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Indigo Paints (INDIGOPNTS) investor relations material
Indigo Paints Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue and profitability grew modestly year-over-year, with consolidated Q2 FY26 revenue up 4.2% and standalone up 3.5%, reflecting demand recovery after a prolonged slowdown.
Gross and EBITDA margins improved, supported by premium product mix, operational discipline, and stable raw material prices.
Premium segments in emulsions and enamels outperformed, with value growth outpacing volume growth and contrary to industry trends.
Subsidiary Apple Chemie delivered strong growth, expanding into new regions and product lines, contributing 22.6% revenue growth in Q2 FY26.
Secondary sales and dealer collections were strong, indicating robust market activity ahead of festive and wedding seasons.
Financial highlights
Standalone Q2 FY26 revenue: ₹298.5 crore, up 3.5% YoY; gross margin: 45.1%; EBITDA margin: 15.3%; PAT: ₹25.5 crore, up 5.8% YoY.
Consolidated Q2 FY26 revenue: ₹312.1 crore, up 4.2% YoY; EBITDA: ₹46.5 crore, up 12.1%; PAT: ₹25.2 crore, up 13.5%.
H1 FY26 consolidated revenue: ₹620.9 crore, up 1.7% YoY; EBITDA margin: 14.6%; PAT: ₹51.3 crore, up 4.9%.
Apple Chemie Q2 revenue: ₹13.6 crore, up 22.6% YoY; gross margin improved due to product mix optimization.
ROCE declined to 18.2% (standalone) and 18.5% (consolidated) in H1 FY26.
Outlook and guidance
Management expects double-digit growth to return by Q4, with continued demand recovery and strong post-Diwali sales anticipated.
Margins projected to strengthen as raw material prices moderate and product mix improves.
Capacity expansion completed; no significant new capex expected until FY29.
Apple Chemie expected to deliver strong revenue and profitability growth with new product launches and regional expansion.
Anticipates continued strong performance in premium products and waterproofing/construction chemicals.
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