Loading page…

Indigo Paints Limited (INDIGOPNTS) · mywealthgrid

Indigo Paints Limited

NSE:INDIGOPNTS BSE:INDIGOPNTS

Consumer DiscretionaryConsumer DurablesNIFTY MICROCAP 250 +1

₹1,053.5

-3.44%1 Oct close

Mkt cap

₹5,025 Cr

Watch Alert Compare

About

Indigo Paints Limited manufactures paints in Consumer Discretionary (consumer durables subsector), with market cap ₹5,479 Cr. Recent quarters (standalone) show revenue ₹300–425 Cr and operating margins of 14–23%. The company carries zero debt and maintains regular annual dividend payments.

Face value: ₹10

Market cap

₹5,025 Cr

P/E

30.8×

P/B

4.4×

Dividend yield

0.5%

ROE

13.5%

ROCE

17.6%

Debt / equity

OPM

18.1%

EPS (TTM)

₹34.2

Book value

₹241.9

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 37.12 is elevated; verify if earnings growth and margin durability justify the premium
Operating margin range (14.35% to 23.04% over 9 months) shows volatility; confirm if driven by cyclical input costs, seasonality, or competitive pressure
Stock down 5.07% over 1 year despite strong recent margins (23% in Mar 2026); verify if market is pricing headwinds in demand or competition
FII holding fell from 7.41% (Mar 2026) to 5.73% (Jun 2026); assess if reflects investor concern or portfolio rotation

Generated analysis · source review pending

Growth drivers

Revenue rose from ₹294–309 Cr (Jun 2025) to ₹398–425 Cr (Mar 2026); verify if momentum sustains or is seasonal
Operating margin expanded from 14–15% (Jun–Sep 2025) to 22–23% (Mar 2026); confirm if structural improvements, pricing power, or temporary cost tailwinds
Zero debt (D/E 0) provides capacity for investment in scale and capex; verify capex roadmap and execution plans
Consistent annual dividend payout (2022–2025) signals cash generation; verify if retained earnings are deployed into growth

Generated analysis · source review pending

1,396 historical price candles were omitted because the exchange source has not been verified.

₹1,053.5-2.4%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 71.1×

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

69/100

Business quality: 64
Growth: 91
Valuation: 51

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Kansai Nerolac Paints LimitedKANSAINERKANSAINER	₹14,174 Cr	₹14,257 Cr	₹8,263 Cr	₹1,000 Cr	12.1%	₹600 Cr	7.2%	12.9%	9%	92
Jsw Dulux LimitedJSWDULUXJSWDULUX	₹13,744 Cr	₹13,744 Cr	₹3,591 Cr	₹489 Cr	14.1%	₹1,963 Cr	54.8%	25.4%	104.4%	29
Indigo Paints LimitedINDIGOPNTSINDIGOPNTS	₹5,025 Cr	₹5,027 Cr	₹1,466 Cr	₹273 Cr	18.1%	₹163 Cr	10.5%	17.6%	13.5%	55
Sirca Paints India LimitedSIRCASIRCA	₹2,281 Cr	₹2,313 Cr	₹508 Cr	₹100 Cr	20.1%	₹67 Cr	13.2%	20.3%	15.8%	193
Shalimar Paints LimitedSHALPAINTSSHALPAINTS	₹656 Cr	₹813 Cr	₹559 Cr	₹-27 Cr	-3.9%	₹-69 Cr	-11.3%	-11.6%	-22.9%	18
Kamdhenu Ventures LimitedKAMOPAINTSKAMOPAINTS	₹135 Cr	₹162 Cr	₹241 Cr	₹4 Cr	3.9%	₹-4 Cr	0.1%	2.4%	0.1%	226
Retina Paints LtdRETINARETINA	₹49 Cr	—	₹24 Cr	₹3 Cr	11.8%	₹1 Cr	2.7%	—	—	—

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	1,306	1,341	1,405
COGS	684	724	751
Gross profit	622	617	654
	384	384	399
	238	233	255
OPM %	18.2%	17.4%	18.1%
Depreciation	52	59	60
Interest	2	4	3
	14	19	7
Profit before tax	199	190	198
Tax	50	48	51
Tax %	25.1%	25.2%	25.6%
	149	142	148
PAT margin %	11.4%	10.6%	10.5%
EPS (₹)	31	29.8	30.4
EPS adjusted (₹)	30.9	29.8	31
	11.3%	11.8%	16.4%
Annual report	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2024	Mar 2025	Mar 2026
Equity capital	48	48	48
Reserves	855	983	1,106
Minority interest	—	0	—
	3	6	2
	365	373	474
Total equity & liabilities	1,270	1,410	1,629
	529	504	529
CWIP	17	136	220
Investments	228	226	300
	495	544	580
Total assets	1,270	1,410	1,629

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	151	206	223
	-152	-178	-196
	-14	-24	-32
Net cash flow	-14	4	-5
Free cash flow	47	69	88
CFO / Operating profit %	63.5%	88.1%	87.4%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 5%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 4%

