• The document contains the transcript of the earnings conference call for the quarter and half year ended 30th September 2026, conducted after the Board of Directors meeting held on 5th November 2026.
  • The event was an earnings conference call specifically focused on Q2 FY27 results, hosted by Emkay Global Financial Services with management participation from Berger Paints.
  • Management participants included: Mr. Abhijit Roy (Managing Director and Chief Executive Officer), Mr. Kaushik Ghosh (Chief Financial Officer), and Mr. Sayantan Sarkar (Sr. General Manager & Head-Finance & Accounts).
  • The transcript has been uploaded on the company website and can be accessed through the link: https://www.bergerpaints.com/investors/download.
  • The document represents a regulatory filing pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial and Business Highlights

Q2 FY27 Performance:

  • Standalone revenue growth: 11.9% YoY
  • Consolidated revenue growth: 13.2% YoY
  • Standalone volume growth: 3%
  • PBDIT consolidated growth: 5.2%
  • PAT growth: -7.3% (standalone)
  • Gross margin: 36.6% (standalone)
  • EBITDA margin: 10.8% (standalone)

H1 FY27 Performance:

  • Standalone revenue growth: 12.3%
  • Consolidated revenue growth: 12.5%
  • Standalone volume growth: 5.6%
  • Operating profit growth: 6.1%
  • PAT growth: 13.2%
  • EBITDA-to-sales ratio: 14.4% (both standalone and consolidated)

Business Segment Performance:

  • Decorative business: 10% value growth driven by ~8% price increases
  • Industrial business: Robust double-digit volume and value growth across segments
  • Automotive coatings: ~31% growth (though small segment at 5-6% of business)
  • Eastern markets impacted by extended rains
  • Later Diwali shifted festive demand to Q3

Operational Metrics:

  • Retail store network: 2,000+ stores as of H1 FY27
  • Tinting machines: 4,800 machines added in first 6 months (2,700 in Q2)
  • Marketing investment: ₹22 crore in "Rang bana rahe" campaign impacting quarterly margins

Margin Pressures:

  • Gross margin compression due to double-digit raw material inflation
  • Liquidation of high-cost inventory
  • Delayed price increases in industrial segment
  • Without marketing campaign, PBDIT growth would have been ~3%

Outlook and Strategy:

  • Target EBITDA margin range: 15-17% (currently at 14.4% for H1)
  • Margin restoration through calibrated price increases across business lines
  • Cost-saving initiatives and operational efficiencies
  • Continued investment in brand building and retail activation
  • Maintain net cash balance sheet position
  • Capacity expansion plans: Hindupur plant completed, evaluating investment in Panagar (West Bengal) and Orissa

New Product Introductions:

  • Waterproof tile adhesive (first in India)
  • Decorative panel technology from Bolix
  • Long Life Parapet Coat
  • Dam Shield (dam-blocking primer with 3-year warranty)

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with analyst Q&A session.
  • The filing was digitally signed by Arunito Ganguly, Vice President & Company Secretary, on 6th November 2026 at 12:25:20 IST.