Reported Earnings • May 13
Full year 2026 earnings: Revenues and EPS in line with analyst expectations Full year 2026 results: EPS: ₹9.67 (down from ₹10.13 in FY 2025). Revenue: ₹119.9b (up 3.8% from FY 2025). Net income: ₹11.3b (down 4.5% from FY 2025). Profit margin: 9.4% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Apr 20
Berger Paints India Limited to Report Q4, 2026 Results on May 12, 2026 Berger Paints India Limited announced that they will report Q4, 2026 results on May 12, 2026 Reported Earnings • Feb 06
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹2.33 (down from ₹2.63 in 3Q 2025). Revenue: ₹30.1b (up 1.3% from 3Q 2025). Net income: ₹2.71b (down 8.1% from 3Q 2025). Profit margin: 9.0% (in line with 3Q 2025). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jan 02
Berger Paints India Limited to Report Q3, 2026 Results on Feb 05, 2026 Berger Paints India Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Feb 05, 2026 Reported Earnings • Nov 05
Second quarter 2026 earnings: Revenues in line with analyst expectations Second quarter 2026 results: Revenue: ₹28.5b (up 2.8% from 2Q 2025). Net income: ₹2.06b (down 24% from 2Q 2025). Profit margin: 7.2% (down from 9.7% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Oct 03
Berger Paints India Limited to Report Q2, 2026 Results on Nov 04, 2025 Berger Paints India Limited announced that they will report Q2, 2026 results on Nov 04, 2025 Announcement • Aug 12
U. K. Paints India Private Limited acquired an additional 14.48% stake in Berger Paints India Limited (BSE:509480) from Jenson & Nicholson (Asia) Limited. U. K. Paints India Private Limited acquired an additional 14.48% stake in Berger Paints India Limited (BSE:509480) from Jenson & Nicholson (Asia) Limited on July 14, 2025.
U. K. Paints India Private Limited completed the acquisition of an additional 14.48% stake in Berger Paints India Limited (BSE:509480) from Jenson & Nicholson (Asia) Limited on July 14, 2025. Upcoming Dividend • Jul 29
Upcoming dividend of ₹3.80 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 22 August 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.2%). In line with average of industry peers (0.7%). Reported Earnings • Jul 23
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹10.13 (up from ₹10.02 in FY 2024). Revenue: ₹115.4b (up 3.1% from FY 2024). Net income: ₹11.8b (up 1.1% from FY 2024). Profit margin: 10% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 14
Dividend increased to ₹3.80 Dividend of ₹3.80 is 8.6% higher than last year. Ex-date: 5th August 2025 Payment date: 22nd August 2025 Dividend yield will be 0.7%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 13
Berger Paints India Limited announces Annual dividend, payable on August 22, 2025 Berger Paints India Limited announced Annual dividend of INR 3.8000 per share payable on August 22, 2025, ex-date on August 05, 2025 and record date on August 05, 2025. Announcement • Jul 11
Berger Paints India Limited, Annual General Meeting, Aug 12, 2025 Berger Paints India Limited, Annual General Meeting, Aug 12, 2025, at 11:00 Indian Standard Time. Announcement • Jul 02
Berger Paints India Limited to Report Q1, 2026 Results on Aug 05, 2025 Berger Paints India Limited announced that they will report Q1, 2026 results on Aug 05, 2025 Price Target Changed • May 17
Price target increased by 7.1% to ₹537 Up from ₹501, the current price target is an average from 21 analysts. New target price is 6.8% below last closing price of ₹576. Stock is up 17% over the past year. The company is forecast to post earnings per share of ₹11.07 for next year compared to ₹10.13 last year. Reported Earnings • May 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹10.13 (up from ₹10.02 in FY 2024). Revenue: ₹116.4b (up 3.9% from FY 2024). Net income: ₹11.8b (up 1.1% from FY 2024). Profit margin: 10% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Berger Paints India Limited to Report Q4, 2025 Results on May 14, 2025 Berger Paints India Limited announced that they will report Q4, 2025 results on May 14, 2025 Reported Earnings • Feb 12
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹2.63. Revenue: ₹29.8b (up 3.2% from 3Q 2024). Net income: ₹2.95b (down 1.5% from 3Q 2024). Profit margin: 9.9% (in line with 3Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Announcement • Feb 11
