Volume Growth (Standalone)
11.8%
+11.8pp YoY
Driven by healthy traction across decorative and industrial segments.
BERGERPAINTSINDIA
Manufacturing
01 May 2026
Berger Paints India Ltd — Q4 FY26
Berger Paints delivered a strong Q4 FY26 with standalone volume growth of 11.8% and value growth of 6.7%, driven by healthy traction across decorative and industrial segments.
✓ Verified against BSE filing
2-Min Summary
Berger Paints delivered a strong Q4 FY26 with standalone volume growth of 11.8% and value growth of 6.7%, driven by healthy traction across decorative and industrial segments. Gross margin expanded to a 12-quarter high of 42.3% and EBITDA margin reached an 10-quarter high of 18.3%, aided by favorable mix, operating leverage, and lower raw material costs. PAT grew 38% including an insurance claim reversal. Management guided for FY27 volume growth to hold at similar levels with value growth outpacing volume due to cumulative price hikes of ~12%. Risks include elevated competitive intensity and potential demand softness from inflation. The new entrant's pricing discipline has improved, supporting industry rationality.
Key Numbers
Gross Margin
42.3%
+110bps YoY
12-quarter high, supported by favorable mix and lower RM costs.
Retail Store Count
1,900
+700 stores YoY
Expanded retail footprint with over 700 additions during the year.
Tinting Machine Installations
10,000+
+2,600 in Q4
Crossed 10,000 units with 2,600+ deployments in Q4 alone.
Management Guidance
Cumulative price hikes of ~12% in Q1 FY27
Management has taken three price increases in Q1 and a fourth on May 15, totaling ~12% to offset raw material inflation.
revenueFY27 volume growth expected to hold at similar levels
Volume growth expected to be similar to FY26, with value growth significantly higher due to price hikes.
growthEBITDA margin guidance maintained at 15-17%
Management reiterated the 15-17% EBITDA margin range on a 12-month basis, with potential to exceed temporarily.
marginsNepal business expected to recover with double-digit growth
After election-related disruption, Nepal has seen robust double-digit growth in recent months and is expected to recover.
growthKey Risks
Elevated competitive intensity
Despite improved pricing discipline from new entrants, competitive pressure remains high and could impact market share.
medium · management_commentaryRaw material cost inflation and rupee depreciation
Sharp rupee depreciation and volatile crude-based derivatives could pressure margins if not fully offset by price hikes.
high · management_commentaryPotential volume impact from price hikes
Analyst raised concern that 12% price increase could dampen demand; management believes impact will be marginal.
medium · analyst_questionChannel inventory buildup
Analyst noted channel inventory may have risen materially due to pre-buying ahead of price hikes, which could affect future orders.
low · analyst_questionNotable Quotes
We are slightly boring but consistent.
The new entrant actually spent far far beyond their market share. That's something which is their choice.
We have not seen this type of increase of 12-13% but we have definitely seen 7-8% price increases at least four-five times earlier.