• Revenue: ₹3,272 cr | UVG: 10.3% (value +10.4%)
• C&B: UVG 10.4%, back to double-digit growth after 5 quarters
• B2B: UVG 9.9%; domestic mid-teens, exports dragged by geopolitics & tariffs
• Exports: Declined QoQ
• Gross margin: +50 bps YoY on lower VAM ($883 vs $980)
• A&SP spend: ~4.2% of sales (+150–160 bps YoY); margin gains reinvested
• EBITDA margin: Flat YoY; long-term band 20–24% reiterated
• Consolidated revenue: ₹3,540 cr (+9.8% YoY)
Demand:
• Rural continues to outperform urban (multi-year trend)
• Urban improving with “green shoots,” led by construction brands
• New construction slightly ahead of renovation; woodworking demand strong
Outlook & Strategy:
• VAM benign for 3–6 months; no near-term pricing
• Haisha paints growing but model still being refined
• Construction GTM & electronics adhesives are medium-to-long-term options
Balance Sheet:
• Cash ~₹3,000 cr; capex steady at 3–5% of sales
Bottom line:
• Healthy volume-led growth, strong demand drivers intact, margins stable with deliberate reinvestment.
Leave a Reply