Key Financial Figures (Standalone)

  • Net Revenue: ₹2,087.42 crore (Q1 FY27) vs ₹2,299.52 crore (Q1 FY26), representing 10.2% year-on-year growth.
  • Material Cost: ₹1,333.62 crore (63.9% of revenue) vs ₹1,494.06 crore (65.0% of revenue).
  • Operating Expenses: ₹441.83 crore (21.2% of revenue) vs ₹469.57 crore (20.4% of revenue).
  • PBDIT: ₹311.97 crore (14.9% margin) vs ₹335.89 crore (14.6% margin), growing 7.7% YoY.
  • PBT: ₹310.08 crore (14.9% margin) vs ₹325.75 crore (14.2% margin), growing 5.1% YoY.
  • PAT: ₹230.85 crore (11.1% margin) vs ₹242.34 crore (10.5% margin).

Key Financial Figures (Consolidated)

  • Net Revenue: ₹2,372.59 crore (Q1 FY27) vs ₹2,162.03 crore (Q1 FY26), growing 9.8% YoY.
  • Material Cost: ₹1,543.98 crore (65.0% of revenue) vs ₹1,382.07 crore (63.9% of revenue).
  • Operating Expenses: ₹501.24 crore (21.1% of revenue) vs ₹476.81 crore (22.1% of revenue).
  • PBDIT: ₹328.37 crore (13.8% margin) vs ₹303.15 crore (14.0% margin), growing 8.3% YoY.
  • PBT: ₹312.46 crore (13.2% margin) vs ₹295.46 crore (13.7% margin), growing 5.8% YoY.
  • PAT: ₹228.41 crore (9.6% margin) vs ₹215.59 crore (10.0% margin).

Strategic Business Updates

Decorative Business

  • Launched new Employee Value Proposition 'Where Your Passion Takes Colour'.
  • Expanded retail footprint: 180+ NXTGEN Shoppe, 270+ Shop-in-Shop, 380+ Nerolac Paint+ Zone.
  • New Product Launches:
  • Excel Everlast 20: Exterior premium paint with industry-first 20-year warranty using Bulletproof Nano-Silica technology.
  • Excel Total Floor Coat: Water-based exterior emulsion for floor protection.
  • Elastomeric Waterproof Coating: Fiber-reinforced waterproof membrane.
  • Media Campaigns:
  • Excel Everlast campaign achieved ~210Mn+ impressions, 15Mn+ YouTube views, 20Mn+ temple videos, and 2.5Lac+ drone videos.
  • No Heat campaign featured AI-generated videos including 'House So Cool, Even Penguins Moved In' (672K views).

Industrial Business

Automotive Coatings
  • Segment witnessed strong growth with focus on innovation and new technologies.
Performance Coatings (Liquid)
  • Strong growth in construction equipment, drums & barrels, and coil coating segments.
  • New technologies include Fluoropolymer, Low bake systems, Anti Carbonation, High Solids, Water based, and Direct to metal.
Powder Coatings
  • Robust growth in auto ancillary, AC, and electrical segments.
  • Strong performance in metallic powders and focused products.
General Industrial & High Performance Coating
  • Premiumization strategy across infrastructure, construction, bridges, appliances, railways, and electricals.
New Industrial Products
  • Tin Free CED: Higher solids version for key accounts.
  • Premium Clear Finish: Matt clear finishes for premium two-wheelers.
  • High Durable Topcoat: 1200 hrs QUV resistance for commercial vehicles.
  • Anti-carbonation system: Developed for metro infrastructure.
  • Heat Resistant coating: For direct flame applications like furnaces.

Capacity Expansion

  • Investment: ₹600 crore expansion across Sayakha, Bawal, and Hosur plants.
  • Capacity Addition: 65,880 KL/year paint & powder capacity + 9,780 KL/year resin capacity.

Accolades

  • Golden Peacock Award for Energy Efficiency at Hosur Plant.
  • ABBY 2026 Awards: 1 Grand Prix, 1 Gold, 6 Silver, and 3 Bronze.

Risk Factors

  • Geopolitical conflicts causing supply chain disruptions.
  • High commodity prices due to crude oil volatility and raw material uncertainty.
  • Import cost surge from rupee depreciation.

Management Outlook

  • Sustained demand expected from infrastructure and construction sectors (per RBI).
  • Continuous monitoring of geopolitical disturbances.
  • Automotive demand to remain buoyant driven by new launches and festive inventory buildup.
  • Consumer sentiment may be impacted by inflationary environment.