Interim report
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·�� Berger f'oln, 1/Qvr �l#OII STOCK. EXG/ AG/ 2026-27 The Corporate Relationship Department BSE Limited, 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 Scrip Code : 509480 Dear Sirs, The Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No.-C/1, 'G' Block, Bandra- Kurla Complex, Bandra (E) Mumbai - 400051 5th November, 2026 Listing Department The Calcutta Stock Exchange Ltd. 7 Lyons Range, Kolkata-700001 Scrip Code: BERGEPAINT Scrip Code: 12529 Sub : Unaudited (Standalone and Consolidated) Financial Results of the Company for the quarter and half year ended on 30th September, 2026 Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly find enclosed the following :- 1) The Unaudited (Standalone and Consolidated) Financial Results of the Company for the quarter and half year ended on 30th September, 2026 along with the Limited Review Reports issued by the Statutory Auditors of the Company. The said results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held today (5th November, 2026); 2) Press Release on the financial results of the Company for the quarter and half year ended on 30th September, 2026. The Board meeting commenced at 12 noon and concluded at 2.30 p.m. The aforesaid information is also available on the website of the Company, viz., hltps://www.bern:erpaints.com/investors/download. Thanking you. Yours faithfully, For BERGER PAINTS INDIA LIMITED Encl.: as above BERGER PAINTS INDIA LIMITED Registered Office: Berger House, 129, Pack-Street. Kolkata- 700 017, Phone: 2229 9n4-28, 2229 6005--06, Fax: 91-33-2249 9009/97_29, www:bergerpaints.com Corporate Office : CF--4, ADb1 Area -1C, Premises No., 02--0173, New TO'Ml, Rajarhal Kolkata �a�t. 'Nest Bengal • 700156, India CIN. L51434WB1923PLC004793, E-mail: consumerfeedback@bergennd1a.com
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BS R & Co. LLP Chartered Accountants Godrej Waterside, Unit No. 603 6th Floor, Tower 1, Plot No 5, Block - DP Sector V, Salt Lake, Kolkata - 700091 Tel: +91 33 4035 4200 Fax: +91 33 4035 4295 Limited Review Report on unaudited standalone financial results of Berger Paints India Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Berger Paints India Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Berger Paints India Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Kolkata 05 November 2026 For B S R & Co. LLP �hartered Accountants Firm's Registration No� 248W/W-100022 Partner Membership No.: 055757 UDIN:26055757OMNEPH5825 Registered Office BS R & Co. (a partnership firm 'Nith Registration No. BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registratron No. AAB·8181) with effect from October 14, 2013 14th Floor, Central B IMng and North C 1Mng, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai• 400063 Page 1 of 1
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BERGER PAINTS INDIA LIMITED CIN : L51434WB1923PLC004793 UNAUDITcD STANDALONE STATcMENT OF PROFIT AND LOSS FOR THE QUARTER AND SIX MONTHS ENDED SEPTcMBER 30, 2026 For the quarter ended Sr Particulars 30.09.2026 30.06.2026 30.09.2025 No Unaudited Unaudited Unaudited l Income (a) Revenue from operations 2,750.06 3,226.68 2,458.47 (b) Other income 31.13 39.14 23.47 Total income 2,781.19 3,265.82 2,481.94 2 Expenses (a) Cost of materials consumed 1,660.18 1,747.59 1,315.82 (b) Purchases of stock-in-trade 298.78 300.25 240.70 (c) (lncrease)/decrease in inventories of finished goods, stock-in-trade and (216.60) (88.55) (70.46) work-in-progress (d) Employee benefits expense 183.29 180.30 182.55 (e) Finance costs 13.70 9.96 13.81 (f) Depreciation and amortisation expense 96.79 91.11 85.92 (g) Other expenses 526.87 524.87 478.67 Total expense 2,563.01 2,765.53 2,247.01 3 Profit before exceptional item & tax (1-2) 218.18 500.29 234.93 4 Exceptional item (Refer Note 3) 5 Profit before ta• (3-4) 218.18 500.29 234.93 6 Tax expense Current tax 46.36 123.22 59.07 Deferred tax 8.51 8.39 (0.39) Total tax expense 54.87 131.61 58.68 7 Net Profit for the period (5-6) 163.31 368.68 176.25 8 Other comprehensive Income / (loss) not to be redassified to profit or loss in subsequent periods - a) Re•measurement gains/(losses) on defined benefit obligations (0.19) (3.01) (1.66) b) Income tax on (a) above 0.05 0.76 0.41 Total other comprehensive income/(loss) not to be redassified to profit or (0.14) (2.25) (1.25) loss in subsequent periods 9 Total comprehensive income for the period (7+8) 163.17 366.43 175.00 10 Paid-up equity share capital 116.60 116.60 116.59 (Face value of Re. 1/- each) 11 Other Equity 12 Earnings per share (of Re. 1/- each) (a) Basic (amount in INR) 1.40• 3.16• 1.51• (b) Diluted (amount in INR) 1.40• 3.16• 1.s1• . Not annualised See accompanying notes to the unaudited standalone financial results Rs in crores For the six months ended For the year ended 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudited Audited 5,976.74 5,321.09 10,420.10 70.27 51.00 192.87 6,047.01 5,372.09 10,612.97 3,407.77 2,649.68 5,222.80 599.03 497.98 1,017.79 (305.15) 53.94 (69.30) 363.59 342.59 667.02 23.66 25.17 45.60 187.90 168.98 345.63 1,051.74 966.22 1,895.22 5,328.54 4,704.56 9,124.76 718.47 667.53 1,488.21 36.81 49.99 718.47 630.72 1,438.22 169.58 155.00 344.06 16.90 5.71 (1.50) 186.48 160.71 342.56 531.99 470.01 1,095.66 (3.20) (2.84) 3.67 0.81 0.71 (0.93) (2.39) (2.13) 2.74 529.60 467.88 1,098.40 116.60 116.59 116.60 6,226.30 4.56· 4.03. 9.40 4.56· 4.03. 9.39
