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Earnings Call

Indigo Paints Earnings Call: Key Takeaways

Indigo Paints reported Q4 FY26 standalone revenue of ₹397.9cr (up 8.4% YoY) and EBITDA margin of 23%. Management is shifting focus toward aggressive market share gains over margin protection.

Why this was an Alfa AlertNot a filter event. Management's 24% growth target for FY27 is aspirational and does not meet the >50% threshold.
Highlights
Revenue growthQ4 standalone up 8.4%; FY26 consolidated up 4.8%.
MarginsPrepared to sacrifice ~200bps gross margin for volume growth.
Order book30%+ growth target for Apple Chemie subsidiary based on orders.
Demand visibilityUptick from Nov 2025; April 2026 seen as strong.
Management confidenceHigh; adopting aggressive stance to grow 2x-3x industry rate.

Growth

FY26 consolidated revenue grew 4.8% to ₹1,405cr; Q4 consolidated revenue rose 9.7% YoY to ₹425.3cr.

Outlook

Targeting 24% growth in FY27 (2x industry); new Jodhpur water-based plant (90,000 KL) operational June 2026.

Risks

Unprecedented raw material cost spike (50-100%) in March 2026 due to Middle East conflict; muted demand history.

Source

Earnings Call filed with BSE, NSE: INDIGOPNTS. Summary written with AI assistance from the document.

Read the document ↗

Indigo Paints Ltd: key numbers

Share price
₹982.55
Market cap
₹4,690 Cr
Revenue (annual)
₹1,405 Cr
Net profit (annual)
₹145.1 Cr
P/E (TTM)
31.4×Sector 44.3×
Promoter holding
53.81%-0.07% QoQ
FII holding
5.70%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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