Berger Paints has informed the stock exchanges of a change in its Registrar and Transfer Agent (RTA), following the amalgamation of CB Management Services Private Limited with MUFG Intime India Private Limited. The merger became effective from May 8, 2026, pursuant to an order passed by the Regional Director (WR), Registrar of Companies, Mumbai. As a result, the company's RTA now stands changed to MUFG Intime India Private Limited, bearing SEBI Registration No. INR000004058.

Key Details of the RTA Change

The following table outlines the key changes regarding the Registrar and Transfer Agent:

Background of the Amalgamation

The amalgamation was carried out under Section 233 of the Companies Act, 2013, read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. The scheme was confirmed by the Regional Director (WR) with an appointed date of April 1, 2025, and an effective date of May 8, 2026. CB Management Services Private Limited, the transferor company, was a wholly-owned subsidiary of MUFG Intime India Private Limited, the transferee company. Since the merger involved a wholly-owned subsidiary and its holding company, no new equity shares were issued pursuant to the scheme.

Impact on Shareholders and Investors

Berger Paints has clarified that there is no change in the services rendered to shareholders and investors, and all RTA activities will continue seamlessly under the new name. The updated information has been made available on the company's website. Shareholders and investors have been requested to take note of the change in RTA name and the new contact details for investor queries.

Berger Paints has received a mixed set of analyst ratings following its latest quarterly results, with three major brokerages—Morgan Stanley, Macquarie, and Nomura—each offering distinct perspectives on the company's near-term outlook. While all three acknowledge a Q4 earnings beat, their recommendations and target prices diverge significantly, reflecting differing views on valuation and growth sustainability.

Analyst Ratings at a Glance

The following table summarises the current ratings, target prices, and key rationale from each brokerage:

Morgan Stanley: Underweight at ₹429

Morgan Stanley has maintained its Underweight rating on Berger Paints with a target price of ₹429. The brokerage acknowledged a Q4 earnings beat and noted expectations of improved FY27 value growth, supported by pricing actions taken by the company. April secondary sales were reported to have remained in line with Q4 levels, and the volume impact from price hikes is expected to stay limited. Morgan Stanley also noted that EBITDA margins are likely to be maintained in the 15–17% range, despite slightly lower gross margins.

Macquarie: Underperform at ₹395

Macquarie has retained its Underperform rating with a target price of ₹395, the most conservative among the three brokerages. The firm cited a Q4 EBITDA beat and a constructive growth outlook, with management expressing confidence in sustaining FY27 standalone EBITDA margins in the 15–17% range. Macquarie noted that the volume impact from price hikes is expected to remain limited, owing to a favourable base. The brokerage also highlighted management's forecast that FY27 value growth is expected to outpace volume growth momentum.

Nomura: Buy at ₹650

In contrast, Nomura has maintained a Buy rating on Berger Paints with a target price of ₹650, the most optimistic stance among the three. The brokerage cited an all-round beat in 4QFY26, driven by strong 11.8% YoY volume growth and continued month-on-month demand recovery despite price hikes. Nomura also pointed to better-than-expected sales and operating profit growth, with gross margins improving to peak levels, supported by timely price increases.

Key Themes Across Brokerages

Despite differing ratings, several common themes emerge across the three analyst notes:

• Q4 earnings beat acknowledged by all three brokerages
• FY27 EBITDA margin guidance of 15–17% cited by both Morgan Stanley and Macquarie
• Limited volume impact from price hikes, supported by a favourable base
• FY27 value growth expected to outpace volume growth momentum
• Gross margin improvement to peak levels, as highlighted by Nomura

The divergence in ratings—ranging from Underperform to Buy—reflects varying assessments of Berger Paints' valuation relative to its near-term growth prospects, with the target price range spanning from ₹395 to ₹650.