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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.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.
- Q3 FY26 delivered strong revenue, margin gains, and robust subsidiary growth despite one-time costs.INDIGOPNTS
Q3 25/2616 Feb 2026 - Flat Q1 revenue, resilient margins, and July sales recovery despite monsoon disruptions.INDIGOPNTS
Q1 25/2619 Dec 2025 - Record Q4 margins, resilient FY25 growth, and a Rs 3.50 dividend set up a strong FY26 outlook.INDIGOPNTS
Q4 24/2519 Dec 2025 - Margins improved and demand is reviving, with double-digit growth expected by Q4.INDIGOPNTS
Q2 25/2618 Dec 2025 - Q3 revenue fell 4% YoY, but gross margins stayed strong and recovery is expected in Q4.INDIGOPNTS
Q3 24/2518 Dec 2025 - Q1 FY25 revenue rose 7.8% YoY, but margins and profit fell due to higher costs and depreciation.INDIGOPNTS
Q1 24/2517 Dec 2025 - Q2 FY25 revenue up 7.4% YoY, margins pressured, but industry-leading growth sustained.INDIGOPNTS
Q2 24/2517 Dec 2025
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