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BERGEPAINT - Berger Paints

📊 NSE: BERGEPAINT 🏢 Paints / Varnishes 📅 Last Updated: 12/13/2025 19:17

📢 Recent Corporate Announcements

Berger Paints Assigned ESG Score of 63 by ESG Risk Assessments & Insights

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 06 Mar 2026, 04:16 PM

Berger Paints India Limited has disclosed its ESG (Environmental, Social, and Governance) rating as required under SEBI's updated disclosure norms. ESG Risk Assessments & Insights Limited assigned the company a score of 63 based on its 2025 disclosures and public data. This rating provides institutional investors with a benchmark for the company's sustainability and governance performance. The notification was officially received by the company on March 6, 2026.

ESG Risk Assessments & Insights Limited assigned an ESG score of 63 to Berger Paints.
The score is based on the company's 2025 disclosures and other publicly available data.
The disclosure follows SEBI Circular SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024.
The company received the formal intimation from BSE Limited on March 6, 2026.

💡 Investors should use this score to compare Berger Paints' sustainability performance against industry peers. No immediate portfolio changes are necessary as ESG scores typically influence long-term institutional fund flows rather than short-term price action.

Berger Paints Schedules Meeting with HDFC Asset Management Company on Feb 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 01:30 PM

Berger Paints (I) Limited has announced a scheduled meeting with HDFC Asset Management Company Limited on February 20, 2026, at 9:30 a.m. IST. The meeting will be attended by the company's Managing Director & CEO, Mr. Abhijit Roy, in an in-person group format in Mumbai. This is a standard regulatory disclosure under SEBI LODR Regulations. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.

Meeting with HDFC Asset Management Company Limited scheduled for February 20, 2026
Company to be represented by MD & CEO Mr. Abhijit Roy
The interaction is an in-person group meeting taking place in Mumbai
Compliance disclosure confirms no unpublished price sensitive information will be shared

💡 This is a routine investor relations update; shareholders do not need to take any immediate action but may look for post-meeting disclosures if any.

Berger Paints Q3 FY26: 8.5% Volume Growth and Record 41.2% Gross Margins

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 02:58 PM

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.

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.

💡 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 Releases Audio Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 06 Feb 2026, 12:06 AM

Berger Paints (I) Limited has released the audio recording of its investor presentation and earnings call held on February 5, 2026. The call focused on the company's financial performance for the quarter and nine-month period ended December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording on the company's official website to gain insights into management's commentary on the quarter's results.

Audio recording of the Q3 and 9M FY2025-26 earnings call is now available for public review.
The investor presentation was conducted on February 5, 2026, following the results announcement.
The recording is hosted on the company's official investor relations portal.
The disclosure complies with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements.

💡 Investors should listen to the recording to understand management's outlook on volume growth, margin sustainability, and competitive dynamics in the paint industry.

Berger Paints Q3 FY26: Volume Grows 8.5% but Value Growth Muted at 0.4%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 04:02 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:57 PM

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%.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:35 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 04 Feb 2026, 07:16 PM

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.

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

💡 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.

Berger Paints Schedules Investor Conference Call for February 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 03:43 PM

Berger Paints (I) Limited has announced a virtual group meeting with analysts and institutional investors scheduled for February 9, 2026, at 2:00 p.m. The interaction will feature the company's Managing Director & CEO, Mr. Abhijit Roy, and is being hosted by ICICI Securities Limited. This is a routine disclosure under SEBI Listing Obligations and Disclosure Requirements. The company has confirmed that no unpublished price sensitive information will be shared during the session.

Conference call scheduled for Monday, February 9, 2026, at 2:00 p.m. IST
Interaction to be led by Mr. Abhijit Roy, Managing Director & CEO
The meeting is a virtual group session hosted by ICICI Securities Limited
Compliance disclosure confirms no unpublished price sensitive information (UPSI) will be shared

💡 Investors should look for post-meeting transcripts to understand management's commentary on market demand and raw material price trends. No immediate action is required as this is a routine communication event.

Berger Paints to Host Q3 FY26 Earnings Conference Call on February 5, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 29 Jan 2026, 04:22 PM

Berger Paints India Limited has scheduled a conference call for institutional investors and analysts on February 5, 2026, at 6:00 PM IST. The purpose of the call is to discuss the company's unaudited financial results for the third quarter and nine months ended December 31, 2025. Senior management, including the MD & CEO Abhijit Roy and CFO Kaushik Ghosh, will be present to provide insights and answer questions. This is a standard regulatory disclosure following the conclusion of the December quarter.

