Indigo Paints Limited
NSE: INDIGOPNTS · Paints · sector
₹1,021.80NSE close 2026-10-26
Key numbers
Market cap₹4,872 cr
Price₹1,021.80
52w high / low₹1,346 / ₹708
P/E30.3xSector median 34.4x
P/B4.2xSector median 4.2x
Book value₹241.9
Dividend yield0.34%Sector median 0.96%
ROE14.9%Sector median 14.9%
ROCE19.3%Sector median 18.6%
OPM18.2%Sector median 15.5%
Debt / equity0.00xSector median 0.08x
EV/EBITDA17.1xSector median 19.8x
Interest cover79.2x
Current ratio2.05x
Sales growth 3y+9.4%Sector median +4.0%
Profit growth 3y+3.8%Sector median +9.4%
PEG9.59x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in Paints (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹332 cr vs borrowings ₹2 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 79.2x in the last 12 months.
- Operating cash flow was below net profit in 2 of the last 5 years (FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 11% of net profit in the last 12 months.
- Debtor days went from 62 (FY24) to 74 (FY26).
- Dividend paid in 4 of the last 5 financial years.
- Price ₹1,021.80 on 2026-10-26: -24.1% from the 52-week high, +44.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,683.00 · low ₹712.95
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 300 | 343 | 388 | 309 | 312 | 359 | 425 | 370 |
| EBITDA | 42 | 57 | 87 | 44 | 47 | 62 | 96 | 62 |
| OPM % | 13.9% | 16.7% | 22.6% | 14.3% | 14.9% | 17.3% | 22.5% | 16.8% |
| Other income | 5 | 3 | 6 | 6 | 3 | 4 | 0 | 10 |
| Net profit | 23 | 36 | 57 | 26 | 25 | 36 | 59 | 42 |
| EPS (₹) | 4.76 | 7.56 | 11.94 | 5.44 | 5.27 | 7.63 | 12.10 | 8.76 |
| Revenue YoY | +4.2% | +4.7% | +9.7% | +19.7% | ||||
| Profit YoY | +10.9% | +1.0% | +4.0% | +60.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 906 | 1,073 | 1,306 | 1,341 | 1,405 | 1,466 |
| EBITDA | 136 | 182 | 238 | 233 | 249 | 266 |
| Net profit | 84 | 132 | 147 | 142 | 148 | 162 |
| EPS (₹) | 17.67 | 27.73 | 30.95 | 29.76 | 30.44 | 33.76 |
| Revenue growth | +18.5% | +21.7% | +2.6% | +4.8% | +9.5% | |
| Profit growth | +57.0% | +11.7% | -3.8% | +4.1% | +14.8% | |
| Dividend / share (₹) | – | 3.00 | 3.50 | 3.50 | 3.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +9.4% | – | +9.5% |
| Net profit | +3.8% | – | +14.7% |
| EPS | +3.2% | – | – |
| Share price | – | -22.1% (2y) | -3.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 776 | 902 | 1,031 | 1,153 |
| Borrowings | – | 0 | 3 | 6 | 2 |
| Cash & equivalents | – | 180 | 200 | 263 | 332 |
| Total assets | – | 1,062 | 1,270 | 1,410 | 1,629 |
| Fixed assets | – | 234 | 468 | 445 | 473 |
| Capital work in progress | – | 251 | 17 | 136 | 220 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 200 | 223 | 244 | 286 |
| Inventory | – | 118 | 171 | 154 | 178 |
| Payables | – | 211 | 229 | 177 | 218 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 65 | 116 | 151 | 206 | 223 |
| Cash from investing | -69 | -84 | -152 | -178 | -196 |
| Cash from financing | -5 | -20 | -14 | -24 | -32 |
| Capex | 121 | 199 | 104 | 136 | 135 |
