Paints/Varnish
Building Materials - Paints
from 1,149 today
We expect Indigo Paints Ltd. to continue outpacing the decorative paints industry over FY27-FY28E, aided by market share gains, premiumisation, differentiated products, capacity ramp-up at Jodhpur facility, increased tinting machine penetration and the scaling up of Apple Chemie India Private Limited. We maintain a Buy with a revised PT of Rs. 1,337.
We model Indigo Paints to maintain industry leading growth led by market share expansion in FY27-28 as its strategy to increase trade spends will likely strengthen its position in the market. All four segments reported double-digit volume growth, indicating growth in premium as well as value-for-money segments, and we remain positive.
Indigo Paints reported standalone revenue growth of 19% YoY with double-digit value and volume growth. Management continues to prioritize accelerated revenue growth, supported by premiumization, deeper distribution, and operating leverage.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
