| Quarterly Financials | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
Revenue  | 225 | 246 | 285 | 328 | 292 | 282 | 357 | 389 | 315 | 305 | 346 | 394 | 315 | 315 |
| Expenses | 189 | 209 | 241 | 254 | 239 | 237 | 292 | 300 | 264 | 258 | 285 | 300 | 265 | 266 |
| EBITDA | 36 | 37 | 44 | 75 | 53 | 45 | 65 | 89 | 52 | 47 | 60 | 93 | 50 | 50 |
| Operating Profit % | 16 % | 14 % | 14 % | 22 % | 17 % | 15 % | 18 % | 22 % | 15 % | 14 % | 17 % | 23 % | 14 % | 15 % |
| Depreciation | 8 | 9 | 9 | 9 | 10 | 11 | 15 | 16 | 15 | 15 | 15 | 13 | 15 | 15 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Profit Before Tax | 27 | 28 | 35 | 65 | 42 | 34 | 50 | 73 | 36 | 31 | 45 | 79 | 35 | 34 |
| Tax | 7 | -9 | 9 | 17 | 11 | 8 | 13 | 18 | 9 | 8 | 9 | 21 | 9 | 9 |
| Net Profit | 20 | 37 | 26 | 49 | 32 | 25 | 38 | 54 | 27 | 22 | 36 | 57 | 26 | 25 |
| EPS in ₹ | 4.19 | 7.79 | 5.52 | 10.23 | 6.52 | 5.33 | 7.82 | 11.28 | 5.50 | 4.76 | 7.56 | 11.94 | 5.44 | 5.27 |
Indigo Paints
Indigo Paints
1,266.30
-12.80
(-1.00%)
Market Cap
₹6,037.17 Cr
PE Ratio
43.06
Volume
20,815.00
Day High - Low
₹1,286.60 - ₹1,254.00
52W High-Low
₹1,509.40 - ₹910.00
Key Fundamentals
Market Cap
6,037.17 Cr
EPS
29.76
PB Ratio
5.83
Book Value
223.79
EBITDA
252.00
Dividend Yield
0.27 %
Industry
Consumer Goods Sector
Paints ROE Growth %
-
Debt to Equity
0.02
Analyst Rating and Forecast
- By Refinitiv from9 analysts
Actual
Company News
View All News
Indigo Paints received a GST demand order of INR 19.26 crores including interest and penalty from the Assistant Commissioner of State Tax, Pune, related to input tax credit availed on IPO expenses. The company plans to file an appeal with the Goods and Service Tax Appellate Tribunal and states there is no immediate impact on its financial or operational activities.
Indigo Paints Clarifies 20% Stock Rally as Market-Driven with No Undisclosed Information
Nov 11, 2025
Nov 11, 2025Indigo Paints stated that its stock's 20% gain over two days is market-driven with no undisclosed price-sensitive information to share. The stock extended its rally for a third day, closing 4% higher at Rs 1,202.55 with trading volume of Rs 161 crore. The company's market capitalization reached Rs 5,745 crore. September-quarter results showed revenue up 4.2% to Rs 312 crore, net profit increased 11% to Rs 25 crore, and EBITDA rose 12% to Rs 46.5 crore with margins improving to 14.9%. Nuvama Institutional Equities noted this was the company's highest revenue growth in four quarters and best EBITDA growth in six quarters, with brokerages citing improving margins, steady demand recovery and operational gains.
Indigo Paints Limited reported standalone revenue of INR 298.5 crores for Q2 FY26, marking a 3.5% year-on-year growth despite extended monsoon conditions. The company's gross margins expanded to 45.1% from 44.1% in the same quarter last year, while EBITDA margin improved to 15.3% from 14.8%. Profit after tax stood at INR 25.5 crores with an 8.5% PAT margin. The quarter began strongly in July but sales slowed in August before recovering in September. Management highlighted unprecedented levels of dealer money inflows and token scanning by painters, indicating strong secondary sales. The company added 8 more Indigo Color Canvas experiential retail stores during the quarter and continues to expand its dealer network to over 18,900 active dealers with more than 11,650 tinting machines. Subsidiary Apple Chemie delivered strong performance with 22.6% revenue growth to INR 13.6 crores. Management expressed optimism about demand recovery, citing favorable factors including good monsoon leading to bumper harvest, RBI rate cuts, government income tax reductions, and lower GST rates on household items.
