%30.2%29.4%28.1%25.6%30.2%-
Value Creation
Index ⓘ		0.91.32.01.61.61.71.61.51.31.7-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ4,3224,2234,5525,1666,0626,3666,8188,76210,56811,19911,268
Sales YoY Gr.--2.3%7.8%13.5%17.4%5%7.1%28.5%20.6%6%-
Adj EPS ⓘ2.33.23.844.45.76.37.17.5109.8
YoY Gr.-38.5%17%4.2%10.1%30.8%9.8%13.9%5.3%33.7%-
BVPS (₹) ⓘ10.813.416.318.82122.82933.638.546.148
Adj Net
Profit ⓘ		2723774424615076637288308741,1691,145
Cash Flow from Ops. ⓘ4145953954226117257965679761,591-
Debt/CF from Ops. ⓘ1.50.6110.90.70.51.20.80.1-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ11.2%13.1%18%6%
Adj EPS ⓘ17.6%18.2%17.1%33.7%
BVPSⓘ17.5%17.1%16.8%19.7%
Share Price 12.9% -0.6% -8.5% -17.3%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		22.926.725.522.521.92624.122.720.823.720.9
Op. Profit
Mgn % ⓘ		12.115.415.815.615.716.817.615.314.316.715.9
Net Profit
Mgn % ⓘ		6.38.99.78.98.410.410.79.58.310.510.2
Debt to
Equity ⓘ		0.50.20.20.20.20.20.10.20.200
Working Cap
Days ⓘ		10410913318219217318919318418177
Cash Conv.
Cycle ⓘ		5048444849353136373635

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 17.99%

Net Profit is growing at healthy rate in last 3 years 17.08%

Return on Equity has declined versus last 3 years average to 20.90%

Sales growth is not so good in last 4 quarters at 3.11%

Latest Financials - Berger Paints India Ltd.

Standalone Consolidated
TTM EPS (₹) 8.4 9.8
TTM Sales (₹ Cr.) 10,060 11,268
BVPS (₹.) ⓘ 44 48
Reserves (₹ Cr.) ⓘ 5,017 5,474
P/BV ⓘ 10.73 9.85
PE ⓘ 56.24 48.10
From the Market
52 Week Low / High (₹) 437.80 / 629.60
All Time Low / High (₹) 0.34 / 726.67
Market Cap (₹ Cr.) 55,074
Equity (₹ Cr.) 116.6
Face Value (₹) 1
Industry PE ⓘ 46.9

Management X-Ray of Berger Paints India:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Berger Paints India

Event Update

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Analyst's Notes

Berger Paints India Ltd: Q2FY24 result update - 04 Nov 2023

Particulars

Q2FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

2,767

+4%

Muted growth in decorative business on account of extended monsoon
EBITDA

474

+30%

 
EBITDA Margin

17%

+300 bps

On account of moderation in raw martial prices
PAT

292

+33%

 

At par result.     

Berger Paints: Q1FY24 Result Update - 12 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

3,030

+10%

 

EBITDA

557

+38%

 

EBITDA Margin

18%

+300 bps

Driven by decrease in raw material prices

PAT

355

+40%

 

Good set of numbers on all parameters, with market share gains in East, West India.

 

Berger Paints: Q2FY23 Result Update - 15 Nov 2022

Market Cap: Rs. 58,699 cr

CMP: Rs. 604 | PE 62x TTM

 

Results

INR Crore

YoY Growth

Comments

Revenue

2387.97

22.35%

Led by increase in demand for premium and luxury premium interior paints, volume growth of 11%.

EBITDA

364

2.82%

Low single digit growth due to high raw material prices.

Click here for 10-year X-ray

 

Key Highlights:-

  • Introduced 3 new products this quarter- 1 in decorative that is matte finish & 2 in waterproofing.
  • Powder coating segment had a negative growth due to slowdown in business of fan manufacturers.
  • 11% overall volume growth, value growth in decorative segment ~ 23%.
  • Premium and luxury premium segment(interior coating) of decorative segment gave a decent growth, combined with growth in waterproofing. Urban areas grew better than the rural areas.
  • Significant increase in number of dealers added this quarter, 3200 new paint machines added this quarter, which is almost 1.8x the half yearly average.

