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Indigo Paints Q2 FY27 results: net profit down 47.0% to ₹13.39 crore, revenue up 15.0%
Indigo Paints Limited reported consolidated revenue of ₹358.75 crore in Q2 FY27, up 15.0% from Q2 FY26, while EBITDA margin fell to 8.6% and net profit declined to ₹13.39 crore. On a standalone basis, revenue was ₹340.48 crore and profit after tax was ₹13.81 crore. The board approved the unaudited consolidated and standalone results for the quarter and half-year ended 30 September 2026.
Key points
- Consolidated revenue rose to ₹358.75 crore in Q2 FY27 from ₹312.06 crore in Q2 FY26, an increase of ₹46.69 crore or 15.0%.
- EBITDA fell to ₹30.96 crore from ₹46.54 crore, while EBITDA margin declined to 8.6% from 14.9%.
- Net profit was ₹13.39 crore, down ₹11.86 crore or 47.0% from Q2 FY26; basic EPS fell to ₹2.8 from ₹5.27.
- Against Q1 FY27, revenue declined ₹10.92 crore to ₹358.75 crore and net profit fell ₹28.31 crore to ₹13.39 crore.
- H1 FY27 revenue was ₹728.42 crore, up ₹107.5 crore or 17.3% from H1 FY26, while PAT increased ₹3.79 crore or 7.4% to ₹55.1 crore.
How did Indigo Paints perform in Q2 FY27?
Indigo Paints’ consolidated revenue from operations was ₹358.75 crore in Q2 FY27, up ₹46.69 crore or 15.0% from ₹312.06 crore in Q2 FY26. Total income increased ₹45.87 crore or 14.6% to ₹360.92 crore. However, EBITDA fell ₹15.58 crore or 33.5% to ₹30.96 crore, and EBITDA margin declined 6.3 percentage points to 8.6%.
Consolidated profit before tax fell ₹17.11 crore or 50.7% to ₹16.66 crore, while net profit declined ₹11.86 crore or 47.0% to ₹13.39 crore. Basic EPS fell ₹2.47 or 46.9% to ₹2.8. On the standalone basis, revenue was ₹340.48 crore, up 14.1%, and PAT was ₹13.81 crore, against PAT before exceptional items of ₹25.53 crore.
Compared with Q1 FY27, consolidated revenue fell ₹10.92 crore or 3.0% to ₹358.75 crore. EBITDA declined ₹31.06 crore or 50.1% to ₹30.96 crore, EBITDA margin fell 8.2 percentage points to 8.6%, and net profit decreased ₹28.31 crore or 67.9% to ₹13.39 crore. Basic EPS fell ₹5.96 or 68.0% to ₹2.8.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 358.75 | 369.67 | 312.06 | +15.0% | −3.0% |
| Other income | 2.17 | 10.19 | 2.99 | −27.4% | −78.7% |
| Total expenses | 344.27 | 323.83 | 281.29 | +22.4% | +6.3% |
| EBITDA | 30.96 | 62.02 | 46.54 | −33.5% | −50.1% |
| EBITDA margin | 8.6% | 16.8% | 14.9% | −6.3 pp | −8.2 pp |
| Profit before tax | 16.66 | 56.03 | 33.77 | −50.7% | −70.3% |
| Tax | 3.26 | 14.33 | 8.52 | −61.7% | −77.3% |
| Net profit | 13.39 | 41.70 | 25.25 | −47.0% | −67.9% |
| EPS (₹) | 2.80 | 8.76 | 5.27 | −46.9% | −68.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indigo Paints' costs and profit?
Total expenses rose ₹62.98 crore or 22.4% from Q2 FY26 to ₹344.27 crore. Cost of materials was the largest increase, up ₹56.20 crore or 35.4% to ₹214.86 crore. Employee cost rose ₹5.70 crore or 18.3% to ₹36.81 crore, other expenses increased ₹7.69 crore or 12.4% to ₹69.77 crore, depreciation rose ₹0.67 crore or 4.4% to ₹15.73 crore, and finance costs increased ₹0.04 crore or 5.6% to ₹0.75 crore.
Other income fell ₹0.82 crore or 27.4% from Q2 FY26 to ₹2.17 crore, while tax expense declined ₹5.26 crore or 61.7% to ₹3.26 crore. There was no exceptional item. The same-day investor presentation attributed the margin pressure to an unfavourable product mix and material-cost headwinds from high-cost raw-material inventory carried over from the previous quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 214.86 | 158.66 | +56.20 | +35.4% |
| Employee cost | 36.81 | 31.11 | +5.70 | +18.3% |
| Finance costs | 0.75 | 0.71 | +0.04 | +5.6% |
| Depreciation | 15.73 | 15.06 | +0.67 | +4.4% |
| Other expenses | 69.77 | 62.08 | +7.69 | +12.4% |
| Total expenses | 344.27 | 281.29 | +62.98 | +22.4% |
| Other income | 2.17 | 2.99 | −0.82 | −27.4% |
| Tax | 3.26 | 8.52 | −5.26 | −61.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose ₹107.5 crore or 17.3% to ₹728.42 crore from ₹620.92 crore in H1 FY26. Total income increased ₹110.92 crore or 17.6% to ₹740.79 crore, and profit before tax rose ₹4.17 crore or 6.1% to ₹72.69 crore. PAT increased ₹3.79 crore or 7.4% to ₹55.1 crore, while basic EPS rose ₹0.85 or 7.9% to ₹11.56.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 728.42 | 620.92 | +17.3% |
| Profit before tax | 72.69 | 68.52 | +6.1% |
| Net profit | 55.10 | 51.31 | +7.4% |
| EPS (₹) | 11.56 | 10.71 | +7.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹1,649.0 crore, compared with ₹1,628.95 crore at 31 March 2026. Total equity rose to ₹1,183.1 crore from ₹1,153.23 crore, while borrowings increased to ₹2.79 crore from ₹1.91 crore. Cash fell to ₹11.99 crore from ₹32.12 crore; inventories increased to ₹213.6 crore from ₹178.23 crore.
