Buy Indigo Paints; target of Rs 1720: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Indigo Paints

While INDIGOPN’s 2QFY23 result was below our estimates it did not witness the huge mix deterioration reported by its peers. Consequently, the three-year sales CAGR stood at 23.6%, which is better than both APNT and KNPL, two of its Paint peers to have reported their results so far. While INDIGOPN posted much lower sales, the momentum seen in FY22 v/s its peers seems to be returning. The management indicated a continued sales momentum and a significant pick up in margin in subsequent quarters, led by lower commodity cost pressures.

Outlook

We maintain our Buy rating. We maintain our Buy rating with TP of INR1,720 (40x Sep’24E EPS).

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Indigo Paints - 08-11-2022 - moti