Berger Paints India is a leading paints and coatings maker with decorative and industrial products, reporting into a quarter where crude-derived input costs stayed elevated and industry channel checks pegged paint volume growth at just 2-4% YoY. The print will speak to whether the guided YoY margin improvement within the 15-17% band materialises as full-quarter price increases flow through, and whether volume growth holds near Q1 FY27's ~8.4%.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,226.68 Cr (standalone, Q1 FY27, +12.72% YoY) |
| Previous quarter PAT | Rs. 368.68 Cr (standalone, Q1 FY27, +25.50% YoY) |
| Previous quarter EBITDA margin | 17.4% (Q1 FY27 operating/PBDIT margin) |
| Market cap | Rs. 54,230.79 Cr |
| CMP | Rs. 465.1 |
Per the company's Oct 5, 2026 intimation, the board meets on Nov 5, 2026 to approve unaudited standalone and consolidated results for the quarter and half year ended Sep 30, 2026, per Regulation 29 of SEBI LODR 2015.
An analyst group call for the unaudited Q2/H1 FY27 results is scheduled for Nov 5, 2026 at 5:30 pm IST, organized by Emkay Global Financial Services Ltd per the Oct 30 intimation. Participants include Abhijit Roy (MD & CEO), Kaushik Ghosh (CFO) and Sayantan Sarkar (Senior GM & Head — Finance and Accounts).
The quarter's central test is whether management's guided YoY PBDIT-margin improvement within the 15-17% band holds, as the full-quarter effect of staggered price hikes (cumulative 11-12% per management) flows through and higher-cost inventory starts contributing positively. Gross margin, which moderated to 39.3% in Q1 FY27 from a 12-quarter high of 42.3% in Q4 FY26 on raw material inflation, has the full-quarter price-increase benefit and delayed industrial-category pass-through working in its favour.
The cost backdrop is mixed: TiO₂ pigment was a tailwind for most of the quarter (Chinese prices fell 5.2% in July and 9.1% in August with duty-free imports), but Brent crude whipsawed from ~$94 to ~$79 and back to ~$107 by Sep 29, and the rupee at ~Rs. 95.89 was ~9% weaker YoY.
On demand, the monsoon withdrew on a near-normal schedule (Delhi, Sep 23, 2026) against last year's extended-rain base, though July-August channel checks showed pan-India paint volumes up only 2-4% YoY with sequential improvement in September-October — a read that sits below the company's high single-digit FY27 volume guidance.
Management has signalled Q2 results 'possibly slightly better than quarter one', with the Hindupur plant (36,000 KL/MT per annum, more than Rs. 188 crores) commissioned Sep 9, 2026 adding its first partial quarter, and the call is also set to cover the Bolix and STP subsidiary recovery and the Oct 24 TiO₂ anti-dumping duty reimposition that reverses the pigment tailwind in Q3.
Margin vs the 15-17% guided band: Whether Q2 FY27 delivers the guided YoY margin improvement.
Volume and value growth vs FY27 guidance
Industrial turnaround and subsidiary recovery
Hindupur ramp-up and tinting/distribution cadence
Raw material, crude, forex and competitive intensity
Management expects a year-on-year margin improvement in Q2 FY27 as higher-cost inventory starts contributing positively, with operating margins remaining within the guided range of 15-17%. The full-quarter benefit of recent price increases is also expected to aid gross margin, which had moderated to 39.3% in Q1 FY27.
Management has said competitive intensity remains elevated but has stabilised, with new entrants raising dealer price lists and reducing painter incentives. Rebating to larger dealers has increased and the 10% free-material offer persists for most categories, while the new entrant's share of voice remains much higher relative to its market share.
Management is targeting 10,000 tinting machine installations in FY27, described as 'a number equal to or more than the new entrant', after achieving its FY26 target of 10,000++. In Q1 FY27 alone, tinting installations crossed 2,100.
Management has guided to high single-digit volume growth for FY27 with price increases absorbed and 'no downside risk', and Q1 FY27 volume growth was ~8.4%. Industry channel checks pegged Q2 paint volumes at 2-4% YoY, which is the strain point against that guidance.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.