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Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
2,949.90 | #1 2,82,953.76 | 69.18 | #1 34,478.20 | -4.71 | #1 3,710 | 46.78 | 78.87 | |
553.40 | 64,520.62 | 63.67 | 11,639.50 | 3.35 | 1,183 | -23.53 | 48.45 | |
230.70 | 18,652.15 | 17.42 | 7,962.10 | 0.87 | 1,109 | 11.27 | 31.87 | |
3,555.90 | 16,193.68 | #1 7.75 | 4,118.80 | 3.04 | 430 | #1 1,618.90 | 62.67 | |
1,266.30 | #5 6,037.17 | #5 43.06 | #5 1,359.20 | #7 2.95 | #5 142 | #5 13.45 | 64.90 | |
506.50 | 2,776.07 | 51.99 | 379.20 | 19.21 | 49 | 36.09 | 42.34 | |
65.06 | 544.62 | -8.97 | 608.90 | 12.14 | -80 | 28.06 | 27.06 | |
6.98 | 219.42 | 40.11 | 266.70 | -8.85 | 7 | -16.67 | 25.85 | |
211.55 | 130.72 | 16.02 | 51.80 | #1 32.48 | 9 | - | 50.19 | |
61.30 | 103.27 | 139.58 | 21.00 | 21.39 | 1 | - | 32.62 |
Automatic Screeners on ScanX
Growth Rate
Revenue Growth
2.95 %
Net Income Growth
-4.44 %
Cash Flow Change
36.19 %
ROE
-16.42 %
ROCE
-15.40 %
EBITDA Margin (Avg.)
-2.98 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2023 | 2024 | 2025 |
| Total Assets | 1,062 | 1,270 | 1,410 |
| Fixed Assets | 265 | 591 | 568 |
| Current Assets | 519 | 625 | 685 |
| Capital Work in Progress | 251 | 17 | 136 |
| Investments | 132 | 167 | 226 |
| Other Assets | 414 | 495 | 481 |
| Total Liabilities | 1,062 | 1,270 | 1,410 |
| Current Liabilities | 264 | 286 | 289 |
| Non Current Liabilities | 21 | 82 | 91 |
| Total Equity | 776 | 902 | 1,031 |
| Reserve & Surplus | 729 | 855 | 983 |
| Share Capital | 48 | 48 | 48 |
Cash Flow
| Cash Flow | 2023 | 2024 | 2025 |
| Net Cash Flow | 12 | -14 | 4 |
| Investing Activities | -84 | -142 | -178 |
| Operating Activities | 116 | 151 | 206 |
| Financing Activities | -20 | -23 | -24 |
Share Holding
| % Holding | Jan 2020 | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
| Promoter | 54.00 % | 54.00 % | 54.00 % | 54.00 % | 54.00 % | 54.00 % | 54.00 % | 54.00 % | 54.00 % | 53.98 % | 53.98 % | 53.95 % | 53.94 % | 53.94 % | 53.94 % | 53.92 % | 53.92 % | 53.92 % | 53.92 % | 53.88 % |
| FIIs | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 7.73 % | 8.28 % | 12.31 % | 12.50 % | 12.41 % | 11.70 % | 11.80 % |
| DIIs | 3.37 % | 2.36 % | 2.04 % | 1.85 % | 1.84 % | 2.80 % | 2.66 % | 2.30 % | 3.34 % | 3.20 % | 2.88 % | 1.68 % | 1.34 % | 1.96 % | 1.06 % | 16.13 % | 17.06 % | 16.74 % | 19.29 % | 19.68 % |
| Government | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| Public / Retail | 8.76 % | 3.07 % | 2.75 % | 2.86 % | 3.35 % | 4.19 % | 4.24 % | 4.76 % | 6.25 % | 7.71 % | 7.83 % | 8.74 % | 9.31 % | 10.00 % | 10.35 % | 12.37 % | 11.80 % | 12.27 % | 13.51 % | 13.10 % |
| Others | 33.87 % | 40.57 % | 41.21 % | 41.29 % | 40.81 % | 39.02 % | 39.10 % | 38.94 % | 36.41 % | 35.12 % | 35.31 % | 35.63 % | 35.41 % | 26.37 % | 26.37 % | 5.26 % | 4.72 % | 4.65 % | 1.58 % | 1.54 % |
| No of Share Holders | 2,75,504 | 86,097 | 77,958 | 76,226 | 79,135 | 86,835 | 86,808 | 94,158 | 1,12,218 | 1,22,785 | 1,21,986 | 1,36,982 | 1,40,003 | 1,43,588 | 1,45,181 | 1,49,623 | 1,56,800 | 1,58,925 | 1,59,977 | 1,53,100 |
