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Indigo Paints Ltd (INDIGOPNTS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543258 NSE: INDIGOPNTS Paints | Small Cap | Indigo Paints Share Price
₹1,138.10 -33.95 (-2.90%)
As on 02-Sep'26 13:09
Indigo Paints Ltd (INDIGOPNTS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543258 NSE: INDIGOPNTS Paints | Small Cap | Indigo Paints Share Price
₹1,138.10 -33.95 (-2.90%)
As on 02-Sep'26 13:09
Key Metrics
Valuation Multiples
Market Cap
₹5,595 Cr.
Current Price
₹1,138.1
52-Week Low / High
₹702 / 1,345
TTM EPS
₹33.8
TTM Sales
₹1,385 Cr.
Book Value per Share
₹253.3
P/E Ratio
34.66
Lower than its 5-year historical median
Industry PE
39.7
Price to Book (P/B)
4.63
Lower than its 5-year historical median
Price to Sales (P/S)
4.04
Lower than its 5-year historical median
EV/EBITDA
19.78
Lower than its 5-year historical median
Dividend Yield
0.44%
Profitability Efficiency
Return on Equity (ROE)
13.23%
Outperforms industry median
Return on Capital Employed (ROCE)
17.72%
Outperforms industry median
Return on Assets (ROA)
9.64%
Operating Profit Margin
18.6%
Net Profit Margin
10.93%
Gross Profit Margin
15.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
4.14%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
6.54%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
1.01%
Asset Quality
Promoter Holding
53.88%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,162 Cr.
Equity
₹47.7 Cr.
Face Value
₹10
All Time Low / High
₹702.10 / 3348.00
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Strong
Is Indigo Paints Ltd a good quality company?
Indigo Paints Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indigo Paints Ltd performance compare with that of its Peers?
Revenue growth of Indigo Paints Ltd vs industry peers?
Indigo Paints Ltd revenue CAGR is 12.96%, compared to the industry median CAGR of 11.82%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Indigo Paints Ltd?
Promoters hold 53.88% of the Indigo Paints Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Indigo Paints Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -14.46% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indigo Paints Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -10.4% | 4% | 21.2% | 32.1% | 25.1% | 19.1% | 22.1% | 23.7% | 19.9% | 17.7% | - |
| Value Creation Index ⓘ | -1.8 | -0.7 | 0.6 | 1.4 | 0.9 | 0.4 | 0.6 | 0.8 | 0.4 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 289 | 411 | 536 | 625 | 723 | 906 | 1,073 | 1,255 | 1,277 | 1,330 | 1,385 |
| Sales YoY Gr. | - | 42.2% | 30.3% | 16.7% | 15.8% | 25.3% | 18.5% | 16.9% | 1.8% | 4.1% | - |
| Adj EPS ⓘ | -5.6 | 1.2 | 9.4 | 16.5 | 14.9 | 17.7 | 27.6 | 30.5 | 29.5 | 31 | 33.8 |
| YoY Gr. | - | NA | 682.5% | 75.2% | -9.5% | 18.6% | 56.3% | 10.7% | -3.3% | 4.8% | - |
| BVPS (₹) ⓘ | 34.1 | 35 | 44.1 | 61.1 | 118.4 | 136 | 161 | 189.5 | 216.4 | 244.8 | 253.3 |
| Adj Net Profit ⓘ | -15.9 | 3.4 | 27.1 | 47.7 | 70.8 | 83.9 | 131 | 145 | 141 | 148 | 161 |
| Cash Flow from Ops. ⓘ | -25.9 | 27 | 51.6 | 72.3 | 121 | 65.2 | 116 | 152 | 205 | 211 | - |
| Debt/CF from Ops. ⓘ | -1.3 | 1.3 | 1.2 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.5% | 13% | 7.4% | 4.1% | ||||
| Adj EPS ⓘ | NA | 15.8% | 3.9% | 4.8% | ||||
| BVPSⓘ | 24.5% | 15.6% | 15% | 13.1% | ||||
| Share Price | - | -15.2% | -10.4% | 1.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -12.9 | 2.9 | 20.4 | 27.7 | 18.6 | 13.8 | 18.4 | 17.2 | 14.3 | 13.2 | 13.6 |
| Op. Profit Mgn % ⓘ | -0.7 | 5.8 | 10.1 | 14.6 | 16.9 | 15 | 16.9 | 18.5 | 18.1 | 18.6 | 19.1 |
| Net Profit Mgn % ⓘ | -5.5 | 0.8 | 5.1 | 7.6 | 9.8 | 9.3 | 12.2 | 11.6 | 11 | 11.1 | 11.7 |
| Debt to Equity ⓘ | 0.3 | 0.3 | 0.4 | 0.3 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 117 | 130 | 107 | 100 | 100 | 105 | 103 | 96 | 102 | 103 | 92 |
