Indigo Paints
INDIGOPNTS NSE
Indigo Paints
Consumer GoodsNSE: INDIGOPNTS BSE: 543258 Paints
Key Fundamentals
MicrocapPaintsConsumer GoodsMarket Cap
₹5,106 Cr
Volatility
Moderate
P/E Ratio
32.18
EBITDA
₹268 Cr
Return on Equity
12.79%
Debt to Equity
0.02
Book Value
₹241.77
EPS
₹29.92
52W High
₹1,345.9
52W Low
₹708.05
Tapetide Score
Data-driven rating, 0–100. How it works →
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
Growth Rate
Revenue Growth
4.33% lower than
3Y
Net Income Growth
3.8% lower than
3Y
Cash Flow Change
8.23% lower than
3Y
ROE
-7.25% lower than
3Y
ROCE
-7.48% higher than
3Y
EBITDA Margin (Avg.)
1.83% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI 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
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 277 | 270 | 341 | 366 | 294 | 289 | 327 | 367 | 295 | 298 | 339 | 398 | 350 |
| Expenses | 229 | 229 | 280 | 284 | 248 | 246 | 270 | 281 | 251 | 253 | 273 | 306 | 288 |
| Operating Profit | 48 | 42 | 61 | 82 | 46 | 43 | 57 | 86 | 44 | 46 | 66 | 92 | 62 |
| OPM % | 17% | 15% | 18% | 22% | 16% | 15% | 18% | 23% | 15% | 15% | 19% | 23% | 18% |
| Other Income | 4 | 3 | 3 | 4 | 4 | 5 | 3 | 6 | 6 | 3 | -2 | 0 | 10 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 9 | 10 | 13 | 14 | 14 | 14 | 14 | 12 | 14 | 14 | 14 | 14 | 14 |
| PBT | 42 | 34 | 50 | 72 | 35 | 33 | 46 | 78 | 35 | 34 | 49 | 77 | 57 |
| Tax % | 26% | 24% | 25% | 26% | 25% | 27% | 21% | 27% | 25% | 25% | 26% | 25% | 26% |
| Net Profit | 31 | 26 | 38 | 54 | 26 | 24 | 36 | 57 | 26 | 26 | 36 | 57 | 42 |
| EPS in Rs | 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 |
Profit & Loss
| 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 in Rs | -158 | -136 | -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
| 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
| 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/OP | 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 + investor summaries across FY15–FY26.
Documents
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
24 May - Copies of the newspaper advertisement dated May 24, 2026 pertaining to financial results of the Company for the quarter and year ended March 31, 2026. 24 May - Copies of the newspaper advertisement dated May 24, 2026 pertaining to financial results of the Company for the quarter and year ended March 31, 2026.
3
Board Meeting Intimation for Consideration And Approval Of The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Financial Year Ended March 31, 2026
28 Apr - Board meeting on May 22, 2026 to approve FY26 audited results and consider final dividend. 28 Apr - Board meeting on May 22, 2026 to approve FY26 audited results and consider final dividend.
4
Board Meeting Intimation for Consideration And Approval Of The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Financial Year Ended March 31, 2026
28 Apr - Board meeting on May 22, 2026 to approve FY26 audited results and consider final dividend. 28 Apr - Board meeting on May 22, 2026 to approve FY26 audited results and consider final dividend.
5
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026. 7 Apr - Submitted Regulation 74(5) confirmation certificate for quarter ended March 31, 2026.
Frequently Asked Questions about Indigo Paints
What does Indigo Paints Ltd do?
Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints[1]
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 market capitalisation of Indigo Paints Ltd?
Indigo Paints Ltd has a market capitalisation of ₹5,106 Cr, which places it in the Mid Cap band.
What is the PE ratio of Indigo Paints Ltd?
Indigo Paints Ltd trades at a PE ratio of 32.18, on earnings per share of ₹29.92, against a book value of ₹241.77 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.
Does Indigo Paints Ltd pay dividends?
Indigo Paints Ltd has a dividend yield of 0.46%.
What is the Return on Equity (ROE) of Indigo Paints Ltd?
Indigo Paints Ltd reported a return on equity of 12.79%. Its debt-to-equity ratio is 0.02.
Company Information
Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints[1]
Website indigopaints.com
CEO Mr. Hemant Kamala Jalan
Employees 1,045
Listed 2021-02-02
Face Value ₹ 10
Issued Size 4,76,75,662
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