Indigo Paints Ltd (IN:INDIGOPNTS)
:INDIGOPNTS
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Indigo Paints Ltd
(INDIGOPNTS)
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Rating:65Neutral
Price Target:
₹808.00
▼(-30.95% Downside)
Action:DowngradedDate:03/10/26
Strong financial performance and balance-sheet stability support the score, but this is materially offset by very bearish technicals (price below all key moving averages with negative MACD and extremely oversold RSI/Stoch). Valuation adds only modest support given the high P/E and low dividend yield.
Positive Factors
High Profitability
Durable product-level profitability with gross margin ~33% and double-digit EBIT/net margins indicates sustained pricing power and efficient operations. Strong margins support reinvestment in distribution, new product development, and provide buffer through demand cycles, underpinning long-term cash generation.
Negative Factors
Modest Revenue Growth
Revenue growth near 3% is modest for a decorative paints player and may limit the pace of scale advantages and geographic penetration. Slower top-line momentum makes it harder to expand market share and to leverage fixed costs into sustained above-market profit expansion over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Durable product-level profitability with gross margin ~33% and double-digit EBIT/net margins indicates sustained pricing power and efficient operations. Strong margins support reinvestment in distribution, new product development, and provide buffer through demand cycles, underpinning long-term cash generation.
Read all positive factors
Indigo Paints Ltd (INDIGOPNTS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹38.66B
Dividend Yield0.3%
Average Volume (3M)3.25K
Price to Earnings (P/E)37.5
Beta (1Y)1.04
Revenue Growth0.14%
EPS Growth2.95%
CountryIN
Employees1,112
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)8.45
Shares Outstanding47,675,663
10 Day Avg. Volume4,721
30 Day Avg. Volume3,255
Financial Highlights & Ratios
PEG Ratio-9.49
Price to Book (P/B)4.47
Price to Sales (P/S)3.43
P/FCF Ratio69.27
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)39.57
Revenue Forecast (FY)₹15.42B
Indigo Paints Ltd Business Overview & Revenue Model
Company Description
Indigo Paints Limited engages in the manufacture and sale of decorative paints in India and internationally. It offers interior and exterior emulsions, enamels, putties and primers, and sleek wood coatings, as well as other products, including lea...
How the Company Makes Money
Indigo Paints primarily makes money by selling decorative paint and coating products to the trade channel (dealers/distributors/retailers) and, where applicable, to institutional customers. Revenue is generated from product sales across key catego...
Indigo Paints Ltd Financial Statement Overview
Summary
Income Statement
89
Very Positive
Balance Sheet
85
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.51B | 13.41B | 13.00B | 10.73B | 9.01B | 7.20B |
| Gross Profit | 5.38B | 4.45B | 6.11B | 3.52B | 3.86B | 3.42B |
| EBITDA | 2.54B | 2.52B | 2.52B | 1.90B | 1.46B | 1.25B |
| Net Income | 1.44B | 1.42B | 1.47B | 1.32B | 840.48M | 708.50M |
Balance Sheet | ||||||
| Total Assets | 14.70B | 14.10B | 12.70B | 10.62B | 9.20B | 8.11B |
| Cash, Cash Equivalents and Short-Term Investments | 2.58B | 2.63B | 2.00B | 1.81B | 1.88B | 3.08B |
| Total Debt | 238.12M | 272.70M | 210.29M | 118.55M | 124.36M | 87.80M |
| Total Liabilities | 4.03B | 3.80B | 3.68B | 2.85B | 2.70B | 2.48B |
| Stockholders Equity | 10.67B | 10.31B | 9.02B | 7.76B | 6.50B | 5.63B |
Cash Flow | ||||||
| Free Cash Flow | 91.54M | 664.82M | 466.42M | -831.44M | -555.92M | 553.06M |
| Operating Cash Flow | 818.94M | 2.03B | 1.51B | 1.16B | 651.91M | 1.21B |
| Investing Cash Flow | -869.56M | -1.78B | -1.52B | -844.05M | -691.64M | -3.18B |
| Financing Cash Flow | -229.59M | -207.02M | -232.36M | -200.62M | -52.93M | 2.36B |
Indigo Paints Ltd Technical Analysis
Negative
1170.25
Price Trends
907.08
Negative
1065.40
Negative
1092.09
Negative
Market Momentum
-47.65
Negative
39.05
Neutral
87.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDIGOPNTS, the sentiment is Negative. The current price of 1170.25 is above the 20-day moving average (MA) of 772.87, above the 50-day MA of 907.08, and above the 200-day MA of 1092.09, indicating a bearish trend. The MACD of -47.65 indicates Negative momentum. The RSI at 39.05 is Neutral, neither overbought nor oversold. The STOCH value of 87.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDIGOPNTS.
Indigo Paints Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹38.66B | 37.48 | ― | 0.30% | 0.14% | 2.95% | |
64 Neutral | ₹23.60B | 45.97 | ― | 0.30% | 28.27% | 23.68% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | ₹63.73B | -16.12 | ― | 0.46% | 159.81% | -63.02% |
* Basic Materials Sector Average
IN:INDIGOPNTS
Indigo Paints Ltd
810.80
-167.93
-17.16%
IN:SIRCA
Sirca Paints India Ltd.
415.55
160.43
62.88%
IN:SUDARSCHEM
Sudarshan Chemical Industries Limited
810.70
-146.77
-15.33%
Indigo Paints Ltd Corporate Events
Indigo Paints Posts Q3 FY26 Earnings Call Transcript on Investor Website
Feb 23, 2026
Indigo Paints Limited has released the transcript of its Q3 FY26 earnings conference call with analysts and investors, where management discussed the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec...
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.