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BERGER PAINTS INDIA LIMITED UNAUDITED STANDALONE BALANCE SHEET AS AT SEPTEMBER 30, 2026 Rs. in crores As at Asat September 30, 2026 March 31, 2026 Particulars Unaudited Audited ASSETS Non-current assets Property, plant and equipment 2,593.94 2,440.91 Capital work-in-progress 147.19 259.70 Intangible assets 22.94 23.31 Right-of-use assets 562.53 565.51 Intangible asset under development 1.15 0.22 Financial assets (a) Investments 746.38 745.42 (b) Trade receivables 7.32 7.45 (c) Loans 40.75 39.43 (d) Other financial assets 89.14 146.38 Income tax assets (net) 20.17 24.36 Other non-current assets 12.55 13.00 4,244.06 4,265.69 Current assets Inventories 2,666.38 2,225.60 Financial assets (a) Investments 845.18 936.53 (b) Trade receivables 1,407.58 1,129.27 (c) Cash and cash equivalents 50.16 151.94 (d) Bank balances other than (c) above 57.08 55.01 (e) Loans 3.00 3.00 (f) Other financial assets 113.92 92.26 Other current assets 136.19 86.90 5,279.49 4,680.51 Total assets 9,523.55 8,946.20 EQUITY AND LIABILITIES Equity Equity share capital 116.60 116.60 Other equity 6,292.86 6,226.30 Total equity 6,409.46 6,342.90 liabilities Non-current liabilities Financial liabilities (a) Lease liabilities 343.84 358.48 (b) Other financial liabilities 48.24 52.73 Provisions 5.63 5.41 Deferred tax liabilities (net) 54.48 38.39 Other non-current liabilities 5.67 6.18 457.86 461.19 Current liabilities Financial liabilities (a) Borrowings 400.00 (b) Lease liabilities 113.86 100.26 (c) Trade payables i) Total outstanding dues of micro enterprises and small enterprises 113.58 92.24 ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,607.11 1,430.02 (d) Other financial liabilities 182.18 252.70 Other current liabilities 94.16 99.54 Provisions 87.30 116.20 Income tax liabilities (net) 58.04 51.15 2,656.23 2,142.11 Total liabilities 3,114.09 2,603.30 Total equity and liabilities 9,523.55 8,946.20
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BERGER PAINTS INDIA LIMITED UNAUDITED STANDALONE STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2026 Particulars A. Cash flows from operating activities: Profit before tax Adjustments to reconcile profit before tax to net cash flows : Depreciation and amortisation expense Exceptional Item Profit on sale/discard of Property, plant and equipment Share based payment to employees Sundry balances written back Gain on early termination of leases Net foreign exchange differences (unrealised) Impairment loss on trade receivables Net gain on sale of mutual fund investments measured at Fair Value Through Profit or Loss (FVTPL) Fair value gain on mutual fund investments measured at Fair Value Through Profit or Loss (FVTPL) Finance costs Interest income Operating profit before working capital changes Adjustments for: lncrease/(Decrease) in trade payables Decrease in other financial liabilities lncrease/(Decrease) in other liabilities lncrease/(Decrease) in provisions lncrease/(Decrease) in deposits and other financial assets Increase in other assets Increase in trade receivables lncrease/(Decrease) in inventories Cash generated from operations Direct taxes paid (net of refunds) Net cash flows from operating activities (A) B. Cash flows from investing activities: Purchase of property, plant and equipment and intangible assets (including capital work in progress and intangible assets under development) Proceeds from sale of property, plant and equipment and intangible assets Loan given to subsidiary Loan repaid by subsidiary Purchase of non-current investment Proceeds from sale of current investments Purchase of current investments Proceeds from maturity of fixed deposits with banks Investment in fixed deposits with banks Interest received Net cash flows used in investing activities (Bl C. Cash flows from financing activities: Net movement in cash credit Other short term borrowings taken Repayment of other short term borrowings Payment of lease liabilities - principal portion Payment of lease liabilities - interest portion Interest