# Berger Paints India (BERGEPAINT) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/bergepaint

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹478.7
- Change: -5.21%
- As of: 2026-11-06
- 1D return: -5.21%
- 5D return: +2.92%
- 1M return: +2.30%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

BERGEPAINT closed at ₹505.0 on 2026-11-05, marking a +4.1% daily gain accompanied by extreme volume participation (7.13x normal ratio). The stock is trading above all major daily moving averages and the Supertrend, indicating a short-term bullish structure. However, trend strength remains weak across all timeframes, with the Daily ADX at 18.94, suggesting the move lacks strong conviction despite the price action. Price is positioned near the upper end of its 20-day (+90.4%) and 50-day (+83.7%) ranges, approaching immediate resistance at ₹509.91. While monthly patterns like the Morning Star are active, the broader 252-day range position (+56.0%) and YTD return (-5.4%) indicate the stock is still recovering from longer-term weakness. Risk remains elevated with annualized volatility at +27.0% and current drawdown at -15.9%.

- Price Structure: Trading at ₹505.0, above all daily MAs and Supertrend; located near 20-day high (+90.4%).
- Momentum & Volume: +4.1% daily return driven by extreme volume anomaly (7.13x); ADX (18.94) indicates weak trend strength.
- Key Levels: Immediate resistance at ₹509.91 (+0.97%); support cluster at ₹498.90 (-1.21%) and ₹492.90 (-2.40%).
- Risk Profile: Annualized volatility +27.0%; current drawdown -15.9%; YTD return -5.4%.

- Morning Star
- Hammer
- Bullish Engulfing Reversal
- Inside Bar
- Harami

### News Context

Berger Paints India reported Q2 FY27 results on November 5, 2026, showing a 13.2% year-on-year revenue increase to ₹3,200.4 crore and a 5% rise in consolidated net profit to ₹217.1 crore. While top-line growth was driven by Industrial, Construction Chemical, and international segments, profit expansion lagged due to squeezed margins. Raw material costs surged by 25%, outpacing price increases, while advertising spending for the new 'Rang Bana Rahe' campaign also increased. Consequently, EBITDA margins contracted from 12.4% to 11.6%. The company missed analyst estimates as total expenses grew faster (14.10%) than revenue. To address sustained inflation and restore operating margins toward the guided 15-17% range, Berger Paints has implemented staggered price hikes and plans further increases in November.

- Q2 FY27 Revenue: ₹3,200.4 crore (+13.2% YoY); Net Profit: ₹217.1 crore (+5% YoY).
- Margin Pressure: EBITDA fell to 11.6% from 12.4% as raw material costs rose 25% and advertising spend increased.
- Management Action: Company is implementing staggered price hikes, with further increases planned for November, to target a 15-17% operating margin range in H2 FY27.
- Market Reaction: Shares rose over 2-4% post-results, though analysts note that cost management remains a key monitoring factor amid broader industry inflation challenges.

- [Berger Paints Q2 profit rises 5% on higher costs](https://economictimes.indiatimes.com/markets/stocks/earnings/berger-paints-q2-profit-rises-5-on-higher-costs/articleshow/135590538.cms)
- [Berger Paints misses Q2 profit estimates as raw material inflation squeezes margins | Company Business News](https://www.livemint.com/companies/company-results/berger-paints-misses-q2-profit-estimates-raw-material-inflation-squeezes-margins-11793884875033.html)
- [Berger Paints Q2 FY27 Sales Add A Fresh Coat Of Growth With Revenue Climbing 13.19% To ₹3,200.37 Crore, Soaring Raw Material Expenses And Advertising Costs Dull The Earnings Shine](https://www.freepressjournal.in/business/berger-paints-q2-fy27-sales-add-a-fresh-coat-of-growth-with-revenue-climbing-1319-to-320037-crore-soaring-raw-material-expenses-and-advertising-costs-dull-the-earnings-shine)
- [Berger Paints Q2 earnings: Net profit rises to Rs 217 crore, revenue at Rs 3,200 crore](https://www.businesstoday.in/markets/stocks/story/berger-paints-q2-earnings-net-profit-rises-to-rs-217-crore-revenue-at-rs-3200-crore-565979-2026-11-05)
- [Berger Paints shares rise after Q2 profit grows 5%, revenue climbs 13%](https://www.cnbctv18.com/market/berger-paints-q2-results-share-price-rises-q2-profit-grows-revenue-climbs-20028014.htm)

### What Changed

Berger Paints India reported financial results for the quarter and half year ended 30 September 2026 on 5 November 2026, filing integrated financials with the NSE. Consolidated revenue rose 13.2% to ₹3,200.4 crore, while net profit increased modestly by 5% to approximately ₹217 crore. This divergence occurred because total expenses grew at a faster rate of 14.1%, driven by a 25% surge in raw material costs and increased advertising spending for the new 'Rang Bana Rahe' corporate campaign. Consequently, the company missed analyst estimates as gross margins were squeezed; raw material inflation outpaced price increases. To address this, Berger has implemented staggered price hikes and plans further adjustments in November, alongside cost-saving measures aimed at restoring operating margins to its guided range of 15-17% in the second half of the financial year. Following the results, shares rose over 2% to ₹505.00 from a previous close of ₹485.10.

