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Revenue
₹359 Cr
verified against source
Revenue YoY
3.5%
reported change
EBITDA
₹65.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indigo Paints reported Q3 FY26 standalone revenue of ₹338.9 crore, up 3.5% YoY, with EBITDA margin expanding 190 bps to 19.4% driven by premium mix shift and cost controls. PAT (ex-exceptional) grew 11.2% to ₹40.5 crore. Volume growth was led by enamels (+20.2%) and waterproofing (now 7% of sales), while emulsions saw a slight volume dip. Management highlighted three consecutive months of double-digit value growth (Nov–Jan) and expects this momentum to sustain into Q4. The new Jodhpur water-based plant is delayed to June 2026, but existing capacity is sufficient. Key risk: demand recovery may falter if macroeconomic headwinds persist or competitive intensity from new entrants escalates.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 FY26 to deliver close to double-digit value growth, building on three consecutive months of double-digit growth (Nov–Jan).
- The 90,000 KL per annum water-based plant is delayed but expected to commence production in June 2026.
- Management plans to sacrifice ~1 percentage point of gross margin to offer higher trade discounts, aiming for disproportionately higher sales growth.
Risks flagged
- The recent uptick in demand could reverse if macroeconomic conditions worsen or consumer spending slows again.
- New entrants like Birla Opus continue aggressive pricing and marketing, potentially pressuring market share and margins.
- The new water-based plant is delayed to June 2026, which could constrain capacity if demand accelerates sharply.
Key quotes
- After 2 years, this is the first time when for 3 months in a row, November, December and January, we are seeing double-digit growth in value.
- Why should we not think of going even more aggressively on trade discounts and maybe sacrifice a percentage point from our gross margin?
- I think the brand recognition stays, the brand awareness is there and in paint line as opposed to certain FMCG all you need is back of the mind brand recall.
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