Berger Paints Exits Race for Akzo India Pricey valuation for Akzo Nobel India Limited (BSE:500710) has prompted Kolkata-based Berger Paints India Limited (BSE:509480) —touted to be among the four suitors — to step aside from the race.“It’s very expensive,” Berger Paints India managing director and chief executive Abhijit Roy told ET in an interview.“We are not there in the picture as of now,” said Roy, adding: “We are doing a fairly good job on our own. I don't think there is any great need for this acquisition.”However, Berger would be interested if Akzo comes at a fairer price, he said. “We are interested, but only at a reasonable price…we have asked for certain clarifications and we are waiting for that". Akzo Nobel N.V. (ENXTAM:AKZA) holds a 74.76% stake in Akzo Nobel India. Announcement • Jan 26
Pidilite, JSW, Berger and Indigo Reportedly Submit Non-Binding Bids for Akzo Nobel India Pidilite Industries Limited (NSEI:PIDILITIND), JSW Paints Limited, Berger Paints India Limited (BSE:509480) and Indigo Paints Limited (NSEI:INDIGOPNTS) submitted non-binding bids for the acquisition of Akzo Nobel India Limited (BSE:500710), the owner of Dulux Paints, earlier this week, said people aware of the matter. The industry is looking to consolidate following the entry of Aditya Birla Group into the estimated $9 billion paints sector last year. All four aim to initiate management meetings with parent Akzo Nobel N.V. (ENXTAM:AKZA) at the company's Dutch headquarters starting next week. Akzo Nobel NV holds a 74.76% stake in Akzo Nobel India. In January, ANNV proposed a strategic evaluation of its powder coatings business and international research centre. This involved the sale of these assets to an indirect, wholly owned subsidiary of ANNV, Akzo Nobel India had said in a regulatory filing. It also included Akzo Nobel India potentially acquiring the decorative paints' intellectual property owned by ANNV. Subsequently, after the company mandated Citi to evaluate strategic options, ANNV decided to sell its Indian operations. The Indian unit of Akzo Nobel has a market capitalisation of INR 175,310 million. The stock has surged 47% in the last 12 months in anticipation of a sale. It ended at INR 3,849.70 on the BSE on Jan. 24, 2025. The sale of ANNV’s stake would translate to a deal size of about INR 131,070 million at the current market cap. An acquirer will also have to launch an open offer for an additional 26% of the company, making it the largest such takeover in the Indian paints industry.“It's a very richly valued company that is reading 22-23 times trailing 12 months ebitda,” said the CEO of one of the bidders. “But for many like JSW, Indigo or even Pidilite, which has taken baby steps in the space, thus far it's potentially a game changer.” Pidilite MD-designate Sudhanshu Vats said on an earnings call on Wednesday that the company will continue to look for “partnerships and acquisitions”.With regard to Akzo Nobel, he said, “We would not like to comment on any speculation. At this point in time, I have nothing to share on this. We continuously look at opportunities. This is an ongoing process. You've seen our track record over the last five to seven years. We've done some very successful partnerships and acquisitions. So, this is something which we keep doing.” JSW Paints MD Parth Jindal confirmed to ET his company's “serious interest” in pursuing the target. JSW is in talks with at least three private equity funds to explore a partnership. Indigo Paints MD Hemant Jalan said he “would not like to comment”. Indigo is said to be in talks with Bain Capital to form a consortium. Berger Paints and Akzo Nobel India didn’t comment. Announcement • Jan 06
Berger Paints India Limited to Report Q3, 2025 Results on Feb 11, 2025 Berger Paints India Limited announced that they will report Q3, 2025 results on Feb 11, 2025 Reported Earnings • Nov 06
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹2.31 (down from ₹2.50 in 2Q 2024). Revenue: ₹28.0b (up 1.0% from 2Q 2024). Net income: ₹2.70b (down 7.5% from 2Q 2024). Profit margin: 9.6% (in line with 2Q 2024). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 2.7%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Oct 02
Insider recently sold ₹12m worth of stock On the 27th of September, Srijit Dasgupta sold around 20k shares on-market at roughly ₹624 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹37m more than they bought in the last 12 months. Announcement • Oct 02
