Indigo Paints
Consumer Goods
INDIGOPNTS NSE
₹859.85 No trade today
- P/E
- 25.40
Close 4 Nov 2026 ₹859.85 −130.95 −13.2% 1Y
Start ₹990.80
Key Fundamentals
MicrocapConsumer DurablesConsumer DiscretionaryPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- 17.90%
- Debt to Equity
- 0.02
- EPS (TTM)
- ₹33.85
- Book Value
- ₹247.86
- Market Cap
- —
- P/E (TTM)
- 25.40
- P/B
- 3.47
- ROE
- 13.40%
- Dividend Yield
- 0.58%
- EBITDA
- ₹268 Cr
- 52W High
- ₹1,345.90
- 52W Low
- ₹708.05
- Volume
- 0
Peer Comparison
Consumer Discretionary › Consumer Goods › Paints
| ₹2,418.30 | 47.93 | ₹2,32,001 Cr | 10.67 | 0.24% | 21.80% | 26.30% | ₹38,632 Cr | ₹4,903 Cr | |
| ₹485.10 | 46.47 | ₹55,927 Cr | 8.18 | 0.83% | 17.30% | 21.60% | ₹12,263 Cr | ₹1,217 Cr | |
| ₹195.32 | 26.32 | ₹15,207 Cr | 2.35 | 1.34% | 8.82% | 12.00% | ₹8,263 Cr | ₹588 Cr | |
| ₹263.70 | — | ₹11,895 Cr | 4.90 | 79.15% | 19.30% | 23.00% | ₹3,578 Cr | ₹1,963 Cr | |
| Indigo Paints (this company) | ₹859.85 | 25.40 | ₹4,116 Cr | 3.47 | 0.58% | 13.40% | 17.90% | ₹1,385 Cr | ₹161 Cr |
| ₹408.65 | 34.60 | ₹2,345 Cr | 4.88 | 0.49% | 15.80% | 20.30% | ₹508 Cr | ₹67 Cr | |
| ₹78.28 | — | ₹665 Cr | 7.20 | 0.00% | −21.40% | −7.93% | ₹559 Cr | −₹69 Cr | |
| Median 7 companies | ₹408.65 | 34.60 | ₹11,895 Cr | 4.90 | 0.58% | 15.80% | 20.30% | ₹3,578 Cr | ₹588 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
51 Average
Data confidence 100/100
Category scores
- Quality
- 71
- Strong
- Returns, margins, earnings quality 22% weight
- Valuation
- 50
- Average
- Cheap vs sector & own history 24% weight
- Growth
- 40
- Weak
- Sales & profit trajectory 9% weight
- Financial Health
- 87
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 26
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 31
- Poor
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
1- Dividend payout has been low at 13.1% of profits over last 3 years
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 12 | 1 | 6 |
| Oscillators | Strong Bullish | 2 | 1 | 6 |
| Moving Averages | Strong Bearish | 10 | 0 | 0 |
Oscillators
Strong Bullish
Bearish
2
Neutral
1
Bullish
6
Overall
Strong Bearish
Bearish
12
Neutral
1
Bullish
6
Moving Averages
Strong Bearish
Bearish
10
Neutral
0
Bullish
0
Key readings
- RSI (14)
- 18.91
- Bullish
- MACD (12,26,9)
- −47.00
- Bearish
- SMA (50)
- 1,073.63
- Bearish
- SMA (200)
- 1,000.83
- Bearish
As of
Analyst Rating
Based on 8 analysts
5 of 8 analysts rate Buy, 2 Hold, 1 Sell.