| Free cash flow | -56 | -83 | 47 | 69 | 88 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 17.0% | 16.3% | 13.8% | 12.8% |
| ROCE % | – | 20.3% | 22.2% | 18.7% | 17.4% |
| Debtor days | – | 68 | 62 | 66 | 74 |
| Inventory days | – | 72 | 91 | 77 | 87 |
| Payable days | – | 129 | 122 | 89 | 106 |
| Cash conversion cycle (days) | – | 11 | 31 | 54 | 55 |
| Working capital days | – | 87 | 95 | 108 | 108 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 53.81% |
| FIIs | 5.70% |
| DIIs | 24.89% |
| of which Mutual funds | 24.04% |
| of which Insurance | 0.31% |
| Public (non-institutions) | 15.59% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 53.92% | 53.92% | 53.92% | 53.88% | 53.88% | 53.88% | 53.88% | 53.81% |
| Promoter group | % |
|---|---|
| Hemant Kamala Jalan | 17.95% |
| Anita Hemant Jalan | 14.64% |
| Parag Hemant Jalan | 10.84% |
| Halogen Chemicals Pvt Ltd | 10.39% |
| Public holders above 1% | % |
|---|---|
| Hdfc Small Cap Fund | 8.14% |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 6.04% |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Multicap Fund | 3.33% |
| Dsp Flexi Cap Fund | 2.83% |
| Whiteoak Capital Flexi Cap Fund | 1.89% |
| Ashoka Whiteoak Icav - Ashoka Whiteoak India Opportunities Fund | 1.42% |
| Abu Dhabi Investment Authority - Way | 1.17% |
| Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac-Edelweiss Small Cap Fund | 1.12% |
1,34,525 shareholders. Pledged: – of promoter shares.
Peers in Paints
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| ASIANPAINT | ₹2,22,726 cr | 46.7x | 10.4x | 23.4% | 28.0% | 19.0% | +1.1% | 1.09% |
| BERGEPAINT | ₹54,312 cr | 44.6x | 7.8x | 18.6% | 21.3% | 15.5% | +4.0% | 0.82% |
| KANSAINER | ₹14,447 cr | 24.1x | 2.1x | 9.1% | 12.5% | 11.3% | +2.2% | 2.10% |
| JSWDULUX | ₹12,700 cr | 6.5x | 5.2x | 103.8% | 96.8% | 65.0% | -1.8% | 6.67% |
| INDIGOPNTS | ₹4,872 cr | 30.3x | 4.2x | 14.9% | 19.3% | 18.2% | +9.4% | 0.34% |
| SIRCA | ₹2,331 cr | 34.4x | 4.9x | 16.2% | 18.6% | 19.7% | +22.5% | 0.35% |
| SHALPAINTS | ₹673 cr | – | 2.7x | -24.5% | -11.2% | -5.6% | +5.8% | – |
| KAMOPAINTS | ₹123 cr | – | 0.7x | -2.4% | -0.6% | 1.7% | -1.9% | – |
| RETINA | ₹43 cr | 67.1x | 2.2x | 3.3% | 12.1% | 11.8% | +29.4% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-04 | Dividend | Dividend - Rs 5 Per Share |
| 2025-08-22 | Dividend | Dividend - Rs 3.50 Per Share |
| 2024-08-02 | Dividend | Dividend - Rs 3.50 Per Share |
| 2024-08-02 | Other | Annual General Meeting |
| 2023-07-28 | Dividend | Annual General Meeting/Dividend - Rs 3.50 Per Share |
| 2022-08-25 | Dividend | Dividend - Rs 3 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacturing and supply of Paints, varnishes, enamels or lacquers
| Sector | Consumer Discretionary |
| Industry | Paints |
| Sub-industry | Paints |
| Symbol | INDIGOPNTS |
| BSE code | 543258 |
| ISIN | INE09VQ01012 |
| Face value | ₹10.0 |
| Incorporated | 2000-03-28 |
| Website | www.indigopaints.com |
| Plants (India / abroad) | 6 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.