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Berger Paints (I) Margin Trend — Quarter by Quarter

Berger Paints (I)'s EBITDA margin moved from 18.8% in Q1 FY24 to 18.3% in Q4 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2618.3%—
Q3 FY2616.1%-10 bps
Q2 FY2612.7%—
Q4 FY2516.6%+40 bps
Q3 FY2516.2%—
Q2 FY2515.8%—
Q1 FY2517.2%-160 bps
Q4 FY2414.5%—
Q3 FY2416.7%+380 bps
Q2 FY2417.0%+310 bps
Q1 FY2418.8%—

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin guidance of 15-17% maintained

Management reiterated that operating margins will remain within the guided range of 15-17% on a standalone basis, supported by cost optimization and operating leverage.

G

Q4 FY26 · Cumulative price hikes of ~11-12% to offset raw material inflation

Price increases taken across products are expected to neutralize the impact of raw material cost inflation, with gross margins likely to see only a slight dip of ~1.5% which will be offset by scale efficiencies.

G

Q3 FY26 · Operating margins to remain within 15%-17% range

PBDIT margin is expected to stay within the guided range of 15%-17%.

G

Q2 FY26 · EBITDA margin to return to 15-17% in H2

Management guided EBITDA margin to improve to 15-17% in Q3 and toward the higher end in Q4, aided by raw material benefits and operating leverage.

G

Q2 FY26 · Gross margin expansion of ~1.5% from raw material tailwinds

Management expects ~1.5% gross margin expansion in H2 due to benign raw material prices and improving product mix.

G

Q1 FY26 · PBDIT margin to remain in 15-17% band

Management reiterated margin guidance of 15-17% PBDIT, with current standalone margin at 17.4% within the band.

G

Q4 FY25 · EBITDA margin to remain in 15%-17% band

Management expects to maintain EBITDA margins at the higher end of the guided 15%-17% range, supported by stable gross margins and cost control.

G

Q3 FY25 · EBITDA margin to remain in 15-17% band

Management reiterated its guidance of EBITDA margin staying within the 15-17% range, with no plans to sacrifice profitability for market share.

G

Q2 FY25 · Operating margin to remain in 15%-17% range

Management reaffirmed that EBITDA margin will stay within the guided 15%-17% band in the foreseeable short term.

G

Q1 FY25 · Operating margin to improve marginally in Q2 to above 17%

Management expects Q2 EBITDA margin to be slightly better than Q1's 17.2%, despite RM inflation and higher ad spend.

G

Q4 FY24 · EBITDA margin to remain in 15%-17% range

Management reiterated its comfort range of 15-17% EBITDA margin, with any upside likely reinvested in advertising.

G

Q3 FY24 · EBITDA margin to remain in 15-17% range

Management reiterated guidance that EBITDA margin will stay within 15-17% bracket, balancing market share and profitability.