 

Management Outlook:-

  • Raw material prices expected to soften in the coming quarters, gross margin expansion expected.
  • Subdued demand due to prolonged rainfall expected to be fulfilled in November & December, mainly increasing the exterior paint segment.
  • Already operating at 85% capacity during peak season, the management has commissioned the construction of the largest manufacturing plant till date. Expected outlay of 1000 cr and potential increase in topline growth ~ 33% of current level.
  • Converting around 35% of their non paint dealers to paint dealers, especially in the rural areas, to leverage the existing distribution network and increasing the market reach in north and west regions.
View All Notes

Key Ratios of Berger Paints India

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales4,3224,2234,5525,1666,0626,3666,8188,76210,56811,199
Operating Expenses ⓘ 3,8113,5833,8354,3615,1285,3055,6307,4319,0819,338
Manufacturing Costs6597017718279719781,1831,4881,6531,682
Material Costs2,2322,1592,2502,6303,2513,2883,3934,7435,9725,929
Employee Cost 253267298347398453485543609713
Other Costs ⓘ 6674565165585095875696568461,013
Operating Profit ⓘ 5116407178059341,0611,1881,3311,4871,861
Operating Profit Margin (%) 11.8%15.2%15.7%15.6%15.4%16.7%17.4%15.2%14.1%16.6%
Other Income ⓘ 36385546606951655264
Interest ⓘ 50271625474744519978
Depreciation ⓘ 9397106122180191211227264331
Exceptional Items ⓘ 00440000000
Profit Before Tax ⓘ 4045597037057658839791,1221,1621,557
Tax ⓘ 139189229244271227259289302387
Profit After Tax 2653714744614946567208338601,170
PAT Margin (%) 6.1%8.8%10.4%8.9%8.1%10.3%10.6%9.5%8.1%10.4%
Adjusted EPS (₹)2.33.24.14.04.25.66.27.27.410.0
Dividend Payout Ratio (%)33%31%36%38%37%32%38%36%36%35%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 1,2591,5611,9012,1922,4412,6583,3743,9204,4905,374
Share Capital ⓘ 696997979797979797117
Reserves ⓘ 1,1891,4921,8042,0952,3442,5613,2773,8234,3925,257
Minority Interest00003777810
Debt609310406422484536376602765203
Long Term Debt2512112622492392431661086
Short Term Debt35899144173245293210592757197
Trade Payables5606707619559991,0661,4971,8031,7661,679
Others Liabilities ⓘ 2893369791,3271,8332,0632,3563,1443,2433,741
Total Liabilities ⓘ 2,7162,8774,0474,8975,7616,3307,6109,47610,27211,007

Fixed Assets

Gross Block1,4611,0481,3101,5711,9712,4522,7342,9554,3244,735
Accumulated Depreciation531851743043885366907689921,235
Net Fixed Assetsⓘ 9319631,1361,2671,5831,9162,0442,1873,3323,500
CWIP ⓘ 100516297170178107606111189
Investmentsⓘ 134348472333395315356234183255
Inventories7197339351,0071,2341,2781,6162,3162,3192,180
Trade Receivables5355455786926717141,0201,0541,2431,302
Cash Equivalents 170105102205238220440313245451
Others Assetsⓘ 1261317611,2951,4701,7082,0282,7672,8403,131
Total Assets ⓘ 2,7162,8774,0474,8975,7616,3307,6109,47610,27211,007

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 4145953954226117257965679761,591
PBT ⓘ 4045597037057658839791,1221,1621,557
Adjustment ⓘ 12010038122181204238241380353
Changes in Working Capital ⓘ 12114-128-128-92-100-168-498-25930
Tax Paid ⓘ -122-178-220-277-243-263-252-299-308-349
Cash Flow From Investing Activity ⓘ -184-259-308-183-379-223-457-521-600-398
Capex -160-118-264-290-291-431-185-760-744-271
Net Investments -38-148-3799-64190-290213131-106
Others ⓘ 156-77-2317182513-21
Cash Flow From Financing Activityⓘ -198-368-82-200-259-479-282-78-363-1,069
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 1000000-74-156-66-1
Interest Paid ⓘ -45-27-16-25-30-31-25-23-61-36
Dividend Paid ⓘ -138-99-117-205-211-382-29-272-301-311
Others ⓘ -24-2415129-18-66-15337266-721
Net Cash Flow ⓘ 32-32438-272257-3312124