paid Dividend paid Net cash flows used in financing activities (C) Net Decrease in cash and cash equivalents (A+B+C] Cash and cash equivalents as at the beginning of the period Cash and cash equivalents as at end of the period Components of cash and cash equivalents Balances with banks: - On current accounts - Deposits with original maturity of less than three months Cheques/drafts on hand Cash on hand Total cash and cash equivalents Rs. in crores For the six months For the six months ended September ended September 30, 2026 30,2025 Unaudited Unaudited 718.47 630.72 187.90 168.98 - 36.81 (0.85) (0.20) 3.36 2.92 (0.06) (0.09) (2.97) (3.87) 0.63 1.13 7.57 6.53 (22.25) (18.43) (15.34) (3.69) 23.66 25.17 (7.77) (11.10) 892.35 834.88 197.73 (155.76) (51.81) (1.70) (5.89) 208.60 (32.10) 4.43 36.76 (13.40) (49.30) (15.62) (287.68) (244.07) (440.78) 145.20 259.28 762.56 (158.50) (136.91) 100.78 625.65 (203.37) (192.56) 2.17 2.09 (2.57) (1.30) 1.25 2.00 (0.96) 2,198.54 2,013.83 (2,069.60) (1,990.05) 41.90 47.36 (41.92) (48.11) 3.95 6.27 (70.61) (160.47) - (0.39) 1,607.44 487.30 (1,207.44) (487.30) (44.29) {35.28) (15.72) (18.12) (5.54) {3.17) (466.40) (443.04) (131.95) (500.00) (101.78) (34.82) 151.94 141.39 50.16 106.57 48.18 97.74 0.75 6.50 1.10 2.11 0.13 0.22 50.16 106.57
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Notes : 1) The above results have been prepared in accordance with Indian Accounting Standards ('Ind AS') notified under section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015, as amended. These results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors at its meeting held on November 05, 2026. The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six Months ended September 30, 2026 which needs to be explained. 2) The Company is primarily engaged in the business of 'Paints and Coatings'. There is no separate reportable segment as per Ind AS 108 - Operating Segments 3) The exceptional items comprise the following: a. Impact of notification of Labour Codes On November 21, 2025, the Government of India notified four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating 29 hitherto existing labour laws. The management had assessed and disclosed the incremental impact of these changes as an "Exceptional item" in the standalone statement of profit and loss for the year ended March 31,2026 b. Fire incident at warehouse During the quarter ended June 30, 2025, there was a fire in a warehouse of the Company located in Barasat, West Bengal. There was no casualty reported due to the fire. The financial impact of the loss of inventory and certain fixed assets due to fire amounting to Rs.36.81 crores was recognised as "Exceptional item". The Company had filed an insurance claim for the aforesaid loss and accordingly, the Company had recorded an insurance claim receivable as at 31 March 2026 resulting in reversal of the recorded loss during the quarter ended 31 March 2026. The insurance claim proceeds were subsequently realised during the quarter ended September 30, 2026. Place: Kolkata Dated : November 05, 2026 BERGER PAINTS !NOIA LIMITED Registered Office : Berger House, 129 Park Street, Kolkata 700 017 By order of the Board of Directors . cfJ:1, �-1- � V'Vrv�tR oy Managing Director & CEO DIN : 03439064
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BS R & Co. LLP Char tered Accoun tants Godrej Waterside, Uni t No. 603 6th Floor, Tower 1, Plot No 5, Block - DP Sector V, Salt Lake, Kolkata - 700091 Tel: +91 33 4035 4200 Fax: +91 33 4035 4295 Limited Review Report on unaudited consolidated financial results of Berger Paints India Lim ited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Berger Paints India Limited 1. We have reviewed the accompanying Statement of unaudi ted consolidated financial results of Berger Pai nts In dia Limited (hereinaf ter referred to as "the Parent") , and its subsidiar ies (the Parent and its subsidiar ies together referred to as "the Group") and its shar e of the net profit after tax and total comprehensive income of its joint ventures for the quar ter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"), being subm itted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosur e Req uireme nts) Regulations, 201 5, as amended ("Listing Regu lations"). 2. This Statement, which is the responsibility of the Parent's management and appr oved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in In dian Accounting Standar d 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 13 3 of the Compan ies Act, 20 13 , and other accounting principles generally accepted in In dia and in complia nce with Regu lation 33 of the Listing Regulations. Our responsibil ity is to express a conclusion on the Statement based on our review . 