Berger Paints India Limited (BERGEPAINT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.3%

₹280.74

vs ₹478.00 price

Levered DCF

₹462.31

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	42.4×	48.76×	56.53×	65.77×	81.66×	103.16×	73.57×	64.86×
P/B	6.91×	9.35×	12.28×	12.57×	17.31×	22×	18.18×	12.96×
P/S	4.02×	4.98×	5.9×	5.35×	7.76×	10.9×	7.6×	5.29×
EV / EBITDA	24.88×	30.99×	35.47×	37.83×	50.9×	61.64×	45.6×	34.06×
Gross margin	31.5%	40.0%	39.2%	35.1%	36.8%	41.9%	40.1%	38.5%
Operating margin	12.1%	28.4%	28.7%	26.0%	27.3%	31.4%	28.8%	28.1%
Net margin	9.5%	10.2%	10.4%	8.1%	9.5%	10.6%	10.3%	8.2%
Current ratio	2.12×	2.05×	1.83×	1.4×	1.42×	1.71×	1.52×	1.69×
Debt / equity	0.09×	0.11×	0.14×	0.26×	0.26×	0.19×	0.29×	0.21×
Interest coverage	25.03×	52.07×	41.09×	27.66×	47.19×	48.51×	38.93×	36.04×
Dividend yield	0.9%	0.7%	0.5%	0.5%	0.4%	0.0%	0.8%	0.7%
Payout ratio	39.3%	34.6%	26.6%	35.0%	32.7%	4.0%	58.0%	42.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.3%	19.2%	21.7%	19.1%	21.2%	21.3%	24.7%	20.0%
Return on invested capital	14.1%	35.3%	38.3%	34.8%	34.9%	38.0%	38.5%	34.9%
Return on assets	11.2%	12.9%	14.0%	10.8%	11.5%	12.2%	13.4%	11.3%
Free cash flow yield	2.2%	1.5%	2.0%	0.4%	-0.3%	0.8%	0.6%	0.8%
Earnings yield	2.4%	2.1%	1.8%	1.5%	1.2%	1.0%	1.4%	1.5%
Enterprise value	₹482.1B	₹579.6B	₹665.5B	₹575.8B	₹688.8B	₹748B	₹490.5B	₹325.1B
Net debt / EBITDA	0.22×	0.22×	0.27×	0.7×	0.67×	0.41×	0.64×	0.49×
Cash conversion cycle (days)	79	82	72	74	80	76	64	67