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As of 6 Nov 2026, Indigo Paints trades at 29.3× trailing earnings, above the industry P/E of 22.1×, and the shares are 32% below their 52-week high. Sales and net profit grew 9.4% and 3.2% a year over 3 years; its ROCE of 16% is the second-lowest among the 7 largest Specialty Chemicals peers. It carries very little debt, and its dividend yield is 0.6%. It is a small-cap company with a market cap of ₹4,364 Cr, ranked 39th of 204 Specialty Chemicals companies by market cap; the shares fell 9.5% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹884.70
Day high
₹918.00
Day low
₹884.25
Prev. close
₹900.45
Volume
1.7 L

Health check

2 fair · 4 to check
  • ReturnsBehind

    −9.5% over a year, better than 0 of 7 peers.

  • Price tagPricier

    P/E 29.3 vs industry 22.1.

  • GrowthSteady

    Sales +9.4%, profit +3.2% a year over 3 years.

  • ProfitabilityWeak

    ROCE 15.9% vs peer median 24.4%.

  • Balance sheetFair

    Practically debt-free, Piotroski 4 of 9.

  • Red flags2 to check

    Quarterly profit down 46.8% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Specialty Chemicals

203 listed peers. Screen the industry

Small cap

₹4,364 Cr, #39 of 204 in its industry by size.

Defensive

Beta 0.55 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹1,513 Cr · profit ₹149 Cr
Market cap
₹4,364 Cr
Small cap
P/E
29.3
Industry 22.1
Price to book
3.68
Peers 13.33
Dividend yield
0.55%
ROE
13.5%
Peers 23.0%
ROCE
15.9%
Peers 24.4%
Debt to equity
0.02
Debt ₹25 Cr
EPS (TTM)
₹31.18
Face value ₹10
OPM (TTM)
17.0%
Net margin 9.9%
Sales growth
+15.0%
Latest quarter vs a year ago
Profit growth
−46.8%
Latest quarter vs a year ago
Price to sales
2.89
EV/EBITDA 16.3

Strengths and risks

Strengths

  • Practically debt-free.
  • Quarterly sales up 15.0% on a year ago.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Quarterly profit down 46.8% on a year ago.
  • 32% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Indigo Paints

Indigo Paints Limited manufactures and sells decorative paints in India and internationally. The company offers interior and exterior emulsions, enamels, putties and primers, and sleek wood coatings, as well as waterproofing solutions and construction chemicals; aluminium paints, stone and tiles paints, roof paints, stainers, interior lustre finish under the Indigo brand. The company was incorporated in 2000 and is headquartered in Pune, India.

Headquarters
Pune
Employees
1,188
Sector
Basic Materials
ISIN
INE09VQ01012
Website
indigopaints.com

Price range

52 weeks

₹708.05₹1,345.90

Today

₹884.25₹918.00
Avg volume (3M)
1.3 L
1-year return
minus 9.5%
From 52-week high
minus 32.1%

Analyst consensus

8 analysts
BuyMean target ₹1,133.75 plus 24.0%

Target range, with today’s price

Low ₹880.00High ₹1,340.00

Consensus from Yahoo Finance. Not a recommendation.

Peers · Specialty Chemicals

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ASIANPAINTAsian Paints2,546.00plus 0.88%2,44,02550.535.024.4%18.9%0.211.1%plus 1.5%
SOLARINDSSolar Industries India18,608.00plus 0.48%1,68,38474.464.129.5%27.8%0.2212.4%plus 35.9%
PIDILITINDPidilite Industries1,579.00plus 1.63%1,60,82760.044.428.5%23.5%0.037.4%plus 6.8%
LINDEINDIALinde India6,859.00plus 8.73%58,496118.464.216.3%31.5%0.23–plus 5.4%
BERGEPAINTBerger Paints India478.35minus 5.28%55,77645.429.420.6%15.3%0.154.2%minus 6.0%
FLUOROCHEMGujarat Fluorochemicals4,665.50minus 0.94%51,25175.944.09.6%24.1%0.26−4.5%plus 28.0%
ACUTAASAcutaas Chemicals3,786.60plus 0.42%31,00170.964.127.7%39.4%0.0129.4%plus 105.6%
INDIGOPNTSIndigo Paints914.35plus 1.54%4,36429.315.915.9%4.2%0.029.4%minus 9.5%
Median of 7 peers–0.48%58,49670.944.424.4%24.1%0.215.8%6.8%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
309359425370359
265290330308328
44.368.495.66231
14.3%19.1%22.5%16.8%8.6%
63.70.310.22.2
0.70.60.90.60.7
14.81515.315.615.7
–−6.1–––
34.850.379.65616.7
25.0%26.2%25.7%25.6%19.6%
25.937.157.741.713.3
5.427.6012.068.722.80

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+9.4%
Profit CAGR 3Y
+3.2%
EPS CAGR 3Y
+3.1%
ROE
13.5%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,0681,3001,3341,399
–+21.7%+2.6%+4.8%
8861,0621,1011,143
182238233256
17.0%18.3%17.5%18.3%
1.40.70.8−0.7
1.423.22.6
34.351.658.560.2
8.213.517.56.5
156199190198
15.4%25.1%25.2%25.6%
132147142145
–+11.7%minus 3.8%+2.3%
27.6730.8729.6830.34

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
47.647.647.647.7
7298559831,106
11.92127.321.1
274347352454
1,0621,2701,4101,629
487566658756
25336.5149221
0000.1
179200263332
143468341320
1,0621,2701,4101,629

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
116151206223
−84.4−152−178−196
−20.1−23.2−23.9−31.5
11.6−23.94.2−5
−199−104−136−135
−83.146.669.587.6
−14.3−16.7−16.7−16.7

Shareholding pattern

Source: NSE filings
53.8%
promoters
  • Promoters53.81%
  • Public46.19%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202653.81%46.19%minus 0.07
30 Jun 202653.88%46.12%0.00
31 Mar 202653.88%46.12%0.00
31 Dec 202553.88%46.12%0.00
30 Sep 202553.88%46.12%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you