- On 5 November 2026, Berger Paints filed Q2 FY27 results showing revenue growth of 13.2% to ₹3,200.4 crore, but net profit rose only 5% to ~₹217 crore due to margin pressure.
- Raw material costs surged by 25%, outpacing price increases and driving total expense growth to 14.1%, causing the company to miss consensus profit estimates.
- The company is implementing staggered price hikes and planning further increases in November, targeting a return to an operating margin range of 15-17% in H2 FY27.
- Shares traded at ₹505.00 on 5 November 2026, up over 2% from the previous close of ₹485.10, following the earnings release.

- [Berger Paints Q2 profit rises 5% on higher costs](https://economictimes.indiatimes.com/markets/stocks/earnings/berger-paints-q2-profit-rises-5-on-higher-costs/articleshow/135590538.cms)
- [Berger Paints misses Q2 profit estimates as raw material inflation squeezes margins | Company Business News](https://www.livemint.com/companies/company-results/berger-paints-misses-q2-profit-estimates-raw-material-inflation-squeezes-margins-11793884875033.html)
- [Berger Paints Q2 FY27 Sales Add A Fresh Coat Of Growth With Revenue Climbing 13.19% To ₹3,200.37 Crore, Soaring Raw Material Expenses And Advertising Costs Dull The Earnings Shine](https://www.freepressjournal.in/business/berger-paints-q2-fy27-sales-add-a-fresh-coat-of-growth-with-revenue-climbing-1319-to-320037-crore-soaring-raw-material-expenses-and-advertising-costs-dull-the-earnings-shine)
- [Berger Paints Q2 earnings: Net profit rises to Rs 217 crore, revenue at Rs 3,200 crore](https://www.businesstoday.in/markets/stocks/story/berger-paints-q2-earnings-net-profit-rises-to-rs-217-crore-revenue-at-rs-3200-crore-565979-2026-11-05)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753598_05112026051823_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753952_05112026064500_WEB.xml)
- [Berger Paints (I) Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026223955_AudioRecordingletter051126.pdf)

### Official Filings

Berger Paints (I) Limited reported unaudited financial results for the quarter and half-year ended September 30, 2026, on November 5, 2026. Consolidated revenue from operations grew 13.2% to ₹3,200.4 crores in Q2 FY27, with consolidated net profit rising 5.2% to ₹217.1 crores. However, standalone quarterly EBITDA declined 4.4% to ₹297.5 crores due to raw material cost inflation and increased advertising spend for its 'Rang Bana Rahe' campaign. The company also disclosed that margins were further pressured by delayed price increases in its Industrial segment.

In governance developments, shareholders approved the appointment of Mr. Navjeet Singh Sobti as an Independent Director and Mr. Amardeep Jain as a Whole-time Director via postal ballot on October 6, 2026, both serving five-year terms starting September 1, 2026. Shareholding data as of September 30, 2026, indicates that Promoters hold 74.99% of equity, while Public Shareholders hold 25.01%, with no differential voting rights.

- Consolidated Q2 FY27 revenue rose 13.2% to ₹3,200.4 crores, but standalone EBITDA fell 4.4% to ₹297.5 crores due to raw material costs and higher advertising expenses.
- Consolidated net profit for Q2 was ₹217.1 crores (up 5.2%), while standalone net profit declined 7.3% to ₹163.3 crores.
- Half-year consolidated revenue reached ₹6,784.1 crores (up 12.5%) with net profit of ₹622.1 crores (up 19.3%).
- Shareholders approved the appointment of Mr. Navjeet Singh Sobti (Independent Director) and Mr. Amardeep Jain (Whole-time Director) for five-year terms effective September 1, 2026.

- [Berger Paints (I) Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026143719_ResultsFinal051126.pdf)
- [Berger Paints (I) Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026150332_InvestorPresentationFinal051126.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753598_05112026051823_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753952_05112026064500_WEB.xml)
- [Berger Paints (I) Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026223955_AudioRecordingletter051126.pdf)
- [Berger Paints (I) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PAINTBERGE_30102026124130_concallinvite2710Letter.pdf)
- [Berger Paints (I) Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/PAINTBERGE_26102026113856_Letter12610Final.pdf)
- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 74.99 | PUBLIC_VAL: 25.01 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 15-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738543_15102026121750_WEB.xml)
- [Berger Paints (I) Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/PAINTBERGE_07102026172713_OtcomePostalBallot.pdf)
- [Berger Paints (I) Limited has informed the Exchange regarding voting results of Postal Ballot |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/PAINTBERGE_07102026175132_Reg44PostalBalot.pdf)

### Fundamentals

Berger Paints India’s operating trajectory shows a sharp sequential deceleration in Q2 FY2026-27. Revenue fell to ₹2,750 crore from ₹3,227 crore in Q1, while expenses decreased less sharply to ₹2,563 crore. This compression drove Profit Before Tax down 56% sequentially to ₹218 crore and Net Profit to ₹163 crore, with EPS dropping to ₹1.4 per share. Despite this quarterly weakness, the trailing twelve months (TTM) show resilience: TTM sales reached ₹12,263 crore (+6% YoY) and TTM net profit was ₹1,218 crore.

