Asian Paints vs Berger Paints – Which is Better?

When it comes to giving our homes a fresh new look, Asian Paints and Berger Paints are usually the first names that come to mind. They’re not just paint companies; instead, they’re part of almost every Indian household’s renovation story.

But have you ever wondered how these two giants compare when it comes to business performance, product range, and market presence? While both offer vibrant colours and reliable quality, their journeys, strategies, and financials tell very different stories.

In this blog, we’re exploring a head-to-head comparison of Asian Paints and Berger Paints, looking at everything from history and financials to innovation and customer appeal. Whether you’re a curious homeowner, a student, or an investor, you’ll find some colourful insights here!

Asian Paints – Company Overview 

Asian Paints isn’t just the biggest paint brand in India; it’s one of the most loved too. If you’ve ever thought about giving your walls a fresh coat or revamping your space, chances are you’ve come across their bold colours, smooth finishes, or that memorable line: “Har Ghar Kuch Kehta Hai.”

But there’s more to Asian Paints than just paint. Over the years, they’ve stepped into the world of home decor and design, offering everything from wallpapers and textured finishes to bathroom fittings and modular kitchens through their Sleek and Ess Ess brands.

History

• It all started in 1942, in the middle of World War II, when four friends, Champaklal Choksey, Chimanlal Choksi, Suryakant Dani, and Arvind Vakil, decided to start a small paint company in Mumbai.
  
• At a time when big foreign companies dominated the market, Asian Paints quickly stood out for its affordable pricing and strong dealer network.
  
• During the 1950s, Asian Paints launched Gattu, which became their signature character and was designed by R. K. Laxman to make paint advertising engaging for Indian households.

• Asian Paints became a market leader as it established itself with the help of innovative strategies and powerful branding alongside an extensive collection of paint finishes.

• Asian Paints now operates as a global corporation that maintains production facilities in more than 25 locations across Asia and the Middle East while serving clients in over 15 countries.

Read Also: Asian Paints Case Study: Business Segments, KPIs, Financials, and SWOT Analysis

Berger Paints – Company Overview 

Berger Paints India Ltd. is one of India’s most trusted paint manufacturers. Berger Paints stands out as a familiar household brand for wall paints, wood coatings, waterproofing solutions, and industrial finishing products.

They offer everything from simple whitewash options to high-end designer textures and eco-friendly paints. Whether you’re a homeowner, an interior designer, or a builder, Berger has something in its catalogue for everyone.

History

• Started in 1760 in the UK by Lewis Berger, who originally made pigments for artists.
  
• In 1923, a paint company named Hadfield’s (India) Ltd. was established, which was acquired by Berger in 1947 and renamed to British Paints (India) Ltd., marking the entry of Berger Paints in India.
  
• The company changed hands a few times before becoming Berger Paints India Ltd., with its headquarters in Kolkata.
  
• It was eventually acquired by the Dhingra family, who still run the business today.
  
• Over the years, Berger has expanded both in India and internationally, with manufacturing units, R&D centres, and a growing presence in countries like Nepal, Bangladesh, and Poland.
  

Comparative Study of Asian and Berger Paints

Particulars	Asian Paints	Berger Paints
Current Price (₹)	2,352	574
Market Cap (₹ Crores)	2,25,594	66,957
52-W High (₹)	3,395	630
52-W Low (₹)	2,125	438
FII Holdings as of March 2025	12.22%	5.75%
DII Holdings (as of March 2025)	15.58%	10.11%
Book Value (₹)	202	52.8
PE Ratio	57.4	56.7

Financial Statements Comparison of Asian and Berger Paints

Profit & Loss Statement Comparison

Particulars	Asian Paints	Berger Paints
Total Income	36,182	11,262
Total Expenses	28,762	9,668
Net Profit	5,424	1,128

Balance Sheet Comparison 

Particulars	Asian Paints	Berger Paints
Current Liabilities	8,500	2,362
Current Assets	17,537	4,318
Reserves & Surplus	18,632	5,262

Cash Flow Statement Comparison

Particulars	Asian Paints	Berger Paints
Cash Flow from Operating Activities	6,103	1,591
Cash Flow from Investing Activities	-2,517	-398
Cash Flow from Financing Activities	-2,982	-1,068

Inference

1. Asian Paints is the market leader as it brings in nearly 3x the revenue and over 5x the profit of Berger Paints.
   
2. Berger Paints, though smaller, is still a strong No. 2 in India’s paint industry and has been growing steadily year after year.
   
3. Asian Paints has a slightly better profit margin, which shows its efficiency and pricing power.
   
4. Both companies have solid pan-India and international presence, but Asian Paints leads in scale, innovation, and diversification. 

Key Performance Indicators (KPIs)

Particulars	Asian Paints	Berger Paints
Basic EPS (₹)	56.95	10.02
Operating Profit Margin (%)	20.90	14.23
Net Profit Margin (%)	15.28	10.07
Return on Equity (%)	29.15	21.7
Return on Capital Employed (%)	34.63	26.54
Debt-to-Equity (x)	0.06	0.04

Which Company Is Better? 

It depends on what you’re looking for.

If we’re talking about scale, innovation, and brand power, Asian Paints is the winner. It’s bigger and more diversified and has built a strong emotional connection with Indian homeowners over the years.

But that doesn’t mean Berger Paints is far behind. It’s a strong, fast-growing player that holds a significant market share, especially in certain regions and categories. It’s more focused, lean, and steadily expanding.

So, while Asian Paints leads the race overall, Berger Paints is worth keeping an eye on.

Read Also: List Of Best Paint Stocks in India

Conclusion 

When it comes to choosing between Asian Paints and Berger Paints, there’s no one-size-fits-all answer. Asian Paints leads the paint industry in innovation and has a strong brand presence. But Berger Paints has carved out its own space, growing steadily.

Whether you’re picking a reliable paint for your home or comparing the two as an investor, both brands bring something valuable to the table. Think of Asian Paints as the seasoned pro and Berger as the agile challenger—each with its own strengths.

In the end, it’s all about what matters most to you: consistency and scale, or potential and momentum. Investors are encouraged to carefully assess their investment goals and risk tolerance, and conduct thorough research, preferably with the guidance of a financial advisor, before considering an investment in Asian Paints or Berger Paints.

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