Buy Indigo Paints; target of Rs 3885: Equity99

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26 Aug, 2025 12:21

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Equity99's research report on Indigo Paints

Indigo Paints Limited domiciled in India is pinned into the manufacturing facilities in Tamil Nadu, Kerala and Rajasthan. It is the fastest growing among the top 5 decorative paint companies in India. The distribution network is scattered across the country. Indigo Paints at first took advantage of areas, where brand penetration was easier. Product portfolio includes emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. Company is subsequently planning to leverage its product to Tier1-2 cities and metros as well.

Outlook

Indigo Paints Ltd with its solid traction in these territories will assist it to capture the unorganized paint market in these rural and tier 2-4 cities. We remain sanguine on company’s long-term growth backed by its current performance metrics and future endeavours, hence remain bullish in this counter. Maintain Buy with a Target Price of Rs 3885.

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INDIGO PAINTS WORD