Are Berger Paints Q1 Results Strong Across Growth And Margins?
BERGER PAINTS Q1 FY27: BROAD-BASED GROWTH WITH HEALTHY PROFITABILITY
Berger Paints reported a strong and well-balanced Q1 FY27 performance, with growth visible across revenue, EBITDA, net profit and EPS on both year-on-year and sequential comparisons.
Revenue increased 12% YoY to ₹3,584 crore, while EBITDA grew faster at 15% YoY to ₹608 crore. Net profit increased an even stronger 29% YoY to ₹405 crore.
The quality of the quarter is reinforced by the EBITDA margin, which improved to 16.9% from 16.5% YoY and 16.8% QoQ.
Berger Paints reported a strong and well-balanced Q1 FY27 performance, with growth visible across revenue, EBITDA, net profit and EPS on both year-on-year and sequential comparisons.
Revenue increased 12% YoY to ₹3,584 crore, while EBITDA grew faster at 15% YoY to ₹608 crore. Net profit increased an even stronger 29% YoY to ₹405 crore.
The quality of the quarter is reinforced by the EBITDA margin, which improved to 16.9% from 16.5% YoY and 16.8% QoQ.
🟢 REVENUE +12% YoY
🟢 EBITDA +15% YoY
🟢 PAT +29% YoY
🟢 EPS +30% YoY
🟢 EBITDA +15% YoY
🟢 PAT +29% YoY
🟢 EPS +30% YoY
Berger Paints Q1 FY27 Results At A Glance
Unlike quarters where strong headline profit masks weakness elsewhere, Berger Paints' supplied numbers show positive movement across all the major reported financial parameters.
| Metric | Q1 FY27 | YoY | QoQ |
| Revenue | ₹3,584 Cr | 🟢 +12% | 🟢 +25% |
| EBITDA | ₹608 Cr | 🟢 +15% | 🟢 +26% |
| EBITDA Margin | 16.9% | 16.5% | 16.8% |
| Net Profit | ₹405 Cr | 🟢 +29% | 🟢 +21% |
| EPS | ₹3.5 | 🟢 +30% | 🟢 +21% |
Overall Result Classification: 🟢 Strong
Why Is This A High-Quality Earnings Quarter?
The most important feature of Berger Paints' Q1 numbers is the consistency across the P&L.
Revenue grew at a double-digit rate, EBITDA grew faster than revenue, and PAT and EPS grew substantially faster than both.
That progression is considerably healthier than a quarter where profit growth is accompanied by declining revenue or contracting operating margins.
REVENUE
↑ 12% YoY
EBITDA
↑ 15% YoY
NET PROFIT
↑ 29% YoY
EPS
↑ 30% YoY
↑ 12% YoY
EBITDA
↑ 15% YoY
NET PROFIT
↑ 29% YoY
EPS
↑ 30% YoY
Revenue grew at a double-digit rate, EBITDA grew faster than revenue, and PAT and EPS grew substantially faster than both.
That progression is considerably healthier than a quarter where profit growth is accompanied by declining revenue or contracting operating margins.
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EBITDA Growth Outpaces Revenue Growth
Berger Paints generated quarterly revenue of ₹3,584 crore, representing 12% YoY growth.
EBITDA increased at a slightly faster 15% YoY to ₹608 crore.
REVENUE GROWTH
+12% YoY
EBITDA GROWTH
+15% YoY
EBITDA GROWING FASTER THAN SALES = POSITIVE
+12% YoY
EBITDA GROWTH
+15% YoY
EBITDA GROWING FASTER THAN SALES = POSITIVE
This difference is not enormous, but it is directionally favourable because operating profit expanded faster than the top line.
Margins Show Improvement Rather Than Pressure
Berger Paints reported an EBITDA margin of 16.9%.
The comparative numbers were:
Q1 FY27: 16.9%
YoY: 16.5%
QoQ: 16.8%
This translates into approximately:
The improvement is modest rather than dramatic, but its direction is important.
Berger Paints achieved double-digit revenue growth without sacrificing operating margins. In fact, the margin improved slightly.
This makes the reported revenue growth more valuable from an earnings-quality perspective.
The comparative numbers were:
Q1 FY27: 16.9%
YoY: 16.5%
QoQ: 16.8%
This translates into approximately:
+40 BPS YoY
+10 BPS QoQ
+10 BPS QoQ
The improvement is modest rather than dramatic, but its direction is important.
Berger Paints achieved double-digit revenue growth without sacrificing operating margins. In fact, the margin improved slightly.
This makes the reported revenue growth more valuable from an earnings-quality perspective.
Net Profit Growth Is Particularly Strong
Net profit increased:
This is significantly faster than both revenue and EBITDA growth.
Revenue: +12%
EBITDA: +15%
PAT: +29%
The supplied figures therefore show strong bottom-line growth.
However, the limited result summary does not provide the complete P&L bridge. It would therefore be inappropriate to attribute the entire difference between EBITDA growth and PAT growth to operating leverage alone.
29% YoY → ₹405 CRORE
This is significantly faster than both revenue and EBITDA growth.
Revenue: +12%
EBITDA: +15%
PAT: +29%
The supplied figures therefore show strong bottom-line growth.
