ICICI Direct has given Buy recommendation for Berger Paints India with a target price of Rs. 860 in its research report issued on Aug 12, 2021

ICICI Direct’s research report on Berger Paints India

Berger Paints is the second largest paint player in India. Berger derives ~82% of its topline from the decorative paints while rest comes from the industrial segment. Company has ~13 manufacturing units in India with ~30,000 dealer network across the country Strong b/s with RoCE, RoE of 26%, 22% respectively (five-year average)


We maintain our HOLD rating on the stock We roll over our valuation on FY24 and value Berger at Rs 860 i.e. 58x P/E on FY24E EPS


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