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Berger Paints reported high single-digit volume growth in Q3 FY26, though value growth was muted at 0.4%, mainly due to product mix shifts and past price corrections. Gross margins reached a 15-quarter high of 41.2%, with EBITDA at 16.1%. Net cash improved to 918 Cr. Management anticipates gradual demand improvement, targeting 12-13% volume growth and 7-8% value growth next year. While competitive intensity remains elevated, the major new player's impact is stabilizing. The company is investing 1,800-2,000 Cr in two new factories and enhancing distribution and premium product innovation. Management appears cautiously optimistic, prioritizing sustainable growth and margin protection.