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Motilal Oswal Report
Indigo Paints Ltd.’s strategic shift to focusing on non-metro towns and increased investments in distribution and influencers as part of its Strategy 2.0 is proving to be a successful endeavor. That said, the company continues to focus on the premium and emulsion segments, with a deliberate shift away from the economy segment.
Given the relatively small scale of Indigo Paints (Rs 1,300 crore revenue in FY25) in the paint industry, the company has been able to grow much faster than the industry. Consumers’ rising acceptance of the brand and the expansion of its distribution network have been driving its outperformance.
However, the changing competitive landscape will be a key monitorable.
The brokerage reiterates its Buy rating with a revised target price of Rs 1,400 (premised on 35x Dec’27E EPS).
Click on the attachment to read the full report:
Motilal Oswal Indigo Paints Q3fy26 Results Review.pdf
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