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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, while volume grew 8.5%, reflecting a sharp value-volume gap driven by mix shift toward economy products and price cuts. Gross margin expanded to 41.2% (highest in 15 quarters), but EBITDA margin at 16.1% remained within the guided 15-17% range. PAT declined 2.5% YoY. Demand improved sequentially from a negative October to mid-single-digit growth in December/January, but the anticipated pent-up recovery did not materialize due to dealer inventory destocking. Management expects volume growth to reach double digits next year, but value growth will lag by 4-5% due to sustained mix shift. Competitive intensity from the new entrant has stabilized, but market share saw a marginal decline. Key risk: demand recovery may remain tepid if macroeconomic headwinds persist.
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Guidance to track
- Management expects volume growth to improve to double digits (12-13%) in FY27, with value growth lagging by 4-5%.
- Operating margins are expected to stay within the guided band of 15-17%, with gross margins sustained as a key objective.
- Planned investment of about 1,800-2,000 crore for new factories at Panagar and Odisha, funded by internal accruals.
Risks flagged
- Despite sequential improvement, the anticipated pent-up demand did not materialize, and dealer destocking may continue to weigh on near-term growth.
- Management acknowledged a marginal market share decline (from ~19.6% to ~19.4%), with gains going to the new challenger, especially in certain regions.
- The structural shift toward lower-ASP products (economy emulsions, textures, tile adhesives) is expected to keep value growth 4-5% below volume growth for the next 1-2 years.
- While the main challenger has stabilized, other players (e.g., JSW, Astral) and regional entrants could incrementally impact growth by 1-1.5%.
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 about 3 to 3.5% on account of low value high volume products selling much more... about 2 to 2.5% were on account of direct price drops.
- We are on par with almost our market share. The player that you spoke about is much in excess of the market share that they hold. That's their entry strategy which they don't have to worry about their profitability. We do.
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