Indigo Paints (INDIGOPNTS) Q4 25/26 earnings summary

Executive summary

• Achieved strong Q4 and FY26 results with standalone revenue up 8.4% YoY and consolidated revenue up 4.8% YoY, despite industry-wide demand softness and raw material cost spikes from geopolitical events.

• Maintained industry-leading gross margins and outperformed peers, with value growth accelerating each quarter and premiumization driving both volume and value growth.

• Continued network expansion with increased active dealers, depots, and tinting machines, and expanded Colour Canvas Stores to 16 locations.

• Strategic focus for FY27 is on aggressive top-line growth, market share gains, and deeper penetration in underpenetrated geographies, even at the cost of some gross margin moderation.

• Board approved audited consolidated and standalone financial results for FY26 with unmodified audit opinions and recommended a final dividend of Rs. 5.00 per share.

Financial highlights

• Q4 standalone revenue from operations: Rs. 397.9 crore, up 8.4% YoY; consolidated Q4 revenue: Rs. 425.3 crore, up 9.7% YoY.

• Q4 standalone EBITDA: Rs. 91.7 crore (6.8% YoY growth), EBITDA margin 23.0%; PAT: Rs. 57.3 crore, PAT margin 14.4%.

• FY26 standalone revenue: Rs. 1,330.1 crore, up 4.1% YoY; gross margin 46.9%; EBITDA Rs. 246.7 crore, margin 18.5%; PAT Rs. 149.8 crore, up 4.0%.

• FY26 consolidated revenue: Rs. 1,405.0 crore, up 4.8% YoY; EBITDA Rs. 254.8 crore, margin 18.1%; PAT (excl. exceptional item) Rs. 152.2 crore, up 7%.

• Earnings per share (consolidated, FY26): Basic Rs. 30.44; Diluted Rs. 30.34.

Outlook and guidance

• High revenue growth recorded for five consecutive months; expects this trajectory to continue in FY27.

• Targeting faster-than-market growth and 30%+ growth for subsidiary Apple Chemie in FY27.

• Will accept some gross margin moderation to drive top-line growth, but expects EBITDA margins to remain stable.

• Jodhpur water-based plant trial production set for June 2026; no major capex planned until FY29.

• The company continues to monitor the impact of new labour codes and will adjust accounting as needed.