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Nifty
Sensex

:
:

26068.15
85231.92

-124.00 (-0.47%)
-400.76 (-0.47%)

Indigo Paints Ltd.

Paints

Rating :

63/99

BSE: 543258 | NSE: INDIGOPNTS

Watchlist

NSE BSE

1281.20

21-Nov-2025

Open
High
Low
Previous Close

1300
1307.15
1248.5
1306.90

Volume
Traded Value (lacs)
52 Week High
52 Week Low

85792
110212926.8
1521
910

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

6,100.82
42.38
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

6,097.06
0.27%
5.72

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

-
12.04
7.70

EBITDA CAGR (%)

10 Years
5 Years
3 Years

-
13.58
5.17

PAT CAGR (%)

10 Years
5 Years
3 Years

-
15.23
2.42

P:E (Median)

8 Years
5 Years
3 Years

-
-
32.79

P:BV (Average)

8 Years
5 Years
3 Years

-
-
3.15

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
-788.33

Earnings Forecasts:

(Updated: 21-11-2025)

Description 2024 2025 2026 2027
Adj EPS 29.76 31.51 36.59 40.85
P/E Ratio 43.05 40.66 35.02 31.36
Revenue 1340.67 1412.63 1578.86 1751.01
EBITDA 233.48 247.98 284.89 316.2
Net Income 141.76 148.89 171.33 194.44
ROA 10.58 14.2 15.4
P/B Ratio 5.92 5.25 4.63 4.12
ROE 14.67 13.46 13.81 13.83
FCFF 66.48 130.28 137.31 164.13
FCFF Yield 1.1 2.15 2.26 2.71
Net Debt -235.95 -308.68 -427.58 -565.14
BVPS 216.35 244.04 276.74 310.88

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var%
Net Sales 298.50 288.55 3.45% 294.85 293.95 0.31% 367.22 366.14 0.29% 327.48 341.25 -4.04%
Expenses 252.69 245.96 2.74% 251.24 248.16 1.24% 281.33 283.86 -0.89% 270.17 280.34 -3.63%
EBITDA 45.81 42.59 7.56% 43.61 45.79 -4.76% 85.88 82.28 4.38% 57.31 60.91 -5.91%
EBIDTM 15.35% 14.76% 14.79% 15.58% 23.39% 22.47% 17.50% 17.85%
Other Income 2.74 4.89 -43.97% 5.72 4.04 41.58% 5.57 4.05 37.53% 2.96 2.89 2.42%
Interest 0.54 0.57 -5.26% 0.53 0.52 1.92% 1.42 0.36 294.44% 0.45 0.35 28.57%
Depreciation 13.86 13.96 -0.72% 13.63 13.88 -1.80% 12.07 14.09 -14.34% 13.93 13.30 4.74%
PBT 34.14 32.95 3.61% 35.17 35.42 -0.71% 77.97 71.88 8.47% 45.89 50.15 -8.49%
Tax 8.60 8.83 -2.60% 8.82 8.96 -1.56% 21.07 18.36 14.76% 9.43 12.45 -24.26%
PAT 25.53 24.12 5.85% 26.36 26.46 -0.38% 56.90 53.52 6.32% 36.46 37.70 -3.29%
PATM 8.55% 8.36% 8.94% 9.00% 15.49% 14.62% 11.13% 11.05%
EPS 5.35 5.06 5.73% 5.53 5.55 -0.36% 11.93 11.22 6.33% 7.64 7.90 -3.29%

