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Indigo Paints Q1 FY27 Call: Conso Revenue Up 19.7% to ₹369.7 Cr, PAT Jumps 60%
Indigo Paints released the transcript of its Q1 FY27 earnings call, highlighting a return to double-digit growth with consolidated revenue rising 19.7% YoY to ₹369.7 Cr. Consolidated EBITDA grew 40% YoY to ₹62.0 Cr with a margin of 16.8%, while consolidated PAT surged 60% YoY to ₹41.7 Cr. The company plans to increase its stake in subsidiary Apple Chemie by 11% to reach 62%, following a 40% YoY revenue expansion in that business to ₹19.7 Cr.
Confidence: HIGH
What changedFormal submission of the Q1 FY27 earnings conference call transcript providing granular operational detail, category trends, and subsidiary stake hike plans.
Why it mattersConfirms Indigo Paints' market outperformance against the broader paints industry, supported by strong gross margins (45.3% standalone) and tinting machine additions.
Consolidated Revenue (Q1 FY27): ₹369.7 CrConsolidated PAT (Q1 FY27): ₹41.7 CrStandalone Gross Margin: 45.3%Apple Chemie Revenue (Q1 FY27): ₹19.7 CrTarget Apple Chemie Stake: 62%
📅 Short termSentiment remains positive following strong double-digit Q1 delivery and operating margin recovery.
📈 Long termExpanding tinting machine reach, entering specialized categories (polyurethane wood coatings), and scaling B2B construction chemicals via Apple Chemie strengthen long-term positioning.
⚠ Risk flags
- Raw material price volatility affecting B2B margins at Apple Chemie
- Heightened competitive intensity across the decorative paints industry
Key Highlights
Consolidated revenue grew 19.7% YoY to ₹369.7 Cr, driven by volume and value expansion across all 4 product categories.
Consolidated PAT increased 60% YoY to ₹41.7 Cr, aided by operational leverage and lower A&P intensity (4.3% vs 6.8% YoY).
Active dealer network reached ~19,400 with ~12,400 tinting machines installed (+1,100 machines YoY).
Proposed acquisition of an additional 11% stake in Apple Chemie, raising total holding to 62%.
👀 What to Watch
Track the sustainability of double-digit volume growth in upcoming quarters, raw material volatility post-supply disruptions, and margin normalization at Apple Chemie.
60.7% PAT Growth in Q1 FY27; Indigo Paints to Increase Apple Chemie Stake to 62%
Indigo Paints delivered a strong Q1 FY27 with standalone revenue growing 18.7% YoY to ₹350 Cr and PAT surging 60.7% to ₹42.4 Cr. The company maintained its industry-leading gross margin at 45.3%, significantly higher than the peer average of ~41.5%. Management announced the conclusion of its heavy capital-intensive phase, with minimal capex expected through 2029, signaling a shift toward higher cash flow generation. Additionally, the company plans to increase its stake in subsidiary Apple Chemie from 51% to 62% to deepen its presence in construction chemicals.
Confidence: HIGH
What changedThe company has completed its major capex cycle and is transitioning to a cash-flow-generative phase while increasing its equity stake in its construction chemicals subsidiary.
Why it mattersMaintaining a 400-bps gross margin lead over the industry average demonstrates strong pricing power and product differentiation, while reduced capex needs until 2029 improve the long-term return profile.
Q1 FY27 Standalone Revenue: ₹350.0 CrYoY PAT Growth: 60.7%Standalone Gross Margin: 45.3%New Water-based Capacity: 90,000 KLPAProposed Apple Chemie Stake: 62%A&P Spend as % of Revenue: 4.3%
📅 Short termThe stock may react positively to the significant earnings beat and the upcoming commencement of the Jodhpur plant trial production.