However, the limited result summary does not provide the complete P&L bridge. It would therefore be inappropriate to attribute the entire difference between EBITDA growth and PAT growth to operating leverage alone.
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Sequential Growth Makes The Result More Convincing
One of the strongest features of Berger Paints' quarter is that the positive performance is not restricted to the YoY comparison.
The company also reported:
Meanwhile, EBITDA margin improved marginally from 16.8% to 16.9%.
This means the quarter delivered substantial sequential top-line and EBITDA growth without margin dilution.
That combination makes the sequential performance particularly noteworthy.
The company also reported:
REVENUE +25% QoQ
EBITDA +26% QoQ
PAT +21% QoQ
EPS +21% QoQ
EBITDA +26% QoQ
PAT +21% QoQ
EPS +21% QoQ
Meanwhile, EBITDA margin improved marginally from 16.8% to 16.9%.
This means the quarter delivered substantial sequential top-line and EBITDA growth without margin dilution.
That combination makes the sequential performance particularly noteworthy.
EPS Growth Confirms The Bottom-Line Trend
Earnings per share came in at:
representing:
↑30% YoY
↑21% QoQ
EPS growth broadly mirrors the strong reported PAT trajectory.
For shareholders, sustained EPS growth ultimately matters because long-term equity value creation requires growth in earnings attributable to each share, not merely expansion in company-level revenue.
₹3.5
representing:
↑30% YoY
↑21% QoQ
EPS growth broadly mirrors the strong reported PAT trajectory.
For shareholders, sustained EPS growth ultimately matters because long-term equity value creation requires growth in earnings attributable to each share, not merely expansion in company-level revenue.
YoY And QoQ Both Point In The Same Direction
| YEAR-ON-YEAR | QUARTER-ON-QUARTER |
| 🟢 Revenue +12% | 🟢 Revenue +25% |
| 🟢 EBITDA +15% | 🟢 EBITDA +26% |
| 🟢 PAT +29% | 🟢 PAT +21% |
| 🟢 EPS +30% | 🟢 EPS +21% |
| 🟢 Margin +40 bps | 🟢 Margin +10 bps |
YoY → STRONG
QoQ → STRONG
QoQ → STRONG
What Is The Biggest Positive In Berger Paints Results?
It is tempting to identify the 29% PAT growth as the single biggest positive.
But the broader strength lies in the combination of:
✓ Double-digit revenue growth
✓ EBITDA growing faster than revenue
✓ Stable-to-improving EBITDA margins
✓ PAT growing substantially faster than revenue
✓ 30% YoY EPS growth
✓ Strong sequential revenue and EBITDA growth
In other words, the quarter does not depend on a single standout metric.
The supplied financial numbers show broad-based improvement.
But the broader strength lies in the combination of:
✓ Double-digit revenue growth
✓ EBITDA growing faster than revenue
✓ Stable-to-improving EBITDA margins
✓ PAT growing substantially faster than revenue
✓ 30% YoY EPS growth
✓ Strong sequential revenue and EBITDA growth
In other words, the quarter does not depend on a single standout metric.
The supplied financial numbers show broad-based improvement.
Are There Any Concerns In These Numbers?
There is no obvious major red flag visible in the limited financial summary supplied.
However, investors should distinguish between a strong quarterly result and an automatically attractive investment.
The supplied figures do not provide information about:
• Volume growth versus pricing growth
• Decorative paints demand
• Raw-material cost movement
• Competitive intensity
• Rural versus urban demand
• Management guidance
• Current stock valuation
These factors would be necessary for a complete investment assessment.
Therefore, the correct conclusion from the available data is that the quarter itself is strong — not that the stock should automatically be bought at any valuation.
However, investors should distinguish between a strong quarterly result and an automatically attractive investment.
The supplied figures do not provide information about:
• Volume growth versus pricing growth
• Decorative paints demand
• Raw-material cost movement
• Competitive intensity
• Rural versus urban demand
• Management guidance
• Current stock valuation
These factors would be necessary for a complete investment assessment.
Therefore, the correct conclusion from the available data is that the quarter itself is strong — not that the stock should automatically be bought at any valuation.
Berger Paints Q1 FY27 Scorecard
| Parameter | Assessment |
| Revenue YoY | 🟢 Strong |
| Revenue QoQ | 🟢 Very Strong |
| EBITDA YoY | 🟢 Strong |
| EBITDA QoQ | 🟢 Very Strong |
| EBITDA Margin | 🟢 Stable / Improving |
| Net Profit | 🟢 Strong |
| EPS | 🟢 Strong |
| Sequential Momentum | 🟢 Positive |
| Overall Q1 Result | 🟢 STRONG |
What Should Investors Watch Next?
BERGER PAINTS: NEXT-QUARTER CHECKLIST
1. Revenue Growth
Can double-digit YoY growth continue?
2. EBITDA Growth
Continued EBITDA growth ahead of revenue growth would be positive.
3. EBITDA Margin
Sustaining the margin around or above the current 16.9% level would strengthen earnings quality.
4. PAT Growth
Can bottom-line growth continue materially ahead of revenue?
5. EPS Growth
Sustained EPS growth would reinforce the longer-term earnings trajectory.
6. Operating Commentary
Volume growth, input costs, pricing and competitive intensity should be examined when detailed management commentary becomes available.
