INDIGOPNTS

Indigo Paints share price & financials

Price
₹1,025.15
Market cap
₹5.7k Cr
Sector
Consumer Durables
Calls analysed
8
Latest concall · Q1 FY27 · call held 14 Aug 2026

Indigo Paints Limited Q1 FY27

Standalone Revenue ₹350 cr +19%Standalone EBITDA ₹61.9 cr +42%Standalone EBITDA Margin 17.7% Standalone PAT ₹42.4 cr +61%

What went well

  • Standalone revenue from operations for the quarter was INR350 crores as against INR295 crores in the corresponding period last year, reflecting a growth of 18.7%.
  • EBITDA for the quarter was INR61.9 crores against INR43.6 crores a year ago, reflecting a growth of 42% lifting our EBITDA margin from 14.8% in Q1 of last year to 17.7% in Q1 this year.
  • The PAT was INR42.4 crores as against INR26.4 crores in the same quarter last year, reflecting a growth of 60.7% with the PAT margin moving up from 8.8% to 11.8% in Q1 of this year.

What to watch

  • Raw material prices, which rose very steeply in March following the disruption to global supply chains due to the Iran war, have since retreated from their peaks. However, they remain elevated and continue to be volatile, which necessitates constant monitoring on this front.
  • Apple Chemie's performance was accretive to our growth this quarter, but marginally dilutive to our margin, due to sharp input cost increases and limited ability to pass them on.
Read the full call →

What Indigo Paints Limited does

Indigo Paints manufactures and sells decorative paints and coatings, including cement paints, putty, emulsions, enamels, wood coatings, primers and distempers, sold under the unified INDIGO brand through a nationwide dealer and depot network. It built its base in Tier 3/4 towns before expanding into Tier 1/2 cities, and has since diversified into waterproofing and construction chemicals through its subsidiary Apple Chemie, which serves both retail (under the Indigo Protect Plus series) and B2B infrastructure customers. The company earns through direct dealer sales supported by tinting machines that let dealers mix shades in-store, and it is investing in new capacity to support future volume growth.

Segments

  • Decorative Paints
  • Waterproofing & Construction Chemicals (WPCC)
Manufacturing plants
6
States with presence
28
Active dealer count
19,352
Tinting machines installed
12,217
Depots
55
Indigo Colour Canvas exclusive stores
16
Founded 2000Headquarters Pune, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 6 delivered 3 missed 11 open
  • Solvent-based paint plant commissioning delivered, diluted said Q2 FY25 Promised: Q4 FY25 / Q1 FY26 Q1 FY27: Confirmed as operational, marking the end of the major capex cycle.
  • Return to double-digit value growth missed said Q4 FY25 Promised: Significantly higher double digit value growth by Q2 FY26 Q1 FY27: The original target for Q2 FY26 remains missed. The company achieved 19.7% consolidated growth in Q1 FY27, but this does not alter the historical miss.
  • Water-based paint plant commissioning delayed said Q2 FY25 Promised: Q2 FY26 Q1 FY27: Delayed due to tardy civil contractor. Trial production now expected in the second half of August 2026.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 18.6%, net profit up 61.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue289 327 367 295 298 +3%339 +4%398 +8%350 +19%
EBITDA43 57 86 44 46 +7%66 +16%92 +7%62 +41%
Net profit24 36 57 26 26 +8%36 +0%57 +0%42 +62%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −3.7% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 14 Aug 2026

1Y: ₹1,131.6 on 10 Sept 2025 → ₹1,089.3. High ₹1,326 (18 Nov 2025), low ₹710.8 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.6%
14 Aug
Q4 FY26
−0.7%
25 May
Q3 FY26
+1.5%
16 Feb
Q2 FY26
+1.3%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.4% a year over 3 years, FY23 to FY26. Operating margin widened to 18.6%.

Year endingFY23FY24FY25FY26
Revenue₹1.1k Cr₹1.3k Cr₹1.3k Cr₹1.3k Cr
Operating profit₹182 Cr₹233 Cr₹232 Cr₹248 Cr
Operating margin17.0%18.6%18.2%18.6%
Interest₹0 Cr₹0 Cr₹3 Cr₹3 Cr
Depreciation₹34 Cr₹46 Cr₹54 Cr₹56 Cr
Net profit₹132 Cr₹149 Cr₹143 Cr₹145 Cr
Net margin12.3%11.9%11.2%10.9%
Cash from operations₹116 Cr₹152 Cr₹205 Cr₹211 Cr
Free cash flow₹-81 Cr₹51 Cr₹72 Cr₹79 Cr
ROCE22.0%23.0%20.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹48 Cr
Reserves₹516 Cr₹602 Cr₹729 Cr₹867 Cr₹1.0k Cr₹1.1k Cr
Borrowings₹9 Cr₹12 Cr₹12 Cr₹17 Cr₹18 Cr₹18 Cr
Other liabilities₹239 Cr₹258 Cr₹274 Cr₹290 Cr₹317 Cr₹369 Cr
Total liabilities₹811 Cr₹920 Cr₹1.1k Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr
Fixed assets₹249 Cr₹253 Cr₹265 Cr₹548 Cr₹540 Cr₹549 Cr
Capital work in progress₹3 Cr₹51 Cr₹251 Cr₹15 Cr₹219 Cr₹220 Cr
Investments₹50 Cr₹173 Cr₹132 Cr₹188 Cr₹238 Cr₹320 Cr
Other assets₹509 Cr₹442 Cr₹414 Cr₹471 Cr₹424 Cr₹481 Cr
Total assets₹811 Cr₹920 Cr₹1.1k Cr₹1.2k Cr₹1.4k Cr₹1.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −5.98 pp while DIIs added +5.96 pp. The shareholder count shrank 13% to 1,39,467.

