Logo
Whalesbook
HomeNewsCorporate NewsPremiumStocks
HomeNewsCorporate NewsPremiumStocks

Indigo Paints Ltd

₹ 1,1900.48%
06 Jan – close price
🔗indigopaints.com•BSE: 543258•NSE: INDIGOPNTS
Market Cap₹ 5,676 Cr.
Current Price₹ 1,190
High / Low₹ 1,374
Stock P/E39.1
Book Value₹ 228
Dividend Yield0.29 %
ROCE19.5 %
ROE14.6 %
Face Value₹ 10.0
Sales₹ 1,288 Cr.
OPM18.1 %
Mar Cap₹ 5,676 Cr.

ABOUT

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

KEY POINTS

Leading Paint CompanyThe 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]

Also present in buckets:
Excellent ResultsRevenue GuidanceCapacity Expansion And ProductsJv Partnerships AcquisitionsRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Asian Paints2845.8067.92272968.510.871018.2320.458531.276.2825.7234378.1718.044018.77993.5913.9413.180.18
2.Berger Paints526.8055.5661421.040.72206.38-23.502827.491.9124.9011707.3415.211105.49206.299.7813.390.11
3.Kansai Nerolac240.2529.8419424.721.04133.319.891954.180.1413.037854.7511.70651.00134.933.007.570.04
4.Akzo Nobel3179.0037.0814477.273.151682.70-14.84834.90-15.0141.663902.6014.63390.4783.376.4214.760.03
5.Indigo Paints1190.5039.085675.790.2925.535.85298.503.4519.511288.0518.06145.2525.535.2211.150.02
6.Sirca Paints491.4048.182790.800.3118.1036.30131.1724.3819.98435.0419.4057.9318.106.3012.270.10
7.Shalimar Paints72.65–608.160.00-14.1427.93133.81-7.55-12.80614.36-5.95-64.41-14.142.14-11.690.67
–Median: 10 Co.365.8239.084233.30.5221.827.87216.163.519.75951.214.92101.5921.824.2211.710.11

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
281341327277294295325366367243270289298
Expenses
241280270229248251254284281209229246253
Operating Profit
41615748464472828634424346
Other Income
4334463463353
Profit before tax
35504642353565727828343334
Tax %
26%25%21%26%25%25%26%26%27%-31%24%27%25%
Net Profit
26383631262649545737262426
EPS in Rs
5.527.927.656.585.565.5310.2311.2411.957.805.495.065.35

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
64901242894115366257239061,0731,2551,2771,288
Expenses
61971302913874815346017708921,0221,0461,055
Operating Profit
3-7-6-2245491123136182233232233
Other Income
0211-11241110131717
Interest
2103456411233
Depreciation
11114171720243134465453
Profit before tax
1-7-6-182346798114156198192193
Net Profit
0-7-6-16327487184132149144145
EPS in Rs
8.19-158.03-136.43-5.550.909.3216.4814.8917.6727.7331.2230.2230.48
Dividend Payout %
12%0%0%0%0%0%0%0%17%13%11%12%–

Compounded Profit Growth

10 Years:37%
5 Years:25%
3 Years:20%
TTM:2%

Compounded Sales Growth

10 Years:30%
5 Years:15%
3 Years:12%
TTM:0%

Return on Equity

10 Years:16%
5 Years:16%
3 Years:17%
Last Year:15%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:-2%
1 Year:-10%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
0.440.440.4429292929484848484848
Reserves
42612969711001505166027298671,0001,039
Borrowings
14485254887591212172018
Other Liabilities
16305897125156169239258274290290317
Total Liabilities
35611962462793734228119201,0621,2221,3581,422
Fixed Assets
1012139195149201249253265548525540
Gross Block
12.8514.5516.43107.74128.66165.50232.40304.44338.86382.45709.95740.44–
Accumulated Depreciation
2.942.173.1016.5933.7116.9431.6555.1085.53117.75161.62214.99–
CWIP
010224135125115135219
Investments
011241615202150173132188247238
Other Assets
254658137167201199509442414471451424
Total Assets
35611962462793734228119201,0621,2221,3581,422

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
4-611-2627507212165116152205
Cash from Investing Activity
-5-10-12315-23-62-61-318-69-84-143-175
Cash from Financing Activity
2161138-419-17236-5-20-24-25
Net Cash Flow
011-3-07-639-912-154

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
8710597999271616169685963
Inventory Days
9490891078185879284729380
Days Payable
14621221919017016715718014312212388
Cash Conversion Cycle
34-17-33162-11-9-2710182954
Working Capital Days
4534-2796-9-0322253735
ROCE %
13%-25%-7%-10%5%21%31%25%19%22%23%20%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
54.00%53.98%53.98%53.95%53.94%53.94%53.94%53.93%53.93%53.93%53.93%53.88%
FIIs
10.19%8.80%8.90%8.75%8.77%7.73%8.28%12.31%12.50%12.41%11.71%11.81%
DIIs
3.34%3.20%2.88%2.29%1.77%1.96%1.07%16.14%17.06%16.74%19.29%19.68%
Public
32.47%33.99%34.23%35.00%35.54%36.37%36.73%17.64%16.52%16.93%15.09%14.64%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Indigo Paints Submits SEBI Compliance Certificate for Q4 FY26