Berger Paints India Limited to Report First Half, 2025 Results on Nov 05, 2024 Berger Paints India Limited announced that they will report first half, 2025 results on Nov 05, 2024 Announcement • Aug 20
Berger Paints India Limited Announces Cessation of Naresh Gujral as Non-Executive, Independent Director and Member of the Audit Committee of the Board, Effective August 20, 2024 Berger Paints India Limited announced cessation of Mr. Naresh Gujral as Non-Executive, Independent Director, Effective August 20, 2024 on completion of his second consecutive term as an Independent Director for which he was re-appointed by the shareholders of the Company at the Annual General Meeting held on August 5, 2019. Consequent to the cessation as a Director, Mr. Gujral will also cease to be a member of the Audit committee of the Board. Announcement • Aug 13
Berger Paints India Limited Approves Re-Designation of Kanwardip Singh Dhingra from an Executive, Non-Independent Director to Non-Executive, Non-Independent Director Berger Paints India Limited announced that the AGM held on August 12, 2024, approved Re-designation of Mr. Kanwardip Singh Dhingra (DIN-02696670) from an Executive, Non-Independent Director to Non-Executive, Non-Independent Director of the Company. Upcoming Dividend • Jul 29
Upcoming dividend of ₹3.50 per share Eligible shareholders must have bought the stock before 05 August 2024. Payment date: 22 August 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.1%). In line with average of industry peers (0.7%). Reported Earnings • Jul 23
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹10.02 (up from ₹7.37 in FY 2023). Revenue: ₹112.0b (up 6.0% from FY 2023). Net income: ₹11.7b (up 36% from FY 2023). Profit margin: 10% (up from 8.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Jul 08
Berger Paints India Limited, Annual General Meeting, Aug 12, 2024 Berger Paints India Limited, Annual General Meeting, Aug 12, 2024, at 11:00 Indian Standard Time. Declared Dividend • Jul 08
Dividend of ₹3.50 announced Shareholders will receive a dividend of ₹3.50. Ex-date: 5th August 2024 Payment date: 22nd August 2024 Dividend yield will be 0.7%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 06
Berger Paints India Limited to Report Q1, 2025 Results on Aug 09, 2024 Berger Paints India Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Recent Insider Transactions • Jun 27
Vice President of Finance & Accounts recently sold ₹2.0m worth of stock On the 24th of June, Sujyoti Mukherjee sold around 4k shares on-market at roughly ₹504 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹3.4m. Insiders have been net sellers, collectively disposing of ₹21m more than they bought in the last 12 months. Recent Insider Transactions • Jun 17
Insider recently sold ₹2.7m worth of stock On the 13th of June, Aniruddha Sen sold around 6k shares on-market at roughly ₹500 per share. This transaction amounted to 99% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹3.4m. Insiders have been net sellers, collectively disposing of ₹19m more than they bought in the last 12 months. Reported Earnings • May 16
Full year 2024 earnings released: EPS: ₹10.02 (vs ₹7.37 in FY 2023) Full year 2024 results: EPS: ₹10.02 (up from ₹7.37 in FY 2023). Revenue: ₹112.6b (up 6.6% from FY 2023). Net income: ₹11.7b (up 36% from FY 2023). Profit margin: 10% (up from 8.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Apr 03
Berger Paints India Limited Announces Cessation of Pulak Chandan Prasad as Non-Executive, Independent Director and Member of Audit Committee and Compensation and Nomination and Remuneration Committee Berger Paints India Limited announced that Mr. Pulak Chandan Prasad has ceased to be a non-executive, Independent Director on the Board of Directors of the Company with effect from 1 April 2024 on completion of his second consecutive term as an Independent Director for which he was re-appointed by the shareholders of the Company at the Annual General Meeting held on 3 August 2018. Consequent to the cessation as a Director, Mr. Prasad will also cease to be a member of the following Committees of the Board: Audit Committee – Member and Compensation and Nomination and Remuneration Committee - Member. Reported Earnings • Feb 07
