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Consolidated Standalone

Indigo Paints

₹1360 -10.8 | 0.8%

Market Cap ₹6476 Cr.

Stock P/E 45.5

P/B 7.5

Current Price ₹1360

Book Value ₹ 180.2

Face Value 10

52W High ₹1700

Dividend Yield 0.26%

52W Low ₹ 1253.2

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Initial Coverage: Indigo Paints

Overview Inc. Year: 2000Industry: Paints

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 Share Price

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Peer Comparison

Indigo Paints Quarterly Results

#(Fig in Cr.) Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Mar 2023
Net Sales 181 105 155 210 254 156 196 265 288 325
Other Income 0 0 1 1 2 3 3 2 3 3
Total Income 181 105 155 211 256 159 199 268 291 328
Total Expenditure 134 86 126 178 211 136 173 227 235 254
Operating Profit 47 19 30 33 45 23 26 41 56 75
Interest 2 1 1 1 0 0 0 0 1 0
Depreciation 5 6 6 6 7 7 8 8 8 9
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 40 12 23 26 37 16 18 33 47 65
Provision for Tax 13 4 4 7 12 4 5 9 13 17
Profit After Tax 27 8 19 19 25 12 14 24 35 49
Adjustments 0 0 -0 0 0 0 0 0 0 0
Profit After Adjustments 27 8 19 19 25 12 14 24 35 49
Adjusted Earnings Per Share 9.4 2.9 6.5 4.2 5.2 2.4 2.8 5.1 7.3 10.2

Indigo Paints Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 54 64 90 124 289 411 536 625 723 906 1073 1074
Other Income 0 0 1 1 1 0 2 2 4 11 10 11
Total Income 54 64 91 125 290 412 537 626 727 917 1083 1086
Total Expenditure 52 61 97 130 291 387 482 534 601 770 892 889
Operating Profit 3 3 -7 -5 -1 24 56 93 126 147 192 198
Interest 1 2 1 0 3 4 5 6 4 1 1 1
Depreciation 1 1 1 1 14 17 17 20 24 31 34 33
Exceptional Income / Expenses 0 0 1 0 0 -1 -0 0 0 0 0 0
Profit Before Tax 1 1 -7 -6 -18 2 34 67 98 114 156 163
Provision for Tax 0 0 0 0 -2 -0 7 20 27 30 24 44
Profit After Tax 1 0 -7 -6 -16 3 27 48 71 84 132 122
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 0 -7 -6 -16 3 27 48 71 84 132 122
Adjusted Earnings Per Share 0.2 0.1 -2.4 -2.1 -5.5 0.9 9.3 16.5 14.9 17.7 27.7 25.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 18% 20% 21% 35%
Operating Profit CAGR 31% 27% 52% 52%
PAT CAGR 57% 40% 113% 63%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 6% -16% NA% NA%
ROE Average 19% 17% 21% 6%
ROCE Average 22% 22% 24% 10%

Indigo Paints Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 4 4 28 132 116 118 147 197 563 650 776
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 4 6 0 0 8 9 27 25 0 0 0
Other Non-Current Liabilities 0 -0 0 0 0 2 11 15 19 26 21
Total Current Liabilities 19 25 33 64 122 150 188 185 228 244 264
Total Liabilities 26 35 61 196 246 279 373 422 811 920 1062
Fixed Assets 5 10 12 13 91 95 149 201 249 253 265
Other Non-Current Assets 0 0 1 95 3 8 14 10 19 94 278
Total Current Assets 21 25 47 87 152 177 210 211 542 572 519
Total Assets 26 35 61 196 246 279 373 422 811 920 1062

Indigo Paints Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 0 0 1 2 3 8 5 12 6 45 36
Cash Flow from Operating Activities 3 4 -6 11 -26 27 52 72 121 65 116
Cash Flow from Investing Activities -3 -5 -10 -123 15 -23 -63 -61 -318 -69 -84
Cash Flow from Financing Activities -0 2 16 113 15 -7 19 -17 236 -5 -20
Net Cash Inflow / Outflow 0 0 1 1 5 -3 7 -6 39 -9 12
Closing Cash & Cash Equivalent 0 1 2 3 8 5 12 6 45 36 47

