Berger Paints Bangladesh valuation report: fair value BDT 509–1,571 (Oct 2026)

Berger Paints Bangladesh: BDT 509–1571 a share, hinging on margins and the Mirsarai plant

Berger Paints Bangladesh Limited (DSE: BERGERPBL) is the country's largest paint maker [1 p.22]. The paint makers' association (BPMA), as reported by The Daily Star, puts its share at about 54% of a roughly Tk 6,250 crore (BDT 62.5bn) market, against Asian Paints at 16% and Nippon Paint at 8% [12]; this is a single outlet and we treat it as approximate. It sold 110,264 kilolitres of liquid paint and 38,247 tonnes of putty, powder and other non-liquid products in FY2026 (year to 31-Mar-2026), for consolidated revenue of BDT 29.3bn and net profit of BDT 3.72bn [1 p.56] [1 p.66]. The parent, J&N Investments (Asia), a Berger Paints India group company, owns 89.72% [1 p.30].

Our view in five points. (1) Demand: decorative paint follows housing, real estate and construction. Cement sales, the best public proxy, recovered about 5% in 2025 to roughly 40 million tonnes after a three-year slump [13] [14], and Berger's own liquid volume grew 5.7% in FY2025 and 2.4% in FY2026. We forecast liquid volume growth of 5% in FY2027 rising to 7% by FY2031 once the third factory adds capacity. (2) Price and mix: gross price per litre rose 4.3% in FY2026 and the company made 'strategic price adjustments' in 2026 to cover raw-material and packaging costs [9] [10]; we assume +10% in FY2027, +4% in FY2028, then 4.5%. (3) Costs: 77% of the material bill is imported (TiO2 and other pigments, resins, solvents, additives) [1 p.57], so the US$ input basket and the taka drive gross margin, which ranged from 29.2% to 39.8% over FY2020–26. (4) Capacity and cash: the Mirsarai third factory now costs BDT 11.84bn and starts in April 2028 [9]; it consumes the cash pile in FY2027–28 and nearly doubles depreciation from FY2029. (5) Valuation: at a 13.8% cost of equity our DCF, justified P/E and dividend model give BDT 509–1571; base 1129, probability-weighted 1,084. Management: COO Mohsin Habib Chowdhury became CEO and Managing Director on 1-Aug-2026, succeeding Rupali Haque Chowdhury [1 p.21] [9].

The Berger India group owns 89.7%; paints are 98% of revenue and five group companies add tins, IT and coatings

Berger has operated in Bangladesh for almost fifty years and listed on the DSE and CSE in December 2005 [1 p.67]. It makes decorative coatings, industrial and protective coatings, marine paint (with Chugoku Marine Paints of Japan), powder coatings, adhesives, wood coatings, vehicle refinishes, textile emulsions, construction chemicals and printing ink, from two factories (Chattogram and Dhaka) with fourteen sales offices and 28 Berger Experience Zones [1 p.22]. The annual report does not split revenue into decorative and industrial; the notes split it by liquid (litres) and non-liquid (kilograms) products, which we use instead [1 p.56].

Group. Jenson & Nicholson (Bangladesh) (100%) makes tin containers for paint, food and lubricants (revenue BDT 1.35bn in FY2026, mostly sold to Berger) [1 p.85]; Berger Tech Consulting (100%) sells IT services (BDT 76m) [1 p.88]; Jenson & Nicholson Packaging (51% plus 49% via J&N) was set up in Dec-2025 to make packaging beside the Mirsarai plant [1 p.67]. Berger Becker Bangladesh (49%, coil coatings) and Berger Fosroc (50%, construction chemicals) are equity-accounted and earned the group BDT 107m in FY2026 [1 p.66]. None is ≥10% of revenue, profit or value, so we use one consolidated valuation; sum of the parts is not used because no part is material or separately listed.

