Indigo Paints Limited held an earnings conference call on May 25, 2026, at 11:00 hrs IST to discuss its unaudited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The call was hosted by ICICI Securities and included a presentation followed by a Q&A session.

Management Participants:

  • Mr. Hemant Jalan – Managing Director
  • Mr. Suresh Babu – Chief Operating Officer
  • Mr. Chetan Humane – Chief Financial Officer
  • Mr. Aishwarya Pratap Singh – Chief Business Officer
  • Mr. Srihari Santhakumar – General Manager Finance and Head, Investor Relations

Key Financial Highlights (Standalone):

  • Q4 FY26 Revenue from Operations: INR 397.9 crores (8.4% YoY growth)
  • Q4 FY26 Gross Margin: 48.6% (vs. 47.4% in Q4 FY25)
  • Q4 FY26 EBITDA: INR 91.7 crores (6.8% YoY growth); EBITDA Margin: 23.0%
  • Q4 FY26 PAT: INR 57.3 crores; PAT Margin: 14.4% (vs. 15.3% in Q4 FY25)
  • Full Year FY26 Revenue: INR 1,330 crores (4.1% YoY growth)
  • Full Year FY26 Gross Margin: 46.9% (vs. 46.5% in FY25)
  • Full Year FY26 EBITDA: INR 246.7 crores; EBITDA Margin: 18.5% (vs. 18.1% in FY25)
  • Full Year FY26 PAT (excluding exceptional item): INR 149.8 crores (4% growth); PAT Margin: 11.2%

Key Financial Highlights (Consolidated - includes Apple Chemie India Limited):

  • Q4 FY26 Revenue: INR 425.3 crores (9.7% YoY growth)
  • Q4 FY26 EBITDA: INR 95.6 crores (9.3% YoY growth); EBITDA Margin: 22.5%
  • Q4 FY26 PAT: INR 59.2 crores; PAT Margin: 13.9%
  • Full Year FY26 Revenue: INR 1,405 crores (4.8% growth)
  • Full Year FY26 EBITDA: INR 254.8 crores (9.1% growth); EBITDA Margin: 18.1%
  • Full Year FY26 PAT (excluding exceptional item): INR 152.2 crores (7% growth); PAT Margin: 10.7%

Operational Highlights:

  • All four product categories delivered positive growth in Q4 FY26:
  • Primers and Distemper: 14.9% value growth, 9.6% volume growth
  • Putty and Cement Paint: 12.6% value growth, 9.5% volume growth
  • Emulsions: 10.5% value growth, 11.2% volume growth
  • Enamels and Wood Coatings: 7.2% value growth, 5.4% volume growth
  • Distribution network: 19,350+ active dealers, 12,200+ tinting machines, 55 depots
  • Apple Chemie subsidiary: Q4 revenue INR 27.5 crores (34.7% growth); Full year revenue INR 75.1 crores (17.8% growth)

Strategic Updates:

  • Management announced a strategic shift to prioritize market share growth, potentially accepting a 200-250 basis point reduction in gross margins through increased trade schemes and influencer spending
  • New water-based plant at Jodhpur (90,000 KL annual capacity) in final stages of commissioning with trial production expected in June 2026
  • No major capex anticipated until FY29, leading to expected stronger free cash flow generation from FY27 onwards
  • Board proposed dividend of INR 5 per share for FY26 (43% increase from INR 3.5 per share in previous years)

Raw Material Environment:

  • Key input prices surged 50-100% in March 2026 due to Middle East conflict
  • Industry implemented approximately 12% price increases in response
  • Company expects pricing environment to progressively absorb cost impact over coming quarters

Compliance Statement:

The transcript was filed pursuant to Regulation 30 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information is also available on the company's website at https://indigopaints.com/investors/analyst-investors-meets/.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with detailed Q&A session
  • The announcement serves as formal intimation of the earnings call disclosure to stock exchanges