Description Sep 25 Sep 24 Var% Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var%
Net Sales 312.06 299.53 4.18% 308.86 310.96 -0.68% 387.56 384.88 0.70% 342.62 353.77 -3.15%
Expenses 265.52 258.03 2.90% 264.56 263.60 0.36% 300.14 300.29 -0.05% 285.43 291.53 -2.09%
EBITDA 46.54 41.51 12.12% 44.31 47.37 -6.46% 87.42 84.59 3.35% 57.19 62.24 -8.11%
EBIDTM 14.91% 13.86% 14.35% 15.23% 22.56% 21.98% 16.69% 17.59%
Other Income 3.00 5.12 -41.41% 5.96 4.21 41.57% 6.03 4.16 44.95% 3.15 3.07 2.61%
Interest 0.71 0.71 0.00% 0.69 0.64 7.81% 1.55 0.46 236.96% 0.61 0.62 -1.61%
Depreciation 15.06 15.36 -1.95% 14.82 15.25 -2.82% 13.23 15.58 -15.08% 14.68 14.61 0.48%
PBT 33.77 30.55 10.54% 34.75 35.69 -2.63% 78.66 72.70 8.20% 45.05 50.07 -10.03%
Tax 8.52 8.30 2.65% 8.70 9.03 -3.65% 21.26 18.27 16.37% 9.20 12.52 -26.52%
PAT 25.25 22.26 13.43% 26.06 26.65 -2.21% 57.40 54.44 5.44% 35.85 37.55 -4.53%
PATM 8.09% 7.43% 8.44% 8.57% 14.81% 14.14% 10.46% 10.62%
EPS 5.27 4.75 10.95% 5.44 5.50 -1.09% 11.94 11.27 5.94% 7.56 7.82 -3.32%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18
Net Sales 1,288.05 1,277.19 1,254.86 1,073.33 905.97 723.32 624.79 535.63 411.12 Net Sales Growth -0.14% 1.78% 16.91% 18.47% 25.25% 15.77% 16.65% 30.29% Cost Of Goods Sold 688.99 683.09 653.81 595.25 513.52 376.52 321.96 298.52 193.95 Gross Profit 599.06 594.09 601.05 478.08 392.45 346.81 302.83 237.10 217.16 GP Margin 46.51% 46.52% 47.90% 44.54% 43.32% 47.95% 48.47% 44.27% 52.82% Total Expenditure 1,055.43 1,045.62 1,022.16 891.83 769.99 600.81 533.80 481.54 387.19 Power & Fuel Cost - 7.30 6.91 4.75 3.86 3.42 2.69 2.77 1.86 % Of Sales - 0.57% 0.55% 0.44% 0.43% 0.47% 0.43% 0.52% 0.45% Employee Cost - 104.27 92.33 73.10 56.33 48.31 41.99 36.38 29.29 % Of Sales - 8.16% 7.36% 6.81% 6.22% 6.68% 6.72% 6.79% 7.12% Manufacturing Exp. - 22.71 21.21 13.12 10.37 9.39 8.33 7.34 38.67 % Of Sales - 1.78% 1.69% 1.22% 1.14% 1.30% 1.33% 1.37% 9.41% General & Admin Exp. - 24.19 23.85 18.95 11.34 9.04 9.61 9.32 10.87 % Of Sales - 1.89% 1.90% 1.77% 1.25% 1.25% 1.54% 1.74% 2.64% Selling & Distn. Exp. - 193.56 213.05 178.96 168.57 148.92 144.82 123.16 63.15 % Of Sales - 15.16% 16.98% 16.67% 18.61% 20.59% 23.18% 22.99% 15.36% Miscellaneous Exp. - 10.49 10.99 7.70 5.99 5.22 4.40 4.04 49.38 % Of Sales - 0.82% 0.88% 0.72% 0.66% 0.72% 0.70% 0.75% 12.01% EBITDA 232.61 231.57 232.70 181.50 135.98 122.51 90.99 54.09 23.93 EBITDA Margin 18.06% 18.13% 18.54% 16.91% 15.01% 16.94% 14.56% 10.10% 5.82% Other Income 16.99 17.46 13.43 10.10 10.89 3.59 1.64 1.63 0.46 Interest 2.94 2.96 1.59 1.38 1.33 3.81 5.59 4.66 3.81 Depreciation 53.49 53.84 46.18 34.35 31.25 24.39 19.61 17.05 17.01 PBT 193.17 192.23 198.36 155.88 114.30 97.91 67.43 34.02 3.58 Tax 47.92 48.29 49.71 23.94 30.25 27.06 19.61 6.84 -0.31 Tax Rate 24.81% 25.12% 25.06% 15.36% 26.47% 27.64% 29.08% 20.29% -13.72% PAT 145.25 143.94 148.65 131.94 84.05 70.85 47.81 26.87 2.57 PAT before Minority Interest 145.25 143.94 148.65 131.94 84.05 70.85 47.81 26.87 2.57 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 11.28% 11.27% 11.85% 12.29% 9.28% 9.80% 7.65% 5.02% 0.63% PAT Growth 2.43% -3.17% 12.66% 56.98% 18.63% 48.19% 77.93% 945.53% EPS 30.45 30.18 31.16 27.66 17.62 14.85 10.02 5.63 0.54