3. We conduc ted our review of the Statement in accordance with the Standar d on Review Engagem ents (SRE ) 24 10 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Ins titute of Ch artered Accountants of India. A review of interim financial information consists of making inqu iries, primarily of persons responsible for financial and accounting matters, and applying ana lytical and other review procedures. A review is substantially less in scope than an audit conduc ted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all signi ficant matters that migh t be ident ified in an audit. Accordingly, we do not express an audi t opinion. We als o performed proced ures in accordance with the circular issued by the Securities and Exchange Board of In dia under Regula tion 33(8) of the Listing Regula tions, to the extent applic ab le. 4. The Statement includes the results of the following entities: Parent: Berger Pain ts In dia Lim ited Sub sidiar ies: SBL Specialty Coatings Private Limited Beepee Coatings Private Lim ited Berger Jenson & Nicholson (Nepal) Private Lim ited Berger Hesse Wood Coatings Private Limited STP Lim ited Berger Rock Pain ts Private Limited Berger Pai nts (Cyprus) Lim ited Lusaka Trading Limi ted BS R & Co. (a partnership firm with Registration No. BA61223) convened into BS R & Co. LLP {a Limited Liability Partnership with LLP Registration No AAB-8181) with effect from October 14, 2013 Registered Office· 14th Floor. Cen1ral 8 IMng and Nonh C W'ing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 3
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BS R & Co. LLP Lim ited Review Repor t (Continued) Berger Pai nts Indi a Lim ited Berger Paints Overseas Limi ted* Bolix S.A * Build Trade Sp. Z o.o.* Bolix UKR AINE Sp. Z o.o.* Soltherm External Insul ations Limited* Soltherm Isolations Thermique Exterieure SAS* Su refire Mana gement Services Lim ited* Join t Ventures: Berger Becker Coatings Private Limited Berger Nippon Paint Automotive Coatings Private Limi ted *Step-down subsidia ry of Berger Paints In dia Limi ted 5. Based on our review conduc ted and procedur es performed as stated in paragraph 3 above and based on the consideration of the review reports of the other audi tors referred to in paragraph 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepar ed in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standar d and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material mis statement. 6. We did not review the interim financial information of three subsidiar ies and one step-down subsidiar y (inc ludin g it's five subsidiar ies) included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1, 373.42 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 390.99 crores and Rs. 670.60 crores, total net profit after tax (before consolidation adjustme nts) of Rs. 45.26 crores and Rs. 61 . 77 crores and total comprehensive income (before consolidation adjustments) of Rs. 44.84 crores and Rs. 61.18 crores for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustment s) of Rs 27.4 3 crores for the period from 01 April 2026 to 30 September 2026. as considered in the Statement. The Statement also include the Group's shar e of net profit after tax of Rs. 8. 05 crores and Rs. 19 .82 crores and total comprehensive income of Rs. 8. 05 crores and Rs. 19 .82 crores for the quar ter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively as consider ed in the Statement, in respect of two joint ventures, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other aud itors whose reports have been furnished to us by the Parent's management and our concl usion on the Statement, in so far as it relates to the amounts and disclosur es included in respect of these subsidiaries and joint ventures, is based solely on the reports of the other aud itors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not mod ified in respect of this matter. 7. The Statement includes the interim financial information of four subsidiar ies and one step-down subsid iary which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 628.4 7 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 21 . 72 crores and Rs. 42. 17 crores, total net (lo ss)/profit after tax (before consolidation adjustments) of Rs. (-) 1. 25 crore and Rs. 0.3 4 crores and total comprehensive (loss)/income (before consolidation adjustments) of Rs. (-) 2.4 5 crore and Rs. 0.46 crores for the qu arter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustme nts) of Rs 0.81 crores for the period from 01 April 2026 to 30 September 2026 as consid ered in the Statement. Accord ing to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Page 2 of 3