Earnings quality remains robust historically, with CFO/EBITDA conversion averaging near 100% over the last three years, though the cash conversion cycle has lengthened to 87 days as of Mar 2026 due to higher inventory days (144 days). The balance sheet is expanding; total assets grew to ₹9,524 crore by Sep 2026, supported by rising investments (₹1,189 crore at Mar 2026) and fixed assets (₹3,841 crore). However, liquidity tightened significantly, with cash and bank balances falling to ₹107.3 crore combined by Sep 2026 from ₹303 crore a year prior. Promoter holding remains stable at ~75%, while DIIs increased their stake to 11.69%.

The critical checkpoint is whether the Q2 margin pressure and working capital drag are transient seasonal effects or indicative of a structural shift in demand and pricing power.

- Q2 FY2026-27 revenue declined 15% sequentially to ₹2,750 crore, causing Net Profit to drop 56% to ₹163 crore and EPS to fall to ₹1.4.
- TTM performance remains positive with sales at ₹12,263 crore and net profit at ₹1,218 crore, contrasting with the recent quarterly slowdown.
- Liquidity tightened materially; cash and bank balances fell to ₹107.3 crore by Sep 2026, down from ₹303 crore in Sep 2025.
- Working capital efficiency deteriorated, with the cash conversion cycle extending to 87 days and inventory days rising to 144 days by Mar 2026.

### Bull Case

Berger Paints India demonstrated resilient top-line expansion in Q2 FY27, with consolidated revenue rising 13.2% year-on-year to ₹3,200.4 crore despite a seasonally softer market. This growth was supported by momentum in its Industrial, Construction Chemical, and international businesses. Concurrently, the stock’s technical structure remains constructive across multiple timeframes; as of November 5, 2026, the daily, weekly, and monthly SuperTrend indicators all signal a bullish trend, with the share price closing at ₹505.00, up 4% from the previous close. The company has also initiated staggered price hikes and plans further increases in November to counter raw material inflation, which provides a clear mechanism for margin restoration toward its guided operating margin range of 15-17% in the second half of the financial year.

- Revenue grew 13.2% YoY to ₹3,200.4 crore in Q2 FY27, driven by Industrial, Construction Chemical, and international segments.
- Daily, weekly, and monthly SuperTrend indicators remain bullish as of November 5, 2026, with the stock trading at ₹505.00.
- Management is implementing staggered price hikes, including further increases in November, to offset raw material cost pressures.
- Operating margins are targeted to recover to the 15-17% guided range in H2 FY27 through cost-saving measures and pricing actions.

- [Berger Paints Q2 profit rises 5% on higher costs](https://economictimes.indiatimes.com/markets/stocks/earnings/berger-paints-q2-profit-rises-5-on-higher-costs/articleshow/135590538.cms)
- [Berger Paints misses Q2 profit estimates as raw material inflation squeezes margins | Company Business News](https://www.livemint.com/companies/company-results/berger-paints-misses-q2-profit-estimates-raw-material-inflation-squeezes-margins-11793884875033.html)
- [Berger Paints Q2 FY27 Sales Add A Fresh Coat Of Growth With Revenue Climbing 13.19% To ₹3,200.37 Crore, Soaring Raw Material Expenses And Advertising Costs Dull The Earnings Shine](https://www.freepressjournal.in/business/berger-paints-q2-fy27-sales-add-a-fresh-coat-of-growth-with-revenue-climbing-1319-to-320037-crore-soaring-raw-material-expenses-and-advertising-costs-dull-the-earnings-shine)
- [Berger Paints Q2 earnings: Net profit rises to Rs 217 crore, revenue at Rs 3,200 crore](https://www.businesstoday.in/markets/stocks/story/berger-paints-q2-earnings-net-profit-rises-to-rs-217-crore-revenue-at-rs-3200-crore-565979-2026-11-05)
- [Berger Paints shares rise after Q2 profit grows 5%, revenue climbs 13%](https://www.cnbctv18.com/market/berger-paints-q2-results-share-price-rises-q2-profit-grows-revenue-climbs-20028014.htm)
- [Berger Paints (I) Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026143719_ResultsFinal051126.pdf)
- [Berger Paints (I) Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026150332_InvestorPresentationFinal051126.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753598_05112026051823_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753952_05112026064500_WEB.xml)
- [Berger Paints (I) Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026223955_AudioRecordingletter051126.pdf)

### Bear Case

Berger Paints India faces near-term margin pressure as raw material costs surged by 25% in Q2 FY27, outpacing revenue growth and squeezing gross margins. Net profit rose only 5% to ₹217.1 crore against a 13.2% revenue increase to ₹3,200.4 crore, causing EBITDA margins to contract from 12.4% to 11.6%. The company missed analyst estimates and plans further price hikes in November to restore profitability toward its guided operating margin range of 15-17%, though execution risks remain amid intense competition and foreign exchange volatility. Technically, the stock is trading at ₹505.0 with a current drawdown of -15.9% and a maximum drawdown of -32.6%, while annualized volatility stands at +27.0%. Year-to-date returns are negative at -5.4%, and the 1-year return is -6.0%, indicating sustained underperformance despite recent short-term gains.

