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E a r n i n g s U p d a t eQ2 & H1 FY27Quarter and half-year ended 30 September 2026Berger Paints India Limited5 November 2026
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■Growth:Revenue growth 11.9% Standalone and +13.2% Consolidated; H1 growth of +12.3% and+12.5%, respectively.■PBDIT (consolidated)growth 5.2% backed by strong performances by subsidiaries■Decorative Business:Near double digit value growth, driven by price growth ~8%;■Industrial Business:Robust volume and value growth across business lines gross margin was lower onYoY basis■Margins:Gross margins impacted by double-digit RM inflation, liquidation of high-cost inventory anddelayed price increases in the Industrial segment, with pressure further intensifying during the quarter.■PBDIT margincompression remained relatively contained, with additional investment of ~₹22 crore inthe Rang Bana Rahe campaign impacting quarterly margins; excluding this, PBDIT growth would havebeen ~3%.■Cash Position:Company continues to remain cash-positive on a consolidated basis Q 2 P E R F O R M A N C E H I G H L I G H T SConsistent double-digit top-line growth for the quarter
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3.0%+11.9%–4.4%+5.6%+12.3%+6.1%Volume Value PBDIT Q2 FY27H1 FY27Q 2 F Y 2 7 P E R F O R M A N C E A T A G L A N C E · S T A N D A L O N EQ2 Performance Summary – YoY Growth
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F I N A N C I A L R E S U L T S · S T A N D A L O N EStandalone results: Q2 FY27 Growth %%Q2 FY26%Q2 FY2711.92458.472750.06Total income from operations60.41486.0663.41742.36Material Cost7.4182.556.7183.29Employee Cost19.5478.6719.2526.87Other expenses-4.412.7311.1910.8297.54PBDIT (Excluding Other Income)3.585.923.596.79Depreciation-10.99.2225.277.3200.75Profit from operation before interest1.023.471.131.13Other Income-6.810.1248.748.4231.88PBIT0.613.810.513.70Finance Cost-7.19.6234.937.9218.18PBT58.6854.87Taxes-7.37.2176.255.9163.31PAT
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F I N A N C I A L R E S U L T S · S T A N D A L O N EStandalone results: H1 FY27 Growth %%H1 FY26%H1 FY2712.35321.095976.74Total income from operations60.23201.6061.93701.65Material Cost6.4342.596.1363.59Employee Cost18.2966.2217.61051.74Other expenses6.115.2810.6814.4859.76PBDIT (Excluding Other Income)3.2168.983.1187.90Depreciation4.712.1641.7011.2671.86Profit from operation before interest1.051.001.270.27Other Income7.113.0692.7012.4742.13PBIT0.525.170.423.66Finance Cost7.612.5667.5312.0718.47PBT before exceptional item(36.81)0.00Exceptional item13.911.9630.7212.0718.47PBT160.71186.48Taxes13.28.8470.018.9531.99PAT
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■10% Value growth driven by price increases, Eastern markets impacted due to extended rain■Volume growth moderated as later Diwali shifted festive demand to Q3, alongside aconscious mix improvement, with price-sensitive categories such as Putty, Textures andEnamel de-grew.■Differentiated products outperformed■(HS) segment continued to outperform, with RKNS and DampShield emerging as key growthdrivers■Wood Coatings registered strong double-digit value growth■Strategic investments in A&P to support the new RangBanaRahe campaign, strengtheningbrand visibility and consumer engagement during the quarter D E C O R A T I V E B U S I N E S S · Q 2 F Y 2 7Decorative Performance
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StoresRetail store network (2,000++) as on H1 FY27 Tinting machines4800++ as on H1FY 2027 (2700++ during Q2) D I S T R I B U T I O N A N D C A P A B I L I T YStrengthening reach
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D I S T R I B U T I ON A N D C A P A B I L I T Y · R E T A I L E X P E R I EN C E
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■Delivered robust high double-digit volume and value growth despite steep priceincreases. However, margins remained under pressure as price hikes could notbe fully passed on in a timely manner■Value growth across segments further aided by pricing, partially offsetting RMinflation impact■Automotive Coatings outperformed, supported by buoyant demand in the two-wheeler segment■Protective Coatings volumes remained stable■General Industrial (GI) segment registered double digit volume within thecategory I N D U S T R I A L B U S I N E S S · Q 2 F Y 2 7Industrial Performance
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Berger Paints India Limited | Q2 FY27 Earnings Update F Y 2 7 · M A R G I N S N A P S H O T36.610.838.114.4Gross margin % PBDIT margin % StandaloneQ2 FY27H1 FY2739.311.640.114.4Gross margin % PBDIT margin % ConsolidatedQ2 FY27H1 FY27 10
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B R A N D A N D I N N O V A T I O N · B R A N D C A M P A I G NRang Bana Rahe: our new brand campaign L AU N C H E D I N Q 2 F Y 2 7Deewaron ka bhi.Zindagi ka bhi.Colour for walls, and for life■New brand platform built on the joy of colour, in homes and in everyday life■Story-led creative■Backed by stepped-up A&P to build brand visibility and consumer engagement
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B R A N D A N D I N N O V A T I O N · B R A N D C A M P A I G NRang Bana Rahe: colour in every moment of life Beyond surfacesInto everyday lives Today and tomorrowFor every generation Walls and smilesColour that brings joy Stay colourfulIn every situation
