DSE : BERGERPBL
Berger Paints Bangladesh Limited — Financial statements
Paints, Varnishes, Lacquers, Enamels, and Allied Products · Bangladesh
Last price 1449 BDT (At close: Oct 29, 2026) · Market cap 71.15B
Latest research: Berger Paints Bangladesh valuation report: fair value BDT 509–1,571 (Oct 2026) · Berger Paints: 10% annual growth and a 24% ROE support BDT 509–1571 a share
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Financial statements
Berger Paints Bangladesh Limited (BERGERPBL) reported revenue of 30.32B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 30.32B | 29.27B | 28.52B | 26.25B | 25.90B | 22.19B |
| Cost of Revenue | 20.09B | 19.90B | 19.57B | 17.87B | 18.32B | 14.51B |
| Gross Profit | 10.23B | 9.37B | 8.95B | 8.38B | 7.58B | 7.69B |
| Selling, General & Admin | 5.18B | 4.99B | 4.70B | 4.24B | 3.89B | 3.95B |
| Other Operating Expenses | -196.98M | -191.22M | -185.69M | -169.84M | -206.43M | -146.00M |
| Operating Expenses | 4.98B | 4.80B | 4.51B | 4.07B | 3.68B | 3.80B |
| Operating Income | 5.25B | 4.58B | 4.44B | 4.32B | 3.90B | 3.88B |
| Interest Expense | -103.37M | -146.37M | -443.14M | -273.06M | -40.39M | -78.18M |
| Interest & Investment Income | 459.49M | 459.53M | 592.34M | 406.03M | 76.09M | 126.25M |
| Earnings From Equity Investments | 149.50M | 107.21M | 85.82M | 67.21M | -2.43M | 45.91M |
| Currency Exchange Gain (Loss) | -1.71M | -17.08M | -334.59M | -336.39M | ||
| Other Non Operating Income (Expenses) | 4.47M | 655.00K | 55.03M | 40.70M | 18.89M | 685.00K |
| EBT Excluding Unusual Items | 5.76B | 4.98B | 4.40B | 4.22B | 3.95B | 3.98B |
| Gain (Loss) on Sale of Assets | 10.15M | 10.15M | 34.93M | 3.00M | 12.54M | 20.01M |
| Other Unusual Items | 70.00K | 935.00K | 712.00K | |||
| Pretax Income | 5.77B | 4.99B | 4.43B | 4.23B | 3.97B | 4.00B |
| Income Tax Expense | 1.10B | 1.27B | 1.06B | 989.68M | 954.62M | 1.09B |
| Net Income | 4.67B | 3.72B | 3.37B | 3.24B | 3.01B | 2.91B |
| Net Income to Common | 4.67B | 3.72B | 3.37B | 3.24B | 3.01B | 2.91B |
| Shares Outstanding (Basic) | 48.86M | 48.42M | 47.33M | 46.38M | 46.38M | 46.38M |
| Shares Outstanding (Diluted) | 48.86M | 48.42M | 47.33M | 46.38M | 46.38M | 46.38M |
| EPS (Basic) | 95.59 | 76.83 | 71.20 | 69.92 | 64.91 | 62.68 |
| EPS (Diluted) | 95.58 | 76.83 | 71.20 | 69.92 | 64.91 | 62.68 |
| Free Cash Flow | 702.34M | -492.90M | 878.68M | 5.32B | 2.05B | 1.65B |
| Free Cash Flow Per Share | 14.37 | -10.18 | 18.57 | 114.78 | 44.16 | 35.48 |
| Dividend Per Share | 52.50 | 52.50 | 52.50 | 50.00 | 40.00 | 40.00 |
| Gross Margin | 33.75% | 32.03% | 31.38% | 31.94% | 29.28% | 34.64% |
| Operating Margin | 17.32% | 15.63% | 15.57% | 16.45% | 15.05% | 17.50% |
| Profit Margin | 15.40% | 12.71% | 11.81% | 12.35% | 11.62% | 13.10% |
| Free Cash Flow Margin | 2.32% | -1.68% | 3.08% | 20.28% | 7.91% | 7.41% |
| EBITDA | 6.18B | 5.45B | 5.24B | 5.07B | 4.61B | 4.52B |
| EBITDA Margin | 20.37% | 18.61% | 18.37% | 19.32% | 17.79% | 20.36% |