Promoters
53.9%
FIIs
5.7%
DIIs
25.3%
Public
15.2%

Since Jun 2025

  • FIIs −5.98 pp
  • DIIs +5.96 pp
  • Public +0.07 pp

How it drifted, 12 quarters

Over this window DIIs went from 2.3% to 25.3% — +23.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.0%, FIIs 8.8%, DIIs 2.3%, Public 35.0%.Dec '23: Promoters 53.9%, FIIs 8.8%, DIIs 1.8%, Public 35.5%.Mar '24: Promoters 53.9%, FIIs 7.7%, DIIs 2.0%, Public 36.4%.Jun '24: Promoters 53.9%, FIIs 8.3%, DIIs 1.1%, Public 36.7%.Sep '24: Promoters 53.9%, FIIs 12.3%, DIIs 16.1%, Public 17.6%.Dec '24: Promoters 53.9%, FIIs 12.5%, DIIs 17.1%, Public 16.5%.Mar '25: Promoters 53.9%, FIIs 12.4%, DIIs 16.7%, Public 16.9%.Jun '25: Promoters 53.9%, FIIs 11.7%, DIIs 19.3%, Public 15.1%.Sep '25: Promoters 53.9%, FIIs 11.8%, DIIs 19.7%, Public 14.6%.Dec '25: Promoters 53.9%, FIIs 11.2%, DIIs 21.1%, Public 13.8%.Mar '26: Promoters 53.9%, FIIs 7.4%, DIIs 23.0%, Public 15.7%.Jun '26: Promoters 53.9%, FIIs 5.7%, DIIs 25.3%, Public 15.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Indigo Paints Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Hemant Kamala Jalan 17.97%unchanged
Anita Hemant Jalan 14.66%unchanged
Parag Hemant Jalan 10.85%unchanged
Halogen Chemicals Pvt Ltd 10.40%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund8.65%unchanged
HDFC Small Cap Fund Mutual fund6.44%+0.39 pp
Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap Fund Mutual fund3.33%unchanged
DSP Flexi Cap Fund Mutual fund2.76%+0.19 pp
Whiteoak Capital Flexi Cap Fund Mutual fund1.90%+0.21 pp
Ashoka Whiteoak Icav - Ashoka Whiteoak India Opportunities Fund FPI fund1.54%−0.32 pp
Abu Dhabi Investment Authority - Way Sovereign1.17%−0.23 pp
Shashi Bhagat 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in INDIGOPNTS

Filings to Aug 2026

0 new, 2 added, 1 trimmed, 0 sold out — net −11.52 L shares (−16.0%).

Held by funds
₹684 Cr
5 schemes
Biggest holder
HDFC Small Cap Fund
₹347 Cr · 0.8% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹347 Cr+0.89 L
Nippon India Small Cap Fund Nippon India Mutual Fund₹153 Cr−12.76 L
Nippon India Multi Cap Fund Nippon India Mutual Fund₹105 Cr+0.36 L
Nippon India Value Fund Nippon India Mutual Fund₹75 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹4 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

2 added, 1 trimmed — net −11.52 L shares (−16.0%)

Funds are sitting on
-24%
vs est. average cost
Held by funds
₹684 Cr
5 schemes · ≈ 11% of the company
Biggest holder
HDFC Small Cap Fund
₹347 Cr · 0.8% of that fund
Longest holder
HDFC Large and Mid Cap Fund
3y 8m · since Dec '22

Shares held by these funds +5157%

Aug '23 72.84 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1089, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~3%. At that growth it is worth ₹394 — downside of 64%.

Growth the price implies
22.4% a year
for 7 years, fading to 4%
It has actually compounded at
3.2% a year
net profit, FY23–FY26 · EPS 3.2%
The gap
0.2 pp
-64% downside if it only repeats history
Price today ₹1,089.3 Value at the reference growth ₹394.11

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Indigo Paints Limited

Guides on how to read this kind of business and the numbers that matter.