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F I N A N C I A L R E S U L T S · C O N S O L I D A T E DConsolidated results: Q2 FY27 Growth %%Q2 FY26%Q2 FY2713.22,827.493,200.37Total income from operations58.41,652.4060.71,942.32Material Cost8.7245.447.9251.55Employee Cost20.4577.4019.9635.83Other expenses5.212.5352.2511.6370.67PBDIT (Excluding Other Income)3.497.053.4108.58Depreciation2.79.0255.208.2262.09Profit from operation before interest0.926.001.031.72Other Income4.59.9281.209.2293.81PBIT0.617.390.516.54Finance Cost5.19.3263.818.7277.27PBT before share of joint ventures and tax10.808.05Share of profit of joint ventures, net of tax3.99.7274.618.9285.32Profit before tax68.2368.22Taxes5.27.3206.386.8217.10PAT
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F I N A N C I A L R E S U L T S · C O N S O L I D A T E DConsolidated results: H1 FY27 Growth %%H1 FY26%H1 FY2712.56,028.256,784.12Total income from operations58.53,527.2359.94,060.87Material Cost7.7462.807.3496.63Employee Cost19.21,157.5618.41,248.51Other expenses11.114.6880.6614.4978.11PBDIT (Excluding Other Income)3.2191.033.1211.64Depreciation11.111.4689.6311.3766.47Profit from operation before interest0.954.461.070.62Other Income12.512.3744.0912.3837.09PBIT0.531.870.429.00Finance Cost13.511.8712.2211.9808.09PBT before share of joint ventures and tax21.9719.82Share of profit of joint ventures, net of tax12.812.2734.1912.2827.91Profit before exceptional items and tax(36.81)0.00Exceptional items18.711.6697.3812.2827.91Profit before tax175.96205.80Taxes19.38.6521.429.2622.11PAT
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■Bolix S.A. had strong growth in revenue and operating profit, both in constant currency and INR terms.■BJN Nepal: Robust revenue and profitability growth, driven by price increases and margin expansion■STP: Strong quarter in revenue and operating profit; margins moderated due to RM cost pressures.■SBL: Revenue growth driven by pricing actions; profitability impacted by steep inflation in solvent-based RMs.■Berger Rock: Sustained healthy double-digit growth, supported by buoyant automotive demand.■Berger Becker JV: Robust growth in revenue and profitability, driven by higher volumes in Industrial Coatings.■BNPA JV: Revenue growth of over 40%; profitability and margins compressed as higher RM costs are yet to be fully offset by the impact of price increases S U B S I D I A R I E S A N D J O I N T V E N T U R E S · Q 2 F Y 2 7Consolidated Results: Performance Highlights
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Berger Paints India Limited | Q2 FY27 Earnings Update Product spotlight: waterproofing, décor and protectionB R A N D A N D I N N O V A T I O N · P R O D U C T S P O T L I G H T H O M E S H I E L D T I L I N GTile Adhesive Plus B350■Waterproof up to 3 bar; floor and wall use■EN 12004 C2TE / IS 15477 Type 2■Tile-on-tile application D E C O R P A N E L · B O L I XWall Slats Wood Panel■Ready-made panels with a wooden-slat look■Flexible and durable■Easy install, 20 shades E X T E R I O R P R O T E C T I O NLong Life Parapet Coat■Barrier coat for parapets and sunshades■Bio Shield Pro protection■Shields from rain and sun H O M E S H I E L D P R I M E RDamp Shield■Damp-blocking primer for exterior masonry■3-year waterproofing warranty■Better topcoat coverage16
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B R A N D A N D I N N O V A T I O N · S U M M E R R A N G EInnovative products: the Kool range G A R M I G O N E , T H A N D A K O NBeating the summer heat across the homeWallsWeathercoat Anti Dustt KoolRoofsRoof Kool & Seal: no leak, no heatWater tanksTank Kool "Garmi Gone, Thandak On"Summer campaign Kool paintsWalls, roofs, tanks Home Shield Roof Kool & SealCrack-bridging, 10-yr warranty
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Margin recovery■Calibrated price increasesacross business lines■Sustain cost-savinginitiatives while drivingfurther efficiencies and costoptimisation■Continued discipline onoperating costs Growth momentum■Capture festive-season demand in Q3■Build on automotive and industrial coatings, waterproofing, CC and wood coatings Brand and reach■Sustained investment in brands and innovation■Retail activation and store expansion■Tinting and point-of-sale capability Capital allocation ■Normalise working capital as input costs stabilise■Disciplined capacity investment■Maintain a net cash balance sheetP R I O R I T I E S G O I N G F O R W A R DOutlook: restore margins, sustain growth K E Y R I S KS W E A R E WATC H I N GCrude oil pricesMany raw materials are crude-linked, so input costs can swingCurrency volatilityA weaker rupee remains a concernInterest ratesHigher rates can slow housing and real-estate demandMacro slowdownGeopolitical scenario and high inflation
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D I S C L A I M E RDisclaimer This presentation has been prepared by Berger Paints IndiaLimited for information purposes only.The forward-looking statements, if any, involve risks,uncertainties and other factors that could cause actual resultsto differ materially from those suggested by the statements.