- Margin Contraction: EBITDA margins fell from 12.4% to 11.6% in Q2 FY27 as raw material costs rose 25%, outpacing a 13.2% revenue increase to ₹3,200.4 crore.
- Profitability Lag: Consolidated net profit grew only 5% to ₹217.1 crore, missing analyst estimates due to squeezed margins and higher advertising spend.
- Price Hike Dependency: Management plans further staggered price hikes in November to target a 15-17% operating margin range, subject to market acceptance and competitive pressures.
- Technical Weakness: The stock trades at ₹505.0 with a current drawdown of -15.9%, YTD return of -5.4%, and high annualized volatility of +27.0%.

- [Berger Paints Q2 profit rises 5% on higher costs](https://economictimes.indiatimes.com/markets/stocks/earnings/berger-paints-q2-profit-rises-5-on-higher-costs/articleshow/135590538.cms)
- [Berger Paints misses Q2 profit estimates as raw material inflation squeezes margins | Company Business News](https://www.livemint.com/companies/company-results/berger-paints-misses-q2-profit-estimates-raw-material-inflation-squeezes-margins-11793884875033.html)
- [Berger Paints Q2 FY27 Sales Add A Fresh Coat Of Growth With Revenue Climbing 13.19% To ₹3,200.37 Crore, Soaring Raw Material Expenses And Advertising Costs Dull The Earnings Shine](https://www.freepressjournal.in/business/berger-paints-q2-fy27-sales-add-a-fresh-coat-of-growth-with-revenue-climbing-1319-to-320037-crore-soaring-raw-material-expenses-and-advertising-costs-dull-the-earnings-shine)
- [Berger Paints Q2 earnings: Net profit rises to Rs 217 crore, revenue at Rs 3,200 crore](https://www.businesstoday.in/markets/stocks/story/berger-paints-q2-earnings-net-profit-rises-to-rs-217-crore-revenue-at-rs-3200-crore-565979-2026-11-05)
- [Berger Paints shares rise after Q2 profit grows 5%, revenue climbs 13%](https://www.cnbctv18.com/market/berger-paints-q2-results-share-price-rises-q2-profit-grows-revenue-climbs-20028014.htm)
- [Berger Paints (I) Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026143719_ResultsFinal051126.pdf)
- [Berger Paints (I) Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026150332_InvestorPresentationFinal051126.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753598_05112026051823_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753952_05112026064500_WEB.xml)
- [Berger Paints (I) Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026223955_AudioRecordingletter051126.pdf)

### FAQs

**How did Berger Paints perform financially in Q2 FY27, and why did profit growth lag revenue?**

For the quarter ended September 30, 2026, consolidated revenue rose 13.2% to ₹3,200.4 crore, while net profit increased only 5.2% to ₹217.1 crore. Profit growth trailed revenue due to raw material costs surging by 25% and higher advertising spending for the 'Rang Bana Rahe' campaign, which squeezed gross margins.

**What steps is the company taking to address margin pressure from rising input costs?**

Berger Paints has implemented staggered price hikes to counter sustained raw material inflation and plans further increases in November. The company aims to restore profitability toward its guided operating margin range of 15-17% in the second half of the financial year through these pricing actions and cost-saving measures.

**How has the stock performed technically following the earnings release?**

Shares closed at ₹505.0 on November 5, 2026, up 4% from the previous close of ₹485.1. Technical indicators show a bullish Supertrend direction with daily resistance near ₹509.91. However, the stock remains in a longer-term downtrend, with a YTD return of -5.4% and a current drawdown of -15.9%.

- [Berger Paints Q2 profit rises 5% on higher costs](https://economictimes.indiatimes.com/markets/stocks/earnings/berger-paints-q2-profit-rises-5-on-higher-costs/articleshow/135590538.cms)
- [Berger Paints misses Q2 profit estimates as raw material inflation squeezes margins | Company Business News](https://www.livemint.com/companies/company-results/berger-paints-misses-q2-profit-estimates-raw-material-inflation-squeezes-margins-11793884875033.html)
- [Berger Paints Q2 FY27 Sales Add A Fresh Coat Of Growth With Revenue Climbing 13.19% To ₹3,200.37 Crore, Soaring Raw Material Expenses And Advertising Costs Dull The Earnings Shine](https://www.freepressjournal.in/business/berger-paints-q2-fy27-sales-add-a-fresh-coat-of-growth-with-revenue-climbing-1319-to-320037-crore-soaring-raw-material-expenses-and-advertising-costs-dull-the-earnings-shine)
- [Berger Paints Q2 earnings: Net profit rises to Rs 217 crore, revenue at Rs 3,200 crore](https://www.businesstoday.in/markets/stocks/story/berger-paints-q2-earnings-net-profit-rises-to-rs-217-crore-revenue-at-rs-3200-crore-565979-2026-11-05)
- [Berger Paints shares rise after Q2 profit grows 5%, revenue climbs 13%](https://www.cnbctv18.com/market/berger-paints-q2-results-share-price-rises-q2-profit-grows-revenue-climbs-20028014.htm)
- [Berger Paints (I) Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026143719_ResultsFinal051126.pdf)
- [Berger Paints (I) Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026150332_InvestorPresentationFinal051126.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753598_05112026051823_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753952_05112026064500_WEB.xml)
- [Berger Paints (I) Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026223955_AudioRecordingletter051126.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹503.15
- Risk regime: Price Risk Requires Attention

