Manufactures and sells decorative paints in India, primarily water-based paints and emulsions, distributing through a nationwide dealer and tinting-machine network. The standalone paints business recorded FY26 revenue of ₹1,330 crore, while the consolidated business (including subsidiary Apple Chemie) reached ₹1,405 crore. Distribution covers all 28 states via 19,350+ active dealers, 12,200+ tinting machines and 55 depots. Subsidiary Apple Chemie handles waterproofing and sealants (with a sealant plant at Nagpur) and contributed ₹75.1 crore in FY26, guided for 30%+ growth in FY27. A new water-based plant at Jodhpur with 90,000 KL/annum capacity is in final commissioning for June 2026, after which no major capex is planned until FY29. Raw materials are the largest input cost at 50.4% of revenue, with employees at 9.0% and other operating expenses at 19.4%. Management has signalled willingness to take a 200–250 basis-point cut in gross margins to fund dealer and influencer incentives for market-share gains, while keeping EBITDA margins broadly unchanged. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Decorative paints (water-based, emulsions and related products), Waterproofing and sealants (Apple Chemie subsidiary). Asset-intensive manufacturing with distribution-led growth model; entering a phase of free-cash-flow generation after a heavy capex cycle
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,306 | 1,341 | 1,405 |
| EBITDA (ex other income) | 238 | 233 | 249 |
| margin % | 18.2 | 17.4 | 17.7 |
| Owners' profit | 147 | 142 | 148 |
| EPS, as reported (₹) | 30.95 | 29.76 | 30.44 |
| ROE % · ROCE % | 16.5 · 20.4 | 13.8 · 17.3 | 12.8 · 16.3 |
| Debt / equity (x) | 0.00 | 0.01 | 0.00 |
| Cash from operations | 151 | 206 | 223 |
| Capex | (104) | (136) | (135) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 300 | 343 | 388 | 309 | 312 | 359 | 425 | 370 |
| Profit before tax | 31 | 45 | 79 | 35 | 34 | 50 | 80 | 56 |
| Net profit | 22 | 36 | 57 | 26 | 25 | 37 | 59 | 42 |
| EPS (₹) | 4.76 | 7.56 | 11.94 | 5.44 | 5.27 | 7.63 | 12.10 | 8.76 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,37,162 | 49.7 | 10.77 | 32.9 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 53,461 | 43.9 | 7.71 | 28.6 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 15,267 | 25.4 | 2.28 | 14.3 | 8.6 | 11.3 | 9.7 | 16.1 |
| JSW DULUX LIMITED | 14,366 | 7.3 | 5.86 | 5.8 | 80.5 | 89.2 | 8.3 | 14.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Indigo Paints Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 22 Aug 2026 · Newspaper publication of 26th AGM notice | compliance | minimal | — | — |
| 21 Aug 2026 · Indigo Paints BRSR FY26 Filed - 19.26 Cr GST Demand Under Appeal | compliance | low | — | — |
| 21 Aug 2026 · Indigo Paints submits Annual Report for FY 2025-26 along with AGM notice | compliance | minimal | — | — |
| 21 Aug 2026 · Indigo Paints 26th AGM notice on Sep 12, 2026; Rs 5 per share dividend proposed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · HDFC MF raises Indigo Paints stake to 7.89% via open market purchase | ownership changes | medium | — | — |
| 18 Aug 2026 · Nippon India MF cuts Indigo Paints stake by 2.42% to 6.09% | ownership changes | medium | — | — |
| 13 Aug 2026 · Indigo Paints Q1 FY27: Revenue up 18.7%, PAT jumps 60.7% | investor communications | medium | — | — |
| 13 Aug 2026 · Indigo Paints Q1 FY27 PAT up 60% on strong revenue growth | results | high | — | — |
| 3 Aug 2026 · Indigo Paints Q1FY27 earnings call on Aug 14 at 11 AM IST | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| INDIGO PAINTS LIMITED ◆ | 5,166 | 32.1 | 4.48 | 19.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,425 | 35.8 | 5.10 | 23.4 | 13.7 | 16.9 | — | 19.9 |
| SHALIM PAINTS LTD | 719 | — | 2.86 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 142 | — | 0.80 | 14.5 | 0.1 | 0.3 | — | (4.2) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.1 | 35.8 | 3 of 7 | 67% |
| P/B | 4.5 | 4.8 | 4 of 8 | 57% |
| ROCE | 16.1 | 16.5 | 5 of 8 | 43% |
| ROE | 12.8 | 13.2 | 5 of 8 | 43% |
| Debt / Equity | 0.0 | 0.1 | 2 of 8 | 86% |
| EBITDA margin | 19.5 | 17.1 | 3 of 8 | 71% |
| Revenue growth | 19.7 | 10.9 | 1 of 8 | 100% |
| Profit growth | 60.0 | 10.0 | 1 of 8 | 100% |
| Market cap | 5166 | 5166 | 5 of 9 | 50% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
