Financial Performance - Standalone Q4 FY26

  • Revenue from Operations: ₹397.9 Crore, representing 8.4% YoY growth
  • PAT: ₹57.3 Crore with PAT Margin of 14.4% (compared to 15.3% in Q4 FY25)
  • Gross Margin: 48.6% (industry leading position, improved from 47.4% in Q4 FY25)
  • EBITDA: ₹91.7 Crore with 6.8% YoY growth and EBITDA Margin of 23.0% (vs 23.4% in Q4 FY25)
  • Advertising & Promotion Expense: 5.6% of revenue (increased from 5.0% in Q4 FY25)
  • Other Income: Declined sharply from ₹5.6 Crore in Q4 FY25 to ₹0.19 Crore in Q4 FY26 due to MTM losses on treasury income from adverse bond yield movements

Financial Performance - Standalone FY26

  • PAT excluding exceptional item of ₹5.85 Crore
  • A&P expenses reduced to 5.8% of revenue from 6.4% in FY25
  • EBITDA% improved to 18.5% from 18.1% in FY25
  • PAT% was 11.2% compared to 11.1% in FY25

Product Category Performance - Q4 FY26 YoY Growth

  • Putty + Cement Paints: 12.6% growth
  • Emulsions: 10.5% growth

Product Category Performance - FY26 YoY Growth

| Product Category | Value Growth (%) | Volume Growth (%) |

| Putty + Cement Paints | 3.9% | 0.5% |

| Emulsions | 4.4% | 1.9% |

| Enamels and wood coatings | 10.6% | 8.5% |

| Primers + Distempers + Others | 11.1% | 7.5% |

Operational Metrics and Network Expansion

  • 6 Manufacturing plants
  • Presence in 28 States
  • 55 Depots
  • 19,352 Active dealers
  • 12,217 Tinting machines
  • Focus on Tier 3,4 cities with growing presence in Tier 1,2 cities

Capacity Expansion Projects

  • Jodhpur water-based plant: 90,000 KLPA capacity with trial production expected in June 2026
  • Solvent based plant & Putty Plant: Production commenced in FY26
  • No major capex envisaged till FY29

Marketing Initiatives

  • 16 Colour Canvas Stores operational across the country
  • Advertised in World Cup with focus on BTL activities
  • Enhanced digital outreach and new advertisements

Subsidiary Performance - Apple Chemie

  • WPCC products launched for retail channel under Indigo brand (Protect Plus Series)
  • First construction chemical manufacturer to get accreditation from NABL
  • Commenced production at new sealant plant at Nagpur facility
  • Continued stellar growth in Q4 FY26 with strong improvement in profitability metrics
  • Strong order visibility with expectation of 30%+ growth rate in FY27

Sustainability and CSR Initiatives

  • Power generation commenced from 330 kW solar panels at Kochi Factory
  • Community service initiative involving painters to paint Government schools in Tier 2/3 towns: Over 230 schools painted
  • Education assistance & career guidance provided to about 360 girls through Payal Jalan Trust – Educare initiative
  • Healthcare program for underprivileged through Cancure foundation near Kochi Factory
  • Health benefit program extended to painter community: 36,200 painter families covered
  • SkillUp Program: Trained over 1,100 painting professionals for soft skills and business development

Dividend Declaration

  • Board has proposed a dividend of ₹5.0 per share (increased from ₹3.5 per share in earlier years)

Outlook and Guidance

  • Achieving double-digit gross revenue growth for past five months, expecting trend to continue
  • Key raw material prices rose 50-100% in March 2026 due to Middle East conflict
  • Industry implemented multiple price hikes of about 12% to offset cost increase
  • Embarking on aggressive growth path that may moderately affect gross margins while keeping EBITDA margins intact