Consumer discretionary

Indigo Paints reported Q2FY26 revenue/EBITDA growth of 4.2% (four-quarter high)/12.1% YoY (six-quarter high). Emulsion volume/value rose 3.9%/7% YoY (up 7.2%/7.5% YoY in Q2FY25) driven by premium segment. Primer and

Indigo Paints’ Q2FY26 revenue of INR3.1bn (up 4.2% YoY)/EBITDA of INR465mn (up 12.1% YoY) - came ahead of ours/consensus. Despite seasonally weak quarter, gross/EBITDA margins expanded 107bp/106bp YoY to 44.8%/14.9%

Berger Paints’s Q2FY26 revenue (up 1.9% YoY)—in-line with our/consensus estimates—was majorly hurt by extended monsoons and floods in key markets. EBITDA dipped 18.9% YoY, ~22% below our/ consensus estimates, primarily

United Spirits (UNSP) posted Q2FY26 net sales/EBITDA growth of 11.5%/32.5% YoY. In H1FY26, price/mix improved and stood at 1.6% (overall) and 2.4% (P&A), though ex-Andhra it was 3.2% (overall) and 4.9% (P&A).

Pidilite’s Q2FY26 revenue/EBITDA grew 10% YoY/10.7% YoY—in line with our estimates. Overall volume grew 10.3% YoY (8% in Q2FY25) at a six-quarter high, slightly ahead of our expectations. C&B volume rose 10.4% YoY

United Spirits (UNSP), reported a solid set of numbers, with overall revenue (up 12% YoY)/EBITDA (up 33% YoY) - ahead of our/consensus. Strong performance by driven by Andhra coupled with innovation and renovation

United Breweries (UBBL) posted contraction in Q2FY26 net sales/EBITDA of 3%/43% YoY. Three breweries were impacted by floods, leading to a short-term disruption and ~40% category decline in affected states. Despite

Pidilite reported Q2FY26 revenue/EBITDA grew 10% YoY/ 10.7% YoY – in-line with our estimates. Overall volume grew in double digit YoY (8% YoY in Q2FY25). C&B volume grew 10.4% YoY (6 quarter high). B2B volume rose 9.9%

United Breweries (UBBL) reported Q2 sales/EBITDA (down 3%/43% YoY) – came below our/consensus whereas volumes (down 3.4% YoY) came in line with our estimates. A miss on EBITDA margins was due to negative mix coupled with

We recently met with top management of Pidilite Industries (PIDI). Key highlights: i) Tile adhesives remains a high-growth story due to low penetration and a comprehensive portfolio. ii) Haisha Paints is slightly short

We recently met with Mr Abhijit Roy, MD & CEO of Berger Paints. Key insights: i) Consistently gaining market share, currently at 21.2% (improved 230bp between FY22 and Q1FY26). ii) Increased investment in value-added

United Breweries (UBBL) has expanded the production of its flagship brand at Andhra, adding nearly one–third incremental capacity in the state (which has progressive policy environment); this is a milestone in our view.

We recently met with top management of Asian Paints. Highlights: i) The priority is to protect market share with 18–20% EBITDA margin in the mid-to-long term given some quarterly variations. ii) Demand is

We hosted top management of various Paints and Adhesives companies at the Nuvama Home Improvement Conference 2025. Key insights: i) Gradual improvement in demand to continue (some paint demand deferred due to heavy rains

United Spirits (UNSP) posted Q1FY26 P&A net sales/volumes growth of 9%/9% YoY while, ex-Andhra, P&A net sales/volume rose 3%/1% YoY. The gap in performance is due to Andhra being a lower prestige market. Price/mix was

United Spirits’ (UNSP) Q1FY26 revenue of INR25.5bn (up 8.4% YoY), above our/ street’s estimates while EBITDA of INR4.2bn (down 9.4% YoY), in-line with our estimates but below street’s estimates; affected by investments

Indigo Paints reported Q1FY26 revenue/EBITDA decline of 0.7% YoY/6.5% YoY affected by early monsoon and an adverse product mix. Emulsion value/volume were flat/down 5.4% YoY. Enamel and Wood Coatings posted value/volume

Pidilite (PIDI) turned in stronger-than-expected revenue/EBITDA growth (up 10.5%/15.8% YoY) beating our/consensus estimates. On a 3Y basis, PIDI’s C&B sales/volumes grew at 7.6%/9.8% (CAGR) while overall GM/EBITDA margin

Indigo Paints reported a subdued performance in Q1FY26, revenue declined 0.7% YoY to INR3.1bn—below our and consensus estimates. EBITDA stood at INR443mn, down 6.5% YoY; missed on estimates. PAT inched down 2.2% YoY.

Pidilite reported a strong Q1FY26 performance – revenue (up 10.5% YoY)/EBITDA (up 15.8% YoY) – came ahead of our/streets. Overall/C&B volumes grew 9.9% YoY/9.3% YoY – both at five quarter high. B2B reported slightly