Indigo Paints (INDIGOPNTS) Q3 25/26 earnings summary

Executive summary

• Achieved resilient revenue and profitability growth in Q3 FY26 and 9M FY26, with gross margin above 46% and disciplined cost management, despite early quarter headwinds from delayed monsoon and early Diwali.

• Profitability expanded faster than revenue, driven by premium product mix, cost control, and favorable raw material prices.

• Continued network expansion, product innovation, and digital marketing, with a focus on premium products.

Financial highlights

• Standalone Q3 FY26 revenue: ₹338.9 crore, up 3.5% YoY; consolidated Q3 revenue: ₹358.8 crore, up 4.7% YoY; 9M FY26 consolidated revenue: ₹979.9 crore, up 2.8% YoY.

• Standalone EBITDA margin improved to 19.4% (₹65.6 crore); consolidated EBITDA margin at 19% in Q3 FY26.

• PAT (excluding one-time gratuity provision) at ₹40.5 crore, up 11.2% YoY; consolidated PAT margin (excl. exceptionals) at 11.5%.

• Apple Chemie subsidiary Q3 revenue: ₹20 crore, up 31.5% YoY, with improved profitability.

• Advertising & promotion expenses reduced to 5.6% of revenue in Q3 FY26 from 8.2% YoY.

Outlook and guidance

• Optimistic for continued robust momentum in Q4 FY26, with strong post-festive demand and favorable raw material prices supporting margin improvement.

• Anticipates potential return to 20% growth in FY27 if industry demand recovers.

• Apple Chemie exploring export opportunities and launching new sealant products.