Arthneeti

Indigo Paints Q1 FY27 Share Price & Earnings Call Analysis

₹1,011.80-0.11% today
Market cap
₹4,830 Cr
P/E
29.17
ROE
13.42%
PEG
6.50
Price to sales
3.50
Debt to equity
0.02
52W high / low
₹1,326 / ₹711
Sales growth (5Y)
12.96%
EBITDA margin
19.13%
Net profit margin
11.26%
Promoter holding
53.88%
Sales (last year)
₹1,385 Cr

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

Guidance scorecard · Q1 FY27 call

What Indigo Paints's management guided
and where it ranks in Consumer Durables

#75of 86 in
Consumer Durables
Revenue10–20%MarginsDown 0–2%CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Indigo Paints aims for top-line growth significantly higher than the industry's rate, targeting a substantial gap between their growth and the industry's, though exact multiples depend on the industry's growth rate.
  • Management expects to grow faster than the industry but acknowledges the gap has not widened as much as desired yet.
  • They are prepared to pursue aggressive revenue growth even at the cost of some profitability.
  • The differentiated product basket, currently about 29-30% of total revenue, is expected to grow steadily but is unlikely to exceed 35-40% anytime soon.
  • New product launches are expected to be incremental improvements rather than revolutionary.

2 more points from Indigo Paints's call on revenue

Create a free account to keep reading this call

Full Q1 FY27 analysis

MarginsQ1 FY27 call

Down 0–2%

See what Indigo Paints said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Indigo Paints' principal capex investment cycle is now complete with the commissioning of the water-based facility at Jodhpur.
  • The water-based Jodhpur plant, with 90,000 kiloliters annual capacity, is in final commissioning stages and expected to start trial production by mid-August 2026.
  • The solvent-based plant at Jodhpur is already operational and ramping up steadily.
  • No significant capex requirements anticipated for the next 3 years as plants and capacity are in place.

2 more points from Indigo Paints's call on capex

Create a free account to keep reading this call

Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Indigo Paints said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Indigo Paints said on the order book →

Full Q1 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Indigo Paints rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

Sign up free to see every company in the sector ranking and track Indigo Paints.

Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables ranking

Financials of Indigo Paints

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Indigo Paints

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +325277270341366294289327367295298339398
Expenses +254229229280284248246270281251253273306
Operating Profit72484261824643578644466692
OPM %22%17%15%18%22%16%15%18%23%15%15%19%23%
Other Income +34334453663-20
Interest0000011011101
Depreciation991013141414141214141414
Profit before tax65423450723533467835344977
Tax %26%26%24%25%26%25%27%21%27%25%25%26%25%
Net Profit +49312638542624365726263657
EPS in Rs10.236.585.497.9211.245.565.067.6511.955.535.357.5812.03

Financials of Indigo Paints

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +901242894115366257239061,0731,2551,2771,330
Expenses +971302913874815346017708921,0221,0461,083
Operating Profit-7-6-2245491123136182233232247
OPM %-8%-4%-1%6%10%15%17%15%17%19%18%19%
Other Income +211-1124111013176
Interest103456411232
Depreciation1114171720243134465455
Profit before tax-7-6-182346798114156198192195
Tax %0%0%-10%-14%20%29%28%26%15%25%25%26%
Net Profit +-7-6-16327487184132149144145
EPS in Rs-158.03-136.43-5.550.909.3216.4814.8917.6727.7331.2230.2230.50
Dividend Payout %0%0%0%0%0%0%0%17%13%11%12%16%

Financials of Indigo Paints

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.440.4429292929484848484848
Reserves2612969711001505166027298671,0001,135
Borrowings +485254887591212172018
Other Liabilities +305897125156169239258274290290369
Total Liabilities611962462793734228119201,0621,2221,3581,570
Fixed Assets +12139195149201249253265548525580
CWIP10224135125115135220
Investments11241615202150173132188247289
Other Assets +4658137167201199509442414471451481
Total Assets611962462793734228119201,0621,2221,3581,570

Financials of Indigo Paints

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-611-2627507212165116152205211
Cash from Investing Activity +-10-12315-23-62-61-318-69-84-143-175-194
Cash from Financing Activity +161138-419-17236-5-20-24-25-26
Net Cash Flow11-3-07-639-912-154-9
Free Cash Flow-611-342-121155-56-81517279
CFO/OP74%-206%1,325%113%101%93%112%67%77%90%102%109%

Financials of Indigo Paints

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1059799927161616968596371
Inventory Days9089107818587928472938089
Days Payable21221919017016715718014312212388103
Cash Conversion Cycle-17-33162-11-9-271018295457
Working Capital Days34-2796-9-0322253735107
ROCE %-25%-7%-10%5%21%31%25%19%22%23%20%18%

Guidance history

How Indigo Paints's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%Down 0–2%Planned——
Q4 FY26 call →20–40%Down 0–2%None planned—Rising
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

32out of 100

Momentum score · price trend

32 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−0.2%60%
Last 6 months+17.6%73%
Last 3 months−6.4%50%

The price is 61.6% below its all-time high of ₹2,633.8 (11 Jun 2021). Stocks more than 20% below their peak have their score halved, so 63 became 32.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indigo Paints: 0.4 × 60 + 0.4 × 73 + 0.2 × 50 = 63, halved to 32 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Indigo Paints's management said in earlier quarters

Others in Consumer Durables this season

  • Golkunda Diamonds & Jewellery Ltd (Q1 FY27)

    Expansion includes increasing capacity by 50-60% and diversifying with lab-grown diamond jewellery, which is seen as a key growth driver in domestic and export…

  • Symphony Ltd (Q2 FY27)

    For the quarter ended 30-Sep-26, the standalone revenue from operations is ₹170 crores, up from ₹155 crores in the same quarter of the prior year, reflecting a…

  • V-Guard Industries Ltd (Q2 FY27)

    1,852.89 crore, up 38.2% YoY from Rs. Key investor presentation takeaways from V-Guard Industries Ltd's Q2 FY27 investor presentation — and how it ranks against

  • Epack Durable Ltd (Q2 FY27)

    Q2 FY27 Operating Revenue: ₹4,393 Mn, up 106.0% YoY (Page 7, 6) . Key investor presentation takeaways from Epack Durable Ltd's Q2 FY27 investor presentation — a

Compare:vs Titan Companyvs Asian Paintsvs LG Electronics