Mar-Q First Cut: Stronger Performance Across Segments

Research evidence excerpt

Mar-Q First Cut: Stronger Performance Across Segments

ew 17% QoQ. FY26 Paint Revenue at estimates Rs47bn EBITDAFiber 5,878 2,934 100.3 4,912 19.7 17,514 15,236 15.0

VSF 5,313 2,434 118.3 4,347 22.2 15,314 12,636 21.2

VFY 565 500 13.0 565 - 2,200 2,600 (15.4)vs Rs21bn YoY. New business (Paint+B2B) EBITDA loss was at Rs3bn vs Rs3.1bn QoQ. Co Chemical 3,037 2,955 2.8 3,154 (3.7) 14,058 12,073 16.4

Others (2,585) (3,040) NM (2,605) NM (10,880) (12,712) NM

Textiles 350 (80) NM 370 (5.4) 1,050 - #DIV/0!highlighted Revenue Market Share of the Co (Birla Opus + Wall Putty) expanded by 90bps QoQ, Insulator 80 190 NM 160 (50.0) 400 180 122.2

Paints/B2B (3,015) (3,150) NM (3,135) NM (12,330) (12,892) NM

Margins %strengthening its #3 position in the Organised Decorative Paints sector, and now nearing #2 Fiber 12.7% 7.2% 550bps 11.4% 131bps 10.2% 9.6% 66bps

position in the Indian Decorative Paints industry. Strategic pricing actions include: first phase ChemicalVolumesVSF 232,00012.4% 207,00012.8% -48bps12.1 219,00013.4% -109bps5.9 869,00014.7% 843,00014.0% 70bps3.1

to reduce differential with industry players (Jan-Mar’26) & second phase under implementation . VFYChemical 321,00011,100 290,00011,100 10.7- 313,00011,300 (1.8)2.6 1,231,00043,800 1,169,60043,000 1.95.2

Source: Company; Jefferies

in Q1FY27 to cover the cost increase on account of volatile geopolitical environment and rupee

depreciation. The company maintains its resolve to sustain market share gains and deliver on

guided revenues (Rs100bn by 2030). Premium and Luxury product contribution is steady at

~65% by value across all categories.

B2B E-commerce: The company highlighted that B2B Ecom Revenue more than doubled YoY,

implying 30%+ growth QoQ; doubling was led by scale up across product categories, new