| D&A For EBITDA | 924.81M | 871.67M | 801.01M | 755.25M | 710.84M | 633.72M |
| EBIT | 5.25B | 4.58B | 4.44B | 4.32B | 3.90B | 3.88B |
| EBIT Margin | 17.32% | 15.63% | 15.57% | 16.45% | 15.05% | 17.50% |
| Effective Tax Rate | 19.08% | 25.47% | 23.96% | 23.38% | 24.08% | 27.32% |
| Advertising Expenses | 944.43M | 1.13B | 927.57M | 900.46M | 1.26B |
Balance sheet
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.88B | 6.48B | 5.94B | 7.67B | 3.88B | 2.44B |
| Cash & Short-Term Investments | 4.88B | 6.48B | 5.94B | 7.67B | 3.88B | 2.44B |
| Accounts Receivable | 1.94B | 2.07B | 1.85B | 2.00B | 2.07B | 1.93B |
| Other Receivables | 202.44M | 252.76M | 248.91M | 200.42M | 127.62M | 54.70M |
| Receivables | 2.14B | 2.43B | 2.20B | 2.30B | 2.29B | 2.07B |
| Inventory | 5.84B | 5.11B | 5.48B | 5.38B | 4.78B | 4.70B |
| Prepaid Expenses | 184.19M | 133.50M | 128.07M | 27.63M | 35.72M | 46.35M |
| Other Current Assets | 517.84M | 95.28M | 244.39M | 882.15M | 737.12M | 139.50M |
| Total Current Assets | 13.57B | 14.24B | 14.00B | 16.26B | 11.72B | 9.40B |
| Property, Plant & Equipment | 13.29B | 13.15B | 9.06B | 8.04B | 7.57B | 6.91B |
| Long-Term Investments | 707.97M | 649.32M | 674.97M | 624.78M | 523.29M | 548.99M |
| Other Intangible Assets | 45.23M | 50.36M | 59.30M | 67.22M | 61.18M | 47.22M |
| Total Assets | 27.61B | 28.09B | 23.84B | 25.10B | 20.00B | 16.95B |
| Accounts Payable | 2.23B | 1.83B | 3.25B | 5.80B | 2.74B | 2.11B |
| Accrued Expenses | 2.28B | 3.89B | 3.35B | 3.17B | 3.04B | 2.71B |
| Short-Term Debt | 339.87M | 865.18M | ||||
| Current Portion of Leases | 124.55M | 125.24M | 123.19M | 106.19M | 99.40M | 72.89M |
| Current Income Taxes Payable | -5.09M | 94.91M | -84.39M | -22.90M | 115.01M | 335.03M |
| Other Current Liabilities | 576.13M | 785.81M | 608.53M | 616.12M | 287.90M | 389.39M |
| Total Current Liabilities | 5.54B | 7.59B | 7.25B | 9.68B | 6.29B | 5.62B |
| Long-Term Debt | 184.12M | 549.00M | 492.75M | |||
| Long-Term Leases | 495.53M | 506.21M | 413.85M | 395.68M | 480.08M | 494.13M |
| Pension & Post-Retirement Benefits | 26.95M | 28.02M | 24.93M | 26.29M | 23.51M | 20.20M |
| Long-Term Deferred Tax Liabilities | 80.99M | 128.07M | 145.39M | 155.99M | 234.30M | 267.62M |
| Total Liabilities | 6.15B | 8.44B | 8.38B | 10.75B | 7.03B | 6.40B |
| Common Stock | 491.06M | 491.06M | 463.78M | 463.78M | 463.78M | 463.78M |
| Additional Paid-In Capital | 2.96B | 2.96B | ||||
| Retained Earnings | 18.02B | 16.21B | 15.00B | 13.89B | 12.51B | 10.08B |
| Shareholders' Equity | 21.46B | 19.65B | 15.46B | 14.36B | 12.98B | 10.55B |
| Total Liabilities & Equity | 27.61B | 28.09B | 23.84B | 25.10B | 20.00B | 16.95B |
| Total Debt | 959.95M | 1.68B | 1.09B | 994.61M | 579.49M | 567.02M |
| Net Cash (Debt) | 3.92B | 4.80B | 4.86B | 6.67B | 3.30B | 1.87B |
| Net Cash Per Share | 80.20 | 99.13 | 102.64 | 143.83 | 71.10 | 40.42 |
