Indigo Paints Ltd. engages in the manufacture and sale of decorative paints. It offers interior and exterior emulsions; enamels; putties and primers; and sleek wood coatings. The company was founded by Hemant Kamala Jalan on March 28, 2000, and is headquartered in Pune, India. Indigo Paints Limited was originally incorporated as Private Limited Company with the name `Indigo Paints Private Limited' at Pune Maharashtra on March 28, 2000. Subsequently, the Company was converted into a Public Limited Company and consequently, the name of the Company was changed to `Indigo Paints Limited' on August 20, 2020.
In 2000, Hemant Jalan founded Indigo Paints to manufacture cement paint; by 2021 the company scaled up to become the fifth largest player in terms of revenue generation in the decorative paint industry. The company is a leading paint company in India that produces a wide range of decorative paints. It is the first company to introduce category-creator products like Metallic Emulsions, Tile Coat Emulsions, etc. in the decorative paint market in India. The company has ~80%-90% market share in some of its differentiated products.
The company operates five manufacturing facilities strategically positioned across India. Indigo Paints Limited is an Indian paint company that is headquartered in Pune, Maharashtra, and has five manufacturing facilities that are located at Jodhpur, Kochi, and Pudukkottai. Indigo operates five manufacturing facilities strategically located in Jodhpur (state of Rajasthan), Kochi (state of Kerala), and Pudukkottai (state of Tamil Nadu). Jodhpur and Pudukkottai facilities operate two production units each.
The company is engaged in manufacturing, selling, and distribution of decorative paints, Emulsion, enamels, waterproofing & chemical constructions, wood coatings, distemper, primers, putties, and cement paints. Indigo Paints Ltd is a leading paint manufacturing company incorporated in the year 2000. Indigo Paints Ltd has operations across the country, with a wide range of products and services in the paint industry. The company manufactures and supplies a variety of paints, including interior wall paints, exterior wall paints, wood paints, and metal paints.
The company has built a strong brand portfolio with distinctive products. Their top products include Indigo Emulsion, Indigo Acrylic Distemper, Indigo Primer, and Indigo Exterior Wall Finish. Popular brands include Indigo Home, Indigo Pro, and Indigo Shield. The company also offers a wide range of services, including painting services, color consulting, and painting training.
The company has established a robust distribution network across India. In December 2019, Jalan stated that the company had established a distribution network across 27 states and seven union territories. The company has enhanced its market presence across the country to achieve a market scale and coverage of more than 60% of TIER I, II and III towns. The company continues to increase its retailer network with the addition of more than 2,000 retailers every year. The growth in this network has been due to better market penetration in new clusters across existing large cities nationwide.
Indigo Paints has strategically expanded its business beyond traditional decorative paints. In 2023, Indigo Paints forayed into the waterproofing and construction chemicals segments, with the acquisition of 51% stake in Apple Chemie India Private Ltd (ACIPL). After the purchase of shares, ACIPL has become a subsidiary of the company. Indigo acquired ACIPL in order to expand its product portfolio in the space of construction and waterproofing products. ACIPL is engaged in the manufacture and sale of construction chemicals and waterproofing products.
ACIPL is a fast-growing company (5-year CAGR of around 30%) in the construction chemicals and waterproofing space, manufacturing and supplying products in the B2B space to various reputed infrastructure projects in the western states of India. The target market for these products is estimated to be worth more than ₹150 billion and is expected to grow in double digits.
Indigo Paints has a Market Cap of ₹5,714 Crore (down -22.0% in 1 year), a Revenue of ₹1,277 Crore, and a Profit of ₹144 Crore. Working capital days have increased from 55.0 days to 99.2 days. Promoter Holding: 53.9% as of the latest available data.
The company's recent financial performance shows mixed results. For Q4 FY25, Net profit of Indigo Paints rose 6.00% to ₹56.90 Crore in the quarter ended March 2025, as against ₹53.68 Crore during the previous quarter ended March 2024. Sales rose 0.70% to ₹387.56 Crore in the quarter ended March 2025, as against ₹384.88 Crore during the previous quarter ended March 2024.
However, for the full year FY25, net profit declined 3.77% to ₹141.76 Crore in the year ended March 2025, as against ₹147.32 Crore during the previous year ended March 2024. Sales rose 2.65% to ₹1,340.67 Crore in the year ended March 2025, as against ₹1,306.09 Crore during the previous year ended March 2024.
Based on the latest financial data available (FY25):
- Revenue: ₹1,277 Crore
- Net Profit: ₹144 Crore
- Q4 FY25 Revenue: ₹387.56 Crore
- Q4 FY25 Net Profit: ₹56.90 Crore
- Market Cap: ₹5,714 Crore (as of latest data)
- Promoter holding in Indigo Paints Ltd has gone down to 53.92% as of March 2025 from 53.94% as of June 2024.
On January 20, 2021, Indigo Paints launched its initial public offering (IPO) of about ₹1,170 Crore; the price band was fixed at ₹1,488-₹1,490 apiece. The issue was oversubscribed by 117 times. On February 2, 2021, Indigo Paints Limited made its debut on the NSE and the BSE at a price of ₹2,607.5 per share, a 75% premium over its issue price of ₹1,490.
The company has secured significant investor backing over the years. In 2014, Sequoia Capital first invested ₹55 Crore in the firm and later in 2016, an additional ₹95 Crore in 2016. In 2021, as a part of its IPO, the firm raised ₹348 Crore from 25 anchor investors including the Government of Singapore, Fidelity, Goldman Sachs, Nomura, HSBC, Pacific Horizon Investment Trust, SBI Mutual Fund, ICICI Prudential Mutual Fund and Axis Mutual Fund.
The company has invested in high-profile brand endorsements to strengthen its market position. In 2018, Mahendra Singh Dhoni became the company's brand ambassador. In 2022, company onboarded Mohanlal as a brand ambassador for promoting its products in the state of Kerala.
Indigo Paints has positioned itself as an innovation-driven company in the Indian paint industry. The Company is almost debt-free. The Company has delivered good profit growth of 24.7% CAGR over the last 5 years, highlighting its strong financial management and growth trajectory over the medium term.
The company continues to focus on expanding its product portfolio and market reach, leveraging its strong distribution network and innovative product offerings to maintain its competitive position in India's growing paint and construction chemicals market.