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BS R & Co. LLP Lim ited Rev iew Repor t (Continued) Berger Pai nts Indi a Lim ited Our conclusion is not modified in respect of this matter. Kol kata 05 November 2026 F r B S R & Co. LLP rtered Accountants Firm's Reg istra 12 48W/W-1 00022 Partner Memb ership No. : 055757 UDIN: 26055757CSEXSN708 2 Page 3 of 3
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BERGER PAINTS INDIA LIMITED CIN : L51434WB1923PL C004793 UNAUDITED CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2026 For the quarter ended Sr No Particulars 30.09.2026 Unaudited 1 Income (a) Revenue from ope rations 3,200.37 (b) Other income 31.72 Total income 3,232.09 2 Expenses (a) Cost of materials consumed 1,861.17 (b) Purchases of stock-in-trade 305.86 (c) (lncrease)/decrease in inventories of finished goods, stock-in-trade (224.71) and work-in-progress (d) Employee benefits expense 251.55 (e) Finance costs 16.54 (f) Depreciation and amortisation expense 108.58 (g) Other expenses 635.83 Total expenses 2,954.82 3 Profit before share of joint ventures and tax (1-2) 277.27 4 Share of profit of joint ventures, net of tax 8.05 5 Profit before exceptional item and tax (3+4) 285.32 6 Exceptional item (Refer Note 3) 7 Profit before tax (5-6) 285.32 8 Tax Expense Current tax 60.77 Deferred tax/(credit) 7.45 Total tax expense 68.22 9 Net Profit for the period (7-8) 217.10 10 Other comprehensive income not to be reclassified to profit or loss in subsequent periods a) Re-measurement income/ (losses) on defined benefit obligations (0.78) b) Income tax relating to items not to be reclassified to profit or loss in 0.20 subsequent periods c) Share of Other comprehensive income in Joint Ventures (net of tax)* 11 Other comprehensive income to be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations (4.03) 12 Total other comprehensive income (lo+ll) (4.61) 13 Total comprehensive income for the period {9+12) 212.49 14 Profit for the period attributable to: -Owners of the Company 216.88 -Non-controlling interest 0.21 217.09 15 Other comprehensive income for the period attributable to -Owners of the Company (4.60) -Non-controlling interest* 0.00 (4.60) 16 Total comprehensive income for the period attributable to -Owners of the Company 212.28 -Non-controlling interest 0.21 212.49 17 Paid-up equity share capital 116.60 (Face value of Re. 1/- each) 18 Other Equity 19 Earnings Per Share (of Re. 1/- each) (a) Basic (amount in IN R) 1.86# (b) Diluted (amount in INR) 1.86# # Not annual ised * Figures marked with (*) are below the rounding off norm adopted by the Group. See accompanying notes to the unaudited consolidated financial results 30.06.2026 30.09.2025 Unaudi ted Unaud ited 3,583.75 2,827.49 38.90 26.00 3,622.65 2,853.49 1,916.95 1,481.89 302.58 254.89 (100.98) (84.38) 245.08 245.44 12.46 17.39 103.06 97.05 612.68 577.40 3,091.83 2,589.68 530.82 263.81 11.77 10.80 542.59 274.61 542.59 274.61 132.14 64.56 5.44 3.67 137.58 68.23 405.01 206.38 (3.22) (1.76) 0.81 0.43 0.00 10.59 26.61 8.18 25.28 413.19 231.66 404.34 206.29 0.67 0.09 405.01 206.38 8.18 25.29 0.00 (0.01) 8.18 25.28 412.52 231.58 0.67 0.08 413.19 231.66 116.60 116.59 3.47# 1.77# 3.47# 1.77# For the six months ended 30.09.2026 30.09.2025 Unaudited Unaudited 6,784.12 6,028.25 70.62 54.46 6,854.74 6,082.71 3,778.12 2,969.58 608.44 522.36 (325.69) 35.29 496.63 462.80 29.00 31.87 211.64 191.03 1,248.51 1,157.56 6,046.65 5,370.49 808.09 712.22 19.82 21.97 827.91 734.19 36.81 827.91 697.38 192.91 167.15 12.89 8.81 205.80 175.96 622.11 521.42 (4.00) (3.20) 1.01 0.80 0.00 6.56 46.95 3.57 44.55 625.68 565.97 621.22 520.92 0.88 0.50 622.10 521.42 3.58 44.56 0.00 (0.01) 3.58 44.55 624.80 565.48 0.88 0.49 625.68 565.97 116.60 116.59 5.33# 4.47# 5.33# 4.47# Rs. in crores For the year ended 31.03.2026 Audited 11,880.25 106.70 11,986.95 5,839.81 1,061.83 (74.38) 912.80 57.57 392.09 2,306.89 10,496.61 1,490.34 51.05 1,541.39 53.29 1,488.10 374.42 (14.34) 360.08 1,128.02 3.74 (0.95) 0.09 68.89 71.77 1,199.79 1,126.87 1.15 1,128.02 71.77 0.00 71.77 1,198.64 1.15 1,199.79 116.60 6,799.56 9.67 9.66
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BERGER PAINTS IN DIA LIMITED UNAUDITED CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 2026 Rs. in Crores As at As at Particulars September 30, 2026 March 31, 2026 Unaudited Audited Assets Non-current assets Property, plant and equipment 2,963.74 2,810.53 Capital work-in-p rogress 205.48 316.02 Right-of-use assets 613.08 617.10 Goodwill 374.94 373.84 Other Intangible assets 38.77 39.97 Intangible assets under development 1.15 0.22 Investments in joint ventures 255.20 235.38 Financial assets (a) Investments * 0.96 0.00 (b) Trade receivables 7.32 7.45 (c) Other financial assets 91.86 149.07 Deferred tax assets (net) 24.21 21.82 Income tax assets (net) 27.49 32.67 Other non-current assets 27.58 