Royalty. Berger pays the parent a royalty of 1.00% of net sales of licensed brands (Robbialac, Colorizer, Apexior, Protect and others): BDT 135.9m in FY2026, 0.47% of revenue including technical fees [1 p.77] [1 p.58]. The royalty payable fell from BDT 566m at Mar-2024 to BDT 136m once delayed remittances were cleared [3 p.115] [1 p.65].

Bangladesh paint demand follows construction, which grew about 5% in 2025 after a three-year slump

Market size and share. As reported by The Daily Star citing the BPMA, the Bangladesh paint market is about Tk 6,250 crore, with Berger at 54%, Asian Paints 16% and Nippon Paint 8%, and 33 local brands including Elite, RAK and Dulux (ACI) sharing the rest [12]. The same article splits the market into decorative Tk 5,450 crore and industrial Tk 80 crore, which adds to Tk 5,530 crore, not 6,250: the figures are approximate and we use only the Tk 6,250 crore total, as context. Berger's FY2026 standalone revenue of BDT 28.7bn is about 46% of the BDT 62.5bn figure, consistent with a share near 50% at retail prices before VAT and SD.

Demand. Paint follows the building cycle: new homes and repainting (decorative), factories and infrastructure (industrial, marine, protective). The industry 'had negative growth in 2024' as real estate slowed, inflation stayed above 9% and LC restrictions held up raw-material imports [12]. Cement, which moves with the same projects, sold about 39.75 million tonnes in 2025, up about 5% after a three-year slump [13] [14]. Berger's directors describe the industry as 'gradually recovering', with slow infrastructure spending and high material costs still holding back real estate [1 p.19]. Per-capita use is about 1.4 kg against 3 kg in India [12]: there is room to grow once construction recovers.

Competition. The multinationals (Asian Paints, Nippon, Jotun, Kansai Nerolac via local partners) and local groups (Elite, RAK, ACI's Dulux, PRAN-RFL) compete on dealer margins, tinting machines, painter loyalty programmes and promotions. Berger's answer has been brand and service: the Somporko painter app, Berger Training Institute, Experience Zones, Design Studio, and premium launches such as the Luxury Silk range and Easy Clean Fresh [1 p.19] [1 p.20]. Its advertising and promotion fell to 3.3% of standalone revenue in FY2026 from 4.0% [1 p.57]; we lift selling costs back to 11.9% of revenue (excluding depreciation) because competitors are investing.

Policy. Paint carries 15% VAT and, since early 2025, 10% supplementary duty on supply (from 5%) and 30% SD on some imported raw materials (from 20%), according to the BPMA as reported by The Daily Star; another producer quoted in the same article gave 5% on paint [12]. Berger's own accounts confirm a step up: SD rose from BDT 0.90bn in FY2024 to 2.00bn in FY2026, from 2.9% to 5.6% of sales after discounts [1 p.56] [4 p.94]. The effective rate is about half the 10% headline; our reading (not disclosed by the company) is that SD falls on only part of the range or on a narrower base than gross sales, so we model the effective 5.6% rather than the statutory rate. The Finance Act 2026 cut Berger's corporate tax rate from 25% to 20% [2 p.11].

Liquid volume grew 2.4% and price 4.3% in FY2026; we model revenue +14% in FY2027F

Berger discloses quantities, which lets us split growth into volume and price. Liquid paint (emulsions, enamels, distempers, industrial coatings) is 88% of gross sales: 106,464 KL in FY2023, 101,843 KL in FY2024 (-4.3%), 107,632 KL in FY2025 (+5.7%) and 110,264 KL in FY2026 (+2.4%) [1 p.56] [4 p.94]. Gross price per litre rose from BDT 298.1 to 323.0 over FY2024–26. Non-liquid products (putty, powder, adhesives) slipped from 40,316 tonnes in FY2023 to 38,247 in FY2026. Value growth beat volume by 3.0pp in FY2025 and 3.5pp in FY2026: price and premium mix did more than volume.

