Indigo Paints Limited — Investor Meet, 11-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Indigo Paints posted Q2 FY26 consolidated revenue of INR 312.1 Cr (+4.2% YoY), with EBITDA up 12.1% to INR 46.5 Cr and PAT up 13.5% to INR 25.2 Cr. Gross margins improved to 45.1% driven by softening raw material costs and strong premium product sales. Management sees demand recovery, noting robust dealer payments and record painter token scans (up 30-40% in October), signaling strong secondary sales. They anticipate double-digit growth by Q4, fueled by better consumer sentiment and the wedding season. New plant capacities will support growth till FY29. Subsidiary Apple Chemie also saw strong 22.6% revenue growth. Outlook is confident on market revival.