📈 Long termThe shift toward construction chemicals and the end of the heavy capex cycle should structurally improve free cash flow and ROCE over the next 3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw material price volatility
- Margin headwinds in Apple Chemie due to rising input costs
- High reliance on trade discounts to spur demand
Key Highlights
Standalone PAT increased 60.7% YoY to ₹42.4 Cr in Q1 FY27
Revenue from operations grew 18.7% YoY to ₹350.0 Cr with double-digit volume growth
Gross margins maintained at 45.3% despite raw material price volatility
Trial production for a new 90,000 KLPA water-based plant to start by end of August 2026
Active dealer network expanded to 19,382 with 12,395 tinting machines installed
👀 What to Watch
Watch for the successful commencement and ramp-up of the 90,000 KLPA Jodhpur plant in Q2 FY27 and the stabilization of margins in the Apple Chemie subsidiary.
Indigo Paints to explore acquiring additional 11% stake in subsidiary Apple Chemie
The Board of Indigo Paints has approved exploring the acquisition of an additional 11% equity stake in its subsidiary, Apple Chemie India Private Limited (ACIPL). Indigo currently holds a 51% stake in ACIPL, which it acquired in April 2023. ACIPL reported FY25 revenue of Rs 63.7 Cr, which is approximately 4.6% of Indigo's TTM revenue of Rs 1371 Cr. This move aims to further consolidate the company's position in the high-growth waterproofing and construction chemicals segment.
Confidence: HIGH
What changedIndigo Paints is seeking to increase its ownership in Apple Chemie from 51% to 62%.
Why it mattersIncreasing the stake in ACIPL allows Indigo to further integrate specialized construction chemical expertise, which has already helped the company maintain industry-leading gross margins of 45.1%.
Additional stake proposed: 11%Current stake: 51%ACIPL FY25 Revenue: Rs 63.7 CrACIPL Revenue vs Parent TTM Revenue: ~4.6%Parent TTM Revenue: Rs 1371 Cr
📅 Short termThe announcement is likely to be viewed positively as it shows commitment to a strategic business unit, though the immediate financial impact is limited by the small size of the incremental stake.
📈 Long termConsolidating ownership in ACIPL supports Indigo's strategy of diversifying into high-margin non-paint categories, potentially improving long-term consolidated profitability.
⚠ Risk flags
- Valuation of the additional stake not yet disclosed
- Subject to execution of definitive agreements
Key Highlights
Board approved exploring the acquisition of an additional 11% equity stake in ACIPL
Indigo Paints currently holds a 51% majority stake in ACIPL since April 2023
ACIPL FY25 revenue stood at Rs 63.7 Cr, contributing to the parent's high single-digit revenue share in waterproofing
The transaction is subject to the execution of definitive agreements and regulatory compliance
👀 What to Watch
Investors should monitor the announcement of definitive agreements to understand the valuation and pricing of the 11% stake. The key metric to watch is the continued growth of the waterproofing segment in upcoming quarterly results.
Indigo Paints sets Sept 4 as Record Date for Rs 5.00 Final Dividend; AGM on Sept 12
Indigo Paints has scheduled its 26th Annual General Meeting (AGM) for September 12, 2026. The company has fixed September 4, 2026, as the record date to determine shareholder eligibility for a final dividend of Rs 5.00 per share for FY26. This dividend represents a payout of approximately 16.4% of the TTM EPS of Rs 30.44. If approved at the AGM, the dividend will be paid within 30 days of the meeting.
Confidence: HIGH
What changedThe company has finalized the administrative timeline for its annual shareholder meeting and the distribution of the FY26 final dividend.
Why it mattersThis is a routine but necessary corporate action that confirms the cash return to shareholders and provides the platform for the annual management address and voting on statutory matters.
Final Dividend: Rs 5.00 per shareDividend vs TTM EPS: 16.42%Dividend Yield (at current price): 0.44%Record Date: September 4, 2026AGM Date: September 12, 2026
📅 Short termThe stock may see minor price adjustments around the ex-dividend date in early September; otherwise, the impact is expected to be neutral as the dividend amount was previously known.
📈 Long termLimited; this is a routine annual procedural filing.
Key Highlights
Final dividend of Rs 5.00 per equity share recommended for the financial year 2025-26.