FY2027 so far. Consolidated Q1 FY2027 revenue rose 14.9% to BDT 8.14bn [2 p.6]; the company credits higher sales and price adjustments for raw and packaging costs [9], which The Financial Express and The Business Standard also reported [10] [11]. Q2 FY2027 (Jul-Sep) revenue rose 12.6% to BDT 7.04bn, but gross margin fell to 29.8% from 30.8% as oil-shock raw-material costs reached cost of sales; H1 revenue was BDT 15.18bn (+13.8%), gross margin 34.2% and EPS BDT 52.79 vs 31.14 [7 p.6]. We model FY2027 liquid volume +5% and price +10%, giving revenue of BDT 33.4bn (+14.2%).

From FY2028. Volume growth of 6%–7% assumes construction keeps recovering and Berger holds share. Liquid sales already exceed single-shift capacity of 120,540 KL (91.5% in FY2026, run on multiple shifts) [1 p.58]; the third factory at Mirsarai, which the company says will 'support the growing demand for paints' [1 p.22], lifts capacity from FY2029 (we assume +50%, as its size is not disclosed). Price growth of 4.5–5% is below Bangladesh inflation; supplementary duty stays at its FY2026 rate of 5.6% of sales after discounts. Subsidiaries' external sales (tins, IT) grow 6%.

Gross margin swung from 38.5% to 29.2% and back to 32.6%: TiO2, solvents and the taka set it

Materials are about 62% of revenue. In FY2026 Berger consumed BDT 15.0bn of raw materials (additives and chemicals 7.5bn, pigments such as titanium dioxide 4.0bn, solvents and oils 2.5bn, resins 1.0bn) and BDT 2.5bn of packing materials [1 p.57]. 90% of raw materials by value were imported (87% in FY2025); raw-material imports were BDT 12.9bn at CIF value [1 p.57] [1 p.60]. Solvents and resins are crude-oil derivatives; titanium dioxide is a global commodity. We have no free TiO2 or solvent price series (a gap), so the model uses a single US$ 'input basket' for the 77% of materials that are import-linked (86% raw × 90% imported) and local inflation for the rest.

History. Gross margin was 38.5% in FY2020 [4 p.38] and 39.8% in FY2021, then fell to 34.4% in FY2022 and 29.2% in FY2023 as oil, TiO2 and freight rose and the taka fell, before price rises restored it to 32.0% in FY2024 [1 p.30]. Material cost per unit of volume rose from BDT 116.6 to 122.5 in FY2025 as the taka weakened, then eased to BDT 121.8 in FY2026 on 'softer raw materials cost' [1 p.19]. FX losses fell from BDT 335m to BDT 17m as the exchange rate stabilised [1 p.66].

2026 and beyond. The 2026 Middle East war closed the Strait of Hormuz, doubled freight and lifted oil-linked input costs for Bangladeshi manufacturers [15]. We build the FY2027 US$ input basket from that: solvents and resins (crude-linked, about 23% of the raw-material bill) up about 15% adds 3.5pp, doubled freight on imports adds about 2.5pp, and TiO2 and other pigments are held flat, for +6% (a labelled assumption: no free TiO2 or solvent price series is available to us). For FY2028 we assume -2% as freight and war premia partly unwind. The taka weakens 2% in FY2027 and 3% a year after. Berger answered with price rises: Q1 FY2027 revenue rose 14.9% [2 p.6], which with about 5% volume implies 9–10% price, so we model liquid price +10% in FY2027 and +4% in FY2028 as the rises annualise. Half of any cost shock beyond the base is passed into prices in the same year (Berger recovered 2.8pp of margin in FY2024 after the FY2023 shock). Gross margin is 33.8% in FY2027F and 35.4% in FY2028F, then 34.7%–34.9% as Mirsarai depreciation enters cost of sales. Check against H1 (filed, no calibration): H1 FY2027 revenue of BDT 15.18bn is 45.4% of our FY2027F BDT 33.4bn, against 45.6% in FY2026, so the full-year revenue build needs no H2 step. H1 gross margin was 34.2% [7 p.6]; our FY2027F 33.8% implies an H2 margin of 33.4%, a little below H2 FY2026 (33.8%) because the Q2 drop to 29.8% shows the higher-cost basket is now flowing through cost of sales, while the price rises are already in the base. FY2027F core EPS of BDT 96.7 implies H2 core EPS of BDT 48.4 (H1 core BDT 48.3 = 52.79 less about 4.5 of tax credit), 6.0% above H2 FY2026 (BDT 45.7); H1 grew much faster (+64% core) mainly because Q1 FY2026 was depressed by the taka fall and the lower tax rate.

