Summary of Key Information:

Reporting Period: Quarter and half-year ended September 30, 2026

Nature of Filing / Announcement: Outcome of Board Meeting - Financial Results under SEBI Listing Regulations

Audit Opinion:

Clean opinion - Unmodified conclusion from Price Waterhouse Chartered Accountants LLP on both standalone and consolidated financial results

Key Financial Highlights [Amounts in INR lakhs]:

Standalone Results:

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹34,048.45 (vs ₹29,850.18 in Q2 FY25, +14.1% YoY)
  • Total Income: ₹34,247.79
  • Profit before tax: ₹1,723.36 (vs ₹3,413.64 in Q2 FY25, -49.5% YoY)
  • Net Profit: ₹1,380.80 (vs ₹2,553.31 in Q2 FY25, -45.9% YoY)
  • EPS: ₹2.90 basic, ₹2.90 diluted (vs ₹5.36 basic, ₹5.35 diluted in Q2 FY25)

Half-Year Ended September 30, 2026:

  • Revenue from Operations: ₹69,052.99 (vs ₹59,335.40 in H1 FY25, +16.4% YoY)
  • Total Income: ₹70,237.58
  • Profit before tax: ₹7,416.29 (vs ₹6,931.21 in H1 FY25, +7.0% YoY)
  • Net Profit: ₹5,617.33 (vs ₹5,189.04 in H1 FY25, +8.3% YoY)
  • EPS: ₹11.79 basic, ₹11.75 diluted (vs ₹10.89 basic, ₹10.86 diluted in H1 FY25)

Consolidated Results:

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹35,875.05 (vs ₹31,205.91 in Q2 FY25, +15.0% YoY)
  • Total Income: ₹36,092.36
  • Profit before tax: ₹1,665.63 (vs ₹3,376.57 in Q2 FY25, -50.7% YoY)
  • Net Profit: ₹1,339.37 (vs ₹2,524.96 in Q2 FY25, -47.0% YoY)
  • EPS: ₹2.80 basic, ₹2.80 diluted (vs ₹5.27 basic, ₹5.26 diluted in Q2 FY25)
  • Net profit attributable to equity holders: ₹1,331.87

Half-Year Ended September 30, 2026:

  • Revenue from Operations: ₹72,842.13 (vs ₹62,092.30 in H1 FY25, +17.3% YoY)
  • Total Income: ₹74,078.57
  • Profit before tax: ₹7,268.84 (vs ₹6,851.99 in H1 FY25, +6.1% YoY)
  • Net Profit: ₹5,509.69 (vs ₹5,130.73 in H1 FY25, +7.4% YoY)
  • EPS: ₹11.56 basic, ₹11.52 diluted (vs ₹10.71 basic, ₹10.68 diluted in H1 FY25)
  • Net profit attributable to equity holders: ₹5,506.83

Other Equity:

  • Standalone: ₹1,13,467.22 as of March 31, 2026
  • Consolidated: ₹1,10,629.10 as of March 31, 2026

Cash and Cash Equivalents:

  • Standalone: ₹1,197.55 as of September 30, 2026 (vs ₹2,854.07 as of March 31, 2026)
  • Consolidated: ₹1,198.95 as of September 30, 2026 (vs ₹3,212.13 as of March 31, 2026)

Debt:

Standalone as of September 30, 2026:

  • Non-current borrowings: ₹1,497.96
  • Current borrowings: ₹673.71
  • Total borrowings: ₹2,171.67

Consolidated as of September 30, 2026:

  • Non-current borrowings: ₹1,510.27
  • Current borrowings: ₹717.48
  • Total borrowings: ₹2,227.75

Segment-wise Performance:

The Group operates in a single reportable segment - manufacturing and selling of paints and allied products. Resources are allocated across the Group interchangeably, and business performance is reviewed as one segment.

Corporate Actions:

No dividend declarations, share splits, bonus issues, buybacks, or capital structure changes announced in this filing.

Other Significant Information:

Exceptional Items:

The Group disclosed exceptional items in FY26 due to the implementation of New Labour Codes effective November 21, 2025, requiring recognition of past service cost under Ind AS 19:

  • Consolidated: ₹613.31 lakhs impact for year ended March 31, 2026
  • Standalone: ₹585.33 lakhs impact for year ended March 31, 2026

These were presented as exceptional items due to their regulatory-driven and non-recurring nature.

Management Commentary from Press Release:

  • Q2 revenue growth was healthy but impacted by unfavorable product mix and raw material cost headwinds from high-cost inventory
  • Gross margin contracted from 45.1% to 38.5% YoY in Q2
  • Subsidiary Apple Chemie recorded 35.3% growth
  • H1 standalone EBITDA margin at 13.4% and PAT margin at 8.0%
  • H1 consolidated EBITDA margin at 12.8% and PAT margin at 7.4%

Entities in Consolidation:

  • Indigo Paints Limited (Holding Company)
  • Apple Chemie India Private Limited (51% subsidiary)