Indigo Paints Ltd logo

Indigo Paints Ltd

INDIGOPNTS NSE

Key Fundamentals

MicrocapPaintsConsumer Goods
Market Cap
₹5,426 Cr
Volatility
Moderate
P/E Ratio
34
EBITDA
₹249 Cr
Return on Equity
13.79%
Debt to Equity
0.02
Book Value
₹241.77
EPS
₹29.92
52W High
₹1,345.9
52W Low
₹708.05

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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44 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

2
  • Dividend payout has been low at 13.1% of profits over last 3 years
  • Working capital days have increased from 60.0 days to 107 days

Growth Rate

Revenue Growth
3.37% ↗
Net Income Growth
5.30% ↗
Cash Flow Change
36.19% ↗
ROE
-16.42% ↗
ROCE
-15.40% ↗
EBITDA Margin (Avg.)
-5.45% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk high

Indigo Paints Ltd is a nearly debt-free specialty paints company with a market cap of ₹5,165 Cr, trading at a PE of 34.5x. Revenue growth has decelerated to 4% TTM from a 5-year CAGR of 13%, while the stock has declined approximately 10-11% over 1- and 3-year periods.

Bull Case 7
  • Company is almost debt free, providing significant financial flexibility and low interest burden
  • Strong long-term revenue compounding with 10-year sales CAGR of 27%, demonstrating proven ability to scale
  • Impressive long-term profit compounding at 39% CAGR over 10 years, indicating operating leverage benefits
  • 5-year compounded profit growth of 16% outpaces 5-year sales growth of 13%, suggesting margin expansion over the medium term
  • ROE has been consistent at 15% over 3-, 5-, and 10-year periods, reflecting stable return generation on equity
  • Price-to-book ratio of 4.41x is relatively moderate for a branded consumer discretionary company with a debt-free balance sheet
  • Dividend yield of 0.33% indicates the company is beginning to return cash to shareholders while retaining earnings for growth
Bear Case 8
  • Revenue growth has sharply decelerated to just 4% TTM from 13% over 5 years, signaling potential demand slowdown or market share pressure
  • Stock has delivered negative returns with -11% over 1 year and -10% CAGR over 3 years, indicating sustained de-rating by the market
  • Working capital days have deteriorated significantly from 60 days to 107 days, suggesting channel stuffing risk or weaker bargaining power
  • PE of 34.5x appears elevated relative to the current TTM profit growth of only 4%, implying a PEG ratio well above 1x
  • Last year ROE dropped to 13% from the historical average of 15%, showing declining capital efficiency
  • Dividend payout has been low at only 13.1% of profits over the last 3 years, limiting shareholder returns in a period of stock price decline
  • 5-year stock CAGR of -16% indicates the market has significantly repriced growth expectations downward since listing
  • 3-year profit CAGR of just 5% versus 10-year CAGR of 39% shows a dramatic slowdown in earnings momentum in recent years

This is AI-generated analysis, not financial advice. Do your own due diligence.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
277
270
341
366
294
289
327
367
295
298
339
398
350
Expenses
229
229
280
284
248
246
270
281
251
253
273
306
288
Operating Profit
48
42
61
82
46
43
57
86
44
46
66
92
62
OPM %
17%
15%
18%
22%
16%
15%
18%
23%
15%
15%
19%
23%
18%
Other Income
4
3
3
4
4
5
3
6
6
3
-2
0
10
Interest
0
0
0
0
1
1
0
1
1
1
0
1
1
Depreciation
9
10
13
14
14
14
14
12
14
14
14
14
14
PBT
42
34
50
72
35
33
46
78
35
34
49
77
57
Tax %
26%
24%
25%
26%
25%
27%
21%
27%
25%
25%
26%
25%
26%
Net Profit
31
26
38
54
26
24
36
57
26
26
36
57
42
EPS in Rs
6.58
5.49
7.92
11.24
5.56
5.06
7.65
11.95
5.53
5.35
7.58
12.03
8.89
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
90
124
289
411
536
625
723
906
1,073
1,255
1,277
1,330
1,385
Expenses
97
130
291
387
481
534
601
770
892
1,022
1,046
1,083
1,120
Operating Profit
-7
-6
-2
24
54
91
123
136
182
233
232
247
265
OPM %
-8%
-4.5%
-0.7%
6%
10%
15%
17%
15%
17%
19%
18%
19%
19%
Other Income
2
1
1
-1
1
2
4
11
10
13
17
6
10
Interest
1
0
3
4
5
6
4
1
1
2
3
2
2
Depreciation
1
1
14
17
17
20
24
31
34
46
54
55
56
PBT
-7
-6
-18
2
34
67
98
114
156
198
192
195
217
Tax %
0%
0%
-10%
-14%
20%
29%
28%
26%
15%
25%
25%
26%
—
Net Profit
-7
-6
-16
3
27
48
71
84
132
149
144
145
161
EPS in Rs
-158
-136
-5.55
0.9
9.32
16.48
14.89
17.67
27.73
31.22
30.22
30.5
33.85
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
17%
13%
11%
12%
16%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.44
0.44
29
29
29
29
48
48
48
48
48
48
Reserves
26
129
69
71
100
150
516
602
729
867
1,000
1,135
Borrowings
4
8
52
54
88
75
9
12
12
17
20
18
Other Liabilities
30
58
97
125
156
169
239
258
274
290
290
369
Total Liabilities
61
196
246
279
373
422
811
920
1,062
1,222
1,358
1,570
Fixed Assets
12
13
91
95
149
201
249
253
265
548
525
580
CWIP
1
0
2
2
4
1
3
51
251
15
135
220
Investments
1
124
16
15
20
21
50
173
132
188
247
289
Other Assets
46
58
137
167
201
199
509
442
414
471
451
481
Total Assets
61
196
246
279
373
422
811
920
1,062
1,222
1,358
1,570
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-6
11
-26
27
50
72
121
65
116
152
205
211
Investing
-10
-123
15
-23
-62
-61
-318
-69
-84
-143
-175
-194
Financing
16
113
8
-4
19
-17
236
-5
-20
-24
-25
-26
Net Cash Flow
1
1
-3
0
7
-6
39
-9
12
-15
4
-9
Free Cash Flow
-6
11
-34
2
-12
11
55
-56
-81
51
72
79
CFO/OP
74
-206
1,325
113
101
93
112
67
77
90
102
109
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
105
97
99
92
71
61
61
69
68
59
63
71
Inventory Days
90
89
107
81
85
87
92
84
72
93
80
89
Days Payable
212
219
190
170
167
157
180
143
122
123
88
103
Cash Conversion Cycle
-17
-33
16
2
-11
-9
-27
10
18
29
54
57
Working Capital Days
34
-27
9
6
-9
0
3
22
25
37
35
107
ROCE %
-25%
-7%
-10%
5%
21%
31%
25%
19%
22%
23%
20%
18%