Revenue grew 11.5% a year over FY2021–26 with ROE of 22–29% and negative working capital

Standalone revenue rose from BDT 16.7bn in FY2021 to BDT 28.7bn in FY2026 and net profit from BDT 2.55bn to 3.59bn (7.1% a year): profit lagged revenue because gross margin fell [1 p.30]. Return on equity was 27–29% in FY2021–23 and 22–25% in FY2024–26 [1 p.30]; the FY2026 rights cash (BDT 3.0bn, idle until spent on the plant) and a higher tax rate pulled the latest year down. Consolidated ROE was 21.2% in FY2026.

Berger's working capital is light: dealers pay in about 29 days and inventory turns in 92 days, against 119 days of supplier credit (incl. royalty payable) at Mar-2026 [1 p.65]. In FY2024 payables reached 196 days as import payments were deferred under UPAS letters of credit during the dollar shortage, which flattered FY2024 operating cash flow (BDT 6.5bn, 2.0x profit); the unwinding cut FY2025's to BDT 2.7bn [3 p.118]. We hold payables at 115 days and inventory at 95 days.

The BDT 11.84bn Mirsarai factory takes net cash down to BDT 0.8bn in FY2028 before it starts in April 2028

Berger is building a third factory on 38 acres at the National Special Economic Zone, Mirsarai, Chattogram [9]. The budget has risen three times: BDT 8.13bn (2024), BDT 9.8bn (Nov-2025, for more automation, a manufacturing execution system and construction inflation, with production moved to April 2027) and BDT 11.84bn (29-Oct-2026, for upgraded safety, digitalisation, inflation and FX, with production moved to April 2028) [9]. About BDT 3.03bn came from the Aug-2025 rights issue, of which 59.7% was spent by Mar-2026 (machinery 97%, land and buildings 22%) [1 p.32]. Capital work in progress reached BDT 4.77bn at Mar-2026 [1 p.65]; capital-goods imports were BDT 2.27bn in FY2026 against 0.23bn a year earlier [1 p.60].

We assume BDT 4.0bn was spent by Mar-2026 and the remaining BDT 7.84bn falls 55/45 across FY2027–28, plus maintenance capex of 3.5% of revenue. Net cash falls from BDT 4.9bn at Mar-2026 to BDT 2.3bn in FY2027 and BDT 0.8bn in FY2028, so investment income drops from BDT 460m to 132m in FY2029. On start-up, depreciation rises from BDT 1215m to 2107m (7% a year on the plant, our assumption). Both effects hold FY2029F core EPS at BDT 112, flat on FY2028; growth resumes in FY2030 as volume fills the new capacity. A packaging plant (JNPL) is planned next door [1 p.22].

Core EPS of BDT 97 in FY2027F strips a BDT 221m tax credit; the parent takes a 68% payout and a 1% royalty

One-offs. The Finance Act 2026 cut Berger's tax rate from 25% to 20%, and the company re-measured its FY2026 tax liability, crediting BDT 220.8m in Q1 FY2027 [2 p.11]. That is about BDT 4.5 a share of the BDT 52.79 H1 EPS [9]. We exclude it from core EPS and the P/E leg, and add it once in the DCF bridge. FX losses (BDT 336m in FY2024, 335m in FY2025, 17m in FY2026) are set to zero in the base case; the taka works through material costs instead.