26.09 4,631.78 4,630.16 Current assets Inventories 2,871.65 2,393.23 Financial assets (a) Investments 894.73 953.54 (b) Trade receivables 1,918.10 1,565.22 (c) Cash and cash equ ivalents 128.60 207.24 (d) Bank balances other than (c) above 91.90 98.07 (e) Other financial assets 114.15 100.10 Other current assets 165.24 109.70 6,184.37 5,427.10 Total assets 10,816.15 10,057.26 Equity and liabilities Equity Equ ity share capital 116.60 116.60 Other equity 6,961.33 6,799.56 Equity attributable to owners of the Company 7,077.93 6,916.16 Non-co ntrolling interest 14.62 13.74 Total equity 7,092.55 6,929.90 Liabilities Non-current liabilities Financial liabilities (a) Borrowings 16.79 15.71 (b) Lease liabilities 368.26 383.68 (c) Other financial liabilities 50.10 55.51 Provisions 18.64 18.54 Deferred tax liabilities (net) 95.69 81.41 Other non-current liabilities 6.15 6.63 555.63 561.48 Current liabilities Financial liabilities (a) Borrowings 557.79 126.53 (b) Lease liabilities 123.67 109.21 (c) Trade payables i) Total outstanding dues of micro enterpri ses and small enterprises 122.65 101.28 ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,863.25 1,643.75 (d) Other financial liabilities 216.92 285.36 Other cur rent liabilities 128.69 125.65 Provisions 96.56 122.23 Income tax liabilities (net) 58.44 51.87 3,167.97 2,565.88 Total liabilities 3,723.60 3,127.36 Total equity and liabilities 10,816.15 10,057.26
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BERGER PAINTS INDIA LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2026 Particulars A. Cash flows from operating activities: Profit before tax Adjustments to reconcile profit before tax to net cash flows Depreciation and amortisation expense Exceptional Item Profit on sale/discard of Property, plant and equipment and intangible assets Share based payment to employees Sundry balances written back Gain on early termination of leases Net foreign exchange differences (unrealised) Impairment loss on trade receivables Net gain on sale of mutual fund investments measured at Fair Value Through Profit or Loss (FVTPL) Fair value gain on mutual fund investments measured at Fair Value Through Profit or Loss (FVTPL) Share of profit in joint ventures, net of tax Finance costs Interest income Operating profit before working capital changes Adjustments for Increase/ (Decrease) in trade payables Increase/ (Decrease) in other financial liabilities Increase in other liabilities Increase/ (Decrease) in provisions (Increase)/ Decrease in deposits and other financial assets Increase in other assets Increase in trade receivables Increase/ (Decrease) in inventories Cash generated from operations Direct taxes paid (net of refunds) Net cash flows from operating activities (A) B. Cash flows from investing activities: Purchase of property, plant and equipment and intangible assets (including capital work in progress and intangible assets under development) Proceeds from sale of property, plant and equipment and intangible assets Purchase of Non·current investments Proceeds from sale of current investments Purchase of current investments Proceeds from matu rity of fixed deposits with banks Investment in fixed deposits with banks Interest received Net cash flows used in investing activities (B) C. Cash flows from financing activities: Net movement in cash credit Repayment of long term borrowings Proceeds from short term borrowings Repayment of short term borrowings Payment of lease liabil ities - principal portion Payment of lease lia bilities - interest portion Interest paid Dividend paid Net cash flows used in financing activities (C) Net Decrease in cash and cash equivalents [A+B+C) Cash and cash equivalents as at the beginning of the period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents as at end of the period Components of cash and cash equivalents Balances with banks: - On current accounts - Deposits with original maturity of less than three months Cheques/drafts on hand Cash on hand Total cash and cash equivalents For the six months period ended September 30, 2026 Una udited 827.91 211.64 (1.53) 3.36 (0.06) (3.04) 3.40 8.73 (22.71) (15.92) (19.82) 29.00 (7.89) 1,013.07 240.17 (48.78) 2.57 (29.78) 44.44 (57.30) (363.41) (478.42) 322.56 (181.16) 141.40 (222.96) 4.43 (0.96) 2,214.49 (2,117.05) 59.91 (51.68) 3.98 (109.84) (0.37) (1.23) 1,641.38 (1,207.45) (49.60) (17.10) (9.50) (466.41) (110.28) (78.72) 207.24 0.08 U8.60 111.20 15.81 1.10 0.49 U8.60 Rs. In Crores For the six months period ended September 30, 2025 Una udited 697.38 191.03 36.81 (0.64) 2.92 (0.12) (4.32) 5.16 6.68 (18.43) (4.67) (21.97) 31.87 (11.71) 909.99 (85.26) 15.88 199.98 7.31 (8.38) (37.23) (320.03) 116.61 798.87 (151.8 0) 647.07 (191.32) 2.93 2,037.05 (2,019.07) 53.40 (57.48) 5.68 (168.81) (1.45) (4.40) 536.61 (491.05) (49.67) (39.29) (11.02) (443.04) (503.31) (25.05) 253.95 1.01 229.91 134.06 92.95 2.11 0.79 229.91
