Berger Paints India Limited · NSE:BERGEPAINT
Berger Paints India — Q2 FY26 Earnings Presentation
18 slides from Berger Paints India's earnings presentation, Nov 4, 2025
Slide 1: Berger Paints India Limited Earnings Update Call, Q2 FY26
Berger Paints India Limited Earnings Update Call, Q2 FY26 November 4, 2025
Slide 2: Q2FY26 BPIL Standalone: Snapshot
Q2FY26 BPIL Standalone : Snapshot ➢High Single-digit volume growth with low value growth. ➢Growth impacted by inclement weather and heavy monsoon, alongside sustained competitive intensity. ➢Marginal dip in gross margin due to lower sale of exterior emulsion products and downtrading to economy segme
Slide 3: Standalone: Q2 FY26 Topline Performance
Standalone : Q2 FY26 Topline Performance Growth % ➢ Delivered high single-digit volume growth despite Volume unusually extended monsoon and flooding across 8.8% 7.1% key markets including Andhra Pradesh, Kerala, West Bengal, North-East, Gujarat, and Maharashtra. ➢ Sales momentum revived in the later
Slide 4: Standalone: Sustained growth trend
Standalone : Sustained growth trend H1-Volume CAGR 16.9 Q2-Volume CAGR 10.8 12.6 7.7 8.4 8.9 6.2 7.5 Increase in volume–value gap 2 Years 3 Years 4 Years 5 Years reflects price reductions taken 2 Years 3 Years 4 Years 5 Years through FY24 and some Q2- Value CAGR 9.9 impact of low-ASP products in H1-
Slide 5: Stable Gross Margin
Stable Gross Margin 40.0 40.3 40.3 40.4 41.2 40.1 39.6 39.4 39.3 39.7 39.6 33.8 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Gross margin consistent on a QoQ basis
Slide 6: QoQ: Operating Profit %
QoQ : Operating Profit % 18.8 17.2 17.4 16.5 16.7 16.2 16.6 15.6 15.8 14.5 12.9 12.7 Q3 FY 23 Q4 FY 23 Q1 FY 24 Q2 FY 24 Q3 FY 24 Q4 FY 24 Q1 FY 25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 PBDIT margin remained broadly stable within 15–17% range; Q2 FY26 dip driven by lower scale effect , higher
Slide 7: Standalone Results Q2 FY26
STANDALONE RESULTS Q2 FY 26 ₹ Crores Q2 FY26 % Q2 FY25 % Growth % Total income from operations 2,458.47 2,430.70 1.1 Material Cost 1,486.06 60.4 1,448.48 59.6 Employee Cost 182.55 7.4 165.83 6.8 Other expenses 478.67 19.5 432.95 17.8 PBDIT (Excluding Other Income) 311.19 12.7 383.44 15.8 -18.8 Depre
Slide 8: Standalone Results H1 FY26
STANDALONE RESULTS H1 FY 26 ₹ Crores HY'1 FY26 % HY'1 FY25 % Growth % Total income from operations 5,321.09 5,237.01 1.6 Material Cost 3,201.60 60.2 3,153.37 60.2 Employee Cost 342.59 6.4 311.34 5.9 Other expenses 966.22 18.2 905.16 17.3 PBDIT (Excluding Other Income) 810.68 15.2 867.14 16.6 -6.5 De
Slide 9: Decorative Business: Q2FY26
Decorative Business : Q2FY26 ➢ Delivered muted value growth, due to extended monsoon conditions impacting premium markets. ➢ Marginal shift from premium/luxury to economy emulsions in both exterior and interior segments. ➢ Construction Chemicals business registered robust growth. ➢ Wood Coatings seg
Slide 10: Innovative Products
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Slide 11: Expanding range of Construction Chemical products and Waterproofing Products
Expanding range of Construction Chemical products and Waterproofing Products
Slide 12: Recent Product Launches
Berger RECENT PRODUCT LAUNCHES eee LUXOT, METALLICS Enriched Rea YEARS ioe WARRANTY
Slide 13: Net Cash Standalone
Net Cash Standalone Mar’25 : ₹ 670cr Sep’25 : ₹ 636 cr Net cash position moderated on account of dividend payment (₹ 443 cr) during the quarter
Slide 14: Financial Results - Consolidated Q2FY26
Financial Results- Consolidated Q2FY26 ₹ Crores Q2 FY26 % Q2 FY25 % Growth % Total income from operations 2,827.49 2,774.61 1.9 Material Cost 1,652.40 58.4 1,617.54 58.3 Employee Cost 245.44 8.7 221.13 8.0 Other expenses 577.40 20.4 501.76 18.1 PBDIT (Excluding Other Income) 352.25 12.5 434.18 15.6
Slide 15: Financial Results - Consolidated H1FY26
Financial Results- Consolidated H1FY26 ₹ Crores HY’1 FY26 % HY’1 FY25 % Growth % Total income from operations 6,028.25 5,865.62 2.8 Material Cost 3,527.23 58.5 3,475.99 59.3 Employee Cost 462.80 7.7 413.35 7.0 Other expenses 1,157.56 19.2 1,019.69 17.4 PBDIT (Excluding Other Income) 880.66 14.6 956.
Slide 16: Performance - Consolidated: Q2FY26
Performance - Consolidated: Q2FY26 ▪ Bolix S.A. Poland: Strong topline growth; profitability muted due to pricing pressure. ▪ BJN Nepal: Strong revenue growth; profitability slightly muted due to seasonal mix impact. ▪ STP Ltd: Soft topline impacted by temporary shutdown at Jamshedpur plant; gross m
Slide 17: Business Outlook
Business Outlook ➢ Demand revival expected post-Diwali, supported by improving weather and release of pent-up demand after an extended monsoon. ➢ Gross margin expected to improve in short term aided by benign raw material prices and improving product mix. ➢ Continued investments in brand and manpowe
Slide 18: Disclaimer
Disclaimer This presentation has been prepared by Berger Paints India Limited for information purposes only. The forward looking statements, if any, involve risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the statements.