Indigo Paints Ltd · NSE:INDIGOPNTS
Indigo Paints — Q2 FY26 Earnings Presentation
31 slides from Indigo Paints's earnings presentation, Nov 6, 2025
Slide 1: Regulation 30 intimation of investor presentation to stock exchanges
Date: November 6, 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: 543258 NSE Sy
Slide 2: Investor Presentation (Q2 FY26 & H1 FY26)
INDIGO Paints Ltd Investor Presentation (Q2 FY26 & H1 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 (Q2 FY26 & H1 FY26) - Consolidated (Q2 FY26 & H1 FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 3 3
Slide 5: Growth has resumed, reflecting improving market conditions (Q2 FY26)
Financial KPIs Growth drivers update Growth has resumed, reflecting improving market conditions… Standalone | Q2 FY26 Rs. 298.5 Cr 45.1% 15.3% Revenue from Operations Gross Margin % EBITDA Margin % 3.5% YoY Growth Maintaining pole position EBITDA Rs. 45.8 Cr YoY expansion from 44.1% 7.5% YoY Growth
Slide 6: Growth has resumed, reflecting improving market conditions (H1 FY26)
Financial KPIs Growth drivers update Growth has resumed, reflecting improving market conditions… Standalone | H1 FY26 Rs. 593.4 Cr 45.6% 15.1% Revenue from Operations Gross Margin % EBITDA Margin % 1.9% YoY Growth Maintaining pole position EBITDA Rs. 89.4 Cr YoY maintaining at 45.6% 1.2% YoY Growth
Slide 7: Quarterly EBITDA Margin Trends
Financial KPIs Growth drivers update Quarterly EBITDA Margin Trends… Indigo Paints Quarterly EBITDA% 23.4% 22.5% 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 Historically, for Indigo Paints, EBITDA Margin peaks in Q4 as the pro
Slide 8: Growth has resumed, reflecting improving market conditions
Financial KPIs Growth drivers update Growth has resumed, reflecting improving market conditions… 7
Slide 9: Financial Analysis
Financial KPIs Growth drivers update Financial Analysis 1 After a long hiatus 2 Continue to 3 4 5 The PAT% for the The A&P expense The EBITDA% for we are back on maintain the as a % of revenue the quarter improved quarter was 8.5% the track. Indigo industry leading reduced to 5.3% to 15.3% as compar
Slide 10: Contents
Contents ▪ Financial Update - Standalone (Q2 FY26 & H1 FY26) - Consolidated (Q2 FY26 & H1 FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 9 9
Slide 11: Broad based improvement in topline & bottom-line
Financial KPIs Growth drivers update Broad based improvement in topline & bottom-line.. 10
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% 45.6% 45.9% 44.8% 43.7% 42.5% 41.9% 42.2% 42.0% 41.3% 41.5% 41.2% 40.4% 41.3% 39.0% Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4F
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 1,073.3 181.5 906.0 136.0 723.3 122.5 620.9 90.8 FY21 FY22 FY23 FY24 FY 25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY26 PAT (INR Cr) RoCE (%) 22.8 20.9 18.8 18.4 19.0 18.5 1
Slide 14: Contents
Contents ▪ Financial Update - Standalone (Q2 FY26 & H1 FY26) - Consolidated (Q2 FY26 & H1 FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 13 13
Slide 15: Product category snapshot for Q2 FY26
Financial KPIs Growth drivers update Product category snapshot for Q2 FY26 YoY growth for Q2 FY26 vs. Q2 FY25 Product Value growth (%) Volume growth (%) Putty + Cement Paints -2.2% -6.8% Emulsions 7.0% 3.9% Enamels and wood coatings 5.7% 3.0% Primers + Distempers + Others 10.1% 10.2% The Premium seg
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 depots Active Tinting 8,657 9,114 9,510 9,842 10,210 10,555 10,772 11,000 11,301 11,656 m/c 18,914 18,718 18,598 18,500 18,556 18,371 18,105 17,745 Active Dealer 17,148 c
Slide 17: Contents
Contents ▪ Financial Update - Standalone (Q2 FY26 & H1 FY26) - Consolidated (Q2 FY26 & H1 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 54 Depots 18,914 Active dealers 11,656 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 Q4 FY26 Existing Plants • Commissiong of equipment being undertaken
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% 6.02% 92.32 88.06 82.7 81.98 79.05 77.06 35.71 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 H1 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 experiential centres
Financial Growth KPIs update drivers Marketing Focus | expanding experiential centres 22
Slide 24: Apple Chemie | Robust growth accompanied by improving profitability
Financial Growth KPIs update drivers Apple Chemie | Robust growth accompanied by improving profitability.. • 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 segment. • Apple Ch
Slide 25: Contents
Contents ▪ Financial Update - Standalone (Q2 FY26 & H1 FY26) - Consolidated (Q2 FY26 & H1 FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 24 24
Slide 26: ESG Updates
ESG Updates Transitioning to renewable Community energy Service - 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
ESG Updates | Community Development Initiative 26
Slide 28: 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 29: Contents
Contents ▪ Financial Update - Standalone (Q2 FY26 & H1 FY26) - Consolidated (Q2 FY26 & H1 FY26) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 28 28
Slide 30: Outlook
Outlook 1 2 3 4 5 Observing clear Margins expected The A&P expense EBITDA margins Apple Chemie is signs of demand to strengthen as for the entire fiscal for FY26 expected expected to recovery driven by the raw material is expected to to improve with deliver strong strong secondary prices continue to
Slide 31: Thank You
a INDIGO Be surprised! Thank You 30