Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
Indigo Paints Limited (INDIGOPNTS)
Micro CapConsumer stocks · Micro cap · NSE
Indigo Paints Limited is an Indian decorative paint manufacturer. In Q1 FY27, the company reported double-digit revenue and volume growth across all product categories, outperforming the paint sector. It is commissioning a new water-based facility and focusing on distribution depth, product mix, and brand investment.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result13 Aug, 05:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -5.9% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 45
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDIGOPNTSD candles · FIT view+20.8%Latest close ₹1038.90 on 2026-10-19
Bar
-0.1%
RSI
41
MACD hist
-1.07
52W pos
52%
2026-10-19O ₹1040.00H ₹1051.90L ₹1025.40C ₹1038.90Vol 19,536 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDIGOPNTSNifty Consumer DurablesNifty 500
- INDIGOPNTS
- -3.6%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +1.9 pp
Chart stats
19 Oct 2026- From 52W high
- -22.8%
- 52W range position
- 52%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹4.5 Cr
- 20D price channel
- ₹1,003.8 - ₹1,149.9
₹1,345.9
₹708.1 - ₹1,345.9
₹33.4
Latest completed session
20-session average
26.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +19.7% · PAT +61.5% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-979.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +20% YoY · PAT +62% YoY · margin expansion · operating leverage
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹370 Cr | +19.7% | -12.9% |
| EBITDA | ₹62 Cr | +40.9% | -35.4% |
| Operating margin | 17.0% | +300 bps | -500 bps |
| PAT | ₹42 Cr | +61.5% | -28.8% |
| PAT margin | 11.3% | +294 bps | -253 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.10
- P/B
- 4.31
- EV/EBITDA
- 14.99
- Market Cap
- 4971.00Cr
Profitability
- ROE
- 13.70%
- ROCE
- 18.60%
- ROA
- 10.01%
- Dividend Y
- 0.48%
Growth (CAGR)
- Revenue 5Y
- -16.00%
- EPS 5Y
- -16.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 90.67×
- Altman Z
- 8.66
- Book Value
- 242.00
Cash Flow
- FCF Yield
- 0.54%
- FCF Positive Y
- 4/5
- OCF
- 223.00 Cr
- EPS TTM
- 33.76
Shareholding
- Promoter Hold
- 53.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,405+4.8% vs prev
Net Profit
₹ CrLatest: 148+4.2% vs prev
Return on Equity
%Latest: 12.8-6.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 41. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 41 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 47% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
70
RS percentile
Stage 2 UptrendEstablished S2
1M return
-5.5%
3M return
-3.6%
6M return
+16.6%
1Y return
+3.4%
RS 1D
+1
RS 20D
+1
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 3.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.8%.
50-DMA
price below
200-DMA
price above
S2 entered
03 Sept 2026
S2 age
31 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 100.21+0.76%
RS vs Nifty 500100
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth2/25
Quality9/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Fair-value margin of safety is negative at -979.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 2/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
30.1
PB
4.3
EV/EBITDA
15.0
ROE
13.7%
ROCE
18.6%
FCF Yield
0.5%
Debt/Equity
0.0
MoS
-979.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-979.6%
Previous: -979.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
30
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹428.75
-142.3% MoS
Growth-justified P/E
2.9
Growth-justified Value
₹96.22
-979.6% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BERGEPAINT
Large
Berger Paints (I) Limited
Paints & Coatings
match 147
43
45.2
17.3%
-44%
WATCHLIST
ASIANPAINT
Large
Asian Paints Limited
Paints & Coatings
match 139
45
45.9
21.8%
-186%
WATCHLIST
JSWDULUX
Small
JSW Dulux Limited
Paints & Coatings
match 120
69
35.2
19.1%
+84%
UNDERVALUED
ACI
Micro
Archean Chemical Industries Limited
Specialty Chemicals
match 82
33
60.0
5.4%
-36%
WATCHLIST
RCF
Micro
Rashtriya Chemicals and Fertilizers Limited
Fertilizers & Chemicals
match 81
40
14.0
7.8%
-41%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-19T07:15:03.605Z
Management commentary snapshot
Indigo Paints reports strong Q1 FY27 with standalone revenue up 18.7% YoY to INR350 crores, driven by double-digit volume growth across all categories. EBITDA grew 42% YoY to INR61.9 crores, with margin expanding to 17.7%, marking its healthiest Q1 EBITDA margin in 4 years.
The company delivered robust Q1 FY27 results, exceeding sector growth with double-digit volume and value expansion across all product categories. Margin expansion was driven by operational leverage and cost control. Management aims for more aggressive top-line growth, even if it impacts short-term margins, and new capacity is coming online for the festive season.
Growth engines
Distribution Network Optimization
Utilize and juice out maximum of the current distribution network through segmentation or micro segmentation of dealer clusters.
Category-level Growth Strategy
Devised a strategy in which we looked at the sensitivity of different kind of product portfolio and what works more for which particular category.
