Indigo Paints Q2 2026 – The Research Archive

Business Overview:
The company is a leading Indian paint company 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. Indigo has operations across 28 states. The Company initially built presence in Tier 3/4 cities; expansion into Tier 1/2 cities started from 2022

Indigo Paints Ltd INDIGOPNTS

2026-Q2 · operating rulebook · On-track

PASS (governance veto)

3.47

Quality

4.33

Score 5

20.4%

Avg ROCE, 5 years

Score 4

15%

Avg ROE, 5 years

Score 4

18.4%

Avg operating margin

Score 5

+2pp

Margin trend

Score 5

1.02

Cash conversion

Score 3

Moat

Growth

4.00

Score 4

13%

Revenue CAGR, 5 years

Score 4

16%

PAT CAGR, 5 years

Score 4

Runway

Valuation

4.50

Score 5

-33.65%

P/E vs own 5y average

Score 4

-8.35%

P/E vs peer average

Risk

1.00

Score 5

0.02

Debt / equity

Score 1

0.5

Interest cover

Score 4

Governance

A dashed outline marks a judgement I made rather than a figure the rules computed.

4.33Quality

4.00Growth

4.50Valuation

4.00Momentum

1.00Risk

Action this quarter: No change · Trigger fired: No

Scored on the rulebook as it stood on 2026-09-01, and frozen at publication.

Educational model portfolio. Not investment advice. No client money is managed.