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Hold Berger Paints India; target of Rs 670: ICICI Direct

ICICI Direct recommended hold rating on Berger Paints India with a target price of Rs 670 in its research report dated November 12, 2022.

November 23, 2022 / 02:48 PM IST
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ICICI Direct's research report on Berger Paints India

Berger Paints is the second largest paint player in India. Berger derives ~80-85% of its topline from decorative paints while the rest comes from the industrial segment. It has ~13 manufacturing units in India with ~50,000 dealer network (FY22) across India • Strong b/s with RoCE, RoE of 26%, 22%, respectively, (five-year average).


We maintain our HOLD rating on the stock. We value Berger at Rs 670 i.e. 55x P/E on FY24E EPS.