Indigo Paints Ltd(INDIGOPNTS)

NSE: INDIGOPNTSBSE: 543258

₹ 1,012.5-0.25%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,833 crNext results: 30 Oct 2026Website: www.indigopaints.comUpdated: 24 Oct 2026

About

Indigo Paints Ltd is an Indian decorative paints manufacturer selling emulsions, enamels, wood coatings, primers, distempers, putty, cement paints, and waterproofing products across all 28 states. It holds a majority stake in Apple Chemie India, a construction chemicals and sealants business.^[1][2][3]

Product portfolio

Four product categories: emulsions, enamels and wood coatings, primers and distempers, and putty and cement paints - plus a fast-growing waterproofing and construction chemicals range.^[4][5]
Waterproofing products grew from zero to ~7% of standalone top line within two years as of Q3 FY26, the highest growth-rate category in the portfolio.^[4]
Differentiated products accounted for ~29% of revenue in Q1 FY27, up from ~25 - 26% at IPO.^[3]
A two-pack polyurethane wood coating range developed in-house was planned for phased launch in September - October 2026, targeting a segment estimated at ~₹9,000 crores where Indigo currently has negligible presence.^[3]
Subsidiary Apple Chemie India makes construction chemicals and sealants; its new sealant plant at Nagpur commenced production in Q3 FY26.^[4][2]

Manufacturing capacity

Jodhpur brownfield putty plant expansion also commenced output in Q3 FY26.^[4]
Jodhpur water-based plant (90,000 KLPA) was in final commissioning as of Q1 FY27, with trial production expected by end of August 2026 ahead of the festive season.^[3]
1,200 kW additional solar capacity is planned at Jodhpur, adding to existing 350 kW at Pune and Kochi.^[3]
No further major capex is envisaged until FY29 following completion of the Jodhpur investment cycle.^[2][3]

Key operating numbers

Standalone revenue was ₹350 crores in Q1 FY27, up 18.7% YoY, with double-digit volume and value growth across all four product categories.^[3]
Gross margin was 45.3% in Q1 FY27, slightly lower than Q1 FY26; full-year FY26 gross margin was 46.9%, up from 46.5% in FY25.^[3][2]
EBITDA margin reached 17.7% in Q1 FY27 (best Q1 in four years), up from 14.8% in Q1 FY26; full-year FY26 EBITDA margin was 18.5%, up from 18.1% in FY25.^[3][2]
Enamels and wood coatings posted 18.9% value growth and 20.2% volume growth in Q3 FY26; emulsions volume grew 11.2% in Q4 FY26 after a 3.4% dip in Q3 FY26.^[4][2]
Apple Chemie revenue was ₹75.1 crores in FY26 (+17.8% YoY) and ₹19.7 crores in Q1 FY27 (+40%+ YoY); profitability was compressed in Q1 FY27 by supply-disruption-driven input cost spikes.^[2][3]

Distribution and reach

Active dealer count was ~19,400 and active tinting machines ~12,400 as of Q1 FY27 end, spanning 55 depots across all 28 states.^[3]
Tinting machine count grew by 1,100 in the 12 months to Q1 FY27 end, outpacing dealer count growth of ~800 - management uses tinting machines as the firmer indicator of committed counter space.^[3]
Indigo Color Canvas experiential retail stores were being added during FY26; 8 stores were added in Q2 FY26 alone.^[5]
Apple Chemie expanded geographically from Maharashtra into MP, East, Northeast and South India during FY26, with small export revenues beginning.^[2][4]

Advertising and promotion spend

A&P expense was 4.3% of revenue in Q1 FY27, down from 6.8% in Q1 FY26, after a strategic pause from IPL mass-media advertising due to raw-material uncertainty from the Iran conflict.^[3]
Full-year FY26 A&P spend was 5.8% of net revenue, down from 6.4% in FY25, with the mix shifting toward BTL, painter and contractor engagement, influencer partnerships, and digital channels.^[2]

Strategy and market positioning

Management adopted a deliberate strategy to prioritise market-share gains, willing to accept up to 200 - 250 bps gross margin dilution via elevated trade discounts and influencer spend while keeping EBITDA margins broadly flat.^[2]
A new Chief Business Officer (7 months into tenure as of Q1 FY27) implemented dealer micro-segmentation and a category-specific input model (brand-building vs. influencer vs. trade) that management cited as a key driver of broad-based Q1 FY27 growth.^[3]
Management targets Apple Chemie revenue of ₹200 - 300 crores within approximately three years, provided growth is achieved profitably.^[5]

Expansion and capex

Indigo plans to acquire an additional 11% stake in Apple Chemie per the original agreement, taking its total holding from ~51% to 62%.^[3]
With the capex cycle complete, management expects incremental revenue to convert to free cash flow at a considerably higher rate than in the prior five years from FY27 onwards.^[2][3]

Market Cap

₹4,833 Cr

High / Low

₹1,345 / 702

Stock P/E

29.5

Price / Book

4.2

Book Value

₹242

EPS

₹31.0

No. of Shares

4.77 Cr

ROCE

18.1%

ROE

13.5%

OPM

14.6%

Debt / Equity

0.00

Sales

₹1,405 Cr

Net Profit

₹148 Cr

Promoter holding

53.8%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials