Indigo Paints Ltd

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

₹ 1,145 1.31%
21 Aug 11:54 a.m.
indigopaints.com BSE: 543258 NSE: INDIGOPNTS
About

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

Key Points

Business Overview:
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] Indigo has operations across 28 states. The Company initially built presence in Tier 3/4 cities; expansion into Tier 1/2 cities started from 2022.[4]

Website BSE NSE
  • Market Cap ₹ 5,467 Cr.
  • Current Price ₹ 1,145
  • High / Low ₹ 1,346 / 702
  • Stock P/E 33.1
  • Book Value ₹ 242
  • Dividend Yield 0.44 %
  • ROCE 18.6 %
  • ROE 13.7 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Working capital days have increased from 60.7 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 1000 Nifty Smallcap 500 Nifty Total Market Nifty Microcap 250 BSE Consumer Discretionary

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
288 279 354 385 311 300 343 388 309 312 359 425 370
239 237 292 300 264 258 285 300 265 266 290 330 308
Operating Profit 49 42 62 85 47 42 57 87 44 47 68 96 62
OPM % 17% 15% 18% 22% 15% 14% 17% 23% 14% 15% 19% 22% 17%
4 3 3 4 4 5 3 6 6 3 -2 0 10
Interest 0 1 1 0 1 1 1 2 1 1 1 1 1
Depreciation 10 11 15 16 15 15 15 13 15 15 15 15 16
Profit before tax 42 33 50 73 36 31 45 79 35 34 50 80 56
Tax % 26% 24% 25% 25% 25% 27% 20% 27% 25% 25% 26% 26% 26%
32 25 38 54 27 22 36 57 26 25 37 59 42
EPS in Rs 6.52 5.32 7.82 11.27 5.50 4.75 7.56 11.95 5.44 5.27 7.63 12.10 8.76
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,073 1,306 1,341 1,405 1,466
892 1,068 1,107 1,150 1,193
Operating Profit 182 238 233 255 272
OPM % 17% 18% 17% 18% 19%
10 14 18 7 11
Interest 1 2 4 3 3
Depreciation 34 52 59 60 61
Profit before tax 156 199 190 198 220
Tax % 15% 25% 25% 26%
132 149 142 148 163
EPS in Rs 27.73 30.94 29.76 30.43 33.76
Dividend Payout % 13% 11% 12% 16%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 9%
TTM: 10%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 4%
TTM: 17%
Stock Price CAGR
10 Years: %
5 Years: -14%
3 Years: -9%
1 Year: -1%
Return on Equity
10 Years: %
5 Years: %
3 Years: 15%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 48 48 48 48
Reserves 729 855 983 1,106
12 21 27 21
274 347 352 454
Total Liabilities 1,062 1,270 1,410 1,629
265 591 568 590
CWIP 251 17 136 220
Investments 132 167 226 300
414 495 481 519
Total Assets 1,062 1,270 1,410 1,629

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Mar 2024 Mar 2025 Mar 2026
116 151 206 223
-84 -142 -178 -196
-20 -23 -24 -32
Net Cash Flow 12 -14 4 -5
Free Cash Flow -81 47 70 88
CFO/OP 77% 88% 101% 110%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 68 62 66 74
Inventory Days 72 91 77 87
Days Payable 122 122 89 106
Cash Conversion Cycle 18 31 55 55
Working Capital Days 25 39 36 107
ROCE % 23% 19% 19%

Insights

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Active Dealers
count ・Standalone data

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Tinting Machines
count ・Standalone data
Differentiated Products as % of Revenue
% ・Standalone data
Volume Growth - Emulsions
% ・Standalone data
Volume Growth - Enamels + Wood Coatings
% ・Standalone data
Volume Growth - Primers + Distempers + Others
% ・Standalone data
Volume Growth - Putty + Cement Paints
% ・Standalone data
Manufacturing Capacity - Liquid Paints
KLPA ・Standalone data
Apple Chemie Revenue
INR Cr

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
53.95% 53.94% 53.94% 53.94% 53.93% 53.93% 53.93% 53.93% 53.88% 53.88% 53.88% 53.88%
8.75% 8.77% 7.73% 8.28% 12.31% 12.50% 12.41% 11.71% 11.81% 11.21% 7.42% 5.73%
2.29% 1.77% 1.96% 1.07% 16.14% 17.06% 16.74% 19.29% 19.68% 21.13% 23.00% 25.25%
35.00% 35.54% 36.37% 36.73% 17.64% 16.52% 16.93% 15.09% 14.64% 13.80% 15.72% 15.16%
No. of Shareholders 1,36,9821,40,0031,43,5881,45,1811,49,6231,56,8001,58,9251,59,9771,53,1001,42,6301,44,3611,39,467

* 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.

Click on the line-items to see the names of individual entities.

Documents

Announcements

Annual reports

DRHP

Credit ratings

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