Indigo Paints
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Indigo Paints (INDIGOPNTS) investor relations material

Indigo Paints Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary16 Feb, 2026

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.

Future accounting impact of New Labour Codes
Apple Chemie's contribution to consolidated PAT
Drivers of Q3 EBITDA margin expansion
A&P shift impact on product mix and growth
Leverage high gross margins for sales growth?
Sustain differentiated product market share?
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Q4 25/2630 May, 2026
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