61.88x versus 51.42x on trailing earnings.
Specialty Chemicals
Asian Paints vs Berger Paints
Price: 27 Apr 2026 | Fundamentals: 25 Apr 2026 | Quarter ended: 31 Dec 2025
Asian Paints vs Berger Paints is still a premium-versus-catch-up comparison, but the split is more specific than that. Asian Paints continues to justify part of its premium through stronger margin quality, while Berger Paints is the cheaper stock and has shown the stronger short-term tape.
12.14x versus 8.63x on current book value.
-7.87% versus -8.25% over 60 trading days.
Asian Paints rose +5.47% sequentially in the same quarter.
Overview
Should you prefer Asian Paints or Berger Paints right now?
For most readers, Asian Paints vs Berger Paints comes down to one issue: does Asian Paints still earn its premium, or is Berger Paints the better value if recent momentum holds?
Why the gap exists
- Asian Paints still has the stronger margin structure in the latest data, which is why the premium has not fully broken.
- Berger Paints becomes more compelling if the valuation gap stays wide and the recent strength is backed by better execution.
- If the margin gap narrows without a similar change in valuation, the balance of the pair can shift quickly.
What could change next
- Whether the operating-margin gap narrows in the next reported quarter.
- Whether Berger Paints can keep its relative strength without its valuation moving closer to Asian Paints.
- Whether cash conversion and free-cash-flow quality still support the premium discussion after the next annual update.
- Whether the broader industry rerates, because that changes how expensive both names really are.
The biggest gaps today are in valuation, margins, and recent price strength.
| Metric | NSE: ASIANPAINT  Asian Paints
Price
₹2,481 | NSE: BERGEPAINT  Berger Paints
Price
₹465 | Edge |
|---|---|---|---|
| 20D move | +11.76% | +12.27% | Berger Paints +0.51 pts |
| Trailing PE | 61.88x | 51.42x | Berger Paints +10.46x |
| P/B | 12.14x | 8.63x | Berger Paints +3.51x |
| ROE | +18.28% | +19.14% | Berger Paints +0.86 pts |
| Profit margin | +11.10% | +9.00% | Asian Paints +2.10 pts |
Industry context
Asian Paints vs Berger Paints vs the industry
The pair only becomes useful once the wider paint peer group is added. Berger Paints may look cheaper inside the pair, but both names still need to be judged against where the broader Specialty Chemicals and paint-linked group is trading on valuation and margins.
Both stay above industry PE; Berger Paints is cheaper on PE.
Both are ahead of industry operating margin; Asian Paints still leads on operating margin.
Both are ahead of industry ROE; Berger Paints still leads on ROE.
Both trail industry 60D return; Berger Paints has the stronger 60D return.
Both trail industry 60D alpha; Asian Paints has the stronger 60D alpha.
Both are ahead of industry technical score; Berger Paints still scores higher.
Valuation
Asian Paints vs Berger Paints valuation
The valuation gap is still the main argument in this pair. Berger Paints screens cheaper on headline multiples, while Asian Paints still asks investors to pay for better margin quality and franchise consistency.
Metric
Asian Paints
Berger Paints
Trailing PE
Both stay above industry PE; Berger Paints is cheaper on PE.
61.88x
51.42x
Forward PE
Both stay above industry forward PE; Berger Paints is cheaper on forward PE.
50.18x
41.65x
PEG ratio
Asian Paints is already below industry PEG; Berger Paints remains above it.
-14.01x
58.82x
Price / Sales
Both stay above industry P/S; Berger Paints is cheaper on P/S.
6.86x
4.63x
Price / Book
Both stay above industry P/B; Berger Paints is cheaper on P/B.
12.14x
8.63x
EV / EBITDA
Both stay above industry EV/EBITDA; Berger Paints is cheaper on EV/EBITDA.
34.91x
26.51x
Earnings yield
Both trail industry earnings yield; Berger Paints offers the better earnings yield.
+1.62%
+1.95%
Free cash flow yield
Both trail industry FCF yield; Berger Paints offers the better FCF yield.
+1.54%
+2.18%The market is still paying a premium for Asian Paints, but the real question is whether the margin and execution gap remains wide enough to keep that premium intact.
Quality and cash
Which company has stronger margins and business quality: Asian Paints or Berger Paints?
Asian Paints still carries the cleaner quality read because operating and profit margins remain better in the latest snapshot. Berger Paints is closer on return ratios than the valuation gap alone would imply, which keeps the pair balanced rather than one-sided.
Asian Paints
Gross +44.30% | Operating +16.55% | Profit +11.10%
Berger Paints
Gross +43.05% | Operating +12.43% | Profit +9.00%
Asian Paints keeps the cleaner margin structure in the latest snapshot, which is why its premium still needs to be judged against profitability rather than price alone.
Asian Paints
+123.2%
Berger Paints
+125.9%
Operating cash flow versus trailing net income highlights whether profit quality is being backed by cash generation.
