Indigo Paints Ltd

Indigo Paints Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Indigo Paints Ltd

₹ 998 0.70%
01 Jun - close price
indigopaints.com BSE: 543258 NSE: INDIGOPNTS
About

Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints[1]

Key Points

Leading Paint Company
The company is a leading Indian paint company that produces a wide range of decorative paints. [1] It is the first company to introduce category-creator products like Metallic Emulsions, Tile Coat Emulsions, etc in the decorative paint market in India. [2] The company has ~80%-90% market share in some of its differentiated products. [3]

Website BSE NSE
  • Market Cap ₹ 4,796 Cr.
  • Current Price ₹ 998
  • High / Low ₹ 1,346 / 702
  • Stock P/E 32.0
  • Book Value ₹ 248
  • Dividend Yield 0.35 %
  • ROCE 17.9 %
  • ROE 13.4 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.

Cons

  • Dividend payout has been low at 13.1% of profits over last 3 years
  • Working capital days have increased from 60.0 days to 107 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Paints

Part of BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
325 277 270 341 366 294 289 327 367 295 298 339 398
254 229 229 280 284 248 246 270 281 251 253 273 306
Operating Profit 72 48 42 61 82 46 43 57 86 44 46 66 92
OPM % 22% 17% 15% 18% 22% 16% 15% 18% 23% 15% 15% 19% 23%
3 4 3 3 4 4 5 3 6 6 3 -2 0
Interest 0 0 0 0 0 1 1 0 1 1 1 0 1
Depreciation 9 9 10 13 14 14 14 14 12 14 14 14 14
Profit before tax 65 42 34 50 72 35 33 46 78 35 34 49 77
Tax % 26% 26% 24% 25% 26% 25% 27% 21% 27% 25% 25% 26% 25%
49 31 26 38 54 26 24 36 57 26 26 36 57
EPS in Rs 10.23 6.58 5.49 7.92 11.24 5.56 5.06 7.65 11.95 5.53 5.35 7.58 12.03
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
90 124 289 411 536 625 723 906 1,073 1,255 1,277 1,330
97 130 291 387 481 534 601 770 892 1,022 1,046 1,083
Operating Profit -7 -6 -2 24 54 91 123 136 182 233 232 247
OPM % -8% -4% -1% 6% 10% 15% 17% 15% 17% 19% 18% 19%
2 1 1 -1 1 2 4 11 10 13 17 6
Interest 1 0 3 4 5 6 4 1 1 2 3 2
Depreciation 1 1 14 17 17 20 24 31 34 46 54 55
Profit before tax -7 -6 -18 2 34 67 98 114 156 198 192 195
Tax % -0% -0% -10% -14% 20% 29% 28% 26% 15% 25% 25% 26%
-7 -6 -16 3 27 48 71 84 132 149 144 145
EPS in Rs -158.03 -136.43 -5.55 0.90 9.32 16.48 14.89 17.67 27.73 31.22 30.22 30.50
Dividend Payout % -0% -0% -0% -0% -0% -0% -0% 17% 13% 11% 12% 16%
Compounded Sales Growth
10 Years: 27%
5 Years: 13%
3 Years: 7%
TTM: 4%
Compounded Profit Growth
10 Years: 39%
5 Years: 16%
3 Years: 5%
TTM: 4%
Stock Price CAGR
10 Years: %
5 Years: -17%
3 Years: -12%
1 Year: -8%
Return on Equity
10 Years: 15%
5 Years: 15%
3 Years: 15%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 0.44 0.44 29 29 29 29 48 48 48 48 48 48
Reserves 26 129 69 71 100 150 516 602 729 867 1,000 1,135
4 8 52 54 88 75 9 12 12 17 20 18
30 58 97 125 156 169 239 258 274 290 290 369
Total Liabilities 61 196 246 279 373 422 811 920 1,062 1,222 1,358 1,570
12 13 91 95 149 201 249 253 265 548 525 580
CWIP 1 0 2 2 4 1 3 51 251 15 135 220
Investments 1 124 16 15 20 21 50 173 132 188 247 289
46 58 137 167 201 199 509 442 414 471 451 481
Total Assets 61 196 246 279 373 422 811 920 1,062 1,222 1,358 1,570

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-6 11 -26 27 50 72 121 65 116 152 205 211
-10 -123 15 -23 -62 -61 -318 -69 -84 -143 -175 -194
16 113 8 -4 19 -17 236 -5 -20 -24 -25 -26
Net Cash Flow 1 1 -3 -0 7 -6 39 -9 12 -15 4 -9
Free Cash Flow -6 11 -34 2 -12 11 55 -56 -81 51 72 79
CFO/OP 74% -206% 1,325% 113% 101% 93% 112% 67% 77% 90% 102% 109%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 105 97 99 92 71 61 61 69 68 59 63 71
Inventory Days 90 89 107 81 85 87 92 84 72 93 80 89
Days Payable 212 219 190 170 167 157 180 143 122 123 88 103
Cash Conversion Cycle -17 -33 16 2 -11 -9 -27 10 18 29 54 57
Working Capital Days 34 -27 9 6 -9 -0 3 22 25 37 35 107
ROCE % -25% -7% -10% 5% 21% 31% 25% 19% 22% 23% 20% 18%

Insights

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
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Active Tinting Machines
Number
Installed Capacity - Liquid Paints
KLPA
Installed Capacity - Powder Paints (Putty)
MTPA
Number of Depots
Number
A&P Spend as % of Revenue
%
Capacity Utilization - Liquid Paints
%
Production Volume - Liquid Paints
KL

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
53.98% 53.95% 53.94% 53.94% 53.94% 53.93% 53.93% 53.93% 53.93% 53.88% 53.88% 53.88%
8.90% 8.75% 8.77% 7.73% 8.28% 12.31% 12.50% 12.41% 11.71% 11.81% 11.21% 7.42%
2.88% 2.29% 1.77% 1.96% 1.07% 16.14% 17.06% 16.74% 19.29% 19.68% 21.13% 23.00%
34.23% 35.00% 35.54% 36.37% 36.73% 17.64% 16.52% 16.93% 15.09% 14.64% 13.80% 15.72%
No. of Shareholders 1,21,9861,36,9821,40,0031,43,5881,45,1811,49,6231,56,8001,58,9251,59,9771,53,1001,42,6301,44,361

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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