Conference call scheduled for February 5, 2026, at 6:00 PM IST following Q3 results.
Management representation includes MD & CEO Abhijit Roy and CFO Kaushik Ghosh.
The call will cover financial performance for the quarter and nine-month period ended December 31, 2025.
Event hosted by Emkay Global Financial Services Ltd via Zoom Webinar platform.

💡 Investors should track the call for management commentary on volume growth trends and raw material price impacts on margins. No immediate action is required as this is a routine scheduling announcement.

Berger Paints Assigned ESG Score of 64 for FY2025 by NSE Sustainability Ratings

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 09 Jan 2026, 02:36 PM

Berger Paints India Limited has disclosed its ESG (Environmental, Social, and Governance) score for the financial year 2025. The score of 64 was assigned by NSE Sustainability Ratings & Analytics Limited. This disclosure is part of the mandatory reporting under SEBI's updated sustainability rating guidelines. The company received the official notification via BSE on January 8, 2026.

NSE Sustainability Ratings & Analytics Limited assigned an ESG score of 64 to the company.
The rating is based on the company's performance and disclosures for the financial year 2025.
The disclosure complies with SEBI Circular SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185.
Official intimation was received by the company on January 8, 2026.

💡 Investors should monitor this score in comparison to industry peers like Asian Paints to evaluate ESG-related risks. While not a direct financial driver, it is increasingly important for institutional investment mandates.

Berger Paints Receives GST Order with Penalty of INR 40,000 for FY 2021-22

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 31 Dec 2025, 05:54 PM

Berger Paints (I) Limited has received a tax order from the Deputy Commissioner DGSTO-6, Bengaluru, Karnataka, following an audit for the financial year 2021-22. The order addresses discrepancies in outward liability and input tax credit. The total demand includes a tax component of INR 28,572, interest of INR 22,790, and a penalty of INR 40,000. The company has clarified that this development will not have any material impact on its financial or operational performance.

Order issued by Deputy Commissioner DGSTO-6, Bengaluru, Karnataka on December 31, 2025
Total financial demand amounts to approximately INR 91,362 including tax, interest, and penalty
Penalty specifically amounting to INR 40,000 imposed for FY 2021-22 audit discrepancies
Issues relate to outward liability and input tax credit (ITC) claims
Management confirms no material impact on the company's overall financials or activities

💡 No action is required as the penalty amount is negligible compared to the company's scale of operations. Investors should continue to monitor core business performance and upcoming quarterly results.

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💰 Financial Performance

Revenue Growth by Segment

The Decorative segment contributes approximately 80% of total revenue and delivered muted value growth in Q2 FY26 due to extended monsoon conditions. The Non-Decorative segment, comprising protective, powder, and automotive coatings, accounts for the remaining 20%. Q1 FY26 consolidated revenue grew by 3.5% YoY to INR 3,201 Cr, while FY25 consolidated revenue grew 3.09% to INR 11,544.71 Cr.

Geographic Revenue Split

India remains the primary market. International operations include Lusako Trading/Bolix S.A. (Poland) contributing INR 614.77 Cr, BJN-Nepal contributing INR 187.90 Cr, SBL Specialty Coatings at INR 173.62 Cr, and Berger Rock Paints at INR 38.26 Cr for FY25.

Profitability Margins

Standalone Net Profit Margin stood at 10.60% for FY25. Gross margins remained stable at 39.6% in Q2 FY26 compared to 40.4% in Q2 FY25. Operating margins are projected to remain in the 15-17% range over the medium term, supported by cost controls despite competitive pressures.

EBITDA Margin

Consolidated EBITDA for FY25 was INR 1,856.09 Cr, representing a margin of approximately 16.07%, which was a slight decrease of 0.28% YoY from INR 1,861.32 Cr in FY24.

Capital Expenditure

The company plans to fund routine and expansion capex entirely through internal cash accruals, which are expected to exceed INR 1,000 Cr per annum. Net worth stood at over INR 5,800 Cr as of March 31, 2025.