Asian Paints
+10.6%
Berger Paints
+10.1%
Free cash flow margin matters because it shows how much revenue is making it through to discretionary cash after operating needs.
Asian Paints
+5.32%
Berger Paints
+9.80%
Longer-horizon growth is more useful than one quarter when the pair is being judged for durability rather than just the latest beat or miss.
Asian Paints
+84.35%
Berger Paints
+56.17%
Cash-flow growth tells a cleaner story than earnings alone when valuation is already rich.
Asian Paints
+62.45%
Berger Paints
+42.08%
Payout ratio helps frame how much room each business still has to retain capital versus return cash.
The quality edge still sits with Asian Paints, but Berger Paints does not look weak enough operationally to dismiss the cheaper multiple outright.
Profitability and balance sheet
As of 25 Apr 2026
Metric
Asian Paints
Berger Paints
ROE
+18.28%
+19.14%
Profit margin
+11.10%
+9.00%
Operating margin
+16.55%
+12.43%
Debt / equity
17.61
11.08
Current ratio
2.18
2.05
Dividend yield
+0.36%
+3.30%
Latest quarter
Quarter ended 31 Dec 2025
Metric
Asian Paints
Berger Paints
Sales
₹88.67B
₹29.84B
Net income
₹10.74B
₹2.71B
Diluted EPS
11.05
2.33
Sales QoQ
+3.94%
+5.53%
Profit QoQ
+5.47%
+31.48%
Revenue growth YoY
+3.70%
+0.30%
Technical snapshot
As of 27 Apr 2026
Metric
Asian Paints
Berger Paints
1D move
-0.18%
+0.96%
20D move
+11.76%
+12.27%
60D move
-8.25%
-7.87%
RSI (14)
60.4
56.7
Technical score
6/15
7/15
Below 52W high
+16.91%
+23.17%
The full 15-point score breakdown is available in the module below.
Technical score
What goes into the technical score
The technical score uses 15 checks from the latest session: 5 on price structure, 5 on momentum, and 5 on risk.
Technical score
What goes into the technical score
The technical score uses 15 checks from the latest session: 5 on price structure, 5 on momentum, and 5 on risk.
Asian Paints
6/15
Berger Paints
7/15
Price structure
Trend and positioning checks based on moving averages, the Bollinger midline, and breakout behavior.
Asian Paints 3/5
Berger Paints 3/5
Signal
Asian Paints
Berger Paints
EMA 14 above EMA 21
Pass
Pass
Price above SMA 50
Pass
Pass
Price above SMA 200
Off
Off
Price above Bollinger midline
Pass
Pass
Close near 20-day breakout level
Off
Off
Momentum
Directional confirmation from RSI, MACD, stochastic, ROC, and ADX trend conditions.
Asian Paints 2/5
Berger Paints 2/5
Signal
Asian Paints
Berger Paints
RSI in positive zone
Off
Off
MACD bullish crossover
Pass
Pass
Stochastic bullish crossover
Off
Off
10-day rate of change positive
Off
Off
ADX trend confirmation
Pass
Pass
Risk profile
Calmer-tape checks. A higher score here means volatility and drawdown conditions look more contained, not that risk is higher.
Asian Paints 1/5
Berger Paints 2/5
Signal
Asian Paints
Berger Paints
ATR percentage contained
Off
Off
30-day volatility contained
Off
Off
Bollinger band width controlled
Pass
Pass
Ulcer index low
Off
Pass
30-day drawdown shallow
Off
Off
History
How price performance and valuation premium have moved recently
Price history: 27 Apr 2026 | Valuation: 27 Apr 2026These charts show how the pair has traded over time and whether the valuation premium is narrowing or widening. Hover or tap the points to inspect each monthly reading.
Normalized price performance over the recent monthly tape
Asian PaintsBerger Paints
From Sep 2025 to Apr 2026, Asian Paints moved from 100.0 to 105.6 while Berger Paints moved from 100.0 to 90.2. The end-of-period gap is 15.3 points in favor of Asian Paints.
Asian Paints valuation premium over Berger Paints
PE premium %P/B premium %
PE spread moved from 19.9% in Jan 2026 to 20.3% in Apr 2026, with Asian Paints still trading at a premium to Berger Paints at the latest reading. P/B spread moved from 38.5% in Jan 2026 to 40.7% in Apr 2026.
At a glance
Where Asian Paints vs Berger Paints stands today
Latest available data: 27 Apr 2026
Lens
Current lead
Why it matters now
Valuation
Berger Paints
Asian Paints trades at 61.88x PE and 12.14x P/B versus Berger Paints at 51.42x PE and 8.63x P/B.
Operating quality
Asian Paints
Asian Paints has the higher profit margin, while Berger Paints still leads on ROE.
Current tape
Berger Paints
Technical score is 6/15 for Asian Paints against 7/15 for Berger Paints, with 20D returns at +11.76% and +12.27%.
