Indigo Paints vs Vibhor Steel Tubes Q3 FY26

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.

Guidance read

Double-digit value growth expected in Q4 FY26: Management expects Q4 FY26 to deliver close to double-digit value growth, building on three consecutive months of double-digit growth (Nov–Jan). New water-based plant at Jodhpur to start production by June 2026: The 90,000 KL per annum water-based plant is delayed but expected to commence production in June 2026. Leverage gross margin advantage to drive higher sales growth: Management plans to sacrifice ~1 percentage point of gross margin to offer higher trade discounts, aiming for disproportionately higher sales growth.

Risk read

Key risks include Demand recovery may be fragile — The recent uptick in demand could reverse if macroeconomic conditions worsen or consumer spending slows again.; Increased competitive intensity from new entrants — New entrants like Birla Opus continue aggressive pricing and marketing, potentially pressuring market share and margins.; Delay in Jodhpur plant may impact future capacity — The new water-based plant is delayed to June 2026, which could constrain capacity if demand accelerates sharply..

Promise ledger

Scorecard data is being built as historical quarters are processed.

Vibhor Steel Tubes reported Q3 FY26 revenue of ₹301.1 crore, up 21% YoY, driven by the ramp-up of the Jajpur (Odisha) plant which reached 21% capacity utilization in December. The company's legacy Maharashtra and Telangana plants continue to operate at 70-72% capacity. Management highlighted that the metal crash barrier division is running at full capacity (1,000 tons/month at each plant), prompting expansion with new machines and a second galvanizing line in Jajpur. New products like transmission line towers, monopoles, and poles are gaining traction, with EBITDA margins expected to be higher (5-10%) than pipes (3.5-3.8%). Capex of ~₹10 crore is planned for FY26. Key risk: high dependence on Jindal (80% of revenue) and execution delays in certification for new products.

Guidance read

Jajpur plant capacity utilization to reach 30-40% in FY27: Management expects the Jajpur plant to achieve 30-40% capacity utilization in the next fiscal year, up from 21% in December. Capex of ~₹10 crore in FY26: The company plans to invest approximately ₹10 crore in FY26 for new machines and galvanizing lines. New products to contribute 20% of revenue: Management expects non-pipe products (crash barrier, poles, towers) to account for 20% of revenue in the near term.

Risk read

Key risks include High customer concentration (Jindal) — Approximately 80% of revenue comes from Jindal, posing a risk if the relationship sours or demand drops.; Certification delays for new products — New products like transmission towers and poles require state-level certifications, which may delay revenue recognition.; Execution risk in capacity expansion — The company is adding new machines and galvanizing lines; any delay could impact growth targets..

Promise ledger

Scorecard data is being built as historical quarters are processed.