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Indigo Paints Limited (INDIGOPNTS)

₹1,041.70 +0.57% last close, 16 Oct

📊 NSE: INDIGOPNTS 🏢 Paints / Varnishes 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 30 Oct 2026 (board meeting)

Indigo Paints Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Indigo Paints' revenue was ₹370 Cr (+19.6% year on year, -13.0% on the previous quarter), and net profit ₹41.7 Cr (+60.4% year on year); the operating margin was 16.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹370	+19.6%	-13.0%
Operating profit	₹62.0	+41.0%	-35.4%
Net profit	₹41.7	+60.4%	-29.3%
EPS (₹)	8.76	+61.0%	-27.6%
Operating margin	16.8%	—	—

Full quarterly financials → Results calendar →

INDIGOPNTS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 81.03% of the INDIGOPNTS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.45%. Delivery was unusually high while the price barely moved (+0.57%).

81.03%Delivery, 16 Oct

48.45%Own 20-session average

1.0×Volume vs its average

₹1,041.70NSE close · +0.57%

Delivery in the last 5 sessions: 57.5% · 38.2% · 46.0% · 50.4% · 81.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Indigo Paints Submits Reg 74(5) Depository Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 06:29 PM

Indigo Paints Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 06, 2026. It confirms that share certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.

Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
Certificate issued by RTA MUFG Intime India Private Limited dated October 06, 2026
Filing made to BSE and NSE on October 12, 2026

💡 No action needed as this is a recurring regulatory filing; investors should track upcoming Q2 FY27 operational and financial earnings results.

Indigo Paints Shareholders Approve Rs 5/Share Final Dividend and All AGM Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Sep 2026, 11:57 PM

Indigo Paints Limited has submitted the scrutinizer's report and voting results for its 26th Annual General Meeting held on September 12, 2026. All four ordinary resolutions, including the adoption of FY26 financial statements and approval of a final dividend of Rs 5 per equity share, were approved with near-unanimous majorities (>99.5% votes in favor). Institutional and promoter participation stood high, with overall voter turnout reaching 81.5% of total outstanding shares (38,905,085 votes polled).

Shareholders approved a final dividend of Rs 5 per equity share with 99.9999% votes in favor
Overall voter turnout stood at 81.51% (38,905,085 votes polled out of 47,732,637 total shares)
Re-appointment of Executive Director Mr. Narayanankutty Kottiedath Venugopal passed with 99.51% favor
Adoption of FY26 standalone and consolidated financial statements passed with 99.9999% favor
Record date for eligible shareholders was set at September 04, 2026

💡 Track the upcoming corporate action payment date for the final dividend of Rs 5 per share and look out for Q2 FY27 earnings disclosures.

Indigo Paints Concludes 26th AGM; Resolutions Include Rs 5/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Sep 2026, 02:08 PM

Indigo Paints Limited conducted its 26th Annual General Meeting (AGM) on September 12, 2026, via video conferencing. Key resolutions tabled before shareholders included the adoption of FY26 financial statements and the approval of a final dividend of Rs 5 per equity share. Additionally, the reappointment of Mr. Narayanankutty Kottiedath Venugopal as Executive Director retiring by rotation and ratification of cost auditor remuneration were placed for shareholder voting. Total attendance stood at 59 members, including 3 promoters and 56 public shareholders.

Held 26th AGM on September 12, 2026, with 59 members present (3 promoter, 56 public)
Proposed declaration of final dividend of Rs 5/- per equity share
Reappointment of Executive Director Mr. Narayanankutty Kottiedath Venugopal considered
Remote e-voting ended on September 11, 2026; scrutinizer report on voting results to follow

💡 Track the formal disclosure of consolidated scrutinizer voting results and subsequent dividend payout timelines.

Indigo Paints Q1 FY27 Call: Conso Revenue Up 19.7% to ₹369.7 Cr, PAT Jumps 60%

🟢 POSITIVE ⭐ 5/10

EARNINGS 📅 03 Sep 2026, 06:38 PM

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.

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%.

💡 Track the sustainability of double-digit volume growth in upcoming quarters, raw material volatility post-supply disruptions, and margin normalization at Apple Chemie.

Indigo Paints 26th AGM on Sept 12, 2026; ₹5/Share Final Dividend Proposed

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 05:51 PM

Indigo Paints Limited has issued the notice for its 26th Annual General Meeting (AGM) scheduled for September 12, 2026, via video conferencing. Ordinary business includes the adoption of FY26 financial statements and approval of a final dividend of ₹5.00 per share (50% on face value of ₹10). Shareholders will also vote on the re-appointment of Executive Director Mr. Narayanankutty Kottiedath Venugopal and ratify a cost auditor remuneration of ₹80,000 for FY27.