Treasury income. Interest and dividend income was BDT 460m in FY2026, 9.2% of profit before tax [1 p.66]. It shrinks to 1.9% in FY2029F as the plant absorbs cash, so the earnings mix shifts toward operations. Because core EPS includes this income, the P/E leg does not add cash again.

Parent and minorities. The 1:17 rights issue at BDT 1,110 (Aug-2025) raised BDT 3.03bn; the parent, then at 95%, renounced its entitlement to other shareholders and employees to lift the free float to at least 10% under a BSEC directive [1 p.21]. Dividends were 525% (BDT 52.50) for both FY2025 and FY2026, a payout of 68.3% of consolidated EPS; the board says capex needs are considered in dividend decisions [1 p.20]. We keep a 68% payout, giving DPS of BDT 65.8 for FY2027F and BDT 76.6 for FY2028F. Contingent liabilities fell from BDT 2.98bn to 1.71bn [1 p.65]. Operating cash flow was 1.17x net profit in FY2026.

Forecast: volume +5–7% and price +4–10% lift core EPS from BDT 76.83 to BDT 149 by FY2031F

Each line has its own driver (Assumptions tab). Revenue is volume × price for liquid and non-liquid paint, less discounts (10.8% of gross), VAT (14.55%) and SD (5.6%), plus subsidiaries' sales. Material cost per litre moves with the import share × (US$ basket × taka) and local inflation, less a 0.5pp mix gain. Factory overhead (4.0%), selling (11.9%) and administration (3.1%) are shares of revenue excluding depreciation; the royalty is 0.47% of revenue. Investment income earns 7.0% on opening cash; tax is 21.7% (20% statutory plus non-deductible items).

Result. Revenue grows from BDT 29.3bn to BDT 49.9bn by FY2031F (11.2% a year) and core EPS from BDT 76.83 to BDT 149 (14.2% a year). FY2027F core EPS of BDT 96.7 implies a second half of BDT 48.4, against BDT 45.7 in H2 FY2026 (see the margins section for why it is close to annualised H1). FY2029F is flat because of Mirsarai depreciation and lower interest income. Our FY2028F ROE of 23.8% compares with a six-year standalone median of 26.1%, which was earned on a smaller equity base; our FY2028F gross margin of 35.4% is near the middle of the FY2020–26 range.

Valuation: BDT 509–1571 a share; base 1129 = 10.0x FY2028F core EPS at a 13.8% cost of equity

Cost of equity. Risk-free rate 9.268% (10-year Treasury bond cut-off, 25-Oct-2026) [18] + beta 0.60 × equity risk premium 7.5% = 13.8%. Berger's two-year weekly beta against the DSEX is only 0.29 (R² 0.13): with a 10% free float the share barely trades with the market. Blume-adjusted it is 0.52; we lift it to the 0.6 floor, which is our single allowance for the thin float. We do not add a separate liquidity premium, which would count the same float twice; a 1pp premium would take about BDT 150–200 off the DCF (Exhibit 26). Net cash means WACC equals the cost of equity. Terminal growth is 7.0% in taka, in the 6–7% range for paints and below nominal GDP growth.

Three legs on one set of returns. All three use the same cost of equity, 7.0% long-run growth and a 23.2% return on new capital, equal to our average FY2027–31 ROE. (1) DCF of free cash flow to the firm: FY2027–31 from the forecast; FY2032–36 fade revenue growth to 7.0% and EBIT margin to 16.5%, and free cash flow there is NOPAT × (1 − growth ÷ RONIC), so the business reinvests 45% of NOPAT in FY2032 falling to 30% (7.0% ÷ 23.2%) in the terminal year. In FY2029–31 net reinvestment is close to zero (-9% to -0% of NOPAT): the Mirsarai plant is paid for in FY2027–28 and its spare capacity (+50% liquid, our assumption) absorbs 6–7% volume growth with only maintenance capex, so free cash flow is almost all of NOPAT. From FY2032 that spare capacity is used up, so we switch to reinvestment of growth ÷ RONIC (45% of NOPAT in FY2032, falling to 30% in the terminal year) to fund the next round of capacity. The terminal value is 57.0% of EV. EV at Mar-2026 plus net cash BDT 4.9bn, associates at book and the tax credit, rolled to Oct-2026, less the BDT 2.58bn FY2026 dividend paid in Sep-2026, gives BDT 1,156. (2) Justified forward P/E = payout ÷ (Ke − g), payout = 1 − g ÷ ROE: 10.3x on next-12-month core EPS of BDT 106.0 = BDT 1,093. (3) Dividend discount: model DPS FY2027–31 (68% payout) plus a Gordon terminal value = BDT 1,115.