Description TTM Mar 25 Mar 24 Mar 23
Net Sales 1,351.10 1,340.67 1,306.09 1,073.33 Net Sales Growth 0.15% 2.65% 21.69% Cost Of Goods Sold 728.42 723.67 683.94 595.25 Gross Profit 622.68 617.01 622.15 478.08 GP Margin 46.09% 46.02% 47.63% 44.54% Total Expenditure 1,115.65 1,107.19 1,068.02 891.83 Power & Fuel Cost - 7.51 7.07 4.75 % Of Sales - 0.56% 0.54% 0.44% Employee Cost - 113.69 99.48 73.10 % Of Sales - 8.48% 7.62% 6.81% Manufacturing Exp. - 23.95 21.99 13.12 % Of Sales - 1.79% 1.68% 1.22% General & Admin Exp. - 27.09 26.11 18.95 % Of Sales - 2.02% 2.00% 1.77% Selling & Distn. Exp. - 199.43 217.06 178.96 % Of Sales - 14.88% 16.62% 16.67% Miscellaneous Exp. - 11.85 12.38 7.70 % Of Sales - 0.88% 0.95% 0.72% EBITDA 235.46 233.48 238.07 181.50 EBITDA Margin 17.43% 17.42% 18.23% 16.91% Other Income 18.14 18.50 14.22 10.10 Interest 3.56 3.50 2.12 1.38 Depreciation 57.79 58.53 51.58 34.35 PBT 192.23 189.95 198.58 155.88 Tax 47.68 47.79 49.75 23.94 Tax Rate 24.80% 25.16% 25.05% 15.36% PAT 144.56 141.75 147.32 131.94 PAT before Minority Interest 143.95 142.16 148.83 131.94 Minority Interest -0.61 -0.41 -1.51 0.00 PAT Margin 10.70% 10.57% 11.28% 12.29% PAT Growth 2.60% -3.78% 11.66% EPS 30.31 29.72 30.88 27.66