Record date for dividend entitlement and AGM voting eligibility is Friday, September 4, 2026.
26th Annual General Meeting to be held on Saturday, September 12, 2026, via video conferencing.
Remote e-voting period is scheduled from September 9 to September 11, 2026.
Dividend payout to be completed within 30 days of shareholder approval at the AGM.
👀 What to Watch
Investors seeking the dividend must hold shares before the ex-dividend date (typically one day prior to the Sept 4 record date). Review the upcoming Annual Report for updates on the Apple Chemie integration and the expansion of experiential retail stores.
Rs 5.00 Final Dividend: Indigo Paints Sets September 4, 2026, as Record Date
Indigo Paints has announced September 4, 2026, as the record date for a final dividend of Rs 5.00 per share for FY 2025-26. The dividend, recommended earlier in May 2026, is subject to shareholder approval at the 26th Annual General Meeting (AGM) scheduled for September 12, 2026. Based on the TTM EPS of Rs 30.44, this represents a payout ratio of approximately 16.4%. The dividend yield at the current price of Rs 1140 is approximately 0.44%.
Confidence: HIGH
What changedThe company has finalized the administrative timeline (record date and AGM date) for the payment of the FY26 final dividend recommended in May 2026.
Why it mattersThis is a routine corporate action that confirms the distribution of profits to shareholders, maintaining the company's track record of dividend payments.
Final Dividend: Rs 5.00 per shareRecord Date: September 4, 2026Dividend Yield: 0.44%Dividend Payout Ratio: 16.4%AGM Date: September 12, 2026
📅 Short termThe stock may see minor price adjustments around the ex-dividend date, though the low yield of 0.44% suggests minimal volatility from this specific event.
📈 Long termLimited structural significance; the dividend reflects a stable payout policy while the company continues to reinvest in experiential retail and new product categories like waterproofing.
Key Highlights
Final dividend of Rs 5.00 per equity share recommended for the financial year 2025-26
Record date for determining dividend eligibility fixed as September 4, 2026
26th Annual General Meeting (AGM) to be held on September 12, 2026, via video conferencing
Dividend payment to be completed within 30 days of shareholder approval at the AGM
Dividend payout represents ~16.4% of the TTM EPS of Rs 30.44
👀 What to Watch
Investors seeking the dividend must hold shares before the ex-dividend date (typically one working day prior to the September 4 record date). Monitor the AGM on September 12 for updates on the Apple Chemie acquisition performance and waterproofing segment growth.
60% PAT Growth: Indigo Paints Reports Strong Q1 FY27 with 19.7% Revenue Increase
Indigo Paints delivered a robust Q1 FY27 performance with consolidated revenue growing 19.7% YoY to ₹369.67 Cr. Net profit surged 60% YoY to ₹41.70 Cr, significantly outperforming revenue growth due to margin expansion and higher treasury income. Standalone EBITDA margins improved to 17.7% from 14.8% in the previous year, while gross margins remained industry-leading at 45.3%. The subsidiary Apple Chemie showed strong top-line growth of 40.1% but faced margin headwinds, resulting in a marginal net loss.
Confidence: HIGH
What changedIndigo Paints reported its Q1 FY27 financial results, showing a significant acceleration in both revenue and profit growth compared to the previous year.
Why it mattersThe company continues to demonstrate industry-leading gross margins (45.3% vs industry average ~41.5%) and double-digit volume growth, suggesting its differentiated product strategy is effectively capturing market share from larger peers.
Consolidated Revenue (Q1 FY27): ₹369.67 CrConsolidated Net Profit (Q1 FY27): ₹41.70 CrYoY Revenue Growth: 19.7%YoY PAT Growth: 60.0%Standalone Gross Margin: 45.3%Other Income: ₹10.19 Cr
📅 Short termThe stock is likely to react positively to the strong earnings beat and margin expansion, especially given the double-digit volume and value growth in a competitive sector.
📈 Long termThe company's focus on high-margin differentiated products and the expansion of its 'Indigo Color Canvas' stores provide a structural growth runway, though competition from new large entrants remains a key factor to watch.