Return on equity

7 years: —
5 years: —
3 years: 14%
Last year: 13%

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	47.6%	46%	46.5%
EBITDA margin %	18.2%	17.4%	18.1%

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.95%	53.94%	53.94%	53.94%	53.92%	53.92%	53.92%	53.92%	53.88%	53.88%	53.88%	53.88%
	8.75%	8.78%	7.73%	8.28%	12.31%	12.5%	12.41%	11.7%	11.8%	11.21%	7.41%	5.73%
	2.29%	1.76%	1.96%	1.06%	16.13%	17.06%	16.74%	19.29%	19.68%	21.13%	23%	25.25%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.01%	35.52%	36.37%	36.72%	17.64%	16.52%	16.93%	15.09%	14.64%	13.78%	15.71%	15.14%
No. of shareholders	—	—	—	—	—	—	—	—	1,53,100	1,42,630	1,44,361	1,39,467

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 7 fund houses

Held by these funds

11.81%

of the company's equity

All mutual funds

23.98%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

15 schemes · 7 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	13.24 L	152.63	0.18%	2.775%	-12.76 L
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	10.7 L	123.36	0.4%	2.243%	—
Multi Cap FundNEW	Nippon India Mutual Fund	9.1 L	104.94	0.19%	1.908%	—
VALUE FUND	Nippon India Mutual Fund	6.5 L	74.94	0.83%	1.363%	-0
Flexi Cap Fund	DSP Mutual Fund	5.92 L	68.23	0.55%	1.241%	-0
Portfolio of Kotak Special Opportunities Fund	Kotak Mahindra Mutual Fund	3.7 L	42.6	2.5%	0.775%	-0
Multi Cap Fund (Ex DSP Multi Cap Fund)NEW	DSP Mutual Fund	3.49 L	40.19	1.33%	0.731%	—
Portfolio of Kotak Consumption Fund	Kotak Mahindra Mutual Fund	1.5 L	17.27	1%	0.314%	-0

1–8 of 15

1 / 2

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Sept 2026Transcript AI SummaryPPTREC
Aug 2026TranscriptAI SummaryPPT REC

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

5

Final dividend4 Sept 2026 · ex-date₹5
Final dividend22 Aug 2025 · ex-date₹3.5
Final dividend2 Aug 2024 · ex-date₹3.5
Final dividend28 Jul 2023 · ex-date₹3.5
Final dividend25 Aug 2022 · ex-date₹3

1

Board meeting to consider results13 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

28 Sept 2026, 6:48 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

15 Sept 2026, 11:55 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

12 Sept 2026, 2:04 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

3 Sept 2026, 6:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

22 Aug 2026, 4:42 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

21 Aug 2026, 6:21 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

21 Aug 2026, 6:01 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

21 Aug 2026, 5:35 pmAGM/EGM

Notice Of Annual General Meeting

AGM PDF

Date	Category	Subject	Filing
28 Sept 2026, 6:48 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
15 Sept 2026, 11:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

Loading announcements…

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	47.6%	46%	46.5%
EBITDA margin %	18.2%	17.4%	18.1%

51 deals · 9 Nov 2022 – 14 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Aug 2026	HDFC MUTUAL FUND	Bulk	NSE	Buy	5,80,947	₹1,173.26	₹68.16 Cr
30 May 2025	KOTAK MAHINDRA MUTUAL FUND	Block	NSE	Buy	15,13,635	₹1,046.45	₹158.39 Cr
30 May 2025	KOTAK MAHINDRA MUTUAL FUND	Bulk	NSE	Buy	15,13,635	₹1,046.45	₹158.39 Cr
30 May 2025	PEAK XV PARTNERS INVESTMENTS V	Block	NSE	Sell	7,85,460	₹1,046.45	₹82.19 Cr
30 May 2025	PEAK XV PARTNERS INVESTMENTS V	Bulk	NSE	Sell	7,85,460	₹1,046.45	₹82.19 Cr
30 May 2025	PEAK XV PARTNERS INVESTMENTS IV	Block	NSE	Sell	7,28,175	₹1,046.45	₹76.20 Cr
30 May 2025	PEAK XV PARTNERS INVESTMENTS IV	Bulk	NSE	Sell	7,28,175	₹1,046.45	₹76.20 Cr
6 Sept 2024	PEAK XV PARTNERS INVESTMENTS V	Bulk	NSE	Sell	54,48,695	₹1,489.35	₹811.50 Cr
6 Sept 2024	PEAK XV PARTNERS INVESTMENTS IV	Bulk	NSE	Sell	50,51,305	₹1,475.96	₹745.55 Cr
6 Sept 2024	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	12,26,368	₹1,488.71	₹182.57 Cr

1–10 of 51

1 / 6

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Leverage
Current ratio	2.18	2.37	2.05

Return ratios
Return on assets %	11.7%	10.1%	9.1%

Working capital
Receivable days	62	66	74

Indigo Paints Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Dividends5

Board meetings1

Announcements

Dividends5

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

5

1

5

1