Indigo Paints Ltd · NSE:INDIGOPNTS
Indigo Paints — Q3 FY26 Earnings Presentation
30 slides from Indigo Paints's earnings presentation, Feb 13, 2026
Slide 1: Regulation 30 intimation letter to stock exchanges
Date: February 13, 2026 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: 543258 NSE
Slide 2: Indigo Paints Ltd Investor Presentation (Q3 FY26 & 9M FY26)
INDIGO Paints Ltd Investor Presentation (Q3 FY26 & 9M FY26)
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 results may or may not prove to be
Slide 4: Contents
Contents ▪ Financial Update - Standalone (Q3 FY26 & 9M FY26) - Consolidated (Q3 FY26 & 9M FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 3 3
Slide 5: Sustaining Growth with Enhanced Profitability – Standalone Q3 FY26
Financial KPIs Growth drivers update Sustaining Growth with Enhanced Profitability… Standalone | Q3 FY26 Rs. 338.9 Cr 47.1% 19.4% Revenue from Operations Gross Margin % EBITDA Margin % 3.5% YoY Growth Maintaining pole position; EBITDA Rs. 65.6 Cr Q3 FY25 was 47.2% 14.5% YoY Growth 11.8% 5.6% A&P as
Slide 6: Sustaining Growth with Enhanced Profitability – Standalone 9M FY26
Financial KPIs Growth drivers update Sustaining Growth with Enhanced Profitability… Standalone | 9M FY26 Rs. 932.2 Cr 46.1% 16.6% Revenue from Operations Gross Margin % EBITDA Margin % 2.4% YoY Growth Maintaining pole position; EBITDA Rs. 155.0 Cr 9M FY25 was 46.1% 6.4% YoY Growth 9.8% 5.9% A&P as %
Slide 7: Quarterly EBITDA Margin Trends
Financial KPIs Growth drivers update Quarterly EBITDA Margin Trends… Indigo Paints Quarterly EBITDA% 23.4% 22.5% 19.4% 17.2% 17.9% 17.5% 15.4% 15.6% 15.3% 14.8% 14.8% Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Historically, for Indigo Paints, EBITDA Margin peaks in
Slide 8: Sustaining Growth with Enhanced Profitability
Financial KPIs Growth drivers update Sustaining Growth with Enhanced Profitability… 7 Note: 1) PAT excluding the exceptional item of Rs. 5.85 Cr in Q3 FY26
Slide 9: Financial Analysis
Financial KPIs Growth drivers update Financial Analysis 1 Sustaining growth 2 Continue to 3 4 5 The PAT% (excl. The A&P expense The EBITDA% for at 3.5% on a maintain the as a % of revenue the quarter sharply exceptional items) Q-o-Q basis. industry leading reduced to 5.6% improved to 19.4% for the q
Slide 10: Contents
Contents ▪ Financial Update - Standalone (Q3 FY26 & 9M FY26) - Consolidated (Q3 FY26 & 9M FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 9 9
Slide 11: Sustained Topline & Bottomline Gains Across Sequential Quarters
Financial KPIs Growth drivers update Sustained Topline & Bottomline Gains Across Sequential Quarters… 10 Note: 1) PAT excluding the exceptional item of Rs. 6.13 Cr in Q3 FY26
Slide 12: Maintaining pole position in terms of Gross Margin%
Financial KPIs Growth drivers update Maintaining pole position in terms of Gross Margin% Indigo Paints Paint companies' average 48.2% 48.9% 47.3% 46.6% 46.6% 46.8% 46.8% 45.6% 45.9% 44.8% 43.7% 42.5% 42.8% 41.9% 42.2% 42.0% 41.3% 41.5% 41.7% 41.2% 40.4% 41.3% Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY2
Slide 13: Financial snapshot for last 5 years
Financial KPIs Growth drivers update Financial snapshot for last 5 years Sales (INR Cr) EBITDA (INR Cr) 238.1 233.5 1,306.1 1340.7 1,073.3 181.5 979.7 159.2 906.0 136.0 723.3 122.5 FY21 FY22 FY23 FY24 FY 25 9M FY26 FY21 FY22 FY23 FY24 FY25 9M FY26 PAT (INR Cr) RoCE (%) 22.8 20.9 18.8 18.4 19.0 18.4
Slide 14: Contents
Contents ▪ Financial Update - Standalone (Q3 FY26 & 9M FY26) - Consolidated (Q3 FY26 & 9M FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 13 13
Slide 15: Product category snapshot for Q3 FY26
Financial KPIs Growth drivers update Product category snapshot for Q3 FY26 YoY growth for Q3 FY26 vs. Q3 FY25 Product Value growth (%) Volume growth (%) Putty + Cement Paints 5.5% 2.1% Emulsions 0.2% -3.4% Enamels and wood coatings 18.9% 20.2% Primers + Distempers + Others 12.5% 7.4% 14
Slide 16: Continued network expansion