Trade receivables declined to ₹264.21 crore from ₹285.51 crore, while trade payables increased to ₹220.08 crore from ₹217.96 crore. H1 FY27 operating cash flow was ₹53.13 crore, compared with ₹81.89 crore in H1 FY26. Investing cash flow was negative ₹44.79 crore against negative ₹86.96 crore, financing cash flow was negative ₹28.47 crore against negative ₹22.96 crore, and capex was ₹46.07 crore against ₹72.74 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,649 | 1,629 |
| Total equity | 1,183 | 1,153 |
| Borrowings | 2.79 | 1.91 |
| Cash and equivalents | 11.99 | 32.12 |
| Inventories | 213.60 | 178.23 |
| Trade receivables | 264.21 | 285.51 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 53.13 | 81.89 |
| Cash from investing | −44.79 | −86.96 |
| Cash from financing | −28.47 | −22.96 |
| Capital expenditure | 46.07 | 72.74 |
Source: Company's results filing (XBRL).
How has Indigo Paints done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹425.32 crore in Q4 FY26 and its lowest at ₹308.86 crore in Q1 FY26. It then fell to ₹369.67 crore in Q1 FY27 and ₹358.75 crore in Q2 FY27. PAT peaked at ₹59.16 crore in Q4 FY26 and bottomed at ₹13.39 crore in Q2 FY27.
EBITDA margin also peaked at 22.6% in Q4 FY25 before reaching a low of 8.6% in Q2 FY27. The company has reported year-on-year revenue growth in each of the last five quarters. Revenue has now declined for two consecutive quarters in the reported series, from the Q4 FY26 peak, while profit and margin have moved lower.
What else did the company announce?
The board met on 30 October 2026 and approved the unaudited consolidated and standalone financial results for the quarter and half-year ended 30 September 2026. It also approved the results press release, while the filing enclosed Price Waterhouse’s limited review report and the investor presentation. The same-day filings did not disclose a dividend, fund raise or appointment.
What did Indigo Paints' management say?
Management maintained its aspiration to grow 1.5–2x the industry, saying company growth could be 23–25% if industry growth was 15%, and at least 10–12% if industry growth was 5%. It expected Q3–Q4 outperformance but issued no precise FY27 revenue or margin guidance. Management said gross margin should improve substantially from Q3 FY27 and EBITDA margin should normalise during Q3–Q4 FY27.
Management said the high-cost inventory was largely expensed by August and September margins were back near normal. The 90,000 kL Jodhpur water-based plant began trials, with full production targeted from December 2026. It also said no additional price increase was expected after the second Q3 increase at prevailing raw-material prices, and that no substantial capex was planned for the next 2–3 years beyond about ₹15–20 crore of minor annual additions.
Management identified renewed Middle East conflict, raw-material price increases, price-hike timing and limited November–December demand visibility as risks. It also said growth investment could keep full-year EBITDA margin below the prior year despite higher absolute profit. Chairman and Managing Director Hemant Jalan said: “This was a difficult quarter in margins, and we are not trying to understate it.”
How did Indigo Paints shares react?
After the filing, Indigo Paints’ shares fell 5.9% in five minutes, 6.6% in 15 minutes and 7.4% in 30 minutes. From the previous close of ₹991.00, the stock ended the reaction day down 12.3%, and by the next day’s close it was down 13.1% from the pre-results close.
On the reaction day, the Paints industry’s other stocks recorded a median move of 0.1%, while the Nifty Microcap 250 rose 1.4%. Indigo Paints therefore underperformed the industry median by 12.3 percentage points on the reaction day and by 14.6 percentage points by the next day’s close. Earlier results-day moves included gains of 1.9% on 13 August 2026 and 1.7% on 13 February 2026, and a fall of 5.1% on 7 August 2025.
| After the filing | Stock | Paints median |
|---|---|---|
| 5 minutes | −5.9% | |
| 15 minutes | −6.6% | |
| 30 minutes | −7.4% | |
| Reaction day | −12.3% | +0.1% |
| Next day | −13.1% | +1.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | +1.9% |
| 22 May 2026 | −0.7% |
| 13 February 2026 | +1.7% |
| 6 November 2025 | +0.8% |
| 7 August 2025 | −5.1% |
| 26 May 2025 | +0.7% |
| 10 February 2025 | −2.4% |
| 7 November 2024 | −1.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Indigo Paints' revenue in Q2 FY27?
Revenue from operations was ₹358.75 crore, up 15.0% from ₹312.06 crore in Q2 FY26 (consolidated).
Did Indigo Paints make a profit in Q2 FY27?
Yes. Net profit was ₹13.39 crore, against a net profit of ₹25.25 crore in Q2 FY26.
What was Indigo Paints' EPS in Q2 FY27?
Basic earnings per share were ₹2.80, against ₹5.27 in Q2 FY26.
How did Indigo Paints shares react to the Q2 FY27 results?
On the reaction day the stock moved −12.3% from the previous close; the median Paints stock moved +0.1%.
When did Indigo Paints announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation For Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 16 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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