Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹3,201 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Berger Paints reported a resilient Q1 FY26 with 5.5% volume growth and 2% value growth on a standalone basis, outperforming the industry which grew only 0.3% among listed players. Market share improved to 21.2% (standalone basis) driven by consistent outperformance. PBDIT margins expanded to 17.4% (vs 17.2% YoY) despite competitive pressures, aided by stable gross margins and operating leverage from the Sandila plant. The decorative segment saw mid-single-digit volume growth, while automotive and protective coatings performed well. Management expects demand to recover post-monsoon, targeting a return to 7-9% volume growth in H2. Key risks include currency volatility, geopolitical tensions, and sustained competitive intensity from new entrants. The exceptional item of INR 36.8 crore from a warehouse fire (fully insured) impacted PAT but is non-recurring.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume growth to recover to 7-9% range after monsoon abates, with potential for high single-digit growth in H2.
- Management reiterated margin guidance of 15-17% PBDIT, with current standalone margin at 17.4% within the band.
- Expects value growth to reach high single digits (9-10%) by Q4 FY26 or early Q1 FY27 as mix improves and price cuts annualize.
- On track to install over 10,000 tinting machines during the fiscal year, with 2,500+ already installed in Q1.
Risks flagged
- New player (Birla) has gained ~5.5-6% market share, and JSW-Akzo merger could increase competition. Management notes initial euphoria is over but competition remains elevated.
- Early and heavy monsoon in May-June led to lower volume growth (5.5% vs expected high single-digit). July also heavy, potentially deferring demand recovery.
- Management highlighted currency volatility, tariff wars, and geopolitical tensions as key risk factors for the business outlook.
- Bolix UK faced cost overruns due to project delays from regulatory changes, impacting consolidated operating profit. Recovery timeline uncertain.
Key quotes
- We continue to gain market share, market share above 20% within the listed company space.
- The initial euphoria is over completely. That's gone. Now is the time when people start realizing that it is not very easy to get additional margin.
- We have been consistently outperforming the industry, resulting in market share gain.
Research modules