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Revenue
₹2,704 Cr
verified against source
Revenue YoY
4.4%
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 delivered a strong Q4 FY25 with 4.4% revenue growth and 19.8% EBITDA growth, driven by 7.4% volume growth and gross margin expansion to 41.2%. Market share improved to 20.3% despite heightened competition from Birla Opus. Decorative volume grew high single-digit, with construction chemicals and waterproofing outperforming. Management expects sequential improvement in FY26 as price cut impacts wane and urban demand recovers. Risks include sustained competitive intensity and potential raw material cost inflation from anti-dumping duty on rutile.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain EBITDA margins at the higher end of the guided 15%-17% range, supported by stable gross margins and cost control.
- Revenue growth is expected to improve each quarter in FY26 as the volume-value gap narrows and demand recovers, with Q1 being slightly better than Q4 FY25.
- Capital expenditure for FY26 is guided at around INR 400 crore, primarily for Hindupur expansion (INR 250 crore) and initial spend on Panagar plant (INR 150 crore).
- Management expects market share gains from listed players to normalize to 0.3-0.4% per year, lower than the exceptional gain in FY25.
Risks flagged
- Birla Opus is expected to continue aggressive pricing and market share grabs, potentially pressuring volumes and margins in the near term.
- The government imposed anti-dumping duty on rutile, which could increase raw material costs by INR 15-20 crore annually if not overturned.
- Overall consumption economy remains sluggish, with paint industry growth below historical GDP multiples, limiting volume upside.
- Employee costs are expected to grow at 12-13% due to continued hiring of feet on the street, pressuring margins.
Key quotes
- We have been consistently gaining market share. In financial year 2022, we are at 18.9. It improved to 19.3, then to 19.5, and this year we have seen the highest increase, going up to 20.3%.
- The competitive intensity has been there in this industry for long years. It's not as if it hasn't been there. It has been always strong.
- In the paint business, you can't do dramatic stuff. It has to be slow and steady. That's what we have been doing.
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