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Employees: 2,489
Size Indigo Paints (INDIGOPNTS.NS) is an India Materials company (Industrial Specialties) with a market value of $462M, the 876th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹914.35 on 6 Nov 2026.
Performance Over six months the shares fell 1.1%, against -21.5% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +7.1%); the operating margin is 12.9% (peer median 4.0%).
Valuation It trades at 23.8× forward earnings against a peer median of 22.5× (4th cheapest of 7).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.2 points above its cost of capital (15.3% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹15.1B | ₹14.0B | ₹13.4B | ₹13.0B | ₹10.7B |
| Revenue growth | — | +5% | +3% | +22% | — |
| Gross profit | ₹4.75B | ₹4.34B | ₹4.14B | ₹4.42B | ₹3.52B |
| EBITDA | ₹2.57B | ₹2.56B | ₹2.34B | ₹2.40B | ₹1.84B |
| Net income | ₹1.49B | ₹1.45B | ₹1.42B | ₹1.47B | ₹1.32B |
| Free cash flow | n/a | ₹852M | ₹665M | ₹466M | -₹806M |
| Capital expenditure | n/a | ₹1.35B | ₹1.36B | ₹1.04B | ₹1.99B |
| Total debt | ₹251M | ₹211M | ₹273M | ₹210M | ₹119M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INDIGOPNTS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.8% | -11.4% | 10th lowest of 21 |
| 6-month return | -1.1% | -21.5% | 5th highest of 20 |
| Distance from 52-week high | -32.1% | -41.3% | 6th highest of 21 |
| Revenue growth (TTM) | +11.9% | +7.1% | 9th highest of 21 |
| Operating margin | 12.9% | 4.0% | 3rd highest of 21 |
| Forward P/E | 23.8× | 22.5× | 4th cheapest of 7 |
| Growth the price implies (Req g, 7 yrs) | 27.6% | 21.2% | 4th most demanding of 10 |
| Growth delivered (Del g) | +14.2% | +9.6% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | +13.4 pp | +7.8 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | +1.2 pp | -3.8 pp | 7th highest of 21 |
| EV / EBITDA | 15.8× | 18.0× | 4th cheapest of 7 |
| Net debt / EBITDA | -1.2× | 3.3× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Indigo Paints INDIGOPNTS.NS | India | $462M | -1% | +12% | 13% | 23.8× | 27.6% | +14.2% |
| Hubei Xiangyuan New Material Technology 300980.SZ | China | $461M | -52% | +15% | 5% | n/a | 21.6% | +13.8% |
| Matsumoto Yushiseiyaku 4365.T | Japan | $467M | +10% | -1% | 20% | n/a | n/a | n/a |
| Sanlux 002224.SZ | China | $458M | -22% | +8% | -4% | n/a | n/a | n/a |
| Hangzhou Heshun Technology 301237.SZ | China | $471M | -41% | +23% | -20% | 669.2× | n/a | n/a |
| Shanghai Kinlita Chemical 300225.SZ | China | $472M | +7% | +20% | 2% | n/a | 48.9% | -2.0% |
| Sokan New Materials 688157.SS | China | $476M | -44% | -8% | -3% | 105.6× | n/a | n/a |
| SANVO Fine Chemicals 0301.HK | Hong Kong | $476M | +269% | +3% | -3% | n/a | n/a | n/a |
| Jiangsu Xiuqiang Glasswork 300160.SZ | China | $478M | -20% | -8% | 7% | n/a | 1.7% | +5.3% |
| Shanxi Huhua 003002.SZ | China | $482M | -52% | -4% | 6% | n/a | 12.0% | +18.8% |
| Beijing Comens New Materials 300200.SZ | China | $491M | -24% | +20% | 4% | n/a | n/a | n/a |
| Praise Victor Industrial 7768.TW | Taiwan | $434M | n/a | +3% | 16% | n/a | n/a | n/a |
| Essentra ESNT.L | United Kingdom | $430M | +37% | +7% | 8% | 15.9× | 18.7% | -19.6% |
| Hangzhou Toka Ink 688571.SS | China | $429M | -26% | +4% | 7% | n/a | n/a | n/a |
| Kangda New Materials (Group) 002669.SZ | China | $498M | -18% | +23% | 3% | 25.8× | n/a | n/a |
| NanJing Sanchao Advanced Materials 300554.SZ | China | $508M | -27% | +6% | -51% | n/a | n/a | n/a |
| Shenzhen King Explorer Science & Technology 002917.SZ | China | $509M | -25% | +1% | 11% | 19.1× | -1.1% | +22.8% |
| Dongguan Changlian New Materials Technology 301618.SZ | China | $519M | -21% | +23% | 4% | n/a | 48.7% | +3.2% |
| Changchun Gas 600333.SS | China | $520M | -1% | +15% | 4% | n/a | 21.2% | +9.6% |
| Shanghai Yongguan Adhesive Products 603681.SS | China | $520M | -20% | +7% | 1% | 19.2× | 28.1% | +22.6% |
| Hunan Resun 001218.SZ | China | $408M | -27% | +37% | 5% | n/a | n/a | n/a |