Reconciling the legs. Because they share Ke, g and the return on capital, the legs land within 6% of each other. The DCF is highest (10.9x next-12-month EPS) because it adds the 10–11% revenue growth to FY2031 and the cash pile explicitly; the justified P/E assumes steady 7.0% growth from next year, so it is lowest; the DDM sits between, carrying the forecast DPS growth but a 68% payout that is slightly below the 70% the steady-state formula implies. Weights are 50/30/20: the DCF gets the most because only it captures the Mirsarai cash outflow, the FY2029 depreciation step and the later volume step-up; the P/E (30%) anchors on near-term earnings; the DDM (20%) reflects that 90% of the stock is held by a parent that is paid in dividends. Reverse DCF: the price of BDT 1,449 matches our DCF at a cost of equity of 12.3%, 1.4pp below ours.

Against Berger's history (WRITER 4b). The 23.2% return on new capital and the 16.5% terminal EBIT margin compare with standalone ROE of 22–29% over FY2021–26 and standalone pre-tax margins of 20.8% (FY2021), 17.4% (FY2022), 15.1% (FY2023) and 15.8–16.8% (FY2024–26) [1 p.30]; consolidated EBIT margins were 15.2–16.5% in FY2024–26. Both sit at or below the record, so they are not peak values. The stock traded at a 31.9x median trailing P/E in pre-floor fiscal years (Mar-2019, Mar-2021, Mar-2022) and 25.5x in FY2024–26; Mar-2020 and Mar-2023 closes were at DSE floor prices [16]. Those multiples came with a 26–29% ROE, a smaller float and lower Treasury yields, and we do not use them to price. Our base is 11.7x FY2027F and 10.0x FY2028F core EPS, 6.6x FY2028F EV/EBITDA, 2.8x Mar-2026 book and a 5.8% FY2027F dividend yield. The DSE has no other listed paint maker; the median trailing P/E of listed chemical companies with profits (Linde Bangladesh, ACI Formulations, Wata Chemicals) is 29.0x [17], shown for context only.

Risks: a 15% input-cost rise or a 3pp price war each costs about BDT 213–216 of fair value

Every risk below changes a line in the model; we ran the whole workbook again for each. Input costs (TiO2, solvents, resins): +15% in US$ in FY2027 with half passed into prices cuts FY2028F core EPS by BDT 22 and fair value by BDT 213. Taka: 10% weaker in FY2027 costs BDT 15 of EPS. Competition: if Asian Paints, Nippon or Elite force prices 3pp lower for two years, EPS falls BDT 22; if Berger answers with 1pp more selling spend, BDT 6. Construction: 4pp lower volume growth for two years costs BDT 11. Tax policy: a further SD rise to 8% effective costs BDT 14, while a rollback to 4% adds BDT 9. Plant: a 20% overrun at Mirsarai (BDT 2.37bn, about BDT 48 a share before discounting) cuts the DCF by BDT 51 a share and the blended fair value by BDT 37 (the DCF carries 50% weight; the P/E and DDM legs move only through lower interest income); a further delay would defer volume growth.

Other risks without a model line: governance and minority treatment (89.7% parent; royalty terms set by the parent), BSEC free-float rules, environmental rules on lead and VOCs, political unrest and power or gas disruption at the plants.

