Berger Paints Share Price: Paint stock rallies 7% post Q4 results; Nuvama, Elara and others review earnings; upside up to 21% - Check target

Brokerages like Centrum, Nirmal Bang, Elara and Nuvama have rated the paint stock along with the target price.

Berger Paints India Share Price Target 2026

Centrum on Berger Paints

• Berger Paints Q4 Result was ahead of CBL and consensus estimates in terms of profitability.
• Volume growth improved sequentially from 8.5% in Q3 to 11.8% in Q4 driven by healthy demand momentum and inventory filling.
• Secondary volume growth in Q4 stood at ~8% while balance 400bps growth was owing to channel stocking on account of price hikes.
• BRGR’s RM basket has witnessed ~22% inflation and company has undertaken ~11-12% inflation to offset its impact
• Company ensuring margins will remain in the guided range of 15-17% EBITDA margins.
• Despite steep price hikes, mgmt. expects volumes to remain at similar level as FY26 or marginally lower owing to favorable base
• El Nino resulting in more painting days and relatively stable competitive intensity vs. seen earlier.

• Margin Outlook Improves on Faster Pricing Actions; Demand Recovery Sustains
• Demand recovery momentum sustained through 4QFY26 with volume growth improving progressively from onwards; decorative and industrial segments both witnessed sequential improvement led by premium emulsions, automotive, and GI businesses.
• EBITDA/APAT beat estimates by 9.7%/31%, driven by 150bps gross margin expansion, favourable mix enrichment, and operating leverage benefits despite elevated competitive intensity and sharp INR depreciation.
• Management undertook cumulative price hikes of ~11-12% in 1QFY27 to offset RM inflation; it expects value growth to outpace volume growth in FY27 while maintaining EBITDA margin guidance of 15-17%.

Elara Capital on Berger Paints

• Q4 consolidated revenue rises 6.1% YoY while volume growth at 11.8%
• Brokerage says growth aided by channel stocking before price hikes
• Standalone EBITDA margin expands 173bps YoY to 18.3%
• Company takes cumulative price hikes of 11-12% to offset RM inflation
• Management maintains EBITDA margin guidance of 15-17%
• Protective coatings and auto coatings deliver healthy growth
• Brokerage raises FY27/FY28 EPS estimates by 2.7% and 3.8% respectively

• Berger Paints’s Q4FY26 revenue (up 6.1% YoY) was in line with our estimate while EBITDA (up 12.6% YoY) came in ahead of our/street expectations.
• Decorative volumes rose 11.8% YoY, eight-quarter high (7.4% YoY in Q4FY25).
• Standalone gross/EBITDA margin expanded 108bp YoY/173bp YoY to 42.3%/18.3% (12-quarter/10-quarter high).
• Expects positive turnaround for legacy paint players in FY27 led by double-digit revenue growth that shall aid operating leverage.
• El Niño remains a risk for rural consumption in H2FY27.
• Increase FY27E/28E EPS by ~2%/3% and roll forward to FY28,
• The stock trades at 41x/36x/32x FY27E/28E/29E PE.

Berger Paints India Share Price Target 2026

• Centrum gave a Neutral rating with target price of Rs 550.
• Nirmal Bang calls for Hold with a target price of Rs 535, upside 10%.
• Nuvama maintained Buy with a target price of Rs 635 (earlier Rs 605)
• Elara maintained Accumulate with a target price of Rs 553 (vs Rs 500 earlier)

Berger Paints India Share