Credit Rating & Borrowing

Maintains strong credit ratings from CARE and CRISIL. The company has a low debt-equity ratio of 0.09x (Standalone) and an interest coverage ratio of 28.34x as of FY25. Fund-based limit utilization was nil for the six months ended July 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include crude oil derivatives and solvents. Raw material costs accounted for 59% of total revenue in FY25 and 60.4% in Q2 FY26. Approximately 35-40% of raw material prices are directly linked to crude oil derivatives.

Import Sources

Not specifically disclosed in available documents, though the company notes vulnerability to foreign currency exposure risk for imported inputs.

Capacity Expansion

The company is expanding its retail presence with a store network exceeding 1,600 outlets. The tinting machine network reached 5,500+ units as of Q2 FY26, with a target of 10,000+ machines by the end of FY26.

Raw Material Costs

Material costs were INR 1,486.06 Cr in Q2 FY26 (60.4% of revenue) compared to INR 1,448.48 Cr in Q2 FY25 (59.6% of revenue). Procurement strategies focus on managing volatility in crude-linked derivatives.

Manufacturing Efficiency

Return on Capital Employed (RoCE) was healthy at 28.1% in FY25. Standalone Return on Net Worth (RoNW) was 20.17% for the same period.

Logistics & Distribution

Distribution and other expenses rose to 19.5% of revenue in Q2 FY26 (INR 478.67 Cr) from 17.8% in Q2 FY25, driven by higher sales promotion and advertising spends.

📈 Strategic Growth

Expected Growth Rate

15-17%

Growth Strategy

Growth will be driven by aggressive retail expansion in urban markets, increasing the tinting machine network to 10,000+ units, and focusing on high-growth segments like Construction Chemicals and Wood Coatings. The company is also up-trading customers toward higher-value products and leveraging government infrastructure spending.

Products & Services

Decorative paints (interior/exterior emulsions), construction chemicals, wood coatings, protective coatings, powder coatings, and automotive/industrial coatings.

Brand Portfolio

Berger Paints, Bolix, BJN-Nepal, SBL Specialty Coatings, Berger Rock, Berger Hesse.

New Products/Services

Recent focus on Construction Chemicals and Wood Coatings segments, which registered robust growth in Q2 FY26. New product launches and painting campaigns are central to the medium-term strategy.

Market Expansion

Focusing on urban pockets for retail expansion and increasing market share in the non-decorative segment, which currently only accounts for 20% of revenue.

Market Share & Ranking

Maintained position as the second-largest player in the domestic Indian paints industry.

Strategic Alliances

Operates through several JVs and subsidiaries including Berger Rock Paints Private Limited and Berger Hesse Wood Coatings Private Limited.

🌍 External Factors

Industry Trends

The industry is seeing increased competitive intensity with large-scale capex from new conglomerates. There is a current trend of consumers shifting from premium/luxury to economy emulsions due to inflationary or seasonal pressures.

Competitive Landscape

Intense competition from existing players and new large conglomerates entering the decorative paint market, leading to aggressive pricing and higher advertising spends.

Competitive Moat

Moat is built on being the 2nd largest domestic player with an extensive distribution network (1,600+ stores) and a strong brand. Sustainability is challenged by new large-scale entrants but supported by high RoCE (28.1%).

Macro Economic Sensitivity

Highly sensitive to GDP growth and government infrastructure spending. Revenue growth is supported by housing initiatives and easing inflation.

Consumer Behavior

A marginal shift from premium/luxury to economy emulsions was observed in Q2 FY26 in both exterior and interior segments.

Geopolitical Risks

The ongoing war in Europe is cited as a source of uncertainty and challenge for global operations and supply chains.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental and pollution norms. The company maintains a Risk Management and Materiality Policy to ensure regulatory compliance.

Environmental Compliance

Water recycling rate was ~10% of water consumed in FY25. The company produced 0.14 kg of hazardous waste per kilolitre of paint in FY25.

Taxation Policy Impact

Standalone tax expense for H1 FY26 was INR 160.71 Cr on a profit before tax of INR 630.72 Cr, representing an effective tax rate of approximately 25.5%.

Legal Contingencies

Statutory auditors reported no qualifications, adverse remarks, or fraud in the audit reports for the financial year ended March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Volatility in crude oil prices (impacting 40% of RM) and competitive intensity from new players are the primary risks, with a potential to drop PBILDT margins below 12%.