India · Delayed Price · Currency is INR Berger Paints India Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw high single-digit volume growth but muted value growth due to mix and price effects. Gross margin reached a 15-quarter high, while EBITDA margin stayed within guidance. Demand is gradually improving, with double-digit volume growth expected next year and continued investments in distribution and innovation.
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Q2 FY26 saw high single-digit volume growth but muted value growth due to extended monsoon, impacting premium product sales and margins. Investments in network and brand building continued, with expectations for improved demand and margins in H2 as weather normalizes.
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Q1 FY26 saw continued market share gains and mid-single-digit volume growth, despite monsoon-related headwinds and a one-time warehouse fire loss. Margins improved year-over-year, new products were launched, and demand is expected to recover post-monsoon, with margin guidance maintained.
Fiscal Year 2025
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Q4 delivered strong volume and profit growth, with market share gains and margin expansion despite industry headwinds. Decorative, construction chemicals, and wood coatings outperformed, while B2B segments lagged. Guidance points to sustained margins, improved revenue growth, and continued innovation.
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Q3 FY25 saw high single-digit volume growth, stable margins, and improved net cash, with strong performance in decorative and protective segments. Competitive intensity and price cuts impacted value growth, but sequential improvements and narrowing volume-value gaps are expected.
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Q2 FY25 saw flat revenue due to weather disruptions, but gross margins hit a 10-quarter high and premium segments grew strongly. Urban market initiatives and differentiated products are expected to drive future growth, with double-digit volume growth targeted for Q4.
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Delivered strong double-digit volume growth and market share gains in Q1 FY25, with stable margins and robust cash position. Decorative and construction chemical segments led growth, while new product launches and digital initiatives supported expansion. Margins and value growth are expected to improve in Q2.