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Revenue
₹2,984 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 Q3 FY26 with standalone revenue growth of just 0.4% YoY, despite 8.5% volume growth, highlighting a persistent value-volume gap driven by mix shift toward economy products and price cuts. Gross margins expanded to 41.2%, the highest in 15 quarters, but EBITDA margin contracted slightly to 16.1% due to lack of operating leverage. Demand showed gradual improvement from a negative October to mid-single-digit growth in December and January. Management expects volume growth to reach double digits, but value growth will lag by 4-5% due to continued mix shift. Competitive intensity from the new entrant appears to be stabilizing. Key risk: demand recovery may remain tepid if macroeconomic headwinds persist.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume growth to reach double digits, with value growth lagging by 4-5% due to mix shift.
- PBDIT margin is expected to stay within the guided range of 15%-17%.
- Plans for two factories in Panagarh and Odisha, with total investment of about INR 1,800-2,000 crore.
Risks flagged
- Despite early signs of improvement, demand recovery has been gradual and may not accelerate as anticipated.
- Mix shift toward lower-ASP products like economy emulsions and tile adhesives is expected to continue, capping value growth.
- The new challenger's high share of voice and aggressive pricing may pressure margins and market share.
- Geopolitical uncertainty, forex volatility, and evolving tariff dynamics may pose near- to medium-term volatility.
Key quotes
- October was negative, November slightly positive, December more positive, January slightly more positive than December, so it's improving month-on-month.
- The mix change will be probably be about 3%-3.5%, you know, on account of the low-value, high-volume products selling much more than other products.
- We don't want to say that, you know, we will grow at double-digit and then land up with 4-5%.
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