Shareholding Pattern

As of Jun 2026
Promoters 53.88%
DIIs 25.25%
Public 13.42%
FIIs 5.73%
Others 1.72%
Total 100.00%
  Jan 2021Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
54.00%
54.00%
54.00%
54.00%
54.00%
54.00%
54.00%
54.00%
54.00%
53.98%
53.98%
53.95%
53.94%
53.94%
53.94%
53.92%
53.92%
53.88%
53.92%
53.88%
53.88%
53.88%
53.88%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.73%
8.28%
12.31%
12.50%
7.41%
11.70%
11.80%
11.21%
7.41%
5.73%
DIIs
3.37%
2.36%
2.04%
1.85%
1.84%
2.80%
2.66%
2.30%
3.34%
3.20%
2.88%
1.68%
1.34%
1.96%
1.06%
16.13%
17.06%
23.00%
19.29%
19.68%
21.13%
23.00%
25.25%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.76%
3.07%
2.75%
2.86%
3.35%
4.19%
4.24%
4.76%
6.25%
7.71%
7.83%
8.74%
9.31%
10.00%
10.35%
12.37%
11.80%
13.76%
13.51%
13.10%
12.19%
13.76%
13.42%
Others
33.87%
40.57%
41.21%
41.29%
40.81%
39.02%
39.10%
38.94%
36.41%
35.12%
35.31%
35.63%
35.41%
26.37%
26.37%
5.26%
4.72%
1.95%
1.58%
1.54%
1.60%
1.95%
1.72%
No. of Shareholders
2,75,504
86,097
77,958
76,226
79,135
86,835
86,808
94,158
1,12,218
1,22,785
1,21,986
1,36,982
1,40,003
1,43,588
1,45,181
1,49,623
1,56,800
1,44,361
1,59,977
1,53,100
1,42,630
1,44,361
1,39,467

Documents

Frequently Asked Questions about Indigo Paints Ltd

What does Indigo Paints Ltd do?
Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints[1]
Where is Indigo Paints Ltd (INDIGOPNTS) listed?
Indigo Paints Ltd is listed on the Indian stock exchanges. It is listed on NSE: INDIGOPNTS and BSE: 543258. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indigo Paints Ltd belong to?
Indigo Paints Ltd operates in the Consumer Goods sector within the Paints industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indigo Paints Ltd?
Indigo Paints Ltd has a market capitalisation of approximately ₹5426.44 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Indigo Paints Ltd?
The Price-to-Earnings (PE) ratio of Indigo Paints Ltd is 34.00. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indigo Paints Ltd?
Over the past 52 weeks, Indigo Paints Ltd has traded between a low of ₹708.05 and a high of ₹1,345.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indigo Paints Ltd pay dividends?
Yes, Indigo Paints Ltd has a dividend yield of 0.43%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indigo Paints Ltd?
Indigo Paints Ltd has a Return on Equity (ROE) of 13.79%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indigo Paints Ltd on Tapetide?
On Tapetide, you can view Indigo Paints Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2000, Indigo Paints Ltd manufactures and sells decorative paints[1]

Website indigopaints.com
CEO Mr. Hemant Kamala Jalan
Employees 1,045
Listed 2021-02-02
Face Value ₹ 10
Issued Size 4,76,75,662

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