| Filing Date Shares Outstanding | 49.11M | 49.11M | 46.38M | 46.38M | 46.38M | 46.38M |
| Total Common Shares Outstanding | 49.11M | 49.11M | 46.38M | 46.38M | 46.38M | 46.38M |
| Working Capital | 8.02B | 6.65B | 6.75B | 6.58B | 5.43B | 3.78B |
| Book Value Per Share | 437.05 | 400.24 | 333.42 | 309.53 | 279.78 | 227.39 |
| Tangible Book Value | 21.42B | 19.60B | 15.40B | 14.29B | 12.91B | 10.50B |
| Tangible Book Value Per Share | 436.13 | 399.21 | 332.14 | 308.08 | 278.46 | 226.37 |
| Land | 1.65B | 1.64B | 1.61B | 1.60B | 1.60B | |
| Buildings | 3.83B | 3.34B | 2.47B | 2.32B | 2.00B | |
| Machinery | 9.49B | 8.10B | 7.67B | 6.86B | 6.16B | |
| Construction In Progress | 4.91B | 4.77B | 1.88B | 1.58B | 1.27B | 1.01B |
Cash flow statement
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 4.67B | 3.72B | 3.37B | 3.24B | 3.01B | 2.91B |
| Depreciation & Amortization | 1.08B | 1.03B | 940.00M | 883.92M | 826.57M | 753.66M |
| Other Amortization | 17.08M | 17.08M | ||||
| Loss (Gain) From Sale of Assets | -13.61M | -10.15M | -34.93M | -3.00M | -12.55M | -20.01M |
| Loss (Gain) on Equity Investments | -42.28M | 2.43M | -45.91M | |||
| Other Operating Activities | -194.13M | 41.10M | 259.23M | -234.67M | -362.25M | -14.85M |
| Change in Accounts Receivable | 12.37M | -227.88M | 104.37M | -5.37M | -209.79M | -165.23M |
| Change in Inventory | 3.02M | 406.02M | -117.68M | -512.58M | -83.84M | -1.32B |
| Change in Accounts Payable | 132.72M | -834.12M | -1.86B | 3.24B | 660.86M | 763.25M |
| Change in Other Net Operating Assets | 17.98M | 195.83M | 69.42M | -130.91M | -385.95M | 82.15M |
| Operating Cash Flow | 5.68B | 4.34B | 2.73B | 6.48B | 3.45B | 2.94B |
| Capital Expenditures | -4.98B | -4.83B | -1.85B | -1.15B | -1.40B | -1.29B |
| Sale of Property, Plant & Equipment | 17.10M | 13.57M | 44.78M | 9.31M | 12.54M | 20.01M |
| Investment in Securities | 2.20M | -28.11M | -113.14M | |||
| Other Investing Activities | 169.17M | 168.80M | 1.98M | 31.02M | 23.65M | 23.74M |
| Investing Cash Flow | -4.45B | -3.73B | -1.75B | -1.09B | -1.48B | -1.40B |
| Long-Term Debt Issued | 56.25M | 492.75M | ||||
| Long-Term Debt Repaid | -517.07M | -117.30M | -108.13M | -84.52M | -85.39M | |
| Lease Payments | -153.29M | -152.20M | -117.30M | -108.13M | -84.52M | -85.39M |
| Net Debt Issued (Repaid) | -706.12M | -517.07M | -61.05M | 384.62M | -84.52M | -85.39M |
| Issuance of Common Stock | 2.98B | 2.98B | ||||
| Common Dividends Paid | -2.43B | -2.43B | -2.32B | -1.86B | -465.14M | -3.14B |
| Other Financing Activities | -63.90M | -108.46M | -343.96M | -193.54M | ||
| Financing Cash Flow | -221.47M | -76.98M | -2.72B | -1.67B | -549.66M | -3.22B |
| Foreign Exchange Rate Adjustments | 13.23M | 9.27M | 17.63M | 69.88M | 18.84M | 1.92M |
| Net Cash Flow | 1.02B | 536.95M | -1.72B | 3.79B | 1.44B | -1.68B |
| Free Cash Flow | 702.34M | -492.90M | 878.68M | 5.32B | 2.05B | 1.65B |
| Free Cash Flow Margin | 2.32% | -1.68% | 3.08% | 20.28% | 7.91% | 7.41% |
