1. Opening Hook
Extended monsoons, sluggish August, and a short Diwali—basically the holy trinity of bad luck for paint companies. Yet Indigo Paints somehow managed to brush up a smile on its numbers. The management sounded like they just survived a weather apocalypse with a roller and a prayer. Still, CMD Hemant Jalan believes the worst is over, and the industry’s long dry spell (ironically caused by too much rain) might be ending. Grab your color charts, folks — things are about to get interesting.
2. At a Glance
- Revenue up 4.2% (₹312.1 Cr) – Rain couldn’t wash away their sales streak.
- EBITDA up 12.1% (₹46.5 Cr) – Margins painted themselves a little brighter.
- PAT up 13.5% (₹25.2 Cr) – The bottom line finally picked a bold color.
- Gross margin 45.1% – Creamier than last year’s 44.1%, courtesy of premium shades.
- Apple Chemie revenue up 22.6% – Waterproofing profits? Yes, please.
- Dealer count 18,900+; tinting machines 11,650+ – The retail army expands quietly.
3. Management’s Key Commentary
“We are pleased to see growth picking up again despite extended monsoons.”
(Translation: The rain gods were unkind, but we still found a dry patch to sell paint.) 😏
“Gross margins expanded to 45.1% from 44.1% last year.”
(Translation: Premium paints and fewer discounts — finally, some math that adds up!)
“EBITDA margin improved to 15.3%.”
(Translation: Operational efficiency met a fresh coat of discipline.)
“Apple Chemie grew 22.6% with better product mix.”
(Translation: Our side hustle in chemicals is now the teacher’s pet.)
“Demand
is showing clear signs of recovery.”
(Translation: Consumers finally remembered walls need love too.)
“New competitors’ discounts didn’t impact us.”
(Translation: Others fought a price war; we just waited for them to get tired.)
“Diwali was short, but dealers paid up fast.”
(Translation: Money flowed, stocks moved, and prayers were answered.) 🎨
4. Numbers Decoded
| Metric | Q2FY26 | YoY Growth | Comment |
|---|---|---|---|
| Revenue (Consol) | ₹312.1 Cr | +4.2% | Modest but resilient growth amid weather woes |
| EBITDA | ₹46.5 Cr | +12.1% | Higher margins despite muted volumes |
| PAT | ₹25.2 Cr | +13.5% | Profit palette looking brighter |
| Gross Margin | 45.1% | +100 bps | Premium paints save the day |
| Dealers | 18,900+ | +10% | Expanding canvas |
| Tinting Machines | 11,650+ | +8% | More colors, more reach |
| Apple Chemie Revenue | ₹13.6 Cr | +22.6% | Waterproofing gold mine |
Comment: When margins climb while the rain pours, you know someone’s mixing the right shades of strategy.
5. Analyst Questions
Q: Why not double-digit growth yet?
A: Blame the longest monsoon in living memory. But double digits will return soon — Q4 is our Q4tune.
Q: What’s the deal with competition and heavy discounts?
A: “Let them play with extra litres; we’ll play with logic.”
Q: Bihar’s election freebies boosting sales?
