Indigo Paints Ltd · NSE:INDIGOPNTS
Indigo Paints — Q4 FY25 Earnings Presentation
31 slides from Indigo Paints's earnings presentation, May 25, 2025
Slide 1: Intimation under Regulation 30 for Investor Presentation
ay INDIGOBe surprised! May 25, 2025 To, To BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza, Plot No. C-1, Block G, 25th Floor, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai- 400001 Mumbai -400051 Scrip Code:
Slide 2: Investor Presentation (Q4 FY25 & FY25)
INDIGO Paints Ltd Investor Presentation (Q4 FY25 & FY25) / aj) pol
Slide 3: Disclaimer
Disclaimer Certain statements and opinions with respect to the anticipated future performance of Indigo Paints Ltd (“Indigo”) in the presentation (“forward-looking statements”), which reflect various assumptions concerning the strategies, objectives and anticipated resulis may or may not prove to be
Slide 4: Contents
Contents Financial Update - Standalone (Q4 FY 25 & FY 25) - Consolidated (Q4 FY 25 & FY 25) im Growth Drivers Sustainability initiatives Outlook
Slide 5: Robust Profitability in the Face of Tepid Growth
Robust Profitability in the Face of Tepid Growth.. ay INDIGO Standalone | Q4 FY25 Rs. 367.2 Cr 47.4% 23.4% Revenue from . Operations Gross Margin % EBITDA Margin % eee “a: EBITDA Rs. 85.9 Cr 0.3% 0 YoY Growth Ww Maintaining pole position 4.4% YoY Growth 15.3% 5.0% . A&P as % of Revenue PAT Margin %
Slide 6: Resilient Earnings Amidst Sluggish Growth
Financial update KPIs Growth drivers ay Resilient Earnings Amidst Sluggish Growth.. INDIGO Be surprised! Standalone | FY25 Rs. 1,277.2 Cr 46.5% 18.1% Revenue from Operations Gross Margin % EBITDA Margin % Industry Leading Gross EBITDA Rs. 231.6 Cr 1.8% YoY Growth Margin -0.5% YoY Growth 11.1% 6.4% A
Slide 7: Resilient Earnings Amidst Sluggish Growth (Standalone)
/ ap LE ULeel [vy fo Fs 1K) = = Resilient Earnin gs Amidst Sluggish Growth.. INDIGO Be surprised! Standalone Sales (INR Cr) EBITDA (INR Cr) 1,254.95 1.2772 —__+ 232.7 231.6 «<> «<> — —_—— a3 65.9 366.1 367.2 Q4FY24 G4 FY25 Q4PFY¥24 G4 FY25 FY24 FY25 PAT (INR Cr) RoCE (%) _ 743.9 22.3% <> —_—_— 53.5
Slide 8: Financial Analysis
LE ULeel Ay [vy fo Fs 1K) Financial Analysis INDIGO Be surprised! 2 3 4 o 6 The company Continue to The A&P expense The EBITDA% for The PAT% for the The PAT was Rs. reported 0.3% maintain the as a % of revenue the quarter was a quarter improved to 143.9 Crin FY 25 vs increase in industry leading red
Slide 9: Contents
Contents Financial Update - Standalone (Q4 FY 25 & FY 25) - Consolidated (Q4 FY 25 & FY 25) im Growth Drivers Sustainability initiatives Outlook
Slide 10: Moderate margin reduction despite muted growth
tees By OY Moderate margin reduction despite muted growth — Consolidated Sales (INR Cr) EBITDA (INR Cr) 1,306.14 1340.7 ae <> —_——— 84.6 a7.4 384.9 387.6 Q4FY¥24 G4 FY25 Q4FY24 G4 FY25 PAT (INR Cr) RoCE (%) 148. > 142.2 22.896 _ 19.0% FY 24 FY 25 9 O4PFY¥24 OG4FY25 FY 24
Slide 11: Consistently outpacing industry growth
“ipo. me — BM Consistently outpacing industry growth... INDIGO mag indigo Paints -=Industry 30.0% 28.8% 25.0% 20.0% 15.0% 10.0% 5.0% 0.7% 0.0% = Q1FY24 Q2FY24 Q3FY24 Q4AFY24 Q2FY25 25 5.0% 3.0% eo a Source: Leading Paints company data (consolidated) based on latest filings (till 23rd May 2025) of pu
Slide 12: Maintaining pole position in terms of Gross Margin%
Financial update KPIs Growth drivers Kwak Maintaining pole position in terms of Gross Margin% INDIGO Be surprised! mlndigo Paints Paint companies' average 48.2% 48.9% 47.3% 46.6% 46.6% 46.8% 45.6% 43.79% 9 1% 42.5% | | | | | | | | | QIFY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Source: Lea
Slide 13: Financial snapshot for last 5 years
ay Financial update KPIs Growth drivers oa Financial snapshot for last 5 years INDIGO Be surprised! Sales (INR Cr) EBITDA (INR Cr) 238.1 233.5 1,306.1 1340.7 181.5 1,073.3 906.0 723.3 I ; 1225 136.0 FY21 FY22 FY23 FY24 FY25 PAT (INR Cr) RoCE (%) 22.8 20.9 18.8 18.4 19.0 a e _ 142.2 115.6 FY21 FY22 F
Slide 14: Contents
Contents Financial Update - Standalone (Q4 FY 25 & FY 25) - Consolidated (Q4 FY 25 & FY 25) im Growth Drivers Sustainability initiatives Outlook
Slide 15: Product category snapshot for Q4 FY25
ay update Product category snapshot for Q4 FY25 INDIGO Be surprised! YoY growth for Q4 FY25 vs. Q4 FY24 Putty + Cement Paints -8.4% -10.3% Emulsions 1.3% -2.5% Enamels and wood coatings 11.4% 7.9% Primers + Distempers + Others 6.3% 2.2% 14