⚠ Risk flags
- Rising raw material costs impacting subsidiary margins
- Inventory buildup at Apple Chemie
- Significant portion of PAT growth aided by non-operating treasury gains
Key Highlights
Consolidated revenue from operations increased 19.7% YoY to ₹369.67 Cr
Consolidated Net Profit grew 60.0% YoY to ₹41.70 Cr from ₹26.06 Cr
Standalone EBITDA margin expanded by 290 bps to 17.7% compared to 14.8% in Q1 FY26
Subsidiary Apple Chemie recorded 40.1% revenue growth reaching ₹19.69 Cr
Other income rose significantly to ₹10.19 Cr, aided by mark-to-market treasury gains
👀 What to Watch
Monitor the sustainability of the 45.3% gross margin in the face of rising raw material costs mentioned in the release. Watch for the turnaround of Apple Chemie's profitability as it scales its construction chemical business.
Indigo Paints Q4 FY26: Revenue Up 8.4% to ₹397.9 Cr; Dividend Hiked 43% to ₹5/Share
Indigo Paints reported a resilient Q4 FY26 with standalone revenue growing 8.4% YoY to ₹397.9 crores and gross margins expanding to 48.6%. The company announced the completion of its heavy capex cycle, forecasting no major capital expenditure until FY29, which is expected to significantly enhance free cash flow. A dividend hike of 43% to ₹5 per share underscores management's confidence in sustainable cash generation. Despite geopolitical disruptions affecting raw material costs in March, the company maintained a strong EBITDA margin of 23.0% for the quarter.
Key Highlights
Standalone Q4 revenue rose 8.4% YoY to ₹397.9 crores with a robust EBITDA margin of 23.0%.
Dividend proposed at ₹5 per share for FY26, a 43% increase from the previous ₹3.5 per share.
Management confirmed no major capex until FY29, signaling a transition to a high free cash flow phase.
Subsidiary Apple Chemie delivered strong Q4 revenue growth of 34.7% YoY, reaching ₹27.5 crores.
Distribution network reached 19,350+ active dealers and 12,200+ tinting machines by year-end.
👀 What to Watch
Investors should take note of the transition from an investment phase to a cash-generation phase, supported by the significant dividend hike. The company's ability to maintain high gross margins despite input cost volatility makes it a strong contender in the decorative paints sector.
Indigo Paints Q4 FY26: Revenue Up 8.4% to ₹397.9 Cr, Dividend Hiked to ₹5.0
Indigo Paints reported a resilient Q4 FY26 with standalone revenue growth of 8.4% YoY reaching ₹397.9 Cr and an industry-leading gross margin of 48.6%. The company has proposed an increased dividend of ₹5.0 per share, up from ₹3.5 in previous years, signaling strong cash flow confidence. Despite a 50-100% surge in raw material prices in March 2026, EBITDA margins remained robust at 23.0%. The company is also set to commission its new 90,000 KLPA Jodhpur plant in June 2026 to drive future volume growth.
Key Highlights
Standalone Q4 FY26 Revenue grew 8.4% YoY to ₹397.9 Cr with EBITDA of ₹91.7 Cr
Proposed dividend increased by 43% to ₹5.0 per share from the previous ₹3.5
Maintained industry-leading Gross Margin of 48.6% in Q4 FY26 despite raw material volatility
Active dealer network expanded to 19,352 with 12,217 tinting machines installed
New 90,000 KLPA water-based plant in Jodhpur to start trial production in June 2026
👀 What to Watch
Investors should monitor the successful ramp-up of the Jodhpur plant and the company's ability to pass on raw material price hikes. The increased dividend and expansion into construction chemicals via Apple Chemie provide a positive long-term outlook.