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)22.326.2927.3622.5221.3225.7323.8622.8420.4623.72
ROCE (%)25.1530.9834.0629.6229.1230.229.4428.125.630.15
Asset Turnover Ratio1.791.681.461.181.141.231.161.191.261.24
PAT to CFO Conversion(x)1.561.60.830.921.241.111.110.681.131.36
Working Capital Days
Receivable Days39424144413439373435
Inventory Days54576067676165706862
Payable Days72819510294971231159895

Berger Paints India Ltd Stock News

Berger Paints India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Berger Paints India on 29-Jan-2025 11:28 is ₹463.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Jan-2025 11:28 the market cap of Berger Paints India stood at ₹55,073.9.
The latest P/E ratio of Berger Paints India as of 29-Jan-2025 11:28 is 56.24.
The latest P/B ratio of Berger Paints India as of 29-Jan-2025 11:28 is 10.73.
The 52-week high of Berger Paints India is ₹629.6 and the 52-week low is ₹437.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Berger Paints India is ₹10,060 ( Cr.) .

About Berger Paints India Ltd

The driving forces of Berger Paints - reflect the very spirit of its founder Lewis Berger - who laid the foundations of brand Berger way back in 1760 in the UK. With modest beginnings in India in 1923, today, Berger Paints India is the second largest paint company in the country with a consistent track record of being one of the fastest growing paint companies, quarter on quarter, for the past few years. Starting out as Hadfield's (India), it had just one factory in Howrah, West Bengal. By the close of 1947, Hadfield's was acquired by British Paints (Holdings), UK and came to be known as British Paints (India). In 1983, the name of the company was changed to Berger Paints India. Currently, the majority stake is with the Delhi based Dhingra brothers.

Berger Paints has established itself through a long course of time. The company is acclaimed as a game changer in the sector with a vibrant portfolio of paints and tailor-made customer services in every paint segment. It has consistently outperformed its competitors in the past few years and is on its way to be on the top spot. Berger Paints India is headquartered at Kolkata, with strategically located manufacturing units across India (including the subsidiaries).

Business area of the company

Berger Paints India is the second largest paint company in India and has established itself as a trusted name in the paint industry, not only in India but across the globe.

Products:

  • Product Finder
  • Interior Wall Coatings
  • Exterior Wall Coatings
  • Do It Yourself (DIY)
  • Exterior Textures
  • Metal Finishes
  • Wood Finishes
  • Glass Finishes
  • Undercoats
  • Waterproofing Solutions
  • ETICS
  • Price List

Awards and Accolades:

  • 2005: Best Supplier Award Outstanding contribution in Product Development OEM customer Whirlpool - 2005, Faridabad.
  • 2008: Reader's Digest Gold Award - 2008 Most Trusted Brand.
  • 2012: Builder Information Bureau (BIB) 2012 Leadership in the paint category.
  • 2012: 10th Annual Construction World Global Awards 2012.
  • 2015: Featured in Top Companies Report by CoatingsWorld among the Top 25 of the report.
  • 2015: Featured in Forbes India’s list of Super 50 Companies.
  • 2015: Featured among BrandZ Top 50 most valuable brands 2015.
  • 2016: Berger Paints India Wins 1st Prize in NECA, 2016.
  • 2016: Featured among the Top 7 Value Creators in Forbes India’s 7th Anniversary Special Edition.
  • 2016: Featured in Forbes India’s list of Super 50 Companies for the second year in a row.
  • 2017: Berger Express Painting Awarded SKOCH-BSE Order of Merit in the Innovation category at the 48th SKOCH-BSE Summit.
  • 2017: Ranked among the top manufacturers of paints and coatings of the world in the latest issue of Top Companies Report 2017, by Coatings World.
  • 2019: Berger Paints Shines at Sammie 2019 With Silver Award.
  • 2019: Berger Paints wins the CII National Award for Excellence in Water Management 2019.
  • 2020: Listed in BrandZ Top 75 Most Valued Indian Brands 2020 in its seventh edition released by Kantar Millward Brown.
  • 2020: Berger Paints recognized as the ‘Best Indian Paint Company’ at Times Business Awards.
  • 2020: CII Environmental Best Practices Award 2020.
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