26th AGM scheduled for September 12, 2026 at 11:00 AM IST via VC/OAVM
Proposed final dividend of ₹5.00 (50%) per equity share of face value ₹10 for FY26
Re-appointment of Executive Director Mr. Narayanankutty Kottiedath Venugopal (last drawn remuneration ₹180 Lakhs, holds 12,250 equity shares)
Ratification of ₹80,000 audit fee for Cost Auditors M/s. Harshad S Deshpande & Associates for FY27

💡 Eligible shareholders may participate in remote e-voting and note the upcoming AGM proceedings on September 12, 2026.

Indigo Paints Discloses Audio Recording of Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 07:16 PM

Indigo Paints Limited has submitted the audio recording link for its earnings conference call held on August 14, 2026, discussing financial performance for the quarter ended June 30, 2026 (Q1 FY27). In Q1 FY27, the company reported standalone revenue of ₹369.67 crore and a net profit of ₹41.70 crore. The disclosure is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. No new financial data or material operational updates beyond the call recording were disclosed in the filing.

Audio recording uploaded for the earnings call conducted on August 14, 2026, at 11:00 Hrs IST
Earnings call pertained to the quarter ended June 30, 2026
Filing made pursuant to Regulation 30, Schedule III of SEBI (LODR) Regulations, 2015

💡 Track the upcoming written transcript of the earnings call for detailed management commentary on demand trends, raw material pricing, and distribution expansion.

60.7% PAT Growth in Q1 FY27; Indigo Paints to Increase Apple Chemie Stake to 62%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 07:00 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 6/10

M&A 📅 13 Aug 2026, 06:22 PM

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.

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

💡 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

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 13 Aug 2026, 06:07 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 13 Aug 2026, 05:59 PM

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%.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:23 PM

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.

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

💡 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 schedules Q1 FY27 earnings call for August 14, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 06:10 PM

Indigo Paints has scheduled its Q1 FY27 earnings conference call for August 14, 2026, at 11:00 AM IST. The management team, including the Chairman & MD and CFO, will discuss the financial results for the quarter ended June 30, 2026. This follows a FY26 performance where the company achieved a TTM revenue of ₹1,371 Cr and maintained a healthy OPM of 18.6%. Investors will likely focus on the impact of the Apple Chemie acquisition and the sustainability of the company's industry-leading gross margins (45.1% in recent periods).

Earnings conference call scheduled for August 14, 2026, at 11:00 IST.
Management representation includes the Chairman & MD, COO, CBO, and CFO.
Discussion will cover financial results for the quarter ended June 30, 2026.
Company reported TTM PAT of ₹147 Cr and TTM EPS of ₹30.44 prior to this call.
Universal access numbers for the call include +91 22 6280 1144 and +91 22 7115 8045.

💡 Monitor the official Q1 FY27 results release on or before August 14 and track management commentary regarding demand recovery and the performance of the waterproofing segment.

56,975 shares allotted by Indigo Paints under ESOP schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jul 2026, 07:29 PM

Indigo Paints Limited has allotted 56,975 equity shares to eligible employees following the exercise of options under its ESOS 2019 and ESOS 2024 schemes. This allotment increases the company's total paid-up equity share capital from 4,76,75,662 to 4,77,32,637 shares. The resulting equity dilution is approximately 0.12%, which is negligible for existing shareholders. This is a standard administrative procedure to fulfill employee compensation obligations.

Allotment of 56,975 equity shares of face value Rs. 10 each on July 22, 2026
Total paid-up capital increased from Rs. 47.67 crore to Rs. 47.73 crore
Shares issued under two separate schemes: ESOS 2019 and ESOS 2024
In-principle approval for 2,50,000 shares under ESOS 2019 was obtained on September 07, 2021

💡 No action required as this is a routine administrative filing. Investors may track employee benefit expenses in future earnings reports to monitor the cost of these schemes.

Indigo Paints Submits Routine Regulation 74(5) Compliance for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 09:54 PM

Indigo Paints Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled. This is a standard administrative filing required of all listed companies to verify the integrity of their shareholding records. There is no impact on the company's financial performance or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation provided by Registrar MUFG Intime India Private Limited (formerly Link Intime)
Verification that share certificates were mutilated and cancelled after dematerialization
Confirmation that the name of depositories has been substituted in the register of members
Filing completed on July 15, 2026, following the RTA's confirmation on July 06, 2026

💡 No action is required as this is a routine procedural filing. Investors should monitor the company's upcoming quarterly financial results for material business updates.

