Buy Indigo Paints; target of Rs 2750: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Indigo Paints

Indigo Paints Limited (IPL) posted good performance in an inflationary environment with revenue growing by 27%, while OPM declined by just 45 bps y-o-y to 14.6%, aided by relatively flat ad spends (gross margins decreased by 670BPS yoy). The company launched anti-odour paint in Q3, another category creating product will be launched by Q1FY2023. The company is targeting active dealer reach to expand to 17,000 (from 15,242 dealers). Margins to sequentially improve in Q4 due to better revenue mix and stabilisation in key inputs. Increased distribution reach would help in consistent growth in sales volume in the coming years.

Outlook

A differentiated product portfolio and focus on expanding reach will help IPL to scale up fast in the medium to long term. We maintain Buy with a revised PT of Rs. 2,750.

More Info on Indigo Paints

It has touched a 52-week low of Rs 1,753.00.

At 09:37 hrs Indigo Paints was quoting at Rs 1,771.50, down Rs 16.60, or 0.93 percent.

It has touched an intraday high of Rs 1,786.55 and an intraday low of Rs 1,753.00.

It was trading with volumes of 596 shares, compared to its thirty day average of shares, a decrease of percent.

In the previous trading session, the share closed down 3.19 percent or Rs 58.90 at Rs 1,788.10.

The share touched its 52-week high Rs 2,736.10 and 52-week low Rs 1,772.50 on 16 June, 2021 and 17 February, 2022, respectively.

Currently, it is trading 35.25 percent below its 52-week high and 0.06 percent above its 52-week low.

Market capitalisation stands at Rs 8,426.85 crore.

For all recommendations report, click here

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