Dividend History
| Annual Cash Flows | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3 | 3.5 | 3.5 | 3.5 |
| Dividend Yield (%) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.3 | 0.28 | 0.37 | 0.27 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 26 Aug 2022 |  Dividend | ₹ 3.00 /share | 25 Aug 2022 | 1,565.10 | 1,684.70 |
| 29 Jul 2023 | Dividend | ₹ 3.50 /share | 28 Jul 2023 | 1,459.20 | 1,575.05 |
| 02 Aug 2024 | Dividend | ₹ 3.50 /share | 02 Aug 2024 | 1,424.10 | 1,502.70 |
| 10 Aug 2024 |  Annual General Meeting | NA | 10 Aug 2024 | 1,519.25 | 1,422.45 |
| 07 Nov 2024 |  Quarterly Result Announcement | NA | 07 Nov 2024 | 1,482.05 | 1,638.10 |
| 10 Feb 2025 | Quarterly Result Announcement | NA | 10 Feb 2025 | 1,326.85 | 1,255.20 |
| 24 May 2025 | Quarterly Result Announcement | NA | 24 May 2025 | 1,042.00 | 1,031.80 |
| 07 Aug 2025 | Quarterly Result Announcement | NA | 07 Aug 2025 | 1,141.00 | 1,213.55 |
| 22 Aug 2025 | Dividend | ₹ 3.50 /share | 22 Aug 2025 | 1,031.80 | 1,139.20 |
| 30 Aug 2025 | Annual General Meeting | NA | 30 Aug 2025 | 1,213.55 | 1,099.70 |
| 06 Nov 2025 | Quarterly Result Announcement | NA | 06 Nov 2025 | 1,028.60 | 996.80 |
Announcements
Announcement Under Reg. 30 Of SEBI LODR Regulations 2015Nov 22, 2025
Nov 22, 2025Clarification On Increase In VolumeNov 11, 2025
Nov 11, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptNov 11, 2025
Nov 11, 2025Clarification sought from Indigo Paints LtdNov 11, 2025
Nov 11, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationNov 07, 2025
Nov 07, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeNov 07, 2025
Nov 07, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationNov 06, 2025
Nov 06, 2025Announcement under Regulation 30 (LODR)-Investor PresentationNov 06, 2025
Nov 06, 2025Outcome Of Board Meeting Held On November 6 2025Nov 06, 2025
Nov 06, 2025Board Meeting Outcome for Outcome Of Board Meeting Held On November 6 2025Nov 06, 2025
Nov 06, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationNov 03, 2025
Nov 03, 2025Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended September 30 2025Oct 18, 2025
Oct 18, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Oct 09, 2025
Oct 09, 2025Closure of Trading WindowSep 30, 2025
Sep 30, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSSep 05, 2025
Sep 05, 2025Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPSSep 05, 2025
Sep 05, 202525Th Annual General Meeting - Voting Results Pursuant To Regulation 44(3) Of SEBI LODRSep 01, 2025
Sep 01, 2025Shareholder Meeting / Postal Ballot-Scrutinizers ReportSep 01, 2025
Sep 01, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMAug 30, 2025
Aug 30, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptAug 12, 2025
Aug 12, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 09, 2025
Aug 09, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 08, 2025