Indigo Paints Recommends ₹5 Dividend and Announces FY26 Audited Results
Indigo Paints has approved its audited financial results for the quarter and year ended March 31, 2026, receiving an unmodified audit opinion. The Board has recommended a final dividend of ₹5.00 per equity share (50% of face value), pending shareholder approval at the upcoming AGM. Significant leadership changes were announced, including the appointment of Mr. Aishwarya Pratap Singh as Chief Business Officer and Mr. Srihari Santhakumar as GM Finance. The company also finalized its internal and cost auditors for the 2026-27 fiscal year.
Key Highlights
Recommended a final dividend of ₹5.00 per equity share (50% of face value of ₹10) for FY 2025-26.
Statutory auditors Price Waterhouse Chartered Accountants LLP issued an unmodified audit opinion for FY26 results.
Appointed Mr. Aishwarya Pratap Singh, an IIM-A and IIT-R alumnus with 20 years of experience (ex-ITC, Dabur), as Chief Business Officer.
Appointed Mr. Srihari Santhakumar as GM Finance and Senior Management Personnel, focusing on capital strategy and investor relations.
Appointed DKV & Associates as Internal Auditor and Harshad S Deshpande & Associates as Cost Auditor for FY 2026-27.
👀 What to Watch
Investors should view the dividend recommendation and the hiring of high-caliber leadership from FMCG backgrounds as positive indicators for future growth. Monitor the detailed financial statements for margin trends and market share gains in the decorative paints sector.
Indigo Paints Recommends Rs 5 Dividend and Approves Audited FY26 Financial Results
Indigo Paints Limited has approved its audited financial results for the fiscal year ending March 31, 2026, receiving an unmodified audit opinion from Price Waterhouse. The Board recommended a final dividend of Rs 5.00 per share (50% of face value), subject to shareholder approval at the upcoming AGM. The company also announced significant leadership additions, appointing Aishwarya Pratap Singh (ex-ITC) as Chief Business Officer and Srihari Santhakumar as Senior Management Personnel. These moves, alongside the appointment of new internal and cost auditors, indicate a focus on strengthening corporate governance and strategic growth.
Key Highlights
Recommended a final dividend of Rs 5.00 per equity share (50% of face value) for FY26.
Approved audited consolidated and standalone financial results for Q4 and FY26 with an unmodified audit opinion.
Appointed Aishwarya Pratap Singh, an IIM-A and IIT-Roorkee alumnus with 20 years of experience, as Chief Business Officer.
Appointed Srihari Santhakumar (GM Finance) to the Senior Management Personnel team to lead strategic finance and investor relations.
Appointed DKV & Associates as Internal Auditor and Harshad S Deshpande & Associates as Cost Auditor for FY27.
👀 What to Watch
The dividend recommendation and high-caliber management appointments are positive signals for long-term stability. Investors should review the detailed financial statements to assess the company's competitive position and margin performance in the decorative paints sector.
Indigo Paints Recommends Final Dividend of Rs 5 Per Share for FY26
Indigo Paints Limited has recommended a final dividend of Rs 5 per equity share (50% of face value) for the financial year ended March 31, 2026. The company's Board approved the audited financial results for the quarter and full year with an unmodified audit opinion, signaling financial transparency. Additionally, the company has strengthened its senior management by appointing a new Chief Business Officer and a GM of Finance. These developments were confirmed following the Board meeting held on May 22, 2026.
Key Highlights
Recommended a final dividend of Rs 5.00 per equity share of face value Rs 10 (50%)
Audited consolidated and standalone financial results for FY26 received an unmodified audit opinion
Appointed Mr. Aishwarya Pratap Singh (IIM-A/IIT-R alumnus) as Chief Business Officer
Appointed Mr. Srihari Santhakumar as GM Finance and Senior Management Personnel
Approved appointment of Internal and Cost Auditors for the financial year 2026-27
👀 What to Watch
Investors should consider the dividend yield and the impact of high-caliber management appointments on future growth. The unmodified audit report confirms the reliability of the reported financial performance.
