Indigo Paints Limited (INDIGOPNTS) share price
₹1035.70 on NSE as of 2026-10-08. -2.31% on the day. market cap ₹4,938 Cr. P/E 30.7. 52-week range ₹710.80 to ₹1326.00. Consumer Durables.
What the company does
IPL is listed on BSE and NSE with market capitalization of Rs.11,341 crore as on Ap ril 01, 2021. The company was incorporated in the year 2000 with its registered office based out of P une, Maharashtra and its manufacturing facilities are based out of Jodhpur, Rajasthan, Kochi in Kerala and Pudukkottai in Tamil N adu. IPL is engaged in manufacturing and sales of decorative paints including exterior emulsions, interior emuls ions, acrylic laminate, metallic emulsion, tile coat, bright ceiling coal, roof coat emulsion, floor coat emulsion, polymer p utty, primers (WT Cement Primer, Exterior wall primer, Wood Primer, Red oxide Metal Primer), cement paints and distemp er (acrylic distemper). The company sells the various products under the brand name “Indigo”.
Filed by CARE Ratings, page 6.
Indigo Paints Q1 FY27: Sales Up 19% to ₹350 Cr, Net Profit Up 61%, and a P/E of 32
At a glance
Indigo Paints makes and sells paint for the walls, floors, doors and roofs of Indian homes. This entry covers the three months to June 2026.
The company sold ₹350.05 crore of paint in those three months. The same three months a year earlier brought in ₹294.85 crore. That is a rise of 18.72%. All of it was mixed and shipped before the monsoon arrived.
After paying for materials, salaries and running costs, ₹61.95 crore was left. That figure is called operating profit. A year earlier it was ₹43.61 crore.
The final profit, after every cost and tax, was ₹42.37 crore. A year earlier it was ₹26.36 crore, a rise of 60.74%. Split across every share, each share's slice of profit was ₹8.89.
The stock market values the whole company at ₹5,334.15 crore. The market pays ₹32.2 for every ₹1 of the company's yearly profit.
The quarter carried other news as well. A new factory in Jodhpur began trial runs. Cricket advertising was paused. The company also set out a plan to own more of a smaller company it bought in 2023.
Introduction
Indigo Paints began in 2000 and is based in Pune. It lost money for its first few years, which is common for a new paint company. Paint needs factories, trucks, shops and advertising long before customers ask for a brand by name.
The company grew up in India's smaller towns. It built its dealer network there first, far from the big-city showrooms. It began moving into the largest cities from 2022. It now sells in 28 states.
The company says it was the first in India to sell certain new kinds of paint. One is a metallic emulsion, wall paint with a shimmer like the inside of a gift box. Another is a tile coat, paint made to go on roof tiles and survive rain. The company says it holds 80% to 90% of the market in some of these products. It calls them differentiated products. Management says they bring in about 29% of sales.
In April 2023, Indigo Paints bought 51% of Apple Chemie for ₹29.3 crore. Apple Chemie makes waterproofing and construction chemicals, which stop water seeping into walls and roofs. It sells mostly to builders and infrastructure firms rather than to families. Its customers include large construction companies such as L&T and Afcons.
New factories followed between 2023 and 2026. A plant at Pudukkottai in Tamil Nadu began production in September 2023. Plants in Jodhpur, Rajasthan, came after that. The company now runs six factories across Rajasthan, Kerala and Tamil Nadu.
Kerala matters a great deal here. The company says about 35% of sales come from southern India, especially Kerala. One of its brand faces is Mohanlal, the Malayalam film star. The other is MS Dhoni. Between them they cover a fair share of India's television-watching uncles.
Business model
A paint company works like a very large kitchen. Chemicals, powders, oils and pigments come in and are mixed in big tanks. The result is poured into tins and trucked to shops.
Indigo Paints makes several kinds of product. Emulsions are water-based wall paints, used inside and outside most homes, and they are the biggest category. Enamels and wood coatings are glossy, hard paints for metal gates, doors and furniture. Primers go on first to help later coats stick, and distempers are low-cost, chalky wall paints. Putty and cement paint make up the fourth group; putty is a paste that fills cracks and smooths a wall before painting.
A painter uses putty, then primer, then emulsion. That is three products from one company for one wall. The wall does not get a say in the matter.
The company does not sell directly to homeowners. It sells to about 19,400 active dealers, which are hardware and paint shops. Management gives that figure for the end of June 2026.
Many of those shops have a tinting machine. A tinting machine mixes plain base paint with colour, drop by drop, at the shop counter. That is how one tin becomes any of hundreds of shades. The company had about 12,400 active tinting machines at the end of June. Management calls a tinting machine a committed counter space. In plain words, a shop giving up floor space to a big machine is a shop planning to stay.
Painters and contractors matter as well. A family rarely picks a paint brand alone. The painter says use this one, sir, and that is usually the end of the discussion. So the company spends money on painters, through training, health cover for their families, and rewards.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Indigo Paints Limited.
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