Aug 08, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationAug 08, 2025
Aug 08, 2025Business Responsibility and Sustainability Reporting (BRSR)Aug 08, 2025
Aug 08, 2025Reg. 34 (1) Annual Report.Aug 08, 2025
Aug 08, 2025Notice Of Annual General MeetingAug 08, 2025
Aug 08, 2025Outcome Of Board Meeting Held On August 7 2025Aug 07, 2025
Aug 07, 2025Announcement under Regulation 30 (LODR)-Investor PresentationAug 07, 2025
Aug 07, 2025Outcome Of Board Meeting Held On August 7 2025 - Book ClosureAug 07, 2025
Aug 07, 2025Outcome Of Board Meeting Held On August 7 2025 - Record DateAug 07, 2025
Aug 07, 2025Outcome Of Board Meeting Held On August 7 2025 - Annual General MeetingAug 07, 2025
Aug 07, 2025Outcome Of Board Meeting Held On August 7 2025Aug 07, 2025
Aug 07, 2025Outcome Of Board Meeting Held On August 7 2025Aug 07, 2025
Aug 07, 2025Board Meeting Outcome for Outcome Of Board Meeting Held On August 7 2025Aug 07, 2025
Aug 07, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAug 01, 2025
Aug 01, 2025Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended June 30 2025Jul 28, 2025
Jul 28, 2025Announcement under Regulation 30 (LODR)-Change in ManagementJul 24, 2025
Jul 24, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 08, 2025
Jul 08, 2025Closure of Trading WindowJun 27, 2025
Jun 27, 2025Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 30, 2025
May 30, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptMay 29, 2025
May 29, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeMay 26, 2025
May 26, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 26, 2025
May 26, 2025Announcement under Regulation 30 (LODR)-Investor PresentationMay 25, 2025
May 25, 2025Outcome Of The Board Meeting Held On May 24 2025May 24, 2025
May 24, 2025Outcome Of Board Meeting Held On 24Th May 2025May 24, 2025
May 24, 2025Outcome Of The Board Meeting Held On May 24 2025May 24, 2025
May 24, 2025Corporate Action-Board approves DividendMay 24, 2025
May 24, 2025Outcome Of The Board Meeting Held On May 24 2025May 24, 2025
May 24, 2025Board Meeting Outcome for Outcome Of The Board Meeting Held On May 24 2025May 24, 2025
May 24, 2025Mutual Fund Holdings
HDFC Small Cap Fund Direct- Growth 
DSP Equity Savings Fund Direct-Growth 
WhiteOak Capital Flexi Cap Fund Direct - Growth 
Motilal Oswal Nifty Microcap 250 Index Fund Direct - Growth 
Groww Nifty Total Market Index Fund Direct - Growth 
Bandhan Nifty Total Market Index Fund Direct-Growth 
Angel One Nifty Total Market Index Fund Direct - Growth 
Kotak Consumption Fund Direct - Growth 
Mirae Asset Nifty Total Market Index Fund Direct-Growth 
JM Flexicap Fund Direct Plan-Growth 
Nippon India Multi Cap Fund Direct-Growth 
Tata Children's Direct Technical Indicators
RSI(14)
Neutral 64.90
ATR(14)
Less Volatile 43.94
STOCH(9,6)
Neutral 43.20
STOCH RSI(14)
Oversold 1.90
MACD(12,26)
Bearish -3.26
ADX(14)
Strong Trend 42.03
UO(9)
Bearish 51.05
ROC(12)
Downtrend And Accelerating -1.52
WillR(14)
Neutral -53.48
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