BERGEPAINT / Q3-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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WatchQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

12

Answered directly

83%

Numeric claims

0

Consistency

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Question ledger

What was answered, and how?

Mihir Shah · Nomura

direct

Sales growth momentum excluding October, and January trends.

October was negative... November did have a slight positive, and then December was better than that in mid-single digit type of a growth rate. And that is where we are in January as well.

Mihir Shah · Nomura

direct

Outlook for volume and value growth next year.

double-digit volume growth should happen... If the volume growth goes up to, say, 12%-13%, then the value growth should be in the range of 7%-8%.

Aditya Bhartia · Investec

direct

Why optimism from last call has changed and demand outlook.

I was also optimistic... about being more closer to 6%-7%... Possibly also that... there was some amount of stock buildup which happened, which got liquidated...

Aditya Bhartia · Investec

direct

Progress on anti-dumping duty on TiO2.

we did fight this case, and we won this battle in the court... we've got part of the money back... As of now, there is no anti-dumping duty on titanium dioxide.

Karthik Chellappa · Indus Capital Advisors

direct

Bifurcation of value-volume gap into mix, price, and spends.

mix change will be probably be about 3%-3.5%... about 2%-2.5% were on account of direct price drops... about 1.5 odd percentage which has gone up [painter spends].

Karthik Chellappa · Indus Capital Advisors

direct

Reason for continued mix shift towards economy.

the growth of these categories is much higher... starting from a low base... this is going to continue for the next possibly 1, 1.5, 2 years maybe.

Karthik Chellappa · Indus Capital Advisors

direct

Reason for slower market share gains and loss this quarter.

we have lost a little bit of market share... market leader has also lost market share... competitor leader... had a very low base... the gap between us and them in the fourth quarter was 9.5%.

Tejas · Research desk

direct

Broader competitive landscape including new entrants and consolidation.

those type of competitors have been coming... they are not very disruptive... maybe all combined together, they may be again impacting the growth rate by 1-1.5%... the bigger impact is coming from that one player, which is stabilizing.

Tejas · Research desk

partial

Disconnect between industry growth and nominal GDP growth.

why are we not looking at a 10% nominal growth... True, it should... But given the current context... we want to be conservative and be very sure that what we are saying, we should be able to deliver.

Rishi Modi · Carlyle

evasive

Gross margin impact from new resin facility and use of savings.

not very significant, I would say, though it will have some impact... possibly be utilized by us in the market... brand building efforts might require... more money there.

Rishi Modi · Carlyle

direct

Capital allocation: organic capex, dividends, buybacks.

we have plans for two factories... investment of about INR 1,800 crore-INR 2,000 crore... No, not at this present [buyback].

Aniruddha Joshi · ICICI Securities

partial

Initiatives to drive market growth and premiumization.

you need to create excitement by generating new product ideas... we keep looking at innovative product launches... we just introduced... DampShield, Color Plus, and the Metallic range.