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ICICI Securities Report
Berger Paints India Ltd.'s Q3 FY26 print was largely in line with brokerage's expectations. While it reported revenue growth in single digits for the 11th straight quarter, ICICI Securities notes key positives as-
- Efforts in distribution expansion in urban markets may drive growth in FY27-28.
- There was stronger revenue growth in key sub-segments such as waterproofing and construction chemicals, tile adhesives and wood coatings.
- Competitive intensity has slightly mellowed down and even commodity prices are stable. Berger could maintain margins near the upper end of its target band of 15-17%.
- Industrial coatings continues to do well with stronger volume growth in automotive coatings.
It has guided for volume growth of 12-13% with revenue growth of ~7% in coming quarters. However, the brokerage believes there is potential to beat the guidance considering a favorable base of FY24-26 and reduction in competitive pressures. Remain constructive. Add.
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