Indigo Paints FY26 Results: Board Recommends ₹5 Dividend and Strengthens Senior Management
Indigo Paints has approved its audited financial results for the fiscal year ended March 31, 2026, with the statutory auditor issuing an unmodified opinion. The Board recommended a final dividend of ₹5.00 per share (50% of face value), subject to shareholder approval. Significant leadership changes were announced, including the appointment of a new Chief Business Officer with extensive FMCG experience from ITC and Dabur. The company continues to consolidate its 51% stake in its subsidiary, Apple Chemie India Private Limited.
Key Highlights
Recommended a final dividend of ₹5.00 per equity share for the financial year ended March 31, 2026.
Statutory auditors Price Waterhouse Chartered Accountants LLP issued an unmodified opinion on FY26 results.
Appointed Aishwarya Pratap Singh, an IIM-A and IIT-R alumnus with 20 years experience, as Chief Business Officer.
Appointed Srihari Santhakumar, GM Finance, as Senior Management Personnel to lead capital strategy.
Approved the appointment of new Internal and Cost Auditors for the financial year 2026-27.
👀 What to Watch
Investors should view the dividend recommendation and the strengthening of the leadership team as positive indicators of corporate health. Monitor the detailed financial statements for margin trends and volume growth in the decorative paints segment.
Indigo Paints Q3 FY26: Consolidated PAT Rises 16.4% to ₹41.7 Cr Amid Margin Expansion
Indigo Paints reported a resilient Q3 FY26 with consolidated revenue growing 4.7% Y-o-Y to ₹358.8 crores, despite a slow October due to monsoon and early Diwali. Profitability showed significant improvement, with consolidated EBITDA rising 19.5% to ₹68.3 crores and PAT (excluding exceptional items) increasing 16.4% to ₹41.7 crores. The company's subsidiary, Apple Chemie, performed exceptionally well with 31.5% revenue growth. Management highlighted a shift toward premium products and reduced advertising spend (5.9% of revenue) as key drivers for margin expansion.
Key Highlights
Standalone EBITDA margins expanded to 19.4% from 17.5% last year, driven by a favorable product mix.
Consolidated PAT (excluding a ₹5.85 Cr exceptional gratuity provision) grew 16.4% Y-o-Y to ₹41.7 crores.
Enamels and wood coatings led growth with 18.9% value and 20.2% volume increases.
Subsidiary Apple Chemie recorded ₹20 crores in revenue, a 31.5% Y-o-Y increase, and started a new sealant plant.
Active dealer network reached 19,100+ with 11,900+ tinting machines installed as of Dec 2025.
👀 What to Watch
Investors should monitor the company's ability to maintain margins through premiumization despite industry-wide volume pressures in emulsions. The successful ramp-up of Apple Chemie and the new Jodhpur plant provide visible growth catalysts for FY27.
Indigo Paints Q3 FY26: EBITDA Grows 14.5% YoY to Rs 65.6 Cr; Margins Expand to 19.4%
Indigo Paints reported a modest 3.5% YoY revenue growth in Q3 FY26 at Rs 338.9 Cr, but achieved significant margin expansion. EBITDA rose 14.5% YoY to Rs 65.6 Cr, with margins improving to 19.4% from 17.5% due to better cost management and reduced advertising spends (5.6% vs 8.2% YoY). Adjusted PAT grew 11.2% to Rs 40.5 Cr, excluding a one-time gratuity provision of Rs 5.85 Cr. The company continues to maintain industry-leading gross margins at 47.1% while expanding its dealer network to 19,134.
Key Highlights
EBITDA margins expanded by 190 bps YoY to 19.4% in Q3 FY26, driven by cost efficiencies and lower A&P spends.
Advertising and Promotion (A&P) expenses as a % of revenue dropped significantly to 5.6% from 8.2% YoY.
Active dealer network reached 19,134 with 11,913 tinting machines installed as of December 31, 2025.
Subsidiary Apple Chemie showed strong performance with Q3 revenue rising to Rs 20.0 Cr from Rs 15.2 Cr YoY.
New 90,000 KLPA water-based plant in Jodhpur is on track for commissioning by June 2026.