| Cash Conv. Cycle ⓘ | 20 | 22 | 10 | 2 | -7 | 1 | 7 | 10 | 19 | 25 | 50 |
Valuation of Indigo Paints - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 289 | 411 | 536 | 625 | 723 | 906 | 1,073 | 1,255 | 1,277 | 1,330 |
| Operating Expenses ⓘ + | 291 | 387 | 482 | 534 | 601 | 770 | 892 | 1,022 | 1,046 | 1,083 |
| Operating Profit ⓘ | -2 | 24 | 54 | 91 | 123 | 136 | 182 | 233 | 232 | 247 |
| Operating Profit Margin (%) | -0.7% | 5.8% | 10.1% | 14.6% | 16.9% | 15.0% | 16.9% | 18.5% | 18.1% | 18.5% |
| Other Income ⓘ + | 1 | 0 | 2 | 2 | 4 | 11 | 10 | 13 | 17 | 12 |
| Interest ⓘ | 3 | 4 | 5 | 6 | 4 | 1 | 1 | 2 | 3 | 2 |
| Depreciation ⓘ | 14 | 17 | 17 | 20 | 24 | 31 | 34 | 46 | 54 | 55 |
| Profit Before Tax ⓘ | -18 | 2 | 34 | 67 | 98 | 114 | 156 | 198 | 192 | 195 |
| Tax ⓘ | -2 | -0 | 7 | 20 | 27 | 30 | 24 | 50 | 48 | 50 |
| Profit After Tax | -16 | 3 | 27 | 48 | 71 | 84 | 132 | 149 | 144 | 145 |
| PAT Margin (%) | -5.5% | 0.6% | 5.0% | 7.7% | 9.8% | 9.3% | 12.3% | 11.9% | 11.3% | 10.9% |
| Adjusted EPS (₹) | -5.6 | 0.9 | 9.3 | 16.5 | 14.9 | 17.7 | 27.7 | 31.2 | 30.2 | 30.5 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 17% | 12.60% | 11.20% | 11.60% | 16.40% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 116 | 118 | 145 | 196 | 563 | 647 | 766 | 902 | 1,031 | 1,167 | |
| Debt + | 34 | 32 | 52 | 39 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 85 | 107 | 136 | 139 | 186 | 201 | 199 | 220 | 165 | 199 | |
| Others Liabilities ⓘ | 12 | 22 | 40 | 49 | 63 | 71 | 96 | 99 | 194 | 261 | |
| Total Liabilities ⓘ | 246 | 279 | 373 | 422 | 811 | 920 | 1,062 | 1,222 | 1,390 | 1,627 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 91 | 95 | 149 | 201 | 249 | 253 | 265 | 548 | 525 | 549 | |
| CWIP ⓘ | 2 | 2 | 4 | 1 | 3 | 51 | 251 | 15 | 135 | 220 | |
| Investments ⓘ | 15 | 15 | 20 | 21 | 50 | 173 | 132 | 188 | 247 | 320 | |
| Inventories | 48 | 51 | 69 | 77 | 95 | 118 | 118 | 166 | 149 | 173 | |
| Trade Receivables | 78 | 104 | 104 | 104 | 121 | 172 | 200 | 204 | 220 | 257 | |
| Cash Equivalents | 8 | 5 | 14 | 6 | 258 | 100 | 49 | 33 | 37 | 29 | |
| Others Assets ⓘ | 3 | 7 | 13 | 12 | 35 | 53 | 48 | 68 | 77 | 79 | |
| Total Assets ⓘ | 246 | 279 | 373 | 422 | 811 | 920 | 1,062 | 1,222 | 1,390 | 1,627 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -26 | 27 | 52 | 72 | 121 | 65 | 116 | 152 | 205 | 211 |
| Cash Flow From Investing Activity ⓘ + | 15 | -23 | -63 | -61 | -318 | -69 | -84 | -143 | -175 | -194 |
| Cash Flow From Financing Activity ⓘ + | 15 | -7 | 19 | -17 | 236 | -5 | -20 | -24 | -25 | -26 |
| Net Cash Flow ⓘ | 5 | -3 | 7 | -6 | 39 | -9 | 12 | -15 | 4 | -9 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -14.02 | 2.61 | 23.67 | 31.42 | 19.14 | 13.89 | 18.67 | 17.82 | 14.89 | 13.23 |
| ROCE (%) | -10.4 | 4 | 21.22 | 32.12 | 25.1 | 19.06 | 22.06 | 23.65 | 19.89 | 17.72 |
| Asset Turnover Ratio | 1.31 | 1.56 | 1.83 | 1.75 | 1.32 | 1.2 | 1.27 | 1.34 | 1.22 | 1.12 |
| PAT to CFO Conversion(x) | N/A | 9 | 1.93 | 1.5 | 1.7 | 0.77 | 0.88 | 1.02 | 1.42 | 1.46 |
| Working Capital Days | ||||||||||
| Receivable Days | 70.40 | 81 | 63.60 | 54.60 | 50.60 | 51.70 | 53.90 | 48.30 | 48.80 | 51.30 |
| Inventory Days | 39.40 | 43.60 | 36.70 | 38.30 | 38.40 | 37.50 | 34.10 | 33.90 | 36.30 | 34.70 |
| Payable Days | 159.50 | 180.80 | 149 | 155.80 | 157.10 | 137.50 | 122.80 | 117.10 | 103.10 | 94.20 |
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Indigo Paints Ltd FAQs
The current trading price of Indigo Paints on 02-Sep-2026 13:09 is ₹1,138.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Sep-2026 the market cap of Indigo Paints stood at ₹5,594.5 Cr
The latest P/E ratio of Indigo Paints as of 01-Sep-2026 is 34.66.