| Free Cash Flow Per Share | 14.37 | -10.18 | 18.57 | 114.78 | 44.16 | 35.48 |
| Levered Free Cash Flow | -611.32M | -1.25B | -323.72M | 4.89B | 1.60B | 1.18B |
| Unlevered Free Cash Flow | -546.71M | -1.16B | -46.76M | 5.06B | 1.62B | 1.22B |
| Free Cash Flow After Leases | 549.05M | -645.09M | 761.38M | 5.22B | 1.96B | 1.56B |
| Cash Interest Paid | 35.96M | 34.40M | 32.00M | 32.89M | 32.32M | 71.39M |
| Cash Income Tax Paid | 1.10B | 1.08B | 1.12B | 1.20B | 1.17B | 1.11B |
| Change in Working Capital | 166.09M | -460.14M | -1.80B | 2.59B | -18.71M | -643.43M |
Ratios
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 71.15B | 64.46B | 83.25B | 82.91B | 80.39B | 81.33B |
| Enterprise Value | 67.24B | 60.82B | 78.08B | 76.51B | 79.84B | 79.53B |
| Last Close Price | 1,449.00 | 1,338.86 | 1,638.72 | 1,588.01 | 1,505.53 | 1,514.56 |
| PE Ratio | 15.16 | 17.33 | 24.71 | 25.57 | 26.70 | 27.98 |
| Forward PE | 17.45 | 17.77 | 21.89 | 21.89 | 22.67 | 31.59 |
| PS Ratio | 2.35 | 2.20 | 2.92 | 3.16 | 3.10 | 3.66 |
| PB Ratio | 3.32 | 3.28 | 5.38 | 5.78 | 6.20 | 7.71 |
| P/TBV Ratio | 3.32 | 3.29 | 5.41 | 5.80 | 6.22 | 7.75 |
| P/FCF Ratio | 101.31 | 94.75 | 15.57 | 39.25 | 49.42 | |
| P/OCF Ratio | 12.52 | 14.87 | 30.45 | 12.80 | 23.33 | 27.70 |
| PEG Ratio | 1.29 | 1.29 | 1.29 | 1.40 | 0.60 | |
| EV/Sales Ratio | 2.22 | 2.08 | 2.74 | 2.92 | 3.08 | 3.58 |
| EV/EBITDA Ratio | 10.37 | 11.16 | 14.90 | 15.08 | 17.32 | 17.60 |
| EV/EBIT Ratio | 12.45 | 13.29 | 17.59 | 17.72 | 20.48 | 20.47 |
| EV/FCF Ratio | 95.73 | 88.86 | 14.37 | 38.98 | 48.33 | |
| Debt / Equity Ratio | 0.04 | 0.09 | 0.07 | 0.07 | 0.04 | 0.05 |
| Debt / EBITDA Ratio | 0.15 | 0.30 | 0.20 | 0.19 | 0.12 | 0.12 |
| Debt / FCF Ratio | 1.37 | 1.24 | 0.19 | 0.28 | 0.34 | |
| Net Debt / Equity Ratio | -0.18 | -0.24 | -0.31 | -0.47 | -0.25 | -0.18 |
| Net Debt / EBITDA Ratio | -0.63 | -0.88 | -0.93 | -1.31 | -0.71 | -0.41 |
| Net Debt / FCF Ratio | -5.58 | 9.74 | -5.53 | -1.25 | -1.61 | -1.14 |
| Asset Turnover | 1.21 | 1.13 | 1.17 | 1.16 | 1.40 | 1.33 |
| Inventory Turnover | 3.44 | 3.76 | 3.60 | 3.52 | 3.87 | 3.56 |
| Quick Ratio | 1.27 | 1.16 | 1.11 | 1.02 | 0.97 | 0.79 |
| Current Ratio | 2.45 | 1.88 | 1.93 | 1.68 | 1.86 | 1.67 |
| Return on Equity (ROE) | 24.73% | 21.19% | 22.60% | 23.73% | 25.60% | 27.27% |
| Return on Assets (ROA) | 13.09% | 11.01% | 11.34% | 11.96% | 13.19% | 14.56% |
| Return on Invested Capital (ROIC) | 26.24% | 26.79% | 36.92% | 38.10% | 32.26% | 35.54% |
| Return on Capital Employed (ROCE) | 23.80% | 22.30% | 26.80% | 28.00% | 28.40% | 34.30% |
| Earnings Yield | 6.60% | 5.77% | 4.05% | 3.91% | 3.74% | 3.57% |
| FCF Yield | 0.99% | -0.77% | 1.05% | 6.42% | 2.55% | 2.02% |
| Dividend Yield | 3.62% | 4.00% | 2.93% | 2.80% | 2.31% | 2.28% |
| Payout Ratio | 52.11% | 65.44% | 68.84% | 57.25% | 15.45% | 107.90% |
| Buyback Yield / Dilution | -4.82% | -2.31% | -2.05% | |||
| Total Shareholder Return | -1.20% | 1.69% | 0.88% | 2.80% | 2.31% | 2.28% |