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: ₹2.57 (up from ₹1.73 in 3Q 2023). Revenue: ₹29.0b (up 7.7% from 3Q 2023). Net income: ₹3.00b (up 49% from 3Q 2023). Profit margin: 10% (up from 7.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.3%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 03
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ₹2.50 (up from ₹1.88 in 2Q 2023). Revenue: ₹27.8b (up 4.2% from 2Q 2023). Net income: ₹2.92b (up 33% from 2Q 2023). Profit margin: 11% (up from 8.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Oct 18
Berger Paints India Limited to Report First Half, 2024 Results on Nov 02, 2023 Berger Paints India Limited announced that they will report first half, 2024 results on Nov 02, 2023 Recent Insider Transactions • Aug 30
Insider recently sold ₹2.0m worth of stock On the 25th of August, Aniruddha Sen sold around 3k shares on-market at roughly ₹708 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹4.9m more than they bought in the last 12 months. Price Target Changed • Aug 17
Price target increased by 7.0% to ₹645 Up from ₹603, the current price target is an average from 20 analysts. New target price is 8.5% below last closing price of ₹705. Stock is down 0.3% over the past year. The company is forecast to post earnings per share of ₹12.60 for next year compared to ₹8.85 last year. Announcement • Aug 03
Berger Paints India Limited to Report Q1, 2024 Results on Aug 09, 2023 Berger Paints India Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Upcoming Dividend • Jul 28
Upcoming dividend of ₹3.20 per share at 0.5% yield Eligible shareholders must have bought the stock before 04 August 2023. Payment date: 21 August 2023. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). Reported Earnings • Jul 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹8.85 (up from ₹8.57 in FY 2022). Revenue: ₹105.7b (up 21% from FY 2022). Net income: ₹8.59b (up 3.2% from FY 2022). Profit margin: 8.1% (down from 9.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.2%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 02
Insider recently sold ₹501k worth of stock On the 29th of May, Dipankar Nag sold around 780 shares on-market at roughly ₹642 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹2.3m more than they bought in the last 12 months. Reported Earnings • May 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹8.86 (up from ₹8.57 in FY 2022). Revenue: ₹106.2b (up 21% from FY 2022). Net income: ₹8.59b (up 3.2% from FY 2022). Profit margin: 8.1% (down from 9.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.2%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 29
Insider recently sold ₹91k worth of stock On the 27th of March, Ranjit Chakravorty sold around 159 shares on-market at roughly ₹574 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹203k. Despite this recent sale, insiders have collectively bought ₹3.5m more than they sold in the last 12 months. Recent Insider Transactions • Mar 18
Insider recently sold ₹203k worth of stock On the 16th of March, Dilip Bhosale sold around 337 shares on-market at roughly ₹603 per share. This transaction amounted to 77% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹3.5m more than they sold in the last 12 months. Recent Insider Transactions • Feb 24
Insider recently sold ₹79k worth of stock On the 21st of February, Ranjit Chakravorty sold around 139 shares on-market at roughly ₹571 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹438k. Despite this recent sale, insiders have collectively bought ₹2.8m more than they sold in the last 12 months. Recent Insider Transactions • Feb 12
Insider recently sold ₹95k worth of stock On the 10th of February, Joydeep Majumdar sold around 167 shares on-market at roughly ₹567 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹438k. Despite this recent sale, insiders have collectively bought ₹4.3m more than they sold in the last 12 months. Price Target Changed • Feb 07
Price target decreased by 7.1% to ₹592 Down from ₹637, the current price target is an average from 22 analysts. New target price is 5.3% above last closing price of ₹562. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₹9.49 for next year compared to ₹8.57 last year. Reported Earnings • Feb 05
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹2.07 (down from ₹2.60 in 3Q 2022). Revenue: ₹26.9b (up 5.6% from 3Q 2022). Net income: ₹2.01b (down 21% from 3Q 2022). Profit margin: 7.5% (down from 9.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jan 21