The latest P/B ratio of Indigo Paints as of 01-Sep-2026 is 4.63.
The 52-week high of Indigo Paints is ₹1,345 and the 52-week low is ₹702.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indigo Paints is ₹1,385 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Indigo Paints Ltd is a good quality company.
The key valuation ratios of Indigo Paints Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Indigo Paints Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Indigo Paints Ltd
Indigo Paints was originally incorporated as ‘Indigo Paints Private Limited’ at Pune, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated March 28, 2000 issued by the Registrar of Companies, Maharashtra at Pune. Subsequently, the company was converted into a public limited company and consequently the name of the company was changed to ‘Indigo Paints Limited’ and a fresh certificate of incorporation dated August 20, 2020 was issued by the Registrar of Companies, Maharashtra at Pune.
Indigo Paints is the fastest growing amongst the top five paint companies in India. It is the fifth largest company in the Indian decorative paint industry in terms of its revenue from operations for Fiscal 2020. It has achieved this position in a highly competitive Indian decorative paint industry on the back of its multi-pronged approach. This includes introducing differentiated products to create a distinct market in the paint industry, building brand equity for its primary consumer brand of ‘Indigo’, creating an extensive distribution network across 27 states and seven union territories as of September 30, 2020, and installing tinting machines across its network of dealers. To create demand for its differentiated products, it initially tapped into Tier 3, Tier 4 Cities, and Rural Areas, where brand penetration is easier and dealers have greater ability to influence customer purchase decisions.
The company subsequently leveraged this network to engage with dealers in Tier 1 and Tier 2 Cities and Metros as well. It engaged Mr. Mahendra Singh Dhoni, a sportsperson with pan-India appeal, as its brand ambassador, to enhance its brand image amongst end customers. The company concentrated these branding efforts on its differentiated products and then leveraged these efforts to increase distribution and sale of its complete range of decorative paint products. It subsequently introduced tinting machines in its target markets to increase sales of emulsion paints, which require in-shop tinting.
Business area of the company
The company manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. It also identify potential product needs from customers and introduce differentiated products to meet these requirements, and create a distinct market for its products. For instance, it is the first company to manufacture and introduce certain differentiated products in the decorative paint market in India, which includes its Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel (together, Indigo Differentiated Products). These products are differentiated based on the end-use they cater to, as well as added properties that they possess.
Awards and Accreditations
- 2019: The company’s quality management systems with respect to its manufacturing facilities at Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu) have been certified to conform to EN ISO 9001:2015 pursuant to a certificate dated September 16, 2019, subject to annual audits conducted by independent consultants.
- 2019: Each of its manufacturing facilities at Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu), has been certified to conform to EN ISO 14001:2015 pursuant to a certificate dated September 16, 2019, for its environment management systems, subject to annual audits conducted by independent consultants.
- 2019: Each of its manufacturing facilities at Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu), has been certified to conform to ISO 45001:2018 for its occupational health & safety management systems pursuant to a certificate dated September 16, 2019, subject to annual audits conducted by independent consultants.
Major events and milestones
- 2000: Incorporation of the company
- 2001: The company began manufacturing of cement paints in Jharkhand and later shifted to Jodhpur, Rajasthan
- 2007: The company moved to its own factory space in Jodhpur, Rajasthan
- 2007: The company had by now broadened its product portfolio to include water-based paints
- 2010: The company had expanded its geographical footprint to 11 states in India by now
- 2011: The company implemented SAP
- 2013: The company carried out a rebranding exercise and created its new logo and packaging design
- 2013: The company began advertising in newspapers and hoardings
- 2015: Sequoia IV invested approximately Rs 300 million in the company
- 2016: SCII V invested approximately Rs 900 million by in the company
- 2016: The company acquired Hi-Build Coatings Private Limited; a Kerala based paint company
- 2016: Sequoia IV invested approximately Rs 200 million in the company
- 2018: The company intensified television advertising
- 2018: The company expanded its geographical footprint to other states
- 2019: The company appointed Mahendra Singh Dhoni, as its brand ambassador
- 2019: The company introduced a new model of tinting machines across India
- 2019: The company engaged in BTL activities like painter meets, dealer boards and in-shop branding, and also intensified dealer loyalty programmes
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