Financial KPIs Growth drivers update Continued network expansion Active dealers and depots (#) # of 49 51 53 53 53 54 54 54 54 54 55 depots Active Tinting 8,657 9,114 9,510 9,842 10,210 10,555 10,772 11,000 11,301 11,656 11,913 m/c 19,134 18,914 18,718 18,598 18,556 18,500 18,371 18,105 17,745 Activ
Slide 17: Contents
Contents ▪ Financial Update - Standalone (Q3 FY26 & 9M FY26) - Consolidated (Q3 FY26 & 9M FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 16 16
Slide 18: Future growth drivers – Indigo Paints 2.0 Strategy
Financial Growth KPIs update drivers Future growth drivers – Indigo Paints 2.0 Strategy V. Expansion into adjacencies • Expand into non decorative IV. Brand segment. Foray into & marketing focus adjacencies like construction chemicals & waterproofing. III. Capacity • Ramp up salesforce • Tapping hig
Slide 19: Geographical Expansion | Deepening our Network
Financial Growth KPIs update drivers Geographical Expansion | Deepening our Network 5 Manufacturing plants 28 States 55 Depots 19,134 Active dealers 11,913 Tinting machines Fortifying our presence in Tier 3,4 cities and fast growing in Tier 1,2 cities 18
Slide 20: Capacity Augmentation | Expansion Progress
Financial Growth KPIs update drivers Capacity Augmentation | Expansion Progress Jodhpur Upcoming Plant at Jodhpur • Final stages of construction work at the water-based plant (90,000 KLPA capacity) with commissioning anticipated in Jun’26 Existing Plants • Production commenced in Solvent based plant
Slide 21: Brand Focus | Consistent focus to build a pan-India brand
Financial Growth KPIs update drivers Brand Focus | Consistent focus to build a pan-India brand Advertising & Promotional Spends (INR Cr) As % revenue 12.63% 12.65% 10.65% 9.72% 7.70% 7.36% 5.87% 92.32 88.06 82.7 81.98 79.05 77.06 54.70 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 9M FY26 • Focus on both ATL
Slide 22: Marketing Focus | Enhancing Digital Outreach & New Advertisements
Financial Growth KPIs update drivers Marketing Focus | Enhancing Digital Outreach & New Advertisements 21
Slide 23: Marketing Focus | expanding Indigo Colour Canvas Stores
Financial Growth KPIs update drivers Marketing Focus | expanding Indigo Colour Canvas Stores 22
Slide 24: Apple Chemie | Comprehensive Improvement Across Revenue and Profitability Metrics
Financial Growth KPIs update drivers Apple Chemie | Comprehensive Improvement Across Revenue and Profitability Metrics.. • WPCC products for retail channel launched and marketed under Indigo brand (Protect Plus Series) while Apple Chemie continues to target the B2B, fast growing infrastructure segme
Slide 25: Contents
Contents ▪ Financial Update - Standalone (Q3 FY26 & 9M FY26) - Consolidated (Q3 FY26 & 9M FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 24 24
Slide 26: ESG Updates
ESG Updates Transitioning to renewable Community energy Service - Power generation commenced from 330 kW -Unique initiative involving Painters in solar panels at Kochi Factory “Community service” to undertake painting of Government schools in Tier 2/3 towns. Over 200 schools painted through this ser
Slide 27: CSR
CSR Health benefit program Education of Healthcare for the SkillUp Program for the Painter underprivileged girls underprivileged Community Education assistance & Continuing to provide Extended the health benefit A new initiative to empower career guidance healthcare for the program to painter commun
Slide 28: Contents
Contents ▪ Financial Update - Standalone (Q3 FY26 & 9M FY26) - Consolidated (Q3 FY26 & 9M FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 27 27
Slide 29: Outlook
Outlook 1 2 3 4 5 Witnessing good The A&P expense EBITDA margins Apple Chemie RM prices continue sales traction for the entire fiscal for FY26 expected to remain benign since Nov’25 and is expected to to improve with - Exploring exports expecting the decline as a % of improvement in opportunity acti
Slide 30: Thank You
a INDIGO Be surprised! Thank You 29