As of
BUY
5
63% HOLD
2
25% SELL
1
13% Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +26.78% |
|---|---|
| 5Y | +12.96% |
| 3Y | +7.42% |
| 1Y | +4.15% |
| TTM | +8.37% |
Net profit
| 10Y | Turned to profit |
|---|---|
| 5Y | +15.35% |
| 3Y | +3.18% |
| 1Y | +0.69% |
| TTM | +12.59% |
Operating cash flow
| 10Y | +34.37% |
|---|---|
| 5Y | +11.76% |
| 3Y | +22.07% |
| 1Y | +2.93% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +23.41 pp |
|---|---|
| 5Y | +1.56 pp |
| 3Y | +1.61 pp |
| 1Y | +0.40 pp |
| TTM | +1.21 pp |
Revenue by year
| Mar 2017 | ₹289 Cr |
|---|---|
| Mar 2018 | ₹411 Cr |
| Mar 2019 | ₹536 Cr |
| Mar 2020 | ₹625 Cr |
| Mar 2021 | ₹723 Cr |
| Mar 2022 | ₹906 Cr |
| Mar 2023 | ₹1,073 Cr |
| Mar 2024 | ₹1,255 Cr |
| Mar 2025 | ₹1,277 Cr |
| Mar 2026 | ₹1,330 Cr |
Net profit by year
| Mar 2017 | −₹16.00 Cr |
|---|---|
| Mar 2018 | ₹3.00 Cr |
| Mar 2019 | ₹27.00 Cr |
| Mar 2020 | ₹48.00 Cr |
| Mar 2021 | ₹71.00 Cr |
| Mar 2022 | ₹84.00 Cr |
| Mar 2023 | ₹132 Cr |
| Mar 2024 | ₹149 Cr |
| Mar 2025 | ₹144 Cr |
| Mar 2026 | ₹145 Cr |
Analyst Forecasts
Forecast For
Dec 26 consensus · EBITDA
₹77.60 Cr +134.4% vs Sep 26
Reported High Mean Low
AI Analysis — Bull vs Bear
Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high
Indigo Paints Ltd is a nearly debt-free specialty paints company with a market cap of ₹5,165 Cr, trading at a PE of 34.5x. Revenue growth has decelerated to 4% TTM from a 5-year CAGR of 13%, while the stock has declined approximately 10-11% over 1- and 3-year periods.
Bull Case 7
- Company is almost debt free, providing significant financial flexibility and low interest burden
- Strong long-term revenue compounding with 10-year sales CAGR of 27%, demonstrating proven ability to scale
- Impressive long-term profit compounding at 39% CAGR over 10 years, indicating operating leverage benefits
- 5-year compounded profit growth of 16% outpaces 5-year sales growth of 13%, suggesting margin expansion over the medium term
- ROE has been consistent at 15% over 3-, 5-, and 10-year periods, reflecting stable return generation on equity
- Price-to-book ratio of 4.41x is relatively moderate for a branded consumer discretionary company with a debt-free balance sheet
- Dividend yield of 0.33% indicates the company is beginning to return cash to shareholders while retaining earnings for growth
Bear Case 8
- Revenue growth has sharply decelerated to just 4% TTM from 13% over 5 years, signaling potential demand slowdown or market share pressure
- Stock has delivered negative returns with -11% over 1 year and -10% CAGR over 3 years, indicating sustained de-rating by the market
- Working capital days have deteriorated significantly from 60 days to 107 days, suggesting channel stuffing risk or weaker bargaining power
- PE of 34.5x appears elevated relative to the current TTM profit growth of only 4%, implying a PEG ratio well above 1x
- Last year ROE dropped to 13% from the historical average of 15%, showing declining capital efficiency
