Indigo Paints Ltd
BSE:543258
Indigo Paints Ltd
Indigo Paints Ltd. engages in the manufacture and sale of decorative paints. The company is headquartered in Pune, Maharashtra. The company went IPO on 2021-02-02. The firm is engaged in manufacture and sale of decorative paints and operates with its manufacturing facilities in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu). Its product offerings include emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. The company introduced category-creator products, including metallic emulsions, tile coat emulsions, bright ceiling coat emulsions and floor coat emulsions in the decorative paint market in India. The company offers various other types of emulsion paints, such as the dirtproof and waterproof exterior laminate, exterior and interior acrylic laminate and enamels, such as polyurethane (PU) super gloss enamel. The company also offers aluminum paints to paint surfaces of storage tanks, metal pipes, and metal roofs. The firm's products are sold under only one brand name, Indigo, and classified based on price points as platinum, gold, silver, and bronze series.
Indigo Paints Ltd. engages in the manufacture and sale of decorative paints. The company is headquartered in Pune, Maharashtra. The company went IPO on 2021-02-02. The firm is engaged in manufacture and sale of decorative paints and operates with its manufacturing facilities in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu). Its product offerings include emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. The company introduced category-creator products, including metallic emulsions, tile coat emulsions, bright ceiling coat emulsions and floor coat emulsions in the decorative paint market in India. The company offers various other types of emulsion paints, such as the dirtproof and waterproof exterior laminate, exterior and interior acrylic laminate and enamels, such as polyurethane (PU) super gloss enamel. The company also offers aluminum paints to paint surfaces of storage tanks, metal pipes, and metal roofs. The firm's products are sold under only one brand name, Indigo, and classified based on price points as platinum, gold, silver, and bronze series.
Revenue Growth: Indigo Paints posted consolidated Q3 revenue of INR 358.8 crores, up 4.7% year-over-year, with strong double-digit growth in November and December offsetting a weak October.
Profitability: EBITDA and PAT expanded faster than revenue, with Q3 consolidated EBITDA up 19.5% and PAT up 16.4%, reflecting margin gains from premium product mix and tight cost control.
Margin Expansion: Gross margin stayed strong at 47.1% (standalone), and EBITDA margin rose to 19.4% (standalone) from 17.5% last year.
Product Mix: Premium products, enamels, and waterproofing drove growth, while economy emulsions lagged but showed recovery in January.
Apple Chemie: Subsidiary Apple Chemie grew Q3 revenue by 31.5% and began production at a new Nagpur plant, with further growth expected in Q4.
A&P Spending: Ad spend as a percentage of revenue dropped to 5.9% from 7% as focus shifted to influencer engagement over traditional ads.
Optimistic Outlook: Management sees strong demand momentum continuing into Q4 and FY '27, expecting to outperform industry growth rates.
Capacity Expansion: Major CapEx projects nearing completion, notably the Jodhpur plant, set to support growth for the next 4–5 years.