Latest quarter
Berger Paints
Sequential profit growth came in at +5.47% for Asian Paints and +31.48% for Berger Paints.
Risk profile
Asian Paints vs Berger Paints technical comparison
Berger Paints has the better short-term tape, while Asian Paints still carries the heavier valuation burden. That leaves the technical read important, because short-term momentum now matters more than it did when the pair was only about premium quality.
Asian Paints
-28.56%
Berger Paints
-32.69%
This is the deepest peak-to-trough fall seen in the last year. It is one of the fastest ways to judge how much pain the market has already priced in.
Asian Paints
-40.15%
Berger Paints
-39.65%
The 3Y drawdown lens gives a cleaner view of how each stock behaved through a fuller market cycle.
Asian Paints
-40.70%
Berger Paints
-43.96%
Longer drawdown history matters for compounding names because it shows what happens when the premium gets challenged hard.
Asian Paints
+32.17%
Berger Paints
+29.66%
Short-term volatility matters because the same return can feel very different when the path is much rougher.
Asian Paints
+16.91%
Berger Paints
+23.17%
Distance from the 52-week high shows how much technical repair is still left before the stock is back near peak pricing.
Asian Paints
-2.55%
Berger Paints
-5.66%
Alpha helps separate stock-specific strength from a simple market bounce.
The tape is helping Berger Paints more than it is helping Asian Paints right now. The next question is whether that strength can persist long enough to challenge the premium gap.
Investor fit
Asian Paints or Berger Paints: which stock suits which investor?
Asian Paints still fits investors who are willing to pay for cleaner margin structure and steadier operating quality. Berger Paints makes more sense for investors who care more about valuation support and recent relative strength.
Prefer Asian Paints if
- you want the stronger current margin base and steadier operating profile
- you are more comfortable paying up when profitability still leads the pair
- you care more about franchise durability than short-term multiple compression
Prefer Berger Paints if
- you want the cheaper headline multiple inside the pair
- you believe the stronger recent tape in Berger Paints can continue without the premium expanding to Asian Paints levels
- you are looking for catch-up potential rather than paying for the cleanest franchise immediately
Stay selective if
- both stocks remain rich versus the current industry median and the next quarter does not improve the justification for those multiples
- the cheaper stock is only cheaper because quality or cash-generation is structurally weaker
- the recent technical lead fades before the fundamental spread changes in a durable way
Methodology
How this comparison works
- Industry comparison uses the latest available median across 122 Specialty Chemicals stocks, with 386 Basic Materials stocks used as the broader sector fallback.
- The valuation stack combines earnings, sales, book value, enterprise value, and cash-flow yields so one ratio does not dominate the reading.
- Technical score is a 15-point count of the latest scored-indicator snapshot: 5 price-structure checks, 5 momentum checks, and 5 risk-profile checks. It should still be read alongside raw return, alpha, volatility, and distance-from-high data.
- Drawdown figures are computed from local daily price history in MarketOwl. They describe historical path risk and are not forecasts.
- The valuation premium history chart currently reflects the recent available valuation series inside MarketOwl, while the price history chart uses the deeper local price tape.
Q&A
Common questions about Asian Paints vs Berger Paints
Short answers on valuation, technicals, margins, and the latest quarter.
Which stock looks cheaper right now: Asian Paints or Berger Paints?
Berger Paints is still the cheaper stock inside the pair on trailing PE and price to book. That matters, but the discount has to be judged against Asian Paints still holding the stronger margin profile.
Why does Asian Paints still trade at a premium to Berger Paints?
Asian Paints still commands a premium because the latest snapshot shows a cleaner operating profile, stronger profit margin, and a more established quality perception inside the pair. The debate is whether that premium remains too wide relative to the current business gap.
Which stock has the stronger recent technical setup: Asian Paints or Berger Paints?
Berger Paints currently has the stronger recent tape. The latest technical read and short-term return profile both lean toward Berger Paints, which is why the pair is no longer just a valuation story.
Which company has stronger margins: Asian Paints or Berger Paints?
Asian Paints still leads on both operating and profit margin in the latest fundamentals snapshot. That margin edge is the main reason the premium discussion remains alive.
What changed in the latest quarter for Asian Paints vs Berger Paints?
The latest quarter kept the pair balanced rather than settled. Berger Paints held onto the stronger short-term price setup, while Asian Paints still retained the cleaner margin base, so neither side fully closed the gap.
Which stock suits long-term investors better: Asian Paints or Berger Paints?
Asian Paints still suits long-term investors better if the priority is margin quality and franchise durability. Berger Paints fits better when the priority is a cheaper entry point with room for catch-up if recent strength holds.
Updated data
Price and technical data update daily when market data is available. Fundamentals and quarterly numbers use the latest reported data.
Price data: 27 Apr 2026
Fundamentals: 25 Apr 2026
Quarter ended: 31 Dec 2025