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Notes : 1) The aforementioned statement of Unaudited Consolidated Financial Results were reviewed by the Audit Comm ittee and approved by the Board of Directors of the Holding Company at their respective meetings held on November 5, 2026. The Limited Review of these consolidated financial results, as required under Regula tion 33 of the SEBI (Listing Obligations and Disclosure Requirem ents) Regulations, 2015 has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter and Six months ended September 30, 2026 which needs to be explained. 2) The Group is primarily engaged in the business of 'Paints and Coatings'. There are no separate reportable segment as per Ind AS 108 - Operating Segments. 3) The exceptional items comprise the following: a. Impact of notification of Labour Codes On November 21, 2025, the Government of India notified four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating 29 hitherto existing labour laws. The management had assessed and disclosed the incremental impact of these changes as an "Exceptional item" in the consolidated statement of profit and loss for the year ended March 31,2026. b. Fire incident at warehouse During the quarter ended June 30, 2025, there was a fire in a warehouse of the Holding Company located in Barasat, West Bengal. There was no casualty reported due to the fire. The financial impact of the loss of inve ntory and certain fixed assets due to fire amounting to Rs.36.81 crores was recognised as "Exceptional item". The Holding Company had filed an insurance claim for the aforesaid loss and accordingly, the Holding Company had recorded an insurance claim receivable as at 31 March 2026 resulting in reversal of the recorded loss during the quarter ended 31 March 2026. The insurance claim proceeds were subse quently realised during the quarter ended September 30, 2026. Place: Kolkata Dated : November OS, 2026 BERGER PAINTS INDIA LIMITED Registered Office Berger House, 129 Park Street, Kolkata 700 017 By Order of the Board of Directors �/?� Managing Dire ctor & C; - yr DIN • 03439064
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•'7� Berger PRESS RELEASE Fin ancia l Result s for the quarter ended 30th September , 2026 Financial Result s for the quarter ende d 30th September, 2026 Highlights of the Consoli dated Resu lts: a. Reven ue from Operations for the qua rter ended, 30th September, 2026 was Rs. 3, 200.4 crores as against Rs. 2,827.5 crores in the correspo nding qua rter of last year, represen ting an increase of 13 .2% over the corres ponding qua rter of last year. b. EB ITDA (excluding other in come) for the qua rter ended 30th Septem ber, 2026 was Rs. 370.7 crores as against Rs. 352.3 crores in the correspon ding qua rter of last year, repres enting an in crease of 5. 2% over the corres ponding qua rter of last year. c. Net profit for the qua rter ended 30th Sept ember, 2026 was Rs. 217 .1 crores as agai nst Rs. 206.4 crores in the correspon ding qua rter of la st year, represen ting an incr ease of 5.2% over the corresponding qua rter of last year. Highl ights of the Standalone Resu lts: a. Revenue from Operations for the qua rter ended 30th September, 2026 was Rs. 2,750. 1 crores as against Rs. 2,4 58.5 crores in the correspo nding qua rter of last year, representing an incr ease of 11 .9% over the corres ponding qu arter of last year. b. EBITDA (ex cl udin g other inc ome ) for the qu arter ended 30th Sept ember, 2026 was Rs. 297.5 crores as agai nst Rs. 311 .2 crores in the correspond ing qu arter of last year, representing a dec line of 4.4% over the corres pond in g qu arter of last year. c. Net profit for the qua rter ended 30th Sept ember, 2026 was Rs. 16 3.3 crores as agai nst Rs. 17 6.3 crores in the c01Tespond in g qua rter of last year, representing a dec li ne of 7.3 % over the correspond in g qua rter of la st year. Financial Result s for the half year ended 30th Septemb er, 2026 Highlights of the Con solid ated Resu lts: a. Reven ue from Oper ations for the half year ended, 30th September, 2026 was Rs. 678 4. 1 crores as agai nst Rs. 6,0 28.3 crores in the corresponding period of la st year, representing an increase of 12 .5% over the correspond ing period of la st year. b. EB ITDA (ex cl udin g other income) for the half year ended 30th Sept ember, 2026 was Rs. 978. 1 crores as agai nst Rs. 88 0. 7 crores in the corresponding period of the last year, representing an increase of 1 1.1 % over the corres pond ing period of last year. Net profi t for the half year ended 30th Septem ber, 2026 was Rs. 622. 1 crores as against Rs.