Slide 16: Product category snapshot for FY25
a AY Product category snapshot for FY25 ae YoY growth for FY25 vs. FY24 Putty + Cement Paints -1.3% -2.5% Emulsions 1.9% 1.2% Enamels and wood coatings 0.5% 0.9% Primers + Distempers + Others 11.1% 6.0% Note: The revenue share of the differentiated products is largely flat at 28.2% in FY 25 vs 28.4%
Slide 17: Continued network expansion
ay oa Continued network expansion INDIGO Be surprised! Active dealers and depots (#) tos 49 ST BB 8B BBA A ¢ — Tinting machines deployed at over 11,000 outlets nvc 18,718 18,500 18,598 18,371 18,105 17,745 Active 17,148 Dealer count 16,693 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 F
Slide 18: Contents
Contents Financial Update - Standalone (Q4 FY 25 & FY 25) - Consolidated (Q4 FY 25 & FY 25) im Siroilae Paes Sustainability initiatives Outlook
Slide 19: Future growth drivers — Indigo Paints 2.0 Strategy
arvers WN Future growth drivers — Indigo Paints 2.0 Strategy INDIGO Be surprised! S323 S553 SEER ft fl fa V. Expansion into adjacencies *° Expand into non decorative 444 IV. Brand segment. Foray into oF & marketing focus adjacencies like construction chemicals & waterproofing. lll. Capacity * Ramp u
Slide 20: Manufacturing plants, Depots, Active dealers
By Be surprised! 5 Manufacturing plants 28 = States 54 Depots 18,371 Active dealers 11,000 Tinting machines 19
Slide 21: Capacity Augmentation | Expansion Progress
ne WN Capacity Augmentation | Expansion Progress INDIGO Be surprised! Upcoming Plant at Jodhpur ¢ Erection work progressing in full pace at the Water based plant with capacity of 90,000 KLPA. Expect commissioning by Q3 FY26 9 Existing * Installation work progressing at the Solvent based plant with a
Slide 22: Brand Focus | Consistent focus to build a pan-India brand
Financial Growth —_ KPls hs / \ update Cela (ele) / y f | A (, Brand Focus | Consistent focus to build a pan-India brand INDIGO Be surprised! Advertising & Promotional Spends (INR Cr) li i} , Ae ne ee 1263% 12.65% += 10.65% 9.72% 7.70% 7.36% 6.42% ; INDIGO 92.30 : Ue ae 88.06 ‘ fic P 79.05 77.06 82.
Slide 23: Marketing Focus | Enhancing Digital Outreach & New Advertisements
es WN Marketing Focus | Enhancing Digital Outreach & New Advertisements INDIGO Be surprised! @ Waterproofing for exterior walls ® 8-year warranty @ Easy to apply uy INDIGO Wallseal Be surprised! XT Emulsion 22
Slide 24: Apple Chemie | Rapid growth, but adverse sales mix impacted profitability
arvers WN Apple Chemie | Rapid growth, but adverse sales mix impacted profitability inpico * Indigo Paints acquired 51% of Apple Chemie to foray into Construction edioahehbe Chemicals & Water Proofing segment (WPCC) Revenue (INR Cr) * WPCC products for retail channel launched and marketed under Indi
Slide 25: Contents
Contents Financial Update - Standalone (Q4 FY 25 & FY 25) - Consolidated (Q4 FY 25 & FY 25) im Siroilae Paes Sustainability initiatives Outlook wa)
Slide 26: ESG Updates
ay INDIGO ESG Updates Be surprised! ee SE, SS - Awaiting regulatory approvals for 330 kW -Unique initiative involving Painters in of solar panels at Kochi Factory “Community service” to undertake painting of Government schools in Tier 2/3 towns 25
Slide 27: ESG Updates | Community Development Initiative
A ESG Updates | Community Development Initiative INDIGO Be surprised! Cm, ae 26
Slide 28: Community initiatives: education, healthcare, painter skill-up
INDIGO Be surprised! Health benefit program Education of Healthcare for the for the Painter SkillUp Program underprivileged girls underprivileged Community Continuing to provide Extended the health benefit Launching a new initiative to Education assistance & healthcare for the program to painter com
Slide 29: Contents
Contents Financial Update - Standalone (Q4 FY 25 & FY 25) - Consolidated (Q4 FY 25 & FY 25) im Siroilae Paes Sustainability initiatives Outlook 28
Slide 30: Outlook
Ay Outlook INDIGO Be surprised! 2 3 4 A gradual Raw material The A&P expense EBITDA margins Margin improvement in prices continue to for the entire fiscal for FY26 expected improvement > > > demand sentiment soften, resulting in is expected to to improve with anticipated in was visible in Q4 improve
Slide 31: Thank You
ay INDIGO Be surprised! Thank You 30