Motilal Oswal's research report on Indigo Paints
Indigo Paints (INDIGOPN)’s standalone sales declined 4% YoY in 3QFY25 due to consistent pressure on demand. The paint industry dipped 4% YoY in 3Q. Apple Chemie (subsidiary) clocked a robust sales growth of 21% YoY. Consolidated sales contracted 3% YoY to INR3.4b (miss). Putty & cement paint’s value and volume declined 5% and 7%, respectively. Emulsions clocked 2% volume growth and 3% value growth. Premium emulsions remained the fastest-growing retail segment. Enamel and wood coatings’ volume/value dipped 13%/12% YoY. Primer and distempers posted a volume decline of 6% and a value decline of 1% in 3QFY25.
Outlook
The changing competitive landscape will be a key monitorable. We reiterate our BUY rating with a revised TP of INR1,500 (premised on 40x Dec’26E EPS).
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