Wood Coatings Expansion
We expect to launch new products in the higher end of wood coatings, a reasonably profitable segment, during September and October in a phased manner.
Brand Investment
Our commitment to brand investment for the year as a whole is undiminished, redirecting funds towards painter and contractor engagement, influencer partnerships, and measurable digital advertising channels.
Capacity and execution
Jodhpur Water-based Facility
Our water-based facility at Jodhpur with an annual capacity of 90,000 kiloliters per annum is in the final stages of commissioning, and we expect to start trial production in the second half of August itself, comfortably ahead of the festive season.
Jodhpur Solvent-based Plant
The solvent-based plant at Jodhpur is already in production for the last several months and is ramping up output steadily.
Capex Cycle Completion
With this water-based Jodhpur facility being commissioned, our principal capex investment cycle draws to a close. We do not anticipate any significant capex requirements for the next 3 years.
Tailwinds
Constructive Demand Environment
The demand momentum that we described at the close of FY26 has carried through into the first quarter of FY27. Demand is back to near normal growth conditions.
Easing Raw Material Prices
Raw material prices, which rose very steeply in March following the disruption to global supply chains due to the Iran war, have since retreated from their peaks.
Operational Leverage
The improvement in EBITDA is principally due to the operational leverage that comes with a larger revenue base, together with tighter control of discretionary expenditure.
Headwinds
Elevated & Volatile Raw Material Prices
Raw material prices... remain elevated and continue to be volatile, which necessitates constant monitoring on this front.
B2B Margin Compression (Apple Chemie)
Apple Chemie's profitability was compressed on two counts: input costs rose sharply with limited ability to pass increases through in B2B, and significant high-cost inventory was purchased.
Risk radar
Raw Material Price Volatility
Raw material costs have eased since then, but remain elevated and volatile, and we are monitoring the situation quite closely.
Competitive Intensity
The paint sector has always been very, very competitive, even much before all these players entered. There's never been a time which has been short of excitement.
Execution of Aggressive Growth Strategy
We shall be even more aggressive in Q2 with respect to our spends on trade and influencer engagement in an attempt to further widen the gap between our top line growth and that of the industry.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly compares Q1 FY27 results to Q1 last year. Management also notes Q2 is traditionally the worst quarter for margins due to product mix deterioration, indicating seasonality.
Sector KPIs management disclosed
Volume Growth
Volumes also grew in double digits and did so across the product portfolio. Double-digit expansion in volumes as well as in value across all 4 of our product categories.
Pricing
The price increases that we implemented also aided in achieving this outcome. The price increases that we implemented in response to the RM cost spikes that happened in March and April have protected our margins.
Gross Margin
The gross margin for the quarter stood at 45.3%. Although it is slightly lower than the level that we recorded in Q1 of last year, our margin continues to run well ahead of the average for all the listed paint companies.
Distribution Expansion
We closed the quarter at about 19,400 active dealers and around 12,400 active tinting machines. The dealer count has risen by about 800 in the last 1 year, but our tinting machine has -- count has increased by 1,100 over the same period.
Management forward view
Accelerated Top-line Growth Priority
Henceforth, we should be pursuing accelerated top line growth even if it comes at a marginal cost to the bottom line growth.
Increased Aggressiveness in Q2
We shall be even more aggressive in Q2 with respect to our spends on trade and influencer engagement in an attempt to further widen the gap between our top line growth and that of the industry.
Focus on Market Share Expansion
What we really need to do is to expand aggressively on the top line so that our market share increases, minor changes on the bottom line will take care of itself.
Capex Cycle Completion
Our principal capex investment cycle draws to a close. We do not anticipate any significant capex requirements for the next 3 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Top-line Growth Gap vs. Industry | Q1 FY27 growth was well ahead of the paint sector, but the gap with the market leader was limited. | Management hopes the gap between Indigo Paints' top line growth and other players will widen in Q2 and going forward. |
| Apple Chemie Margins | Apple Chemie's performance was accretive to growth but marginally dilutive to margin in Q1 FY27. | Expect gross margins of Apple Chemie to improve through Q2 and return to its normal level by Q3 as high-cost inventory is consumed. |
| Jodhpur Water-based Plant Stabilization | Trial production expected in the second half of August. | Hopefully, the plant would be well stabilized in about a month's time, ready for the festive season. |
| Wood Coatings Launch Success | New products in the higher end of wood coatings are being developed in-house. | Expect to launch these products in the market during September and October in a phased manner, hoping for a fillip in that segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 92nd percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
89 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Consumer: 92nd pctile, median 66 · Micro: 79th pctile, median 73
Evidence depth
Financial-only
89 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indigo Paints Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Copies of the newspaper advertisement dated August 15, 2026 pertaining to the financial results of the Company for the quarter ended June 30, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Acquisition 13 Aug - On August 13, 2026, board approved exploring 11% additional stake acquisition in ACIPL.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
AnnouncementMay 2026
May 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 24 May - Copies of the newspaper advertisement dated May 24, 2026 pertaining to financial results of the Company for the quarter and year ended March 31, 2026.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.