Indigo Paints clarifies XBRL discrepancy in March 2026 financial results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Jul 2026, 06:03 PM

Indigo Paints has responded to an NSE query regarding data discrepancies between its PDF and XBRL filings for the quarter and year ended March 31, 2026. The company clarified that the PDF version, which reported a revenue of ₹425.0 cr and PAT of ₹59.0 cr, is the accurate version approved by the Board on May 22, 2026. The discrepancy was attributed to an inadvertent typographical error during the XBRL file generation process. A rectified XBRL file (App. No 173484) has been submitted to ensure alignment with the approved results.

Clarification issued regarding the financial results for the quarter and year ended March 31, 2026
NSE flagged the discrepancy via email on July 3, 2026, following the original May 22, 2026 board meeting
Company confirmed the PDF version of results is accurate and board-approved
Corrected XBRL file submitted under NEAPS Application No 173484
Error was identified as a clerical/typographical mistake during the validation of the XBRL instance file

💡 Investors should continue to rely on the PDF financial statements for the March 2026 quarter as the definitive record of performance. No further action is required as this is a procedural correction.

View All INDIGOPNTS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for Q2 FY26 grew 3.5% YoY to INR 298.5 Cr. Consolidated revenue for FY25 grew 2.65% to INR 1,340.7 Cr. Apple Chemie subsidiary achieved revenue of INR 63.7 Cr in FY25. Waterproofing and construction chemicals segment shows high single-digit contribution to top line.

Profitability Margins

Standalone Gross Margin for Q2 FY26 expanded to 45.1% from 44.1% YoY. Standalone PAT Margin for Q2 FY26 improved to 8.5% from 8.2% YoY. Consolidated PAT Margin for FY25 was 10.46%, down from 11.27% in FY24.

EBITDA Margin

Standalone EBITDA Margin for Q2 FY26 improved to 15.3% from 14.8% YoY, with absolute EBITDA at INR 45.8 Cr, up 7.5% YoY. Consolidated EBITDA margin for FY25 decreased to 17.42% from 18.23% in FY24.

Credit Rating & Borrowing

Interest coverage ratio stood at 65.95x in FY25 (standalone). Historical interest coverage was 16.51x in FY20. The company maintains a debt-equity ratio of 0 (debt-free).

⚙️ Operational Drivers

Raw Materials

Raw materials and components (specific names not disclosed) represent 53.48% of standalone revenue in FY25, up from 52.10% in FY24.

Raw Material Costs

Material costs stood at 53.48% of revenue in FY25. Muted demand led to higher trade discounts of 24.26% of revenue in FY25 compared to 21.78% in FY24, impacting gross margins.

Manufacturing Efficiency

EBITDA margins historically peak in Q4 due to an improved product mix and higher sales volume.

Logistics & Distribution

Freight and handling costs stood at 8.74% of revenue in FY25, down from 9.62% in FY24.

📈 Strategic Growth

Expected Growth Rate

3.50%

Growth Strategy

Growth is driven by the expansion of 'Indigo Color Canvas' experiential retail stores (8 added in Q2 FY26), increased focus on premium products, and BTL marketing to improve influencer engagement. The Apple Chemie acquisition (51% stake) facilitates entry into the high-growth construction chemicals and waterproofing market.

Products & Services

Decorative paints, waterproofing products, and construction chemicals.

Brand Portfolio

Indigo Paints, Indigo Color Canvas (experiential stores), Apple Chemie.

New Products/Services

Waterproofing and construction chemicals under the Indigo brand, inherited from Apple Chemie know-how, now contribute high single-digit percentages to the top line.

Market Expansion

Expansion of experiential retail centers and strategic concentration in specific geographic markets for the Apple Chemie subsidiary.

Market Share & Ranking

Maintains 'pole position' in the industry regarding gross margins (45.1% standalone in Q2 FY26 vs industry average of ~41.5%).

Strategic Alliances

Acquisition of a 51% holding in Apple Chemie to venture into construction chemicals.

🌍 External Factors

Industry Trends

The industry faced a de-growth/muted demand scenario in FY25, but market conditions are improving as of Q2 FY26 (3.5% growth). There is a shift toward premium products and digital outreach for influencers.

Competitive Landscape

Indigo continues to outperform the industry average gross margin by a wide margin (45.9% vs 41.5% in Q1 FY26).

Competitive Moat

Sustainable moat built on a basket of differentiated products and industry-leading gross margins (45.1% vs ~41.5% peers), supported by high A&P spending (6.4% of top line) compared to industry standards.

Macro Economic Sensitivity

Highly sensitive to weather conditions; extended monsoons in Q2 FY26 caused a significant sales slowdown in August before recovery in September.

Consumer Behavior

Shift toward experiential retail and influencer-led decision making, addressed by 'Color Canvas' stores and BTL marketing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to internal control systems for compliance with relevant laws and regulations, with internal audits reviewed by the Audit Committee.