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Revenue
₹2,975 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 7.4% volume growth in Q3 FY25, outperforming peers, driven by strong decorative performance and market share gains (now >20%). Revenue grew 0.4% YoY (standalone) due to price cuts and mix shift to high-volume products like tile adhesives. EBITDA margin at 16.2% remained within the guided 15-17% range, improving sequentially. PAT rose 16.3% aided by a dividend from BJN Nepal. Management expects volume growth to approach double digits in Q4 as price cut impacts wane and consumer sentiment improves post-budget. Key risks include sustained competitive intensity from Grasim (estimated 3.5% market share) and currency depreciation, though raw material costs are expected to remain stable.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume growth to improve sequentially, moving towards double digits in Q4, driven by waning price cut impact and better sentiment.
- Management reiterated its guidance of EBITDA margin staying within the 15-17% range, with no plans to sacrifice profitability for market share.
- The volume-value gap, currently ~6.5%, is expected to reduce as price cut impact fades, leaving a structural gap of 2-2.5% from mix shift.
Risks flagged
- Grasim has gained ~3.5% market share YTD, impacting industry growth. Berger expects continued pressure but aims to offset via distribution expansion.
- INR depreciation could raise import costs (25-30% of RM), but management expects stable oil prices to offset. Risk if depreciation accelerates.
- If the anticipated demand recovery post-budget does not materialize, volume growth may remain below historical trends.
Key quotes
- We have managed to gain market share over last year. There is nothing much to worry on that count.
- We are not interested in this game of no profit or less profit and trying to do some sale somehow. That's not what we are interested in.
- The volume-value gap is expected to bridge due to waning of price decrease impact in the coming quarters.
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