Berger Paints India (BERGEPAINT) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 delivered strong performance with 7.4% volume growth, 4.4% revenue growth, and operating profit up 19.8% YoY, driving market share above 20%.

• Decorative segment led growth with high single-digit volume gains and expanded retail footprint, while construction chemicals, waterproofing, and wood coatings outperformed.

• Industrial and automotive segments showed steady or resilient performance, with international subsidiaries like Bolix and BJN Nepal rebounding strongly.

• Board approved audited results for Q4 and FY25 with unmodified auditor opinions; Rs 3.80 per share dividend recommended.

• Launched innovative products in heat-resistant and waterproofing categories, including Roof Kool & Seal and Tank Kool.

Financial highlights

• Q4 consolidated revenue: Rs 2,704.03 crore (+7.3% YoY); standalone: Rs 2,347.45 crore (+4.4% YoY); consolidated net profit: Rs 262.91 crore (+18.1% YoY); standalone net profit: Rs 236.92 crore (+30.5% YoY).

• FY25 consolidated revenue: Rs 11,544.71 crore (+3.1% YoY); standalone: Rs 10,169.22 crore (+1.7% YoY); consolidated net profit: Rs 1,182.81 crore (+1.1% YoY); standalone net profit: Rs 1,077.50 crore (+6.2% YoY).

• Q4 gross margin reached a 12-quarter high of 41.2%, with operating margin at 16.6%.

• Net cash position improved to Rs 688.6 crore, with zero gross debt.

• Standalone EPS for FY25: Rs 9.24; consolidated EPS: Rs 10.13.

Outlook and guidance

• FY26 outlook positive, with decorative segment to benefit from urban demand rebound, higher disposable incomes, and above-average monsoon.

• Margins expected to remain in the 15%-17% band, with value growth improving as price decrease impact wanes.

• Rural growth to sustain, aided by monsoon; competitive intensity and risks from geopolitical and currency factors persist.

• International operations in Poland and Nepal showed good topline growth; Nepal saw a turnaround.

• Continued focus on innovation and retail expansion.