Indigo Paints Ltd · NSE:INDIGOPNTS
Indigo Paints — Q2 FY27 Earnings Presentation
28 slides from Indigo Paints's earnings presentation, Oct 30, 2026
Slide 1: Regulation 30 intimation letter to stock exchanges
October 30, 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 SYMBOL:
Slide 2: Investor Presentation (Q2 FY27 & H1 FY27)
INDIGO Paints Ltd Investor Presentation (Q2 FY27 & H1 FY27)
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 FY27 & H1 FY27) - Consolidated (Q2 FY27 & H1 FY27) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 3 3
Slide 5: Growth Steady, Profitability Hit by Product Mix and Material Costs (Q2 FY27)
Financial KPIs Growth drivers update Growth Steady, Profitability Hit by Product Mix and Material Costs Standalone | Q2 FY27 Rs. 340.5 Cr 38.5% 8.9% Revenue from Operations Gross Margin % EBITDA Margin % EBITDA Rs. 30.3 Cr 14.1% YoY Growth Vs 45.1% in Q2 FY26 -33.8% YoY Growth 4.0% 5.4% A&P as % of
Slide 6: Growth Steady, Profitability Hit by Product Mix and Material Costs (H1 FY27)
Financial KPIs Growth drivers update Growth Steady, Profitability Hit by Product Mix and Material Costs Standalone | H1 FY27 Rs. 690.5 Cr 41.9% 13.4% Revenue from Operations Gross Margin % EBITDA Margin % EBITDA Rs. 92.3 Cr 16.4% YoY Growth Vs 45.6% in H1 FY26 3.2% YoY Growth 8.0% 4.8% A&P as % of R
Slide 7: Quarterly EBITDA Margin Trends
Financial KPIs Growth drivers update Quarterly EBITDA Margin Trends… Indigo Paints Quarterly EBITDA% 23.4% 23.0% 22.5% 19.4% 17.9% 17.5% 17.7% 15.4% 15.6% 14.8% 14.8% 15.3% 8.9% Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2 FY27 Historically, for Indigo Paint
Slide 8: Growth Steady, Profitability Hit by Product Mix and Material Costs
Financial KPIs Growth drivers update Growth Steady, Profitability Hit by Product Mix and Material Costs 7
Slide 9: Financial Analysis
Financial KPIs Growth drivers update Financial Analysis 1 2 3 4 5 For the Q2 FY27, Double impact on The A&P expense The EBITDA% for The PAT% for the While the gross Gross Margins. as a % of revenue the quarter was quarter was 4.0% revenue growth was 5.4% in Q2 8.9% vs. 15.3% in compared to 8.5% in Q
Slide 10: Contents
Contents ▪ Financial Update - Standalone (Q2 FY27 & H1 FY27) - Consolidated (Q2 FY27 & H1 FY27) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 9 9
Slide 11: Growth Steady, Profitability Hit by Product Mix and Material Costs (Consolidated)
Financial KPIs Growth drivers update Growth Steady, Profitability Hit by Product Mix and Material Costs 10
Slide 12: Financial snapshot for last 5 years
Financial KPIs Growth drivers update Financial snapshot for last 5 years Sales (INR Cr) EBITDA (INR Cr) 1405 1,306.1 1340.7 254.8 238.1 233.5 1,073.3 906.0 181.5 728.4 136.0 93 FY22 FY23 FY24 FY 25 FY 26 H1 FY27 FY22 FY23 FY24 FY25 FY26 H1 FY27 PAT (INR Cr) RoCE (%) 22.8 20.9 152.2 18.4 19.0 148.8 1
Slide 13: Contents
Contents ▪ Financial Update - Standalone (Q2 FY27 & H1 FY27) - Consolidated (Q2 FY27 & H1 FY27) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 12 12
Slide 14: Product category snapshot for Q2 FY27
Financial KPIs Growth drivers update Product category snapshot for Q2 FY27 YoY growth for Q2 FY27 vs. Q2 FY26 Product Value growth (%) Volume growth (%) Putty + Cement Paints 12.6% -0.2% Emulsions 13.3% 10.4% Enamels and wood coatings 17.8% 8.2% Primers + Distempers + Others 29.4% 9.4% 13
Slide 15: Continued network expansion
Financial KPIs Growth drivers update Continued network expansion Active dealers and depots (#) # of 51 53 53 53 54 54 54 54 54 55 55 55 56 depots Active 10,555 9,114 9,510 9,842 10,210 10,772 11,000 11,301 11,656 11,913 12,129 12,395 12,718 Tinting m/c 19,730 19,352 19,382 19,134 18,914 18,718 18,59
Slide 16: Contents
Contents ▪ Financial Update - Standalone (Q2 FY27 & H1 FY27) - Consolidated (Q2 FY27 & H1 FY27) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 15 15
Slide 17: 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 18: Geographical Expansion | Deepening our Network
Financial Growth KPIs update drivers Geographical Expansion | Deepening our Network 6 Manufacturing plants 28 States 56 Depots 19,730 Active dealers 12,718 Tinting machines Fortifying our presence in Tier 3,4 cities and fast growing in Tier 1,2 cities 17
Slide 19: Capacity Augmentation | Expansion Progress
Financial Growth KPIs update drivers Capacity Augmentation | Expansion Progress Jodhpur Upcoming Plant at Jodhpur • Trial production at the water based plant (90,000 KLPA capacity) started in Sep’26. Existing Plants • Production commenced in Solvent based plant & Putty Plant in FY 26. Upcoming Plant
Slide 20: Marketing Focus | Enhancing Digital Outreach & New Advertisements
Financial Growth KPIs update drivers Marketing Focus | Enhancing Digital Outreach & New Advertisements 19
Slide 21: Marketing Focus | Expanding Indigo Colour Canvas Stores
Financial Growth KPIs update drivers Marketing Focus | Expanding Indigo Colour Canvas Stores Set up 19 Colour Canvas Stores across India till date. 20
Slide 22: Apple Chemie | Healthy revenue momentum; margins constrained
Financial Growth KPIs update drivers Apple Chemie| Healthy revenue momentum; margins constrained by elevated raw material costs…. • WPCC products for retail channel launched and marketed under Indigo brand (Protect Plus Series) while Apple Chemie continues to target the B2B, fast growing infrastruct
Slide 23: Contents
Contents ▪ Financial Update - Standalone (Q2 FY27 & H1 FY27) - Consolidated (Q2 FY27 & H1 FY27) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 22 22
Slide 24: ESG Updates
ESG Updates Transitioning to renewable Community energy Service - Current installed capacity of 350 kW -Unique initiative involving Painters in spread across Pune & Kochi “Community service” to undertake painting - 1.2 GW solar power plant under of Government schools in Tier 2/3 towns. commissioning
Slide 25: 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 26: Contents
Contents ▪ Financial Update - Standalone (Q2 FY27 & H1 FY27) - Consolidated (Q2 FY27 & H1 FY27) ▪ KPI ▪ Growth Drivers ▪ Sustainability initiatives ▪ Outlook 25 25
Slide 27: Outlook
Outlook 1 2 3 4 5 . Driven by a strong The impact of high Our commitment to Q3 and Q4 should see Apple Chemie dealer network cost raw material brand building EBITDA margins - Expect the growth revival, we anticipate inventory has been continues, with normalize, with momentum to sustain improved grow
Slide 28: Thank You
a INDIGO Be surprised! Thank You 27