Indigo Paints Limited (INDIGOPNTS)
Micro CapConsumer stocks · Micro cap · NSE
Indigo Paints Limited is an Indian decorative paints company. It focuses on differentiated products, geographic expansion, and brand promotion, with a growing presence in construction chemicals through its subsidiary Apple Chemie India Ltd. The company aims to be future-ready with capacity augmentation and expansion into adjacencies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +20% YoY · PAT +62% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 Standalone Revenue grew 8.4% YoY to Rs. 397.9 Cr, with PAT up 0.8% YoY. FY26 Standalone Revenue grew 4.1% YoY to Rs. 1,330.1 Cr, PAT up 4.0% YoY. Gross margins remained industry-leading despite raw material surges.
Indigo Paints demonstrated resilient Q4 growth despite supply disruptions and maintained industry-leading gross margins. FY26 saw modest growth amid normalizing competition. Strategic focus on differentiated products, network expansion, and capacity augmentation continues, with new plants coming online and a strong outlook for Apple Chemie.
Product Innovation
Develop differentiated products to grow market share; expand product portfolio on the back of inorganic growth initiatives.
Geographic Expansion
Grow in Tier I and II cities; augment engagement with painters & contractors; expand in existing strategic locations.
Capacity Augmentation
State-of-the-art plant with automated material handling; ramp up salesforce.
Expansion into Adjacencies
Expand into non-decorative segment, foray into construction chemicals & waterproofing; tapping high growth India infrastructure segment through Apple Chemie India Ltd.
Jodhpur Water-Based Plant
In ProgressFinal commissioning and testing in progress for 90,000 KLPA capacity; trial production expected in Jun'26.
Solvent-Based Plant & Putty Plant
CompletedProduction commenced in FY26.
Apple Chemie Sealant Plant
CompletedCommenced production at the new sealant plant at Nagpur facility.
Future Capex
OutlookNo major capex envisaged till FY29.
Sustained Revenue Growth
PositiveClocking double-digit gross revenue growth since Nov'25, expecting this trend to continue in upcoming quarters.
Differentiated Products
PositiveGross margin improved due to growth in differentiated products, despite surge in key raw material prices.
Apple Chemie Performance
PositiveApple Chemie continued stellar growth in Q4 FY26 with strong improvement in profitability metrics; strong order visibility, expecting 30%+ growth rate in FY27.
Supply Disruptions
NeutralResilient growth of 8.4% YoY despite supply disruptions in Q4 FY26.
Raw Material Price Surge
NegativeKey RM prices surged 50-100% in Mar'26 due to Middle East conflict, prompting industry price hikes of about 12%.
Increased Operating Costs
NegativeHigher employee cost due to expansion of sales team; A&P expense as a % of revenue increased in Q4 FY26.
Treasury Income Decline
NegativeOther income declined sharply from ₹5.6 Cr in Q4 FY25 to ₹0.19 Cr in Q4 FY26, primarily due to MTM losses in treasury income.
Raw Material Price Volatility
Key raw material prices rose 50–100% in Mar’26 due to the Middle East conflict, requiring industry-wide price hikes.
Competition and Demand Recovery
Modest growth amid normalizing competition & demand recovery.
Margin Pressure from Growth Strategy
Embarking on an aggressive growth path that may moderately affect gross margins, while keeping EBITDA margins intact.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
QoQ comparison is relevant for EBITDA margin trends due to product mix seasonality (Q4 typically peaks). YoY comparison is essential for overall revenue, profit, and volume growth to account for seasonal business cycles and assess annual performance.
Q4 FY26 Revenue from Operations (Standalone)
Rs. 397.9 Cr, 8.4% YoY Growth
FY26 Revenue from Operations (Standalone)
Rs. 1,330.1 Cr, 4.1% YoY Growth
Q4 FY26 Gross Margin % (Standalone)
Positive48.6% (Q4 FY25 was 47.4%), maintaining pole position
FY26 Gross Margin % (Standalone)
Positive46.9% (FY25 was 46.5%), maintaining pole position
Revenue Growth Outlook
Achieving double-digit gross revenue growth for the past five months and expecting this trend to continue in the upcoming quarters.
Apple Chemie Growth
Apple Chemie's Sealant plant at Nagpur commissioned & operational; strong order visibility, expecting 30%+ growth rate in FY27.
Jodhpur Plant Commissioning
Jodhpur water-based plant (90,000 KLPA) trial production expected in Jun'26.
Dividend Proposal
The Board has proposed a dividend of Rs. 5.0 per share (vs. Rs. 3.5 per share in earlier years).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Revenue Growth Rate | Double-digit for past five months | Sustained double-digit growth in upcoming quarters as projected by management. |
| Gross Margin % | 48.6% in Q4 FY26, 46.9% in FY26 | Impact of aggressive growth path and raw material price hikes on maintaining industry-leading gross margins. |
| Apple Chemie Growth | Strong growth in Q4 FY26, FY26 revenue Rs. 75.1 Cr | Achievement of 30%+ growth rate in FY27 as expected by management, indicating successful adjacency expansion. |
| Jodhpur Water-Based Plant Utilization | Trial production expected in Jun'26 | Successful commissioning and ramp-up of utilization to contribute to overall capacity and revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
68Bullishfull bull SMA stack · SMA20 +6.9% / mo · MACD +
Technical chart
INDIGOPNTSdaily · 1Y · AUTO+31.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 63.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~6.5% over last month) — short-term momentum positive.
- RSI(14) at 63 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 12% off 52W high · 67% 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.
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -1078.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 2/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 92nd pctile, median 66 · Micro: 79th pctile, median 73
89 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 34.30
- P/B
- 4.90
- EV/EBITDA
- 17.06
- Market Cap
- 5660.00Cr
Profitability
- ROE
- 13.70%
- ROCE
- 18.60%
- ROA
- 10.01%
- Dividend Y
- 0.42%
Growth (CAGR)
- Revenue 5Y
- -15.00%
- EPS 5Y
- -15.00%
- 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
- 0.48%
- FCF Positive Y
- 4/5
- OCF
- 223.00 Cr
- EPS TTM
- 33.76
Shareholding
- Promoter Hold
- 53.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.