Indigo Paints (INDIGOPNTS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue grew 14.1% standalone and 15.0% consolidated YoY, while EBITDA and net profit declined as weaker product mix and high-cost inventory compressed margins.

• H1 FY27 revenue grew 16.4% standalone and 17.3% consolidated; net profit rose 8.3% and 7.4%, respectively.

Financial highlights

• Standalone Q2 revenue was ₹340.5 crore, EBITDA ₹30.3 crore, down 33.8%, and PAT ₹13.8 crore, down 45.9% YoY.

• Consolidated Q2 revenue was ₹358.8 crore, EBITDA excluding other income ₹31.0 crore, down 33.5%, and net profit ₹13.4 crore, down 47.0% YoY.

• Standalone H1 revenue was ₹690.5 crore, EBITDA ₹92.3 crore, up 3.2%, and PAT ₹56.2 crore, up 8.3% YoY.

• Consolidated H1 revenue was ₹728.4 crore, EBITDA ₹93.0 crore, up 2.4%, and PAT ₹55.1 crore, up 7.4% YoY.

Outlook and guidance

• High-cost inventory impact was largely absorbed by August; gross margin recovery and normalized EBITDA margins are expected in H2, particularly during seasonally strong Q3 and Q4.

• Management targets growth of 1.5x–2x industry and expects Q3–Q4 outperformance, but withheld specific guidance amid geopolitical uncertainty.

• October sales reached a record monthly high, with the strongest YoY monthly growth in 3–4 years; November–December performance remained uncertain.

• Jodhpur water-based plant is expected to reach full production from December 2026; no substantial CapEx is expected for at least the next couple of years.