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18
Shareholder's Funds 1,048.14 915.07 776.13 649.86 563.49 197.05 147.46 118.23 Share Capital 47.63 47.62 47.59 47.57 47.57 47.33 47.16 46.90 Total Reserves 983.20 854.55 718.69 599.57 515.39 148.20 98.27 71.33 Non-Current Liabilities 40.15 33.11 21.40 25.81 19.27 39.65 37.59 10.70 Secured Loans 0.00 0.00 0.00 0.00 0.00 24.72 26.91 8.91 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 0.00 2.66 2.72 4.75 2.53 1.30 0.00 0.00 Current Liabilities 269.48 273.77 264.08 244.22 228.40 185.25 188.13 150.45 Trade Payables 165.29 220.49 199.14 201.41 185.57 138.59 136.24 107.46 Other Current Liabilities 90.36 49.89 43.37 26.86 30.41 28.45 26.88 20.20 Short Term Borrowings 0.00 0.00 0.00 0.00 0.00 14.53 24.71 22.64 Short Term Provisions 13.83 3.39 21.56 15.95 12.43 3.69 0.30 0.15 Total Liabilities 1,357.77 1,221.95 1,061.61 919.89 811.16 421.95 373.18 279.38 Net Block 525.45 548.33 264.69 253.34 249.33 200.75 148.56 94.95 Gross Block 740.44 709.95 382.45 338.86 304.44 232.40 165.50 128.66 Accumulated Depreciation 214.99 161.62 117.75 85.53 55.10 31.65 16.94 33.71 Non Current Assets 711.49 630.33 542.86 347.50 268.76 210.73 162.95 102.86 Capital Work in Progress 134.85 15.12 250.91 50.97 3.12 1.09 4.40 2.46 Non Current Investment 30.54 30.24 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 20.60 36.63 27.25 43.18 1.22 6.59 9.99 3.28 Other Non Current Assets 0.03 0.01 0.01 0.01 15.09 2.30 0.00 2.17 Current Assets 646.29 591.62 518.74 572.39 542.40 211.23 210.24 176.52 Current Investments 216.02 157.64 131.69 173.10 49.68 20.84 19.70 15.00 Inventories 149.13 166.20 117.66 117.72 94.67 76.76 69.33 50.76 Sundry Debtors 219.92 204.18 200.11 171.65 121.19 104.47 103.85 104.07 Cash & Bank 37.10 32.67 48.79 99.62 258.31 5.68 14.02 4.64 Other Current Assets 24.11 4.51 1.81 1.38 18.54 3.47 3.34 2.05 Short Term Loans & Adv. 21.75 26.42 18.68 8.92 10.26 2.01 2.19 1.28 Net Current Assets 376.80 317.85 254.66 328.17 313.99 25.98 22.11 26.07 Total Assets 1,357.78 1,221.95 1,061.60 919.89 811.16 421.96 373.19 279.38

Description Mar 25 Mar 24 Mar 23
Shareholder's Funds 1,030.58 902.14 776.13 Share Capital 47.63 47.62 47.59 Total Reserves 965.64 841.61 718.69 Non-Current Liabilities 90.83 82.14 21.40 Secured Loans 0.88 1.51 0.00 Unsecured Loans 0.00 0.00 0.00 Long Term Provisions 0.47 3.05 2.72 Current Liabilities 288.77 286.15 264.08 Trade Payables 176.71 228.99 199.14 Other Current Liabilities 94.15 52.73 43.37 Short Term Borrowings 3.98 0.80 0.00 Short Term Provisions 13.92 3.63 21.56 Total Liabilities 1,410.18 1,270.43 1,061.61 Net Block 567.74 591.12 264.69 Gross Block 792.46 758.01 382.45 Accumulated Depreciation 224.72 166.89 117.75 Non Current Assets 725.19 645.80 542.86 Capital Work in Progress 135.77 17.42 250.91 Non Current Investment 0.00 0.00 0.00 Long Term Loans & Adv. 21.58 37.24 27.25 Other Non Current Assets 0.09 0.02 0.01 Current Assets 684.99 624.62 518.74 Current Investments 226.10 166.71 131.69 Inventories 153.58 170.59 117.66 Sundry Debtors 243.86 223.11 200.11 Cash & Bank 37.12 32.93 48.79 Other Current Assets 24.33 4.78 1.81 Short Term Loans & Adv. 21.82 26.50 18.68 Net Current Assets 396.22 338.48 254.66 Total Assets 1,410.18 1,270.42 1,061.60