### Support levels
- 476.65
- 456.75
- 443.321875

### Resistance levels
- 485.083984375
- 495.575
- 509.905859375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -5.21% |
| return_10 | +2.65% |
| return_1m | +1.30% |
| return_1y | -12.08% |
| return_20 | +2.30% |
| return_3m | -10.96% |
| return_5 | +2.92% |
| return_6m | +0.05% |
| return_since_start | +4.49% |
| return_ytd | -10.30% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -32.60% |
| annualized_volatility | +27.24% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Berger Paints Q2 FY2026-27: Profit before tax falls 56% QoQ

Berger Paints’ revenue from operations rose 11.9% year on year to ₹2,750 crore in Q2 FY2026-27, but fell 14.8% from Q1. Profit before tax declined 56.4% sequentially to ₹218 crore, while profit for the period fell 55.7% to ₹163 crore.

## Revenue and expenses

Revenue from operations was ₹2,750 crore, compared with ₹3,227 crore in Q1 FY2026-27 and ₹2,458 crore in Q2 FY2025-26. Total income was ₹2,781 crore, including ₹31 crore of other income, down from ₹3,266 crore in Q1.

Total expenses decreased 7.3% quarter on quarter to ₹2,563 crore, less than the 14.8% decline in revenue. Expenses were 14.1% higher year on year. In Q2, materials consumed were ₹1,660 crore, purchases of stock in trade were ₹299 crore, and changes in inventories were a credit of ₹217 crore. Employee benefit expense was ₹183 crore and depreciation was ₹97 crore. Other expenses were broadly stable sequentially at ₹527 crore, versus ₹525 crore in Q1.

## Profit and earnings

Profit before tax was ₹218 crore, down from ₹500 crore in Q1 FY2026-27 and ₹235 crore in Q2 FY2025-26. Profit for the period was ₹163 crore, compared with ₹369 crore in Q1 and ₹176 crore a year earlier. Tax expense was ₹55 crore, versus ₹132 crore in Q1.

Basic and diluted earnings per share from continuing operations were ₹1.40, down from ₹3.16 in Q1 and ₹1.51 in Q2 FY2025-26. Comprehensive income was ₹163 crore; other comprehensive income was negative ₹14 lakh.

## Cash flow and balance sheet

Operating cash flow was ₹101 crore in the quarter. Investing cash flow was negative ₹71 crore and financing cash flow negative ₹132 crore. Reported free cash flow was ₹30 crore.

Cash and cash equivalents stood at ₹50 crore on 30 September 2026, compared with ₹152 crore on 31 March 2026. Other bank balances were ₹57 crore at quarter-end. Inventories rose to ₹2,666 crore from ₹2,226 crore at March-end and ₹2,034 crore on 30 September 2025. Current trade receivables were ₹1,408 crore, up from ₹1,129 crore at March-end and ₹1,363 crore a year earlier. Current investments were ₹845 crore, versus ₹937 crore at March-end.

Total assets were ₹9,524 crore on 30 September 2026, and equity attributable to owners of the parent was ₹6,409 crore.

## Key Takeaway

Revenue remained higher year on year, but the sequential decline in revenue was accompanied by a smaller fall in expenses, and profit before tax dropped by more than half from Q1. Inventory and receivables were higher than at March-end, while cash and cash equivalents were lower.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +74.99%
- FII holding: +4.96%
- DII holding: +11.69%
- Mutual fund holding: +6.96%
- Retail holding: +5.80%
- Promoter pledged: +0.00%

### Major reported shareholders

- U K Paints (India) Private Limited — +64.56% (Bodies Corporate)
- Sbi Large & Midcap Fund — +4.27%
- Life Insurance Corporation Of India — +4.12%
- Citland Commercial Credits Limited — +3.18% (Bodies Corporate)
- Wang Investment And Finance Pvt Ltd — +3.09% (Bodies Corporate)
- Nalanda India Fund Limited — +2.59%
- KSD Family  Trust — +0.86%
- Bigg Investments And Finance Private  Limited — +0.82% (Bodies Corporate)
- GBS Dhingra Family Trust — +0.61%
- Kuldip Singh Dhingra — +0.57%