8th April 2026, 2:46 am

Indigo Paints to Close Trading Window from April 1, 2026

28th March 2026, 9:02 pm

Indigo Paints Reports Profitability Growth in Q3 FY '26 Amidst October Demand Softness

22nd February 2026, 10:27 pm

Indigo Paints Discloses Earnings Call Audio Recording Link for Q3 FY26 Results

16th February 2026, 8:59 pm

Indigo Paints Unveils Q3 FY26 Financials Via Newspaper Ads

14th February 2026, 9:22 pm

Published by Other Websites

External media mentions & references

Oil Falls $10, Sparking Market Rally; IndiGo, RIL Surge

15th April 2026, 1:08 pm

Pharma Tumble, IndiGo Charges Hit Indian Markets

2nd April 2026, 1:11 pm

Paint Stocks Rally 5% on Oil Drop; Price Hikes Aim to Offset Losses

24th March 2026, 10:19 am

Crude Surge Triggers Market Sell-off; Aviation, Paint Stocks Plunge

19th March 2026, 11:11 am

Oil Surge Crushes Airline, Tyre, Paint Stocks Amid West Asia Tensions

9th March 2026, 10:35 am

News Articles

Editorial & research coverage

Indigo Paints Soars: Motilal Oswal Sees Big Demand Comeback & Raises Target!
Indigo Paints Soars: Motilal Oswal Sees Big Demand Comeback & Raises Target!

30th December 2025, 10:07 am

India's Paint War Heats Up: New Giants Challenge Old Guard, Profit Margins Squeezed!
India's Paint War Heats Up: New Giants Challenge Old Guard, Profit Margins Squeezed!

27th December 2025, 9:05 am

Global Oil Shockwave! Crude Prices Soar, Indian Stocks Tumble Amid Geopolitical Fears
Global Oil Shockwave! Crude Prices Soar, Indian Stocks Tumble Amid Geopolitical Fears

18th December 2025, 5:02 pm

Paint Stocks Paint a Phenomenal Comeback: Dalal Street Cheers Sector Turnaround!
Paint Stocks Paint a Phenomenal Comeback: Dalal Street Cheers Sector Turnaround!

12th December 2025, 6:33 am

Paint Sector Shake-Up! India's ₹70,000 Crore Battle Forces Companies to Rethink Strategy: What Investors Need to Know!
Paint Sector Shake-Up! India's ₹70,000 Crore Battle Forces Companies to Rethink Strategy: What Investors Need to Know!

27th November 2025, 3:48 pm

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Closure of Trading Window
Announcement Under Reg 30 (LODR)

18 Dec - Received GST demand order of INR 3.86 crore for 2018–2023; dated Dec 17, 2025.

Announcement Under Reg 30 (LODR) - ESG Rating

9 Dec - CFC Finlease assigned Indigo Paints an independent ESG score of 65 on December 9, 2025; company not engaged.

Announcement Under Reg. 30 Of SEBI LODR Regulations 2015

22 Nov 2025 - Received INR 19.26 crore GST demand (Nov 21, 2025) from Pune Assistant Commissioner; company to appeal to GST Appellate Tribunal.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Credit Ratings

Rating update

6 Apr 2021 from care

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

TranscriptPPTRecording

May 2025

TranscriptPPT

Feb 2025

TranscriptPPT

Nov 2024

TranscriptPPTRecording

Aug 2024

TranscriptPPT

May 2024

TranscriptPPTRecording

Feb 2024

TranscriptPPTRecording

Nov 2023

TranscriptPPT

Aug 2023

TranscriptPPT

Jun 2023

TranscriptPPT

Feb 2023

Transcript

Feb 2023

TranscriptPPT

Feb 2023

PPT

Nov 2022

TranscriptPPT

Aug 2022

TranscriptPPT

May 2022

TranscriptPPT

Feb 2022

TranscriptPPT

Nov 2021

TranscriptPPT

Aug 2021

TranscriptPPT

May 2021

Transcript

May 2021

TranscriptPPT

Stock Analysis

Description

  1. Indigo Paints Ltd is a leading Indian decorative paint manufacturer, known for introducing innovative products. It operates across India with a focus on expanding its product portfolio and market reach.

Key Growth Triggers

  1. Capacity expansion projects are progressing. Management anticipates demand recovery and margin improvement. Focus on premium products, digital outreach, and growth from subsidiaries are key drivers.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. The company has received GST demand orders totalling approximately ₹23.12 crore for past periods, for which it intends to appeal. It believes there will be no immediate financial or operational impact.

Key Dates To Watch

  1. February 13, 2026: Board Meeting to consider and approve Q3 FY26 and 9MFY26 financial results.

Corporate Announcements

7th Apr 26
Impact Rating: 3
The company has submitted a SEBI compliance certificate for the quarter ending March 31, 2026, from its registrar MUFG Intime India, confirming the proper handling of dematerialisation of securities.
28th Mar 26
Impact Rating: 6
Indigo Paints Limited will close its trading window for designated individuals and their relatives from April 1, 2026. This restriction remains until 48 hours after the release of financial results for the quarter and year ended March 31, 2026.
22nd Feb 26
Impact Rating: 9
No description available.
16th Feb 26
Impact Rating: 5
Indigo Paints Limited made available the audio recording link for its earnings conference call held on February 16, 2026, pertaining to the financial results for the quarter and nine months ended December 31, 2025.
14th Feb 26
Impact Rating: -
No description available.