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·� Berger 52 1. 4 crores in the correspondi ng qua rter of last year, representing an in crease of 19 .3% over the correspo nding period of last year. Highlights of the Standalone Results: a. Revenue from Opera tions for the half ye ar ended 30th Septem ber, 2026 was Rs. 5, 976.7 crores as agai nst Rs. 5,3 21.1 crores in the correspo nding period of last year, representing an in crease of 12.3% over the correspo nding period of last year. b. EBITDA (excl uding other in come) for the hal f year ended 30th Sept ember, 2026 was Rs. 859.8 crores as against Rs. 810 .7 crores in the corresp onding period of the last year, representing an in crease of 6. 1 % over the correspo nding period of last year. c. Net profit for the half year ended 30th September, 2026 was Rs. 532.0 crores as agai nst Rs. 470.0 crores in the corresponding period of last year, representing an increase of 13 .2% over the c01Tespon din g period of last year. • Consolida ted reve nue growth of 13.2% and Oper ating Profit growt h of 5. 2% ach ieved su ppor ted by the good per fo rmanc e of our Indus trial , Construction Chemical and ln te rnc11 .ional busine sses. • Price in cr eas es cont inue to be taken in a staggered form to counter sus ta ined raw ma teri al inf la tion. • "Rang Bana Rahe " corpor ate campa ign was launc hed in the quar ter wh ich saw str ong trac tion acr oss aud ienc es • Mar ket shar e re mained stable at the end of Q2 . Comment ing on Q2 FY27 results, Abhijit Roy, MD & CEO of Berger Paints India Limited stated, "We delivered a consistent performance in Q2 which was a seasona lly so.ft quarter in which we achie ved a revenue growth of 13.2% on a consolidated basis and 11 .9 % on a standalone basis for the quarter. For the 6 months ended September' 2026 our revenue growth was 12.5% on a consolidated basis and 12.3% on a standalone basis. Operating profit gro wth was impacted by the shcup rise in raw material costs, the full impact of which was felt in this quarter. We successfully launched our new co1porate campaign "Rang Bona Rahe " which resulted in increased advertisement spends for the quarter. The cumulative effect of these two factors resulted in a marginal decline of operating profit by 4.4% on a standalone basis for the quarter. Our operating profit growth for the first half is I 1. 1 % on a consolidated basis and 6. 1% on a standalone basis. All our subsidiaries and Joint Ventures, both domestic and international, registered strong gro wth in topline and operating profit. With no sign of easing of the inflationcuy trend of raw materials, we will implement further rounds of price increases in November and beyond as and when required, in addition to implementi ng cost efficiency initiatives to ensure stability of our profit margins. \' .••. .,, I. \ ',\�--<,1 (' / ..... j ';' \\ .,::. '"
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·� Berger Forex volatility, geopolitical uncertainty, raw material supply & price disruptions continue to pose near-term margin risks. " About Berger Paints India Lim ited : Berger Paints India Limit ed ("Ber ger") is among India's lea ding paint , coat ings and water proofing companies and ranked among the top 15 coat ing compan ies glo bal ly and operates across India , Nepal & Europe ei ther dir ectly or through its subsidi ary compan ies. Be rger is well recognized in India for its in novat ions in products and services which has hel ped reshape the ind ustry over the course of the past few decades. These include popul arization of the tinting systems which redefined the Indian Paint market, la unch of products li ke Easy Cle an and Weather Coat Ant i-Dus ll, int roduction of the iTrain cen tres for trai nin g on paint s, coatings, waterpr oo fing and associated processes. Be rger's innovatio ns extend to bein g the first to int roduce the concept of aut omated painting tools under "Express Painti ng" services as an enha nced customer painting serv ice in India and we continue to lead the way in this segment . Berger als o contin ues to maintain a lea dersh ip posi tion in India in the prote ctive coatings & general indu stries coatings segment. This is an area of sustained leader ship over the past few decades. Bolix, our subsidi ary in Poland & its step down subsidia ry in the UK is a leading pla yer in ETICS segment which contribut es sig nif icantly to the energy sav ings in itiati ves in the EU.