## Official filings

- 2026-11-06 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_06112026164518_transcripts.pdf)
- 2026-11-05 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026143719_ResultsFinal051126.pdf)
- 2026-11-05 — Earnings Presentation: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026150332_InvestorPresentationFinal051126.pdf)
- 2026-11-05 — Financial Results Filing: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753598_05112026051823_WEB.xml)
- 2026-11-05 — Financial Results Filing: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753952_05112026064500_WEB.xml)
- 2026-11-05 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05112026223955_AudioRecordingletter051126.pdf)
- 2026-10-30 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_30102026124130_concallinvite2710Letter.pdf)
- 2026-10-26 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_26102026113856_Letter12610Final.pdf)
- 2026-10-15 — Shareholding Disclosure: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738543_15102026121750_WEB.xml)
- 2026-10-07 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_07102026172713_OtcomePostalBallot.pdf)
- 2026-10-07 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_07102026175132_Reg44PostalBalot.pdf)
- 2026-10-06 — Board Meeting Notice: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_06102026104727_NOTICEOFBM051126FY_26-27.pdf)
- 2026-10-06 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_06102026165214_Reg_74_5__061026.pdf)
- 2026-10-05 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_488_WebXMLFile_20261005_163806977.xml)
- 2026-10-05 — Board Meeting Notice: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_488_WebXMLFile_20261005_163806977.xml)
- 2026-10-05 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_05102026172418_NOTICEOFBM051126.pdf)
- 2026-09-24 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_488_WebXMLFile_20260924_130022391.xml)
- 2026-09-24 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_24092026132641_WindowClosureNotice240926.pdf)
- 2026-09-23 — Regulatory Filing: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Disc1_09232026124010_53249.zip)
- 2026-09-22 — Regulatory Filing: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Disc_09222026150954_53248.zip)
- 2026-09-15 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_15092026174132_AnalystMeet220926.pdf)
- 2026-09-08 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_488_WebXMLFile_20260908_193552246.xml)
- 2026-09-08 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_08092026193217_Commercial_Production_Hindupur_Final_080926.pdf)
- 2026-09-04 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_04092026111404_FinalLetter040926.pdf)
- 2026-09-03 — Generic Announcement: Berger Paints (I) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/PAINTBERGE_03092026151610_LetterandPostalballotNotice.pdf)

