Berger Paints Q3 Profit Declines Despite Volume Growth

On a consolidated basis, revenue from operations for the quarter stood at Rs 29,840 million, compared to Rs 29,751 million in the corresponding quarter last year, reflecting a marginal increase of 0.3 per cent. EBITDA (excluding other income) was Rs 4,710 million, slightly lower than Rs 4,717 million a year earlier. Net profit declined by 8.3 per cent to Rs 2,713 million from Rs 2,960 million.

Standalone revenue for the quarter rose 0.4 per cent year-on-year to Rs 25,950 million. EBITDA stood at Rs 4,172 million, broadly flat compared to last year, while net profit declined 2.5 per cent to Rs 2,984 million.

For the nine months ended 31 December 2025, consolidated revenue increased 1.9 per cent year-on-year to Rs 90,122 million. EBITDA declined 5.4 per cent to Rs 13,516 million, while net profit fell 13.8 per cent to Rs 7,928 million. On a standalone basis, revenue for the nine-month period stood at Rs 79,161 million, up 1.2 per cent, with EBITDA at Rs 12,278 million and net profit at Rs 7,684 million.

During Q3 FY26, Berger Paints reported strong standalone volume growth of 8.5 per cent and its highest gross margin in the past 15 quarters, with EBITDA margin remaining within the company’s guidance range. Demand conditions improved progressively through the quarter after a weak October impacted by extended monsoons and a shortened festive season.

The company continued to see robust growth in construction chemicals and wood coatings, supported by network expansion and urban initiatives. Automotive coatings recorded mid-single digit growth, while protective and general industrial coatings also posted positive growth. However, performance at some subsidiaries was impacted by external factors, including political disruptions in Nepal and a temporary shutdown at a manufacturing facility in Jamshedpur.

Commenting on the performance, Abhijit Roy, Managing Director & CEO, Berger Paints India Limited, said the company expects gradual improvement in domestic demand indicators in the coming months. He added that continued investments in brand building and capacity expansion remain a priority, while forex volatility and geopolitical uncertainty could pose near-term margin risks.