Indigo Paints Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 0.2 0.13 -2.43 -2.1 -5.55 0.9 9.31 16.48 14.89 17.67 27.73
CEPS(Rs) 0.39 0.43 -2.19 -1.77 -0.63 6.85 15.22 23.23 20.02 24.24 34.94
DPS(Rs) 1 1 0 0 0 0 0 0 0 3 3.5
Book NAV/Share(Rs) 1.46 1.57 9.38 45.13 34.05 34.95 44.06 61.07 118.35 136.04 161.02
Core EBITDA Margin(%) 4.48 3.97 -8.05 -4.5 -0.67 5.82 9.06 13.07 15.04 13.14 14.41
EBIT Margin(%) 3.68 2.93 -6.8 -4.55 -5.16 1.48 6.43 10.49 12.49 11.17 12.48
Pre Tax Margin(%) 1.43 0.8 -7.7 -4.82 -6.08 0.55 5.65 9.69 12.02 11.04 12.37
PAT Margin (%) 0.97 0.48 -7.71 -4.82 -5.49 0.63 4.5 6.87 8.7 8.12 10.47
Cash Profit Margin (%) 1.87 1.62 -6.94 -4.07 -0.62 4.76 7.36 9.69 11.69 11.14 13.2
ROA(%) 2.52 1.17 -14.48 -4.68 -7.18 0.98 8.24 12.03 11.49 9.71 13.32
ROE(%) 14.94 8.33 -44.39 -7.69 -14.02 2.61 23.67 31.42 19.14 13.89 18.67
ROCE(%) 16.81 13 -24.92 -6.73 -10.4 4 21.22 32.12 25.1 19.06 22.06
Receivable days 68.52 66.49 83.43 86.69 70.35 81.03 63.57 54.63 50.55 51.65 53.85
Inventory Days 34.49 38.42 41.58 38.9 39.44 43.64 36.72 38.31 38.4 37.46 34.09
Payable days 119.56 120.37 160.5 239.71 159.45 180.8 148.99 155.79 157.12 137.53 126.31
PER(x) 0 0 0 0 0 0 0 0 160.41 90.48 36.4
Price/Book(x) 0 0 0 0 0 0 0 0 20.19 11.75 6.27
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0.19 0.35
EV/Net Sales(x) 0.2 0.22 -0.04 0.05 0.25 0.19 0.17 0.15 15.36 8.28 4.43
EV/Core EBITDA(x) 3.99 4.57 0.56 -1.26 -85.82 3.2 1.67 0.99 88.08 51.1 24.81
Net Sales Growth(%) 25.19 17.15 41.36 37.92 132.61 42.15 30.29 16.65 15.77 25.25 18.47
EBIT Growth(%) -0.04 -0.81 -378.45 7.81 -164.01 140.68 532.13 90.33 39.3 13.67 36
PAT Growth(%) -10.12 -38.23 -2030.9 13.69 -164.61 116.2 945.44 77.95 48.18 18.63 56.98
EPS Growth(%) -10.12 -38.23 -2030.68 13.7 -164.61 116.2 936.11 76.9 -9.6 18.63 56.92
Debt/Equity(x) 2.63 3.19 0.11 0.05 0.29 0.3 0.41 0.26 0 0 0
Current Ratio(x) 1.11 1.01 1.43 1.36 1.25 1.17 1.12 1.14 2.37 2.34 1.96
Quick Ratio(x) 0.74 0.65 1.08 1.13 0.86 0.84 0.75 0.73 1.96 1.86 1.52
Interest Cover(x) 1.64 1.37 -7.54 -16.35 -5.61 1.59 8.24 13.05 26.68 86.91 114.29
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Indigo Paints Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 54 54 54 54 54 53.98 53.98 53.95 53.94 53.94
FII 10.92 8.94 9.08 8.82 10.19 8.8 8.9 8.75 8.78 7.73
DII 2.63 3.6 3.4 3.06 3.34 3.2 2.88 2.29 1.76 1.96
Public 32.45 33.46 33.52 34.11 32.47 34.02 34.25 35.01 35.52 36.37
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 113% CAGR over last 5 years
  • Debtor days have improved from 137.53 to 126.31days.
  • Company is almost debt free.

Cons

  • Stock is trading at 7.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Indigo Paints News

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