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Indigo Paints Ltd
(INDIGOPNTS)
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Rating:73Outperform
Price Target:
₹1,272.00
▲(21.53% Upside)
Action:Upgraded
Date:08/26/26
The score is primarily supported by strong financial health—especially the very low-debt balance sheet and solid profitability—plus a positive technical trend with moderate momentum. These strengths are tempered by a relatively expensive valuation (high P/E and minimal dividend yield) and the noted slowdown in recent revenue growth alongside historically uneven free-cash-flow conversion.
Positive Factors
Very Low Leverage
Exceptionally low leverage limits solvency risk and preserves financial flexibility. Indigo Paints can fund expansion, absorb input-cost or demand pressure, and invest in distribution without materially increasing debt burdens.
Negative Factors
Recent Growth Slowdown
The recent deceleration suggests that maintaining the earlier expansion rate may be difficult. Slower sales growth could limit operating leverage, reduce the pace of market-share gains, and make future profit growth more dependent on pricing or mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Exceptionally low leverage limits solvency risk and preserves financial flexibility. Indigo Paints can fund expansion, absorb input-cost or demand pressure, and invest in distribution without materially increasing debt burdens.
Read all positive factors
Indigo Paints Ltd (INDIGOPNTS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹51.52B
Dividend Yield0.46%
Average Volume (3M)20.76K
Price to Earnings (P/E)32.3
Beta (1Y)1.12
Revenue Growth9.51%
EPS Growth13.64%
CountryIN
Employees1,188
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)33.76
Shares Outstanding47,732,635
10 Day Avg. Volume5,326
30 Day Avg. Volume20,761
Financial Highlights & Ratios
PEG Ratio12.69
Price to Book (P/B)2.94
Price to Sales (P/S)2.41
P/FCF Ratio39.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)38.26
Revenue Forecast (FY)₹16.75B
Indigo Paints Ltd Business Overview & Revenue Model
Company Description
Indigo Paints Limited specializes in the development, manufacturing, and distribution of decorative paint products. The company serves a broad customer base, both within India and across international markets. Its comprehensive product line featur...
How the Company Makes Money
Indigo Paints makes money primarily by selling paints and coating products to the Indian building and home-improvement market. Revenue is generated mainly from (1) Decorative paints: sales of interior emulsions and exterior emulsions used for wall...
Indigo Paints Ltd Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
90
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.66B | 14.05B | 13.41B | 13.00B | 10.73B | 9.01B |
| Gross Profit | 4.83B | 4.66B | 4.45B | 6.11B | 3.52B | 3.86B |
| EBITDA | 2.75B | 2.62B | 2.52B | 2.52B | 1.90B | 1.46B |
| Net Income | 1.61B | 1.45B | 1.42B | 1.47B | 1.32B | 840.48M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 16.29B | 14.10B | 12.70B | 10.62B | 9.20B |
| Cash, Cash Equivalents and Short-Term Investments | 3.32B | 3.32B | 2.63B | 2.00B | 1.81B | 1.88B |
| Total Debt | 0.00 | 211.31M | 272.70M | 210.29M | 118.55M | 124.36M |
| Total Liabilities | -11.54B | 4.75B | 3.80B | 3.68B | 2.85B | 2.70B |
| Stockholders Equity | 11.54B | 11.54B | 10.31B | 9.02B | 7.76B | 6.50B |
Cash Flow | ||||||
| Free Cash Flow | 91.54M | 852.00M | 664.82M | 466.42M | -831.44M | -555.92M |
| Operating Cash Flow | 818.94M | 2.20B | 2.03B | 1.51B | 1.16B | 651.91M |
| Investing Cash Flow | -869.56M | -1.96B | -1.78B | -1.52B | -844.05M | -691.64M |
| Financing Cash Flow | -229.59M | -290.04M | -207.02M | -232.36M | -200.62M | -52.93M |
Indigo Paints Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹51.52B | 32.27 | ― | 0.46% | 9.51% | 13.64% | |
70 Outperform | ₹144.93B | 6.89 | ― | 8.04% | -11.34% | 383.49% | |
70 Outperform | ₹154.31B | 25.42 | ― | 1.33% | 5.24% | -47.04% | |
66 Neutral | ₹540.73B | 43.87 | ― | 0.87% | 5.22% | 6.57% | |
62 Neutral | ₹2.38T | 49.74 | ― | 1.11% | 9.78% | 32.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | ₹7.16B | -10.34 | ― | 1.75% | -10.48% | 0.50% |
* General Sector Average
IN:INDIGOPNTS
Indigo Paints Ltd
1,089.85
-50.71
-4.45%
IN:AKZOINDIA
Akzo Nobel India Limited
3,155.90
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-4.74%
IN:ASIANPAINT
Asian Paints Ltd.
2,470.00
-48.44
-1.92%
IN:BERGEPAINT
Berger Paints India Limited
458.35
-77.65
-14.49%
IN:KANSAINER
Kansai Nerolac Paints Limited
188.95
-55.73
-22.78%
IN:SHALPAINTS
Shalimar Paints Ltd
85.14
12.14
16.63%
Indigo Paints Ltd Corporate Events
Indigo Paints Publishes June-Quarter Results in Newspapers
Aug 15, 2026
Indigo Paints Ltd has published its financial results for the quarter ended June 30, 2026 through newspaper advertisements, as required under Securities and Exchange Board of India listing regulations. The results notice appeared in the Financial ...
Indigo Paints posts earnings call recording for June quarter
Aug 14, 2026
Indigo Paints Ltd has notified the stock exchanges that the audio recording of its earnings conference call for the quarter ended June 30, 2026, is now available via a digital link on the company’s website. The call, held on August 14, 2026,...
Indigo Paints boosts equity capital with ESOS share allotment
Jul 22, 2026
Indigo Paints Limited has increased its issued, subscribed and paid-up equity share capital through the allotment of 56,975 equity shares to eligible employees under its Employee Stock Option Schemes 2019 and 2024. Following this allotment approve...
Indigo Paints Confirms SEBI-Compliant Dematerialisation of Shares for June Quarter
Jul 15, 2026
Indigo Paints Limited has submitted a confirmation certificate to BSE and NSE for the quarter ended June 30, 2026, in compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The registrar and share transfer ...
Indigo Paints shuts trading window ahead of June-quarter results
Jun 28, 2026
Indigo Paints Limited has announced the closure of its trading window for directors, officers, designated and connected persons, and their immediate relatives from July 1, 2026, until 48 hours after the announcement of its unaudited financial resu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.