👀 What to Watch
Investors should note the strong margin profile and cost discipline which offset moderate topline growth. The upcoming Jodhpur capacity expansion and growth in the construction chemicals segment (Apple Chemie) remain key long-term growth drivers.
Indigo Paints Expands Capacity; Commences 12,000 KLPA Plant and Doubles Powder-Based Capacity
Indigo Paints has announced a significant multi-pronged capacity expansion at its Jodhpur facilities to meet projected future demand. A new 12,000 KLPA solvent-based paint plant commenced production in February 2026, and a large 90,000 KLPA water-based plant is expected to be operational by June 2026. Additionally, the company is doubling its powder-based capacity by adding 138,000 MTPA, bringing the total to 276,000 MTPA. This expansion involves a modest investment of approximately INR 15 crore, which is being funded entirely through internal accruals.
Key Highlights
Commenced production of 12,000 KLPA solvent-based paint plant in February 2026
New 90,000 KLPA water-based paint plant expected to be operational by June 2026
Doubling powder-based capacity by adding 138,000 MTPA to the existing 138,000 MTPA
Investment of ~INR 15 crore for powder plant expansion funded via internal accruals
Expansion aimed at proactively meeting future demand despite current powder plant utilization of ~77%
👀 What to Watch
Investors should view this as a positive indicator of management's confidence in future volume growth and market share gains. Monitor the timely commissioning of the water-based plant in June 2026 as it will be a key driver for revenue growth.
Indigo Paints Starts Solvent Plant Production; Expands Powder Capacity by 1.38 Lakh MTPA
Indigo Paints has commenced commercial production at its new 12,000 KLPA solvent-based paint plant in Jodhpur as of February 2026. The company is also doubling its powder-based plant capacity by adding 1,38,000 MTPA, involving a capital expenditure of INR 15 crore funded via internal accruals. Furthermore, a significant 90,000 KLPA water-based paint facility is on track to become operational by June 2026. These strategic expansions are designed to meet projected future demand, following a high 77% utilization rate in existing powder-based units during FY 2024-25.
Key Highlights
Commenced production at 12,000 KLPA solvent-based paint plant in February 2026
Doubled powder-based plant capacity from 1,38,000 MTPA to 2,76,000 MTPA
New 90,000 KLPA water-based paint plant expected to be operational by June 2026
Expansion of powder-based unit funded through internal accruals of INR 15 crore
Existing powder plant utilization was high at ~77% for FY 2024-25
👀 What to Watch
Investors should view these capacity additions as a strong indicator of future revenue growth and market share expansion. Monitor the timely commissioning of the large water-based plant in June 2026 as a key upcoming milestone.
Indigo Paints Q3 FY26 Revenue Up 4.7% YoY to ₹358.78 Cr; PAT at ₹37.14 Cr
Indigo Paints reported a consolidated revenue of ₹358.78 crore for Q3 FY26, a 4.7% increase over the previous year's ₹342.62 crore. Net profit grew by 3.6% YoY to ₹37.14 crore, even after accounting for a one-time exceptional charge of ₹6.13 crore due to new labour code regulations. Sequentially, the company performed strongly with revenue rising 15% and net profit jumping 47% compared to Q2 FY26. The subsidiary Apple Chemie India contributed ₹19.96 crore to the quarterly revenue.
Key Highlights
Consolidated Revenue from Operations increased 4.7% YoY to ₹358.78 crore from ₹342.62 crore.
Consolidated Net Profit rose to ₹37.14 crore, despite a ₹6.13 crore exceptional cost related to New Labour Codes.
Profit Before Tax (PBT) before exceptional items grew to ₹56.47 crore compared to ₹45.05 crore YoY.
Basic EPS for the quarter stood at ₹7.63 compared to ₹7.56 in the same period last year.
Subsidiary Apple Chemie India Private Limited reported a PAT of ₹1.55 crore for the quarter.
👀 What to Watch
The results show steady but modest YoY growth; investors should monitor if the strong sequential recovery can be sustained in Q4. The stock remains a hold as the market evaluates the impact of new regulatory costs on long-term margins.
