NSE: INDIGOPNTS · BSE: 543258 · ISIN INE09VQ01012
Indigo Paints Limited stock analysis
Indigo Paints Limited ranks #597 in the TickerSutra evidence-ranked universe with a score of 62/100 and 95% data confidence. The latest captured fundamentals show ROCE of 17.9%, quarterly sales growth of 18.7% and quarterly profit growth of 60.7%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.02×
- Strong CFO/EBITDA of 0.85×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹906cr | ₹136cr | ₹84cr | 15.0% |
| 2023 | ₹1,073cr | ₹182cr | ₹132cr | 17.0% |
| 2024 | ₹1,255cr | ₹233cr | ₹149cr | 19.0% |
| 2025 | ₹1,277cr | ₹232cr | ₹144cr | 18.0% |
| 2026 | ₹1,330cr | ₹247cr | ₹145cr | 19.0% |
| TTM | ₹1,385cr | ₹265cr | ₹161cr | 19.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Intimation of Closure of trading window under SEBI (PIT) Regulations, 2015 from October 01, 2026 till 48 hours after the announcement of unaudited financial results of the Company for the ....
RoutineShareholders meetingNSE · 12 Sept 2026Indigo Paints Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 12, 2026
RoutineIndigo Paints Ltd - 543258 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 12 Sept 2026Intimation of Proceedings of 26th Annual General Meeting of the Company.
MANAGEMENT COMMENTARY
Signals from filed documents
On raw materials, the prices -- the price increases that we implemented in response to the RM cost spikes that happened in March and April have protected our margins. The raw material costs have eased since then, but remain elevated and volatile, and we are monitoring the situation quite closely. Taken together, our strongest Q1 operating margin in 4 years, a capex investment cycle, which is now behind us, new capaci
This is the healthiest Q1 quarter that we have recorded as far as EBITDA margins are concerned during the last 4 years. The improvement is principally due to the operational leverage that comes with a larger revenue base, together with tighter control of d iscretionary expenditure across the organization. The PAT was INR42.4 crores as against INR26.4 crores in the same quarter last year, reflecting a growth of 60.7%
The raw material costs have eased since then, but remain elevated and volatile, and we are monitoring the situation quite closely. Taken together, our strongest Q1 operating margin in 4 years, a capex investment cycle, which is now behind us, new capacity arriving in time for the festive season and the demand environment that has remained constructive, we enter FY27 in a distinctively stronger position than the previ
Hemant Jalan: There is no new differentiated product, which is on the anvil about to get launched at this point in time. However, the existing portfolio of our differentiated products continues to grow well. And as a percentage of revenue, they generally climb marginally every year.
The Company’s differentiated offerings remained a key contributor to revenue performance. The putty segment continued to face pricing pressure and lower profitability due to intense competition. In contrast, waterproofing and construction chemicals delivered healthy growth and increased their contribution to overall revenue.
Focus on Asset Longevity Increasing awareness regarding construction quality, safety and sustainability is supporting wider adoption of value-added construction chemicals across project categories. Rising Quality and Regulatory Standards Indian Decorative Coating Market The Indian decorative coatings market exhibited resilient demand trends, supported by improving housing activity, increasing renovation expenditure a
However, they remain elevated and continue to be volatile, which necessitates constant monitoring on this front. Set against this backdrop, we are satisfied with the quality of what we have discovered in Q1, a top line growth well ahead of the paint sector, meaningful margin expansion and further strengthening of our distribution network and product mix. We'll first briefly look at the performance on a stand-alone ba
Note 2: Since th ere was one female Director, one male Key Managerial Personnel (Chief Financial Officer) and one female Key Managerial Personnel (Company Secretary) during the financial year, the median remuneration for these respective categories represents the remuneration paid to the individual concerned. The remuneration of the female Director is lower than that of the male Director category due to lower sitting
So we shall be even more aggressive in Q2 with respect to our spends on trade and influencer engagement in an attempt to further widen the gap between our top line growth and that of the industry. On raw materials, the prices -- the price increases that we implemented in response to the RM cost spikes that happened in March and April have protected our margins. The raw material costs have eased since then, but remain
The results are displayed on the Company’s https://indigopaints.com/investors/ meetings-announcements-2/. It also displays official press release along with presentations made to institutional investors or to the analysts. 98 Outpacing the Market Growing through ExecutionIndigo Paints Limited 7 .
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
DIRECTOR & BUSINESS NETWORK
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