INDIGOPNTS

Indigo Paints Limited

Decorative paints manufacturer with innovation-led products and metallic emulsions

Consumer Discretionary›Consumer Durables›Consumer Durables›Paints

indigopaints.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1041.70
Market cap
4,959 Cr
Stock P/E
30.5
P/B
4.31
Dividend yield
0.3%
ROE (FY26)
12.8%
ROCE (FY26)
17.4%
Operating margin (FY26)
13.8%
Debt / equity (FY26)
0.0017
OCF / EBITDA (FY26)
87.4%
OCF / EBITDA (3Y)
79.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Indigo Paints makes decorative paints in India, covering emulsions, enamels, primers, distempers, putty and cement paint, and sells them through a dealer network.

Company snapshot

5thBy market cap

Ranked among 8 companies in Paints.

What we see

Positives
  • ✓Debt-to-equity of 0.00x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales279 Cr354 Cr385 Cr311 Cr300 Cr343 Cr388 Cr309 Cr312 Cr359 Cr425 Cr370 Cr
Operating expenses (approx.)237 Cr292 Cr300 Cr264 Cr258 Cr285 Cr300 Cr265 Cr266 Cr290 Cr330 Cr308 Cr
EBITDA42 Cr62 Cr85 Cr47 Cr42 Cr57 Cr87 Cr44 Cr47 Cr68 Cr96 Cr62 Cr
OPM %15.1%17.6%22.0%15.2%13.9%16.7%22.6%14.3%14.9%19.0%22.5%16.8%
Other income3 Cr3 Cr4 Cr4 Cr5 Cr3 Cr6 Cr6 Cr3 Cr4 Cr0.28 Cr10 Cr
Interest0.55 Cr0.62 Cr0.46 Cr0.64 Cr0.71 Cr0.60 Cr2 Cr0.69 Cr0.71 Cr0.57 Cr0.95 Cr0.58 Cr
Depreciation11 Cr15 Cr16 Cr15 Cr15 Cr15 Cr13 Cr15 Cr15 Cr15 Cr15 Cr16 Cr
Profit before tax33 Cr50 Cr73 Cr36 Cr31 Cr45 Cr79 Cr35 Cr34 Cr50 Cr80 Cr56 Cr
Tax %24.3%25.0%25.1%25.3%27.2%20.4%27.0%25.0%25.2%26.2%25.7%25.6%
Net profit25 Cr38 Cr54 Cr27 Cr22 Cr36 Cr57 Cr26 Cr25 Cr37 Cr59 Cr42 Cr
EPS (₹)₹5.33₹7.82₹11.28₹5.50₹4.76₹7.56₹11.94₹5.44₹5.27₹7.63₹12.10₹8.76

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2024Mar 2025Mar 2026TTM
Sales1,306 Cr1,341 Cr1,405 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,068 Cr1,107 Cr1,150 CrSign in free for the trailing twelve months
EBITDA238 Cr233 Cr255 CrSign in free for the trailing twelve months
OPM %18.2%17.4%18.1%Sign in free for the trailing twelve months
Other income14 Cr18 Cr13 CrSign in free for the trailing twelve months
Interest2 Cr4 Cr3 CrSign in free for the trailing twelve months
Depreciation52 Cr59 Cr60 CrSign in free for the trailing twelve months
Profit before tax199 Cr190 Cr198 CrSign in free for the trailing twelve months
Tax %25.1%25.2%25.6%Sign in free for the trailing twelve months
Net profit149 Cr142 Cr148 CrSign in free for the trailing twelve months
EPS (₹)₹30.95₹29.76₹30.44Sign in free for the trailing twelve months
Dividend payout %11.2%11.7%11.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2024Mar 2025Mar 2026
Equity capital48 Cr48 Cr48 Cr
Reserves855 Cr983 Cr1,106 Cr
Borrowings3 Cr6 Cr2 Cr
Other liabilities365 Cr373 Cr474 Cr
Total liabilities1,270 Cr1,410 Cr1,629 Cr
Fixed assets (net)468 Cr445 Cr473 Cr
CWIP17 Cr136 Cr220 Cr
Investments228 Cr226 Cr300 Cr
Inventories171 Cr154 Cr178 Cr
Trade receivables223 Cr244 Cr286 Cr
Cash & bank33 Cr37 Cr32 Cr
Other assets130 Cr168 Cr140 Cr
Total assets1,270 Cr1,410 Cr1,629 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2024Mar 2025Mar 2026
Cash from operating activity151 Cr206 Cr223 Cr
Cash from investing-152 Cr-178 Cr-196 Cr
Cash from financing-14 Cr-24 Cr-32 Cr
Net cash flow-14 Cr4 Cr-5 Cr
Free cash flow (OCF − Capex)47 Cr69 Cr88 Cr

Ratios

MetricMar 2024Mar 2025Mar 2026
ROCE %22.2%18.7%17.4%
ROE %16.3%13.8%12.8%
Debtor days626674
Inventory days918192
Days payable12293112
Cash conversion cycle315454
OCF / EBITDA %63.5%88.1%87.4%
OCF / EBITDA % (3 years)——79.8%
Debt / equity0.00340.00620.0017
Current ratio2.182.372.05
Net debt / EBITDA-0.13-0.13-0.12