What was Indigo Paints's revenue in Q3 FY26?

Indigo Paints reported revenue of ₹359 Cr in Q3 FY26, a +3.5% change year-over-year.

Did Indigo Paints management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Indigo Paints Q3 FY26 Research Workspace: Revenue ₹359 Cr (+3.5%)

Q: What guidance did Indigo Paints management give?

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).

Revenue ₹359 Cr +3.5%

EBITDA ₹66 Cr +14.5%

PAT ₹37 Cr +11.2%

EBITDA Margin 19% +190bps

Duration 62 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Research workspace

Focused Modules

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Risk Intelligence

Demand recovery may be fragile

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Quarter Snapshot

Active Dealers 19,100

+~1,000 YoY

Dealer network expanded slightly; focus is on throughput per dealer rather than absolute count.

Tinting Machines 11,900

+2,000 YoY

Tinting machine count grew faster than dealer count, enabling higher throughput per dealer.

Enamel Value Growth 18.9%

+18.9pp YoY

Enamels and wood coatings led category growth, supported by differentiated PU enamel products.

Waterproofing Share of Revenue 7%

+7pp vs 2 years ago

Waterproofing segment grew from zero to 7% of topline in two years, driven by strong demand.

Fast read

Guidance and risk preview

Top guidance 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).

Top risk Demand recovery may be fragile

The recent uptick in demand could reverse if macroeconomic conditions worsen or consumer spending slows again.