Indigo Paints demonstrated resilient performance in FY26, achieving consolidated revenue of ₹1,405 crore, marking a 4.8% increase. Despite supply chain challenges, the company maintained a strong gross margin of 48.6% in Q4 FY26. Growth was supported by differentiated product demand and the successful scaling of its subsidiary, Apple Chemie. The company is now focused on its Indigo Paints 2.0 strategy, emphasizing geographical expansion and capacity augmentation to drive future growth.
Financial Highlights for FY26
For the full financial year 2026, Indigo Paints reported standalone revenue from operations of ₹1,330.1 crore, reflecting a 4.1% growth compared to the previous year. The standalone EBITDA stood at ₹246.7 crore with a margin of 18.5%. Consolidated figures showed a steady revenue growth to ₹1,405 crore, with consolidated PAT reaching ₹152.2 crore, underscoring the company’s ability to navigate a normalizing competitive landscape and demand environment.
Strategic Growth Initiatives
The company’s Indigo Paints 2.0 strategy is centered on five key pillars: product innovation, geographic expansion, capacity augmentation, marketing focus, and expansion into adjacencies. A notable highlight is the Jodhpur water-based plant, which has a capacity of 90,000 KLPA and is expected to begin trial production in June 2026. Additionally, Indigo continues to strengthen its network, now operating 55 depots and serving over 19,352 active dealers.
Performance of Apple Chemie
The subsidiary Apple Chemie reported robust growth, with its annual revenue increasing to ₹75.1 crore in FY26, representing a 17.8% growth over FY25. The company has successfully launched Protect Plus Series products in the retail channel, while simultaneously targeting the high-growth infrastructure sector. With a newly commissioned sealant plant at the Nagpur facility, Apple Chemie anticipates a growth rate exceeding 30% in FY27.
Commitment to Sustainability
Indigo Paints continues to prioritize ESG objectives. Key initiatives include the transition to renewable energy with the installation of 330 kW solar panels at the Kochi factory. Furthermore, the company’s community service efforts have led to the painting of over 230 government schools in tier 2 and 3 towns, alongside comprehensive health benefit programs for over 36,200 painter families nationwide.
Future Outlook
Looking ahead, the company expects the double-digit gross revenue growth observed over the past five months to continue. While industry-wide raw material price increases have necessitated price hikes, Indigo remains committed to its aggressive growth trajectory. The board has proposed a dividend of ₹5.0 per share, up from ₹3.5 per share in previous years, reflecting confidence in the company’s financial health and future prospects.
Source: BSE