## News and market events

- 2026-11-06 — Economic Times: **Berger Paints Q2 profit rises 5% on higher costs** — Berger Paints India reported a 5% year-on-year increase in consolidated net profit to ₹217.1 crore for the September quarter, alongside a 13.2% rise in revenue to ₹3,200.4 crore. Profit growth lagged behind revenue due to squeezed margins caused by rising raw material costs and increased advertising spending for its new corporate campaign. To address sustained raw material inflation, the company has implemented staggered price hikes. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/berger-paints-q2-profit-rises-5-on-higher-costs/articleshow/135590538.cms)
- 2026-11-05 — Mint: **Berger Paints misses Q2 profit estimates as raw material inflation squeezes margins | Company Business News** — Berger Paints India reported a 5% year-on-year rise in net profit to ₹216.88 crore for the September quarter, missing analyst estimates as raw material costs surged by 25% and outpaced price increases, thereby squeezing gross margins. The company plans further price hikes in November and cost-saving measures to restore profitability toward its guided operating margin range of 15-17% in the second half of the financial year. This development highlights broader industry challenges, with competitors like Asian Paints also facing pressure from inflation and intense competition in the decorative pa — [Source](https://www.livemint.com/companies/company-results/berger-paints-misses-q2-profit-estimates-raw-material-inflation-squeezes-margins-11793884875033.html)
- 2026-11-05 — FREEPRESSJOURNAL.IN: **Berger Paints Q2 FY27 Sales Add A Fresh Coat Of Growth With Revenue Climbing 13.19% To ₹3,200.37 Crore, Soaring Raw Material Expenses And Advertising Costs Dull The Earnings Shine** — Berger Paints India reported a 13.19% year-on-year increase in consolidated revenue to ₹3,200.37 crore for Q2 FY27, despite operating in a seasonally softer market. However, total expenses grew faster at 14.10%, driven by rising raw material costs and higher advertising spending, which pressured operating profit growth. The company's ability to balance this revenue expansion with cost management will be closely monitored by investors. — [Source](https://www.freepressjournal.in/business/berger-paints-q2-fy27-sales-add-a-fresh-coat-of-growth-with-revenue-climbing-1319-to-320037-crore-soaring-raw-material-expenses-and-advertising-costs-dull-the-earnings-shine)
- 2026-11-05 — BUSINESSTODAY: **Berger Paints Q2 earnings: Net profit rises to Rs 217 crore, revenue at Rs 3,200 crore** — Berger Paints reported a 5.2% year-on-year rise in Q2 FY27 net profit to Rs 217.1 crore and a 13.2% increase in revenue to Rs 3,200.4 crore, driven by its Industrial, Construction Chemical, and international businesses. The company continued to implement staggered price hikes to counter raw material inflation while launching the 'Rang Bana Rahe' corporate campaign. Shares rose over 2% following the results, though analysts note that marginal moderation in operating margins and rising material costs remain key factors to monitor. — [Source](https://www.businesstoday.in/markets/stocks/story/berger-paints-q2-earnings-net-profit-rises-to-rs-217-crore-revenue-at-rs-3200-crore-565979-2026-11-05)
- 2026-11-05 — CNBC-TV18: **Berger Paints shares rise after Q2 profit grows 5%, revenue climbs 13%** — Berger Paints India shares rose 4% after the company reported a 13.2% year-on-year revenue increase to ₹3,200 crore and a 5.3% rise in net profit for the September quarter. However, EBITDA margins contracted from 12.4% to 11.6% due to sharp increases in raw material costs, foreign exchange volatility, and geopolitical uncertainty. To offset these cost pressures, Berger Paints stated it would implement further price hikes in November and beyond as needed. — [Source](https://www.cnbctv18.com/market/berger-paints-q2-results-share-price-rises-q2-profit-grows-revenue-climbs-20028014.htm)
- 2026-10-23 — BUSINESSTODAY: **MPW: Women business leaders on balancing legacy, growth and risk** — How do you reinvent a legacy business without losing what made it successful in the first place? — [Source](https://www.businesstoday.in/mpw/story/mpw-women-business-leaders-on-balancing-legacy-growth-and-risk-563396-2026-10-23)
- 2026-10-05 — Mint: **Asian Paints, Kansai Nerolac, Berger Paints slump up to 27% YTD. Is it time to buy paints stocks ahead of Diwali?** — Asian Paints, Kansai Nerolac, and Berger Paints are experiencing downward pressure with year-to-date declines. Elara Securities anticipates signs of recovery, with 12-13% revenue growth, although demand remains subdued ahead of Q2 FY27, driven by dealer inventory and competitive dynamics. — [Source](https://www.livemint.com/market/stock-market-news/asian-paints-kansai-nerolac-berger-paints-slump-up-to-27-ytd-is-it-time-to-buy-paints-stocks-ahead-of-diwali-11791186892577.html)
- 2026-09-28 — Mint: **Paintmakers expect a brighter Diwali, but crude prices cloud the outlook | Company Business News** — Paintmakers are optimistic about growth this festive season, helped by improved weather and early demand. Berger Paints expects stronger sales compared to last year's subdued Diwali, while JSW Dulux sees strong momentum despite rising crude prices posing risks to consumer spending. — [Source](https://www.livemint.com/companies/news/paint-companies-diwali-demand-berger-paints-jsw-dulux-asian-paints-11790572545669.html)
- 2026-09-28 — Mint: **Paint makers face a crude shock as competition stays fierce** — Crude inflation is squeezing paint makers’ margins just as Birla Opus and JSW Dulux intensify the market-share battle, leaving incumbents to balance price hikes, demand and profitability. — [Source](https://www.livemint.com/market/mark-to-market/paint-stocks-margin-pressure-crude-oil-prices-asian-paints-berger-kansai-11790573619726.html)
- 2026-09-22 — Mint: **JSW Dulux announced record date for 1:10 stock split: What investors should know** — JSW Dulux has set October 22, 2026, as the record date for a proposed 1:10 stock split, following shareholder approval. The split will convert each  ₹10 share into 10 shares of Re 1, amplifying the number of outstanding shares without affecting market capitalization. — [Source](https://www.livemint.com/market/stock-market-news/jsw-dulux-announced-record-date-for-1-10-stock-split-what-investors-should-know-11790079151086.html)
- 2026-09-22 — The Hindu: **Berger Paints plans luxury paint launch, 250 new outlets a year amid pricing pressure** — Berger Paints plans luxury paints, 250 outlets a year and new manufacturing facilities as pricing pressure intensifies from Birla Opus and JSW Dulux. — [Source](https://www.thehindubusinessline.com/companies/berger-paints-steps-up-defence-as-birla-opus-jsw-dulux-intensify-paint-market-battle/article71494047.ece)
