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Berger Paints Q3 FY26: 8.5% Volume Growth and Record 41.2% Gross Margins
Berger Paints reported a high single-digit volume growth of 8.5% for Q3 FY26, though value growth remained muted at 0.4% due to a shift toward economy products and prior price cuts. Gross margins reached a multi-quarter high of 41.2%, supported by stable raw material costs and an improved product mix. The company maintained its EBITDA margin within the guided 15-17% range at 16.1%. Management noted a month-on-month recovery in demand starting from November after a weak October impacted by extended monsoons.
Key Highlights
Standalone volume growth stood at 8.5% while value growth was nearly flat at 0.4% due to product mix shifts.
Gross margins expanded to 41.2%, matching a 15-quarter high, driven by stable input costs.
EBITDA margin remained within the guided range at 16.1%, despite lower scale benefits on overheads.
Net cash position improved significantly to ₹918 crore as of December 2025 from ₹689 crore in March 2025.
Distribution network expanded with 2,500+ new color bank machines and a total store count exceeding 1,800.
💼 Action for Investors
Investors should monitor the narrowing gap between volume and value growth as the impact of previous price cuts fades. The strong margin profile and improving demand trajectory suggest resilience despite high competitive intensity in the decorative segment.
Berger Paints Q3 FY26: Volume Grows 8.5% but Value Growth Muted at 0.4%
Berger Paints reported a high single-digit volume growth of 8.5% for Q3 FY26, but value growth was nearly flat at 0.4% due to a shift toward economy emulsions and prior price corrections. Standalone PAT declined 2.5% YoY to ₹298.4 crore, while Consolidated PAT fell 8.3% YoY to ₹271.3 crore, partly impacted by exceptional items totaling ₹53.3 crore. Despite the topline pressure, gross margins improved to 41.2% (standalone) from 39.8% YoY, aided by stable raw material prices and product mix. The company continues to expand its network, adding 2,500+ color bank machines and 1,800+ stores during the quarter.
Key Highlights
Standalone volume growth of 8.5% significantly outpaced value growth of 0.4% due to a mix shift toward economy products.
Consolidated gross margin expanded to 43.1% from 41.6% YoY, supported by stable RM prices.
Consolidated PAT stood at ₹271.3 crore, down 8.3% YoY, impacted by a ₹53.3 crore exceptional item.
Net cash position improved to ₹918 crore as of December 2025 compared to ₹689 crore in March 2025.
Automotive segment delivered high single-digit volume growth, while Protective and General Industrial segments remained muted.
💼 Action for Investors
Investors should monitor the company's ability to convert volume growth into value growth as competitive intensity in the paint sector remains elevated. The margin stability is a positive sign, but the impact of new entrants on pricing power remains a key watchpoint.
Berger Paints Q3 FY26: 8.5% Volume Growth but Consolidated PAT Drops 8.3% YoY
Berger Paints reported a stagnant top-line with consolidated revenue growing only 0.3% YoY to ₹2,984 crore in Q3 FY26. While standalone volume growth was healthy at 8.5%, value growth remained muted at 0.4% due to a shift towards economy products and prior price corrections. Consolidated PAT fell 8.3% YoY to ₹271.3 crore, significantly impacted by exceptional items totaling ₹53.3 crore. Despite the bottom-line pressure, the company maintained a strong net cash position of ₹918 crore and saw standalone gross margins expand to 41.2%.
Key Highlights
Standalone volume growth of 8.5% YoY, though value growth was nearly flat at 0.4% due to product mix shift.
Consolidated PAT decreased by 8.3% YoY to ₹271.3 crore, while standalone PAT fell 2.5% to ₹298.4 crore.
Standalone gross margins improved to 41.2% from 39.8% YoY, supported by stable raw material prices and improved product mix.
Exceptional items of ₹53.3 crore (Consolidated) and ₹50.0 crore (Standalone) weighed on the quarterly performance.
Aggressive distribution expansion continued with the installation of 2,500+ color bank machines and 1,800+ new stores.
💼 Action for Investors
Investors should monitor the persistent gap between volume and value growth, which indicates high competitive intensity and pricing pressure in the decorative segment. While margin stability is a positive, the impact of exceptional items and muted industrial demand suggests a cautious approach until value growth recovers.
Berger Paints Q3 Standalone Net Profit Dips to ₹298.37 Cr; Revenue Flat at ₹2,595 Cr
Berger Paints India reported a marginal 0.4% YoY increase in standalone revenue from operations to ₹2,595.01 crore for the quarter ended December 31, 2025. Standalone Net Profit declined by 2.5% YoY to ₹298.37 crore, primarily weighed down by a one-time exceptional charge of ₹19.99 crore related to the implementation of new Labour Codes. Despite the flat top-line growth, the company maintained stable operational performance, with nine-month (9M FY26) profits reaching ₹768.38 crore.
Key Highlights
Standalone Revenue from operations remained flat at ₹2,595.01 crore vs ₹2,584.76 crore YoY.
Net Profit for the quarter stood at ₹298.37 crore, down from ₹306.08 crore in the previous year's corresponding quarter.
Recognized an exceptional item of ₹19.99 crore due to increased employee benefit obligations from new Labour Code notifications.
Nine-month (9M FY26) standalone revenue reached ₹7,916.10 crore with a total comprehensive income of ₹767.04 crore.
Basic EPS for the quarter was ₹2.56, compared to ₹2.63 in Q3 FY25.
💼 Action for Investors
Investors should maintain a neutral stance as the flat revenue growth indicates a slowdown in volume or pricing power in a competitive market. Monitor the long-term margin impact of the new Labour Codes and the company's recovery in the decorative paints segment.
Berger Paints Starts Production at Hindupur Resin Plant with 12,000 MT Capacity
Berger Paints has commenced commercial production at its state-of-the-art, fully automated resin manufacturing facility in Hindupur, Andhra Pradesh. The facility has an annual production capacity of 12,000 MT and involved an investment of over Rs 78 crores. This move is part of the company's backward integration strategy aimed at reducing the overall cost of production. Investors should note that this operational milestone is expected to enhance margins by optimizing raw material costs.
Key Highlights
Commencement of commercial production at the Hindupur resin facility on February 4, 2026
Total investment in the new manufacturing facility exceeds Rs 78 crores
Annual production capacity established at 12,000 MT of resin
Fully automated facility designed to bring down the company's cost of production
Strategic location in Sri Sathya Sai district, Andhra Pradesh, to support regional operations
💼 Action for Investors
Investors should maintain a positive outlook as this backward integration will likely improve operating margins. Monitor upcoming quarterly results for signs of cost efficiencies resulting from this new facility.