Note on data. The latest statements used are the FY2026 annual report (year to 31-Mar-2026) [1] and the Q1 FY2027 interim (to 30-Jun-2026) [2] and H1 FY2027 interim (to 30-Sep-2026) [7]; the new plant budget comes from a DSE disclosure dated 29-Oct-2026 [9]. The model will be updated when the Q3 FY2027 statements (to 31-Dec-2026) are filed.

FAQ

What is Berger Paints Bangladesh's fair value?

We estimate BDT 509–1571 a share; base BDT 1129, probability-weighted BDT 1,084; from a DCF (50%), a justified P/E (30%) and a dividend discount model (20%) at a 13.8% cost of equity [19]. The price was BDT 1,449 on 29-Oct-2026 [16].

What is Berger's market share in Bangladesh?

About 54% of a Tk 6,250 crore market, against Asian Paints 16% and Nippon 8%, according to BPMA figures reported by The Daily Star (Feb-2025); a single, approximate source [12].

How much did Berger earn in FY2026 and H1 FY2027?

FY2026 (to Mar-2026): revenue BDT 29.27bn, net profit BDT 3.72bn, EPS BDT 76.83 [1 p.66]. H1 FY2027: revenue BDT 15.18bn (+13.8%), EPS BDT 52.79 vs 31.14, including a one-off tax credit of about BDT 4.5 a share [7 p.6] [2 p.11].

What is the Mirsarai third factory?

A new plant at the National Special Economic Zone, Mirsarai, budgeted at BDT 11.84bn and due to start production in April 2028 [9]; part is funded by the BDT 3.03bn 2025 rights issue [1 p.32].

Why did Berger's gross margin change so much?

About 62% of revenue is materials and 77% of those are import-linked (TiO2, resins, solvents), so oil prices and the taka move cost; margin fell to 29.2% in FY2023 and recovered to 32.6% in FY2026 and 38.1% in Q1 FY2027 after price rises [1 p.30] [2 p.6].

How much dividend does Berger pay?

BDT 52.50 a share (525%) for FY2026, 68% of consolidated EPS; we model BDT 65.8 for FY2027F [1 p.20] [19].

Sources

1. Berger Paints Bangladesh Annual Report 2025-26 (FY2026, year to 31-Mar-2026): consolidated and separate statements, notes, directors' report, MD&A, rights-proceeds audit · link · accessed 2026-10-31
2. Berger Paints Bangladesh un-audited interim statements, Q1 FY2027 (1-Apr to 30-Jun-2026) · link · accessed 2026-10-31
3. Berger Paints Bangladesh Annual Report 2024-25 (FY2025, year to 31-Mar-2025) · link · accessed 2026-10-31
4. Berger Paints Bangladesh Annual Report 2023-24 (FY2024, year to 31-Mar-2024) · link · accessed 2026-10-31
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9. DSE news archive, BERGERPBL, Nov-2024 to Oct-2026: rights issue (2024-25), third-factory budget revisions (2-Nov-2025, 29-Oct-2026), quarterly EPS disclosures incl. Q2 FY2027 (29-Oct-2026), dividends, CRAB AAA rating (30-Sep-2026) · link · accessed 2026-10-31
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13. The Daily Star, 'Bangladesh's cement producers reject US overcapacity claims' (BCMA: 39.75 mt cement demand 2025), 17-Mar-2026 · link · accessed 2026-10-31
14. The Financial Express, 'Cement sector rebounds after 3-year slump', 11-Mar-2026 · link · accessed 2026-10-31
15. The Daily Star, 'Cement makers under strain as war drives input costs' (Hormuz closure, freight doubled), 29-Apr-2026 · link · accessed 2026-10-31
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17. AnalystBro screener: DSE chemicals (A15) stocks, close 29-Oct-2026 · link · accessed 2026-10-31
18. Bangladesh Bank treasury auctions: 10-year bond cut-off yield 9.268% (25-Oct-2026); 91-day T-bill 8.56% · link · accessed 2026-10-31
19. AnalystBro model: model.xlsx for this report (workbook tabs below) · accessed 2026-10-31