- 2026-09-12 — The Hindu: **What should investors do about Asian Paints?** — Investors should hold Asian Paints as it navigates competitive challenges and maintains growth momentum amid demanding valuations. — [Source](https://www.thehindubusinessline.com/portfolio/stock-fundamental-analysis-india/what-should-investors-do-about-asian-paints/article71456387.ece)
- 2026-09-11 — MONEYCONTROL: **Airline, OMCs, paint and tyre stocks fall up to 5% as Brent nears $110; SpiceJet, HPCL among major losers** — crude oil rises, OMC stocks fall, aviation shares decline, tyre stocks down, paints stocks fall — [Source](https://www.moneycontrol.com/news/business/markets/airline-omcs-paint-and-tyre-stocks-fall-up-to-5-as-brent-nears-110-spicejet-hpcl-among-major-losers-14027679.html)
- 2026-09-09 — BUSINESSTODAY: **Top stocks in news: Biocon, TCS, Bank of Baroda, NLC India, Innovision, GE Shipping, Moschip, Raymond** — Stocks in news, Stocks in buzz, Stocks to buy, Stocks to watch, Biocon, TCS, Bank of Baroda, NLC India, Innovision, GE Shipping, Moschip, Raymond, Berger Paints, Tata Consultancy Services, Enviro Infra Engineers, Moschip Technologies, Great Eastern Shipping Company, Laxmi Organic Industries, Fermenta Biotech — [Source](https://www.businesstoday.in/markets/stocks/story/top-stocks-in-news-biocon-tcs-bank-of-baroda-nlc-india-innovision-ge-shipping-moschip-raymond-554118-2026-09-09)
- 2026-09-08 — CNBC-TV18: **Berger Paints to commence commercial production at new Andhra Pradesh plant** — Berger Paints will start commercial production at its fully automated solvent-based paint plant in Hindupur, Andhra Pradesh, on Wednesday. The ₹188 crore facility has an annual production capacity of 36,000 tonnes. — [Source](https://www.cnbctv18.com/business/berger-paints-to-commence-commercial-production-at-new-andhra-pradesh-plant-19986982.htm)
- 2026-09-08 — MONEYCONTROL: **Crude-sensitive stocks fall as Brent crude jumps past $100; BPCL, HPCL, Apollo Tyres drop, oil producers gain** — brent crude — [Source](https://www.moneycontrol.com/news/business/markets/crude-sensitive-stocks-fall-as-brent-crude-jumps-past-100-bpcl-hpcl-apollo-tyres-drop-oil-producers-gain-14025241.html)
- 2026-09-06 — Economic Times: **Paint makers expect healthy FY27 demand amid price hikes; competition intensity remains high** — Leading paint firms foresee sustained double-digit growth through the festive season. Companies are implementing price increases to manage rising input costs effectively. Demand remains robust from housing and infrastructure sectors, supporting industry projections. Fierce competition persists across all paint market segments. — [Source](https://economictimes.indiatimes.com/industry/cons-products/paints/paint-makers-expect-healthy-fy27-demand-amid-price-hikes-competition-intensity-remains-high/articleshow/133837223.cms)
- 2026-09-06 — MONEYCONTROL: **Asian Paints, Berger Paints see strong festive demand despite rising costs and competition** — Paint industry, Festive demand, Asian Paints, Price hikes, Competition,Asian Paints, Berger Paints JSW Dulux — [Source](https://www.moneycontrol.com/news/business/companies/asian-paints-berger-paints-see-strong-festive-demand-despite-rising-costs-and-competition-14023691.html)
- 2026-08-18 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Milky Mist lists with an 18% premium; Nifty down 80 points** — Sensex Today | Stock Market LIVE Updates: The markets are looking to make a comeback and are moving cautious note. The Nifty, as it looks to break a 5-day losing streak, trades below the 24,300 mark. The Nifty Bank is under pressure as well, with the index falling over 150 points. Infosys, Bharti Airtel, and IndiGo are the top losers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-expiry-today-midcaps-smallcaps-banks-paytm-netweb-wipro-share-price-liveblog-19971381.htm)
- 2026-08-13 — Mint: **Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 13 August 2026** — Breakout stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks to buy today — Berger Paints India, Electronics Mart India, Indo Borax and Chemicals, KRN Heat Exchanger and Refrigeration, and HFCL. — [Source](https://www.livemint.com/market/stock-market-news/breakout-stocks-to-buy-or-sell-sumeet-bagadia-recommends-five-shares-to-buy-today-13-august-2026-11786581785457.html)
- 2026-08-12 — BUSINESSTODAY: **Meet Abhijit Roy, Berger Paints’ new MD & CEO** — Abhijit Roy, Berger Paints CEO, Berger Paints MD, paint industry India, Indian FMCG sector, sales and marketing leadership, Berger Paints growth, Indian business news, corporate appointments India — [Source](https://www.businesstoday.in/jobs/story/meet-abhijit-roy-berger-paints-new-md-and-ceo-548882-2026-08-12)
- 2026-08-05 — The Hindu: **Q1 Results Today Live: Power Grid, Cummins India, GE Vernova, Aurobindo Pharma, PB Fintech, Biocon, Berger Paints, Aster DM, Navin Fluorine, Whirlpool to announce Q1 results, Bharti Airtel, Graphite, Godrej Prop, Dr Agarwal’s gain, ONGC, BSE, Marico, Nykaa & Kalyan Jewellers decline after Q1** — Q1 Results Today, 5th August 2026 Live Updates: — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-power-grid-cummins-india-ge-vernova-aurobindo-pharma-pb-fintech-biocon-berger-paints-aster-dm-navin-fluorine-intl-results-05-august-2026/article71304963.ece)
- 2026-07-30 — CNBC-TV18: **Nuvama's Abneesh Roy sees buying opportunity in HUL and Colgate after FMCG sell-off** — Abneesh Roy, Executive Director of Nuvama Institutional Equities expects a broad recovery in the paint sector with Asian Paints leading market share gains, and remains positive on ITC over the long term despite near-term weakness. Roy also backs liquor stocks such as United Spirits, Radico Khaitan and Allied Blenders, while explaining why quick commerce competition is here to stay. — [Source](https://www.cnbctv18.com/market/nuvamas-abneesh-roy-sees-buying-opportunity-in-hul-and-colgate-after-fmcg-sell-off-19957678.htm)

## Business profile

**Strategic vision:** Manufactures and supplies paints, coatings, and related chemicals.

### Business segments
- **Decorative Paints:** This segment includes interior and exterior wall coatings, enamels, waterproofing solutions, and primers for residential and commercial use.
- **Industrial Finishing Products:** This segment encompasses a range of industrial finishing products and specialized coatings designed for various industrial applications.
- **Other Coatings and Chemicals:** This segment includes other specialized coatings and chemicals that complement the company's core paint offerings.

### Competitive strengths
- Extensive sales network across India.
- International operations and production facilities.
- Acquisition of established companies like Bolix SA.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/bergepaint
Markdown representation: https://faxioms.com/stocks/bergepaint?render=md