Motilal Oswal's research report on Indigo Paints
Indigo Paints (INDIGOPN) reported standalone sales growth of 3% YoY in 2QFY26 as demand was impacted by extended monsoon. Management highlighted that Jul witnessed healthy offtake, Aug was soft, and Sep saw a recovery, with strong secondary sales and dealer inflows. Oct continued to see healthy traction, and the company expects double-digit growth in 2HFY26, aided by a pickup in demand momentum. Apple Chemie (subsidiary) sales grew 23% YoY. Consolidated sales rose 4% YoY to INR3.1b (est. INR3.0).
Outlook
We reiterate our BUY rating with a revised TP of INR1,400 (premised on 35x Sep’27E EPS).
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