BERGEPAINT / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Berger Paints (I) · Analyst questions, management answers, and the quality of the response where the ledger is available.

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NegativeQ2-FY26 · 2025-10-30Back to quarter ↗

Questions audited

Answered directly

96%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Mihir Shah · Nomura

direct

Was mix deterioration a conscious choice or forced?

Mihir, no, actually it is not a conscious choice. It is a forced choice. Essentially, the weather conditions, as I have mentioned, is a problem, was a big problem.

Mihir Shah · Nomura

direct

Volume outlook for Q3 and Q4 given weak October?

October for the whole industry would have been muted. ... November, December will be months where we expect very good growths to happen. Should be double-digit growths in November, for sure, and December as well, we should see good growth.

Mihir Shah · Nomura

direct

Will margin improvement lead to higher ad spends?

Our guided band has been the 15%-17%. We would like to remain there. If we see that we are having the luxury of spending a little bit more, we would like to invest in brand building a bit more than what we are doing even today.

Abhi Mehta · Acquis

partial

Industry growth in Q2 and full-year expectations?

I would expect the leader to do slightly better in terms of growth due to the weaker base. And I would expect Akzo to be similar to us or slightly lower, and therefore, the overall growth rate for the industry won't be greatly different from where we are positioned.

Abhi Mehta · Acquis

direct

Full-year growth expectation revisit due to weather?

Too early to say, Abhi, but my expectation is that, and we have said this earlier as well, that in the third quarter, we had always said that it will be around the mid-single digit. And in the fourth quarter, we will be closer to the double-digit mark. We stand by that.

Abhi Mehta · Acquis

direct

Any change in competitive intensity from new entrant?

Competition continues. The intensity has stabilized, I would say, in the marketplace. ... The impact, therefore, will be lesser on the existing players going forward.

Aditya Bhartia · Investec

direct

Why did EBITDA margins drop so much this quarter?

If you look at absolute value, quarter two is much lower than quarter one for us. The growth rate is similar, but absolute value-wise, it is much lower. Hence, absorption of the overheads became much more difficult in this quarter, which is why you see this stronger fall in quarter two.

Aditya Bhartia · Investec

direct

Raw material cost advantage in H2?

There is an advantage coming up, which we see about 1.5% possibly in terms of margin expansion, which is likely to happen on account of raw material prices cooling off.

Aniruddha Joshi · ICICI Securities

direct

Why expenses rose despite natural hedges?

If you look at the ad spends, we have increased it from last year levels almost by 22%, 23% possibly, and that's on television and digital put together. ... We have invested mostly in additional manpower in the urban markets, which I mentioned.

Karthik Chellappa · Indus Capital

direct

When will volume-value gap narrow to nil?

It is not going to narrow to nil in the short duration. ... However, we see the volume value gap narrowing to about 4%, 4.5%, and likely to remain stable around that point. That should happen going forward from maybe the fourth quarter of next year.

Karthik Chellappa · Indus Capital

direct

Full-year margin range closer to 15-16%?

If you look at where we are headed, we will improve slightly in the third quarter and will be more closer to that 17% mark in the fourth quarter, right? On an average, probably will be around that 16%, 15.7%, 16% for the full year.

Shirish Pardeshi · Motilal Oswal

direct

How will double-digit growth in Q4 be achieved?

It is a combination of all of these factors. The investments that we have made in terms of network expansion. ... we will add, in fact, more dealers on the ground in the third quarter as well. ... the product range that we have introduced, some of them new, some of them which have just been introduced, three more which will get introduced this quarter.