NSE: INDIGOPNTS · BSE: 543258
INDIGO PAINTS LIMITED
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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ASIAN PAINTS LIMITED | 2,18,410 | 45.8 | 9.92 | 30.3 | 20.0 | 23.0 | 10.4 | 22.9 |
| BERGER PAINTS (I) LTD | 54,097 | 44.4 | 7.81 | 28.9 | 16.3 | 19.2 | 11.7 | 18.0 |
| KANSAI NEROLAC PAINTS LTD | 14,815 | 24.7 | 2.21 | 13.9 | 8.6 | 11.3 | 9.7 | 16.1 |
| INDIGO PAINTS LIMITED ◆ | 4,906 | 30.5 | 4.25 | 18.6 | 12.8 | 16.1 | — | 19.5 |
| SIRCA PAINT INDIA LIMITED | 2,323 | 34.3 | 4.89 | 22.4 | 13.7 | 16.9 | — | 19.9 |
| JSW DULUX LIMITED | 1,285 | 0.7 | 0.52 | 0.4 | 80.5 | 89.2 | 8.3 | 14.6 |
| SHALIM PAINTS LTD | 691 | — | 2.75 | — | (25.9) | (24.7) | 12.1 | (8.2) |
| KAMDHENU VENTURES LIMITED | 125 | — | 0.70 | 12.9 | 0.1 | 0.3 | — | (4.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 30.5 | 34.3 | 3 of 7 | 67% |
| P/B | 4.3 | 3.5 | 5 of 8 | 43% |
| 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 | 4906 | 2323 | 4 of 9 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Indigo Paints Q2 FY27 earnings call on November 2, 2026 at 11:00 IST | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Indigo Paints board to meet on Oct 30 to approve Q2 FY26 results | results | low | — | — |
| 12 Oct 2026 · Routine compliance certificate for dematerialisation for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1, 2026 Until Q2 FY27 Results Announcement | compliance | minimal | — | — |
| 15 Sept 2026 · Indigo Paints 26th AGM: All 4 resolutions passed, Rs 5 dividend approved | board shareholder meetings | medium | — | — |
| 12 Sept 2026 · Indigo Paints holds 26th AGM; declares Rs. 5 final dividend | board shareholder meetings | low | — | — |
| 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 | — | — |
How to read this document
| 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 | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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 |
Sources, method and disclosures
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.