Berger Paints reported a modest standalone performance for Q3 FY26, marked by single-digit volume growth and relatively muted value growth. An extended monsoon impacting October demand influenced the quarter. Gross margin expansion was supported by improved product mix and stable raw material prices. The company maintained PBDIT margin within its guided range.
Q3 FY26 Standalone Performance
Berger Paints India Limited (BPIL) experienced high single-digit volume growth in its standalone operations during Q3 FY26. However, value growth remained muted. An extended monsoon spilling over into October impacted demand momentum.
Topline Performance
The company’s volume grew by 8.5%, while value increased by only 0.4%. This difference is attributed to a shift in product mix towards economy emulsions, textures, and tile adhesives, coupled with price corrections taken in FY25 in the economy emulsion segment.
For the nine months ended December (YTD Dec FY26), volume grew by 7.6% and value by 1.2%.
Gross Margin
Gross margin remained stable on a quarter-on-quarter (QoQ) basis, reaching 41.2%. This was supported by an improved product mix and relatively stable raw material (RM) prices.
Operating Profit
The standalone operating profit showed fluctuations throughout the quarters. The company reported 16.1% in Q3 FY26.
Financial Highlights (Standalone)
Key financial figures for Q3 FY26 (Standalone) compared to Q3 FY25 include:
- Total Income from Operations: ₹2,595.0 Crores (up 0.4%)
- Gross Margin: ₹1,070.2 Crores (up 4.0%)
- PBDIT (Excluding Other Income): ₹417.2 Crores (down -0.1%)
- PBIT: ₹434.4 Crores (up 6.8%)
- PBT before exceptional items: ₹423.4 Crores (up 7.3%)
- PAT: ₹298.4 Crores (down -2.5%)
Key financial figures for YTD Dec 26 (Standalone) compared to YTD Dec 25 include:
- Total Income from Operations: ₹7,916.1 Crores (up 1.2%)
- Gross Margin: ₹3,189.7 Crores (up 2.5%)
- PBDIT (Excluding Other Income): ₹1,227.8 Crores (down -4.4%)
- PBIT: ₹1,127.1 Crores (down -1.9%)
- PBT before exceptional items: ₹1,090.9 Crores (down -2.0%)
- PAT: ₹768.4 Crores (down -8.6%)
Consolidated Results Overview
Key financial figures for Q3 FY26 (Consolidated) compared to Q3 FY25 include:
- Total Income from Operations: ₹2,984.0 Crores (up 0.3%)
- Gross Margin: ₹1,284.6 Crores (up 3.7%)
- PBDIT (Excluding Other Income): ₹471.0 Crores (down -0.2%)
- PBIT: ₹401.5 Crores (down -0.4%)
- Profit before exceptional items and tax: ₹405.5 Crores (up 2.8%)
- PAT: ₹271.3 Crores (down -8.3%)
Key financial figures for YTD Dec 26 (Consolidated) compared to YTD Dec 25 include:
- Total Income from Operations: ₹9,012.2 Crores (up 1.9%)
- Gross Margin: ₹3,785.6 Crores (up 4.4%)
- PBDIT (Excluding Other Income): ₹1,351.6 Crores (down -5.4%)
- PBIT: ₹1,145.6 Crores (down -7.7%)
- Profit before exceptional items and tax: ₹1,139.7 Crores (down -6.5%)
- PAT: ₹792.8 Crores (down -13.8%)
Business Segment Highlights
- Decorative Business: Dealer network expansion, positive traction in urban initiatives, and strong performance of newly launched emulsions and metallic enamel paint.
- Industrial Business: Auto segment delivered high single-digit volume growth. Protecton and General Industries growth remained muted.
International Subsidiaries
- Bolix S.A. Poland: Strong topline and PBDIT growth.
- BJN Nepal: Muted revenue and profitability amid political disruption.
- STP Ltd: Topline impacted by temporary shutdown.
Cash Position
The company’s net cash position remains strong with ₹918 Crores in Dec’26, compared to ₹689 Crores in Mar’25.
Outlook
Demand conditions are being closely monitored. Focus remains on revenue growth and sustained gross margins. Competitive intensity is expected to remain elevated. Geopolitical uncertainty and forex volatility may pose volatility.
Source: BSE
