Indigo Paints
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Indigo Paints (INDIGOPNTS) investor relations material

Indigo Paints Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 25/26 earnings summary25 May, 2026

Executive summary

  • Achieved strong Q4 and FY26 results with standalone revenue up 8.4% YoY and consolidated revenue up 4.8% YoY, despite industry-wide demand softness and raw material cost spikes from geopolitical events.

  • Maintained industry-leading gross margins and outperformed peers, with value growth accelerating each quarter and premiumization driving both volume and value growth.

  • Continued network expansion with increased active dealers, depots, and tinting machines, and expanded Colour Canvas Stores to 16 locations.

  • Strategic focus for FY27 is on aggressive top-line growth, market share gains, and deeper penetration in underpenetrated geographies, even at the cost of some gross margin moderation.

  • Board approved audited consolidated and standalone financial results for FY26 with unmodified audit opinions and recommended a final dividend of Rs. 5.00 per share.

Financial highlights

  • Q4 standalone revenue from operations: Rs. 397.9 crore, up 8.4% YoY; consolidated Q4 revenue: Rs. 425.3 crore, up 9.7% YoY.

  • Q4 standalone EBITDA: Rs. 91.7 crore (6.8% YoY growth), EBITDA margin 23.0%; PAT: Rs. 57.3 crore, PAT margin 14.4%.

  • FY26 standalone revenue: Rs. 1,330.1 crore, up 4.1% YoY; gross margin 46.9%; EBITDA Rs. 246.7 crore, margin 18.5%; PAT Rs. 149.8 crore, up 4.0%.

  • FY26 consolidated revenue: Rs. 1,405.0 crore, up 4.8% YoY; EBITDA Rs. 254.8 crore, margin 18.1%; PAT (excl. exceptional item) Rs. 152.2 crore, up 7%.

  • Earnings per share (consolidated, FY26): Basic Rs. 30.44; Diluted Rs. 30.34.

Outlook and guidance

  • High revenue growth recorded for five consecutive months; expects this trajectory to continue in FY27.

  • Targeting faster-than-market growth and 30%+ growth for subsidiary Apple Chemie in FY27.

  • Will accept some gross margin moderation to drive top-line growth, but expects EBITDA margins to remain stable.

  • Jodhpur water-based plant trial production set for June 2026; no major capex planned until FY29.

  • The company continues to monitor the impact of new labour codes and will adjust accounting as needed.

Apple Chemie's role in consolidated growth
FY26 exceptional item for new labour codes
Impact of bond yield spike on Q4 treasury income
Rationale for sacrificing margins for growth
Impact of ending the CapEx cycle on cash flow
Indigo's moat in niche product categories
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Q1 26/277 Aug, 2026
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