Mixing resilience in palette: Paint makers tackle slowdown, competitors

Find themselves painted into a corner, blending festival-fuelled revenue with the undertones of sluggishness from price cuts and a subdued luxury mix

Berger Paints, the country’s second-largest decorative paint maker, continued to outperform its peers and gain market share in the 2023-24 (FY24) October-December quarter (third quarter, or Q3). The company posted a consolidated revenue growth of 7 per cent compared to the year-ago quarter, surpassing Asian Paints (5.4 per cent) and Kansai Nerolac Paints (5.7 per cent).

While standalone volumes for Berger Paints were up by 9.1 per cent, it achieved double-digit volume growth in decorative volumes. However, the value growth (6.4 per cent) for the company trailed volume growth in the quarter.

Analysts at Elara Securities, led by Amit Purohit, state, “The