- Dividend payout has been low at only 13.1% of profits over the last 3 years, limiting shareholder returns in a period of stock price decline
- 5-year stock CAGR of -16% indicates the market has significantly repriced growth expectations downward since listing
- 3-year profit CAGR of just 5% versus 10-year CAGR of 39% shows a dramatic slowdown in earnings momentum in recent years
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
₹ Cr| Particulars | 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 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 277 | 270 | 341 | 366 | 294 | 289 | 327 | 367 | 295 | 298 | 339 | 398 | 350 | 340 |
| Expenses | 229 | 229 | 280 | 284 | 248 | 246 | 270 | 281 | 251 | 253 | 273 | 306 | 288 | 310 |
| Operating Profit | 48 | 42 | 61 | 82 | 46 | 43 | 57 | 86 | 44 | 46 | 66 | 92 | 62 | 30 |
| OPM % | 17% | 15% | 18% | 22% | 16% | 15% | 18% | 23% | 15% | 15% | 19% | 23% | 18% | 9% |
| Other Income | 4 | 3 | 3 | 4 | 4 | 5 | 3 | 6 | 6 | 3 | −2 | 0 | 10 | 2 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Depreciation | 9 | 10 | 13 | 14 | 14 | 14 | 14 | 12 | 14 | 14 | 14 | 14 | 14 | 14 |
| PBT | 42 | 34 | 50 | 72 | 35 | 33 | 46 | 78 | 35 | 34 | 49 | 77 | 57 | 17 |
| Tax % | 26% | 24% | 25% | 26% | 25% | 27% | 21% | 27% | 25% | 25% | 26% | 25% | 26% | 20% |
| Net Profit | 31 | 26 | 38 | 54 | 26 | 24 | 36 | 57 | 26 | 26 | 36 | 57 | 42 | 14 |
| EPS (₹) | 6.58 | 5.49 | 7.92 | 11.24 | 5.56 | 5.06 | 7.65 | 11.95 | 5.53 | 5.35 | 7.58 | 12.03 | 8.89 | — |
Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 90 | 124 | 289 | 411 | 536 | 625 | 723 | 906 | 1,073 | 1,255 | 1,277 | 1,330 | 1,385 |
| Expenses | 97 | 130 | 291 | 387 | 481 | 534 | 601 | 770 | 892 | 1,022 | 1,046 | 1,083 | 1,120 |
| Operating Profit | −7 | −6 | −2 | 24 | 54 | 91 | 123 | 136 | 182 | 233 | 232 | 247 | 265 |
| OPM % | −8% | −4.5% | −0.7% | 6% | 10% | 15% | 17% | 15% | 17% | 19% | 18% | 19% | 19% |
| Other Income | 2 | 1 | 1 | −1 | 1 | 2 | 4 | 11 | 10 | 13 | 17 | 6 | 10 |
| Interest | 1 | 0 | 3 | 4 | 5 | 6 | 4 | 1 | 1 | 2 | 3 | 2 | 2 |
| Depreciation | 1 | 1 | 14 | 17 | 17 | 20 | 24 | 31 | 34 | 46 | 54 | 55 | 56 |
| PBT | −7 | −6 | −18 | 2 | 34 | 67 | 98 | 114 | 156 | 198 | 192 | 195 | 217 |
| Tax % | 0% | 0% | −10% | −14% | 20% | 29% | 28% | 26% | 15% | 25% | 25% | 26% | — |
| Net Profit | −7 | −6 | −16 | 3 | 27 | 48 | 71 | 84 | 132 | 149 | 144 | 145 | 161 |
| EPS (₹) | −2.43 | −2.1 | −5.55 | 0.9 | 9.32 | 16.48 | 14.89 | 17.67 | 27.73 | 31.22 | 30.22 | 30.5 | 33.85 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 17% | 13% | 11% | 12% | 16% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.44 | 0.44 | 29 | 29 | 29 | 29 | 48 | 48 | 48 | 48 | 48 | 48 |
| Reserves | 26 | 129 | 69 | 71 | 100 | 150 | 516 | 602 | 729 | 867 | 1,000 | 1,135 |
| Borrowings | 4 | 8 | 52 | 54 | 88 | 75 | 9 | 12 | 12 | 17 | 20 | 18 |
| Other Liabilities | 30 | 58 | 97 | 125 | 156 | 169 | 239 | 258 | 274 | 290 | 290 | 369 |
