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Indigo Paints Q3 FY26: EBITDA Grows 14.5% YoY to Rs 65.6 Cr; Margins Expand to 19.4%
Indigo Paints reported a modest 3.5% YoY revenue growth in Q3 FY26 at Rs 338.9 Cr, but achieved significant margin expansion. EBITDA rose 14.5% YoY to Rs 65.6 Cr, with margins improving to 19.4% from 17.5% due to better cost management and reduced advertising spends (5.6% vs 8.2% YoY). Adjusted PAT grew 11.2% to Rs 40.5 Cr, excluding a one-time gratuity provision of Rs 5.85 Cr. The company continues to maintain industry-leading gross margins at 47.1% while expanding its dealer network to 19,134.
Key Highlights
EBITDA margins expanded by 190 bps YoY to 19.4% in Q3 FY26, driven by cost efficiencies and lower A&P spends.
Advertising and Promotion (A&P) expenses as a % of revenue dropped significantly to 5.6% from 8.2% YoY.
Active dealer network reached 19,134 with 11,913 tinting machines installed as of December 31, 2025.
Subsidiary Apple Chemie showed strong performance with Q3 revenue rising to Rs 20.0 Cr from Rs 15.2 Cr YoY.
New 90,000 KLPA water-based plant in Jodhpur is on track for commissioning by June 2026.
💼 Action for Investors
Investors should note the strong margin profile and cost discipline which offset moderate topline growth. The upcoming Jodhpur capacity expansion and growth in the construction chemicals segment (Apple Chemie) remain key long-term growth drivers.
Indigo Paints Expands Capacity; Commences 12,000 KLPA Plant and Doubles Powder-Based Capacity
Indigo Paints has announced a significant multi-pronged capacity expansion at its Jodhpur facilities to meet projected future demand. A new 12,000 KLPA solvent-based paint plant commenced production in February 2026, and a large 90,000 KLPA water-based plant is expected to be operational by June 2026. Additionally, the company is doubling its powder-based capacity by adding 138,000 MTPA, bringing the total to 276,000 MTPA. This expansion involves a modest investment of approximately INR 15 crore, which is being funded entirely through internal accruals.
Key Highlights
Commenced production of 12,000 KLPA solvent-based paint plant in February 2026
New 90,000 KLPA water-based paint plant expected to be operational by June 2026
Doubling powder-based capacity by adding 138,000 MTPA to the existing 138,000 MTPA
Investment of ~INR 15 crore for powder plant expansion funded via internal accruals
Expansion aimed at proactively meeting future demand despite current powder plant utilization of ~77%
💼 Action for Investors
Investors should view this as a positive indicator of management's confidence in future volume growth and market share gains. Monitor the timely commissioning of the water-based plant in June 2026 as it will be a key driver for revenue growth.
Indigo Paints Starts Solvent Plant Production; Expands Powder Capacity by 1.38 Lakh MTPA
Indigo Paints has commenced commercial production at its new 12,000 KLPA solvent-based paint plant in Jodhpur as of February 2026. The company is also doubling its powder-based plant capacity by adding 1,38,000 MTPA, involving a capital expenditure of INR 15 crore funded via internal accruals. Furthermore, a significant 90,000 KLPA water-based paint facility is on track to become operational by June 2026. These strategic expansions are designed to meet projected future demand, following a high 77% utilization rate in existing powder-based units during FY 2024-25.
Key Highlights
Commenced production at 12,000 KLPA solvent-based paint plant in February 2026
Doubled powder-based plant capacity from 1,38,000 MTPA to 2,76,000 MTPA
New 90,000 KLPA water-based paint plant expected to be operational by June 2026
Expansion of powder-based unit funded through internal accruals of INR 15 crore
Existing powder plant utilization was high at ~77% for FY 2024-25
💼 Action for Investors
Investors should view these capacity additions as a strong indicator of future revenue growth and market share expansion. Monitor the timely commissioning of the large water-based plant in June 2026 as a key upcoming milestone.
Indigo Paints Q3 FY26 Revenue Up 4.7% YoY to ₹358.78 Cr; PAT at ₹37.14 Cr
Indigo Paints reported a consolidated revenue of ₹358.78 crore for Q3 FY26, a 4.7% increase over the previous year's ₹342.62 crore. Net profit grew by 3.6% YoY to ₹37.14 crore, even after accounting for a one-time exceptional charge of ₹6.13 crore due to new labour code regulations. Sequentially, the company performed strongly with revenue rising 15% and net profit jumping 47% compared to Q2 FY26. The subsidiary Apple Chemie India contributed ₹19.96 crore to the quarterly revenue.
Key Highlights
Consolidated Revenue from Operations increased 4.7% YoY to ₹358.78 crore from ₹342.62 crore.
Consolidated Net Profit rose to ₹37.14 crore, despite a ₹6.13 crore exceptional cost related to New Labour Codes.
Profit Before Tax (PBT) before exceptional items grew to ₹56.47 crore compared to ₹45.05 crore YoY.
Basic EPS for the quarter stood at ₹7.63 compared to ₹7.56 in the same period last year.
Subsidiary Apple Chemie India Private Limited reported a PAT of ₹1.55 crore for the quarter.
💼 Action for Investors
The results show steady but modest YoY growth; investors should monitor if the strong sequential recovery can be sustained in Q4. The stock remains a hold as the market evaluates the impact of new regulatory costs on long-term margins.