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Indigo Paints Overview

Indigo Paints Ltd manufactures and sells decorative paints in India and the world over. It gives indoors and outdoor emulsions, enamels, putties and primers, glossy wooden coatings, and other merchandise. Indigo Paints Ltd became incorporated in 2000 and is situated in Pune, India.

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Indigo Paints Key Financials

Market Cap ₹3990 Cr.

Stock P/E 28.1

P/B 3.6

Current Price ₹837

Book Value ₹ 231.6

Face Value 10

52W High ₹1345

Dividend Yield 0.42%

52W Low ₹ 702.1

Indigo Paints Share Price

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Volume
Price

Indigo Paints Quarterly Price

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Indigo Paints Peer Comparison

Indigo Paints Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 279 354 385 311 300 343 388 309 312 359
Other Income 3 3 4 4 5 3 6 6 3 4
Total Income 282 357 389 315 305 346 394 315 315 363
Total Expenditure 237 292 300 264 258 285 300 265 266 290
Operating Profit 45 65 89 52 47 60 93 50 50 72
Interest 1 1 0 1 1 1 2 1 1 1
Depreciation 11 15 16 15 15 15 13 15 15 15
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -6
Profit Before Tax 33 50 73 36 31 45 79 35 34 50
Provision for Tax 8 13 18 9 8 9 21 9 9 13
Profit After Tax 25 38 54 27 22 36 57 26 25 37
Adjustments 0 -0 -1 -0 0 0 -1 -0 -0 -1
Profit After Adjustments 25 37 54 26 23 36 57 26 25 36
Adjusted Earnings Per Share 5.3 7.8 11.3 5.5 4.8 7.6 11.9 5.4 5.3 7.6

Indigo Paints Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 135 1073 1306 1341 1368
Other Income 1 10 14 18 19
Total Income 137 1083 1320 1359 1387
Total Expenditure 141 892 1068 1107 1121
Operating Profit -4 192 252 252 265
Interest 1 1 2 4 5
Depreciation 1 34 52 59 58
Exceptional Income / Expenses 0 0 0 0 -6
Profit Before Tax -6 156 199 190 198
Provision for Tax 0 24 50 48 52
Profit After Tax -6 132 149 142 145
Adjustments 0 0 -2 -0 -2
Profit After Adjustments -6 132 147 142 144
Adjusted Earnings Per Share -2 27.7 30.9 29.8 30.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 3% 115% 0% 0%
Operating Profit CAGR 0% 0% 0% 0%
PAT CAGR -5% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -18% -8% -18% NA%
ROE Average 15% 21% 14% 14%
ROCE Average 20% 26% 19% 19%

Indigo Paints Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 132 776 902 1031
Minority's Interest 0 0 0 0
Borrowings 7 0 2 1
Other Non-Current Liabilities 2 21 81 90
Total Current Liabilities 105 264 286 289
Total Liabilities 246 1062 1270 1410
Fixed Assets 102 265 591 568
Other Non-Current Assets 7 278 55 157
Total Current Assets 138 519 625 685
Total Assets 246 1062 1270 1410

Indigo Paints Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 36 47 33
Cash Flow from Operating Activities 17 116 151 206
Cash Flow from Investing Activities -123 -84 -152 -178
Cash Flow from Financing Activities 108 -20 -23 -24
Net Cash Inflow / Outflow 2 12 -24 4
Closing Cash & Cash Equivalent 11 47 33 37

Indigo Paints Ratios

# Mar 2016 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -2.03 27.73 30.94 29.76
CEPS(Rs) -1.63 34.94 42.08 42.13
DPS(Rs) 0 3.5 3.5 3.5
Book NAV/Share(Rs) 45.2 161.02 186.73 212.72
Core EBITDA Margin(%) -3.17 14.41 15.07 14.15
EBIT Margin(%) -3.16 12.48 12.71 11.72
Pre Tax Margin(%) -3.49 12.37 12.57 11.51
PAT Margin (%) -3.57 10.47 9.42 8.61
Cash Profit Margin (%) -2.87 13.2 12.69 12.16
ROA(%) -2.36 20.18 12.76 10.61
ROE(%) -4.5 29.47 17.98 14.95
ROCE(%) -3.2 33.57 23.87 19.92
Receivable days 134.6 37.69 48.9 51.63
Inventory Days 65.89 21.3 33.31 35.84
Payable days 309.4 78.83 114.24 102.31
PER(x) 0 36.4 40.6 31.73
Price/Book(x) 0 6.27 6.73 4.44
Dividend Yield(%) 0 0.35 0.28 0.37
EV/Net Sales(x) 0.16 4.43 4.56 3.33
EV/Core EBITDA(x) -5.31 24.81 23.59 17.73
Net Sales Growth(%) 0 692.38 21.68 2.65
EBIT Growth(%) 0 3150.35 27.63 -3.61
PAT Growth(%) 0 2370.25 12.8 -4.48
EPS Growth(%) 0 1464.08 11.58 -3.8
Debt/Equity(x) 0.22 0 0 0.01
Current Ratio(x) 1.31 1.96 2.18 2.37
Quick Ratio(x) 1.03 1.52 1.59 1.84
Interest Cover(x) -9.7 114.29 94.63 55.26
Total Debt/Mcap(x) 0 0 0 0

Indigo Paints Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 53.95 53.94 53.94 53.94 53.92 53.92 53.92 53.92 53.88 53.88
FII 8.75 8.78 7.73 8.28 12.31 12.5 12.41 11.7 11.8 11.21
DII 2.29 1.76 1.96 1.06 16.13 17.06 16.74 19.29 19.68 21.13
Public 35.01 35.52 36.37 36.72 17.64 16.52 16.92 15.08 14.64 13.78
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Indigo Paints News

Indigo Paints Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%
  • Debtor days have improved from 114.24 to 102.31days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 3.6 times its book value.
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