| Total Liabilities | 61 | 196 | 246 | 279 | 373 | 422 | 811 | 920 | 1,062 | 1,222 | 1,358 | 1,570 |
| Fixed Assets | 12 | 13 | 91 | 95 | 149 | 201 | 249 | 253 | 265 | 548 | 525 | 549 |
| CWIP | 1 | 0 | 2 | 2 | 4 | 1 | 3 | 51 | 251 | 15 | 135 | 220 |
| Investments | 1 | 124 | 16 | 15 | 20 | 21 | 50 | 173 | 132 | 188 | 247 | 320 |
| Other Assets | 46 | 58 | 137 | 167 | 201 | 199 | 509 | 442 | 414 | 471 | 451 | 481 |
| Total Assets | 61 | 196 | 246 | 279 | 373 | 422 | 811 | 920 | 1,062 | 1,222 | 1,358 | 1,570 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | −6 | 11 | −26 | 27 | 50 | 72 | 121 | 65 | 116 | 152 | 205 | 211 |
| Investing | −10 | −123 | 15 | −23 | −62 | −61 | −318 | −69 | −84 | −143 | −175 | −194 |
| Financing | 16 | 113 | 8 | −4 | 19 | −17 | 236 | −5 | −20 | −24 | −25 | −26 |
| Net Cash Flow | 1 | 1 | −3 | 0 | 7 | −6 | 39 | −9 | 12 | −15 | 4 | −9 |
| Free Cash Flow | −6 | 11 | −34 | 2 | −12 | 11 | 55 | −56 | −81 | 51 | 72 | 79 |
| CFO/EBITDA | 74 | −206 | 1,325 | 113 | 101 | 93 | 112 | 67 | 77 | 90 | 102 | 109 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 105 | 97 | 99 | 92 | 71 | 61 | 61 | 69 | 68 | 59 | 63 | 71 |
| Inventory Days | 90 | 89 | 107 | 81 | 85 | 87 | 92 | 84 | 72 | 93 | 80 | 89 |
| Days Payable | 212 | 219 | 190 | 170 | 167 | 157 | 180 | 143 | 122 | 123 | 88 | 103 |
| Cash Conversion Cycle | −17 | −33 | 16 | 2 | −11 | −9 | −27 | 10 | 18 | 29 | 54 | 57 |
| Working Capital Days | 34 | −27 | 9 | 6 | −9 | 0 | 3 | 22 | 25 | 37 | 35 | 28 |
| ROCE % | −25% | −7% | −10% | 5% | 21% | 31% | 25% | 19% | 22% | 23% | 20% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indigo Paints insights
64 extracted metrics across FY15–FY27.
Documents
- Q1 FY27 concall · Sep 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- 22 May 2026
- 6 Apr 2021
- General announcements 22 Oct 2026
Frequently Asked Questions about Indigo Paints
What does Indigo Paints Ltd do?
Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints
Where is Indigo Paints Ltd (INDIGOPNTS) listed?
Indigo Paints Ltd trades as INDIGOPNTS on the NSE and under code 543258 on the BSE.
Which sector does Indigo Paints Ltd belong to?
Indigo Paints Ltd is classified under the Consumer Goods sector, in the Paints industry.
What is the PE ratio of Indigo Paints Ltd?
Indigo Paints Ltd trades at a PE ratio of 25.40 as of 4 Nov 2026, on earnings per share of ₹33.85, against a book value of ₹247.86 per share.
What is the 52-week high and low of Indigo Paints Ltd?
Over the last 52 weeks Indigo Paints Ltd has traded between ₹708.05 and ₹1,345.9 as of 4 Nov 2026.
Does Indigo Paints Ltd pay dividends?
Indigo Paints Ltd has a dividend yield of 0.58%.
What is the Return on Equity (ROE) of Indigo Paints Ltd?
Indigo Paints Ltd reported a return on equity of 13.40%. Its debt-to-equity ratio is 0.02.
Company Information
Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints
Website indigopaints.com
CEO Mr. Hemant Kamala Jalan
Employees 1,045
Listed 2 Feb 2021
Face Value ₹10
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