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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,775 Cr
verified against source
Revenue YoY
-0.4%
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 muted Q2 FY25 with revenue nearly flat YoY (-0.4%), impacted by extended monsoon and flooding in key markets. EBITDA margin came in at 15.8%, within the guided 15%-17% range, while gross margin hit a 10-quarter high of 40.4% (standalone) driven by a favorable product mix shift toward premium/luxury products. Volume growth was 3.6% for the quarter, with half-yearly volume at 7.8%. Management expects volume growth to improve to 7%-10% in Q3 and double-digit in Q4, aided by price increases (~2.5%) and waning base effects. The company is investing in urban market initiatives and construction chemicals, which weighed on employee costs. Risks include sustained competitive intensity from new entrants and potential geopolitical headwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume growth to be between 7% and 10% in Q3, driven by demand recovery and urban initiatives.
- Volume growth is expected to reach double digits in Q4, aided by favorable base and improving demand.
- Management reaffirmed that EBITDA margin will stay within the guided 15%-17% band in the foreseeable short term.
- Value growth is expected to be about 1% ahead of volume growth in Q4 as price increases and base effects play out.
Risks flagged
- New players like Grasim and potential entry of others could pressure pricing and market share, especially in mass products like putty.
- Management noted that geopolitics may pose risks, potentially affecting input costs and supply chains.
- The urban market strategy, while promising, may take several quarters to show meaningful impact, with benefits expected only from Q4 and next year.
- Bolix subsidiary had a one-off revenue reversal of INR 12 crore due to a project dispute, impacting consolidated profitability.
Key quotes
- We believe that we have continued to gain market share in quarter two in spite of the muted performance.
- The volume-value gap, which existed because of the price drop which had happened last year, was partly mitigated through product price increase undertaken in this quarter and improvement in product mix.
- I think that fear is built up too much, I would say, in the minds of the analysts much more. I do not see that as a big fear existing.
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