Berger Paints (India) Ltd. share price target

Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Berger Paints reported muted revenue growth of 7.7% YoY on account of mere ~6% domestic volume growth (but better than 4% volume growth reported by Asian Paints).

Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Berger Paints reported muted revenue growth of 8.5% YoY on account of mere ~6% domestic volume growth (but better than 2% volume growth reported by Asian Paints). EBITDA margin expanded 57bps YoY to 13.3% primarily led by lower COGS.

Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest dis tribution netw ork of ~11,500 activ e dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, w hic h accounts for 60% of its distribution network while South & West India accounts 40% of distributio n netw ork. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest dis tribution netw ork of ~11,500 activ e dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, w hic h accounts for 60% of its distribution network while South & West India accounts 40% of distributio n netw ork. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest dis tribution netw ork of ~11,500 activ e dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, w hic h accounts for 60% of its distribution network while South & West India accounts 40% of distributio n netw ork. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...

Background: Berger Paints is the second largest decorative paint company. Company has seven manufacturing facilities spread across India, besides four overseas manufacturing facilities. The company has second largest distribution network of ~11,500 active dealers and ~12,000 tinting machines. Berger has a strong presence in East and North India, which accounts for 60% of its distribution network while South & West India accounts 40% of distribution network. Company derives ~80% of revenue from decorative paints and the rest from industrial paints of which Automotives accounts for 8%, powder coating accounts for 2% and other industries accounts...