Berger Paints India Limited to Report Q3, 2023 Results on Feb 02, 2023 Berger Paints India Limited announced that they will report Q3, 2023 results at 3:30 PM, Indian Standard Time on Feb 02, 2023 Announcement • Jan 12
Berger Paints India Limited Announces Chief Financial Officer Changes The board of directors of Berger Paints India Limited at its meeting held on January 12, 2023, appointed Mr. Kaushik Ghosh (ACA No. 059971) as Chief Financial Officer and Key Managerial Personnel of the Company with immediate effect. Date of birth: April 6, 1972. Educational Qualification: BCom (Hons.), CMA, ACA. Background: Mr. Kaushik Ghosh (Mr. Ghosh) has an impressive track record of over two decades, implementing high-impact growth strategies, robust internal controls, and efficient reporting systems. Mr. Ghosh has demonstrated success in evaluating, implementing and streamlining financial and accounting policies, procedures, and controls to drive efficiencies, minimise costs, reduce potential risks and maintain local and international regulatory compliance. Mr. Ghosh started his career with McNally Bharat Engineering Company Limited as Assistant Manager. He joined Berger Paints Thdia Limited in June, 2000 as Assistant Manager - Internal Audit. During his twenty two (22) plus years long stint with Berger he has worked in various capacities. At present he is designated Assistant Vice President -Finance & Accounts. The company also announced the resignation of Mr. Vikash Sarda as Chief Financial Officer. Date of resignation of January 4, 2023. Recent Insider Transactions • Dec 09
Insider recently sold ₹438k worth of stock On the 7th of December, Vinay Sharma sold around 700 shares on-market at roughly ₹626 per share. This transaction amounted to 8.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹3.5m more than they sold in the last 12 months. Recent Insider Transactions • Nov 17
Insider recently sold ₹114k worth of stock On the 15th of November, Joydeep Majumdar sold around 190 shares on-market at roughly ₹601 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹251k. Despite this recent sale, insiders have collectively bought ₹15m more than they sold in the last 12 months. Price Target Changed • Nov 16
Price target increased to ₹782 Up from ₹675, the current price target is an average from 20 analysts. New target price is 28% above last closing price of ₹609. Stock is down 23% over the past year. The company is forecast to post earnings per share of ₹10.36 for next year compared to ₹8.57 last year. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹2.26 (up from ₹2.25 in 2Q 2022). Revenue: ₹26.7b (up 20% from 2Q 2022). Net income: ₹2.19b (flat on 2Q 2022). Profit margin: 8.2% (down from 9.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. Additional Non-Executive & Independent Director Sonu Bhasin was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 11
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ₹2.26 (up from ₹2.25 in 2Q 2022). Net income: ₹2.19b (flat on 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Chemicals industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 14
Insider recently sold ₹251k worth of stock On the 9th of September, Dilip Bhosale sold around 334 shares on-market at roughly ₹753 per share. This transaction amounted to 77% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹502k. Despite this recent sale, insiders have collectively bought ₹13m more than they sold in the last 12 months. Recent Insider Transactions • Aug 12
Insider recently sold ₹502k worth of stock On the 10th of August, Vinay Sharma sold around 750 shares on-market at roughly ₹669 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹54m more than they sold in the last 12 months. Upcoming Dividend • Aug 11
Upcoming dividend of ₹3.10 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 06 September 2022. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (0.7%). Reported Earnings • Aug 04
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹8.57 (up from ₹7.41 in FY 2021). Revenue: ₹87.6b (up 28% from FY 2021). Net income: ₹8.33b (up 16% from FY 2021). Profit margin: 9.5% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 17%, compared to a 15% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. 