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18
Cash From Operating Activity 204.95 152.10 116.11 65.19 121.32 72.34 51.59 27.04 PBT 192.23 198.36 155.88 114.30 97.91 67.43 33.71 2.26 Adjustment 46.26 43.92 35.13 24.59 26.11 24.21 22.12 22.87 Changes in Working Capital -2.28 -32.19 -50.47 -47.85 13.71 -6.87 0.20 1.95 Cash after chg. in Working capital 236.21 210.09 140.54 91.03 137.73 84.77 56.03 27.08 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -31.26 -57.99 -24.43 -25.84 -16.41 -12.42 -4.43 -0.04 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -175.04 -142.82 -84.40 -69.16 -317.93 -61.27 -63.23 -22.73 Net Fixed Assets -150.22 -91.71 -243.53 -82.27 -74.07 -63.59 -38.78 Net Investments -58.68 -56.19 41.41 -123.42 -28.84 -1.14 -4.70 Others 33.86 5.08 117.72 136.53 -215.02 3.46 -19.75 Cash from Financing Activity -25.47 -23.81 -20.06 -5.29 235.72 -17.23 18.85 -7.39 Net Cash Inflow / Outflow 4.44 -14.53 11.65 -9.27 39.11 -6.16 7.22 -3.09 Opening Cash & Equivalents 32.65 47.18 35.53 44.80 5.68 11.84 4.62 7.71 Closing Cash & Equivalent 37.09 32.65 47.18 35.53 44.80 5.68 11.84 4.62

Description Mar 25 Mar 24 Mar 23
Cash From Operating Activity 205.66 151.01 116.11 PBT 189.95 198.58 155.88 Adjustment 50.41 49.39 35.13 Changes in Working Capital -3.85 -37.71 -50.47 Cash after chg. in Working capital 236.51 210.26 140.54 Interest Paid 0.00 0.00 0.00 Tax Paid -30.85 -59.25 -24.43 Other Direct Exp. Paid 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 Cash From Investing Activity -177.53 -151.67 -84.40 Net Fixed Assets -150.22 -91.71 Net Investments -58.68 -56.19 Others 31.37 -3.77 Cash from Financing Activity -23.93 -23.24 -20.06 Net Cash Inflow / Outflow 4.19 -23.90 11.65 Opening Cash & Equivalents 32.92 47.18 35.53 Closing Cash & Equivalent 37.11 32.92 47.18

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 14 Mar 13
Book Value (Rs.) 216.40 189.45 161.02 136.04 118.35 61.07 44.06 34.95 101.73 94.72 ROA 11.16% 13.02% 13.32% 9.71% 11.49% 12.03% 8.24% 0.98% 1.17% 2.52% ROE 14.89% 17.82% 18.67% 13.89% 19.14% 31.42% 23.67% 2.61% 8.33% 14.94% ROCE 19.89% 23.65% 22.06% 19.06% 25.10% 32.12% 21.22% 4.00% 13.00% 16.81% Fixed Asset Turnover 2.19 2.80 3.49 3.22 3.04 3.50 3.64 3.48 7.42 9.42 Receivable days 48.77 48.28 53.85 51.65 50.55 54.63 70.84 81.03 66.49 68.52 Inventory Days 36.26 33.90 34.09 37.46 38.40 38.31 40.92 43.64 38.42 34.49 Payable days 103.07 117.13 122.81 137.53 157.12 91.29 90.52 102.80 71.80 56.83 Cash Conversion Cycle -18.04 -34.95 -34.87 -48.43 -68.17 1.65 21.24 21.87 33.11 46.18 Total Debt/Equity 0.00 0.00 0.00 0.00 0.00 0.26 0.41 0.30 3.19 2.63 Interest Cover 65.95 125.70 114.29 86.91 26.68 13.05 8.24 1.59 1.37 1.64

Description Mar 25 Mar 24 Mar 23
Book Value (Rs.) 212.72 186.73 161.02 ROA 10.61% 12.76% 20.18% ROE 14.95% 17.98% 29.47% ROCE 19.92% 23.87% 33.57% Fixed Asset Turnover 2.13 2.77 5.08 Receivable days 51.63 48.90 37.69 Inventory Days 35.84 33.31 21.30 Payable days 102.31 114.24 78.83 Cash Conversion Cycle -14.83 -32.03 -19.84 Total Debt/Equity 0.01 0.00 0.00 Interest Cover 55.26 94.63 114.29

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Annual Reports:

News Update:

Indigo Paints - Quarterly Results
7th Nov 2025, 00:00 AM

Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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