Indigo Paints reports Q2 FY26 growth amid improving market conditions

Indigo Paints reported positive financial performance for the quarter and half year ended September 30, 2025. Standalone revenue from operations for Q2 FY26 increased 3.5% year-on-year to Rs. 298.5 crore, with EBITDA growing 7.5% to Rs. 45.8 crore. PAT for the quarter rose 5.8% year-on-year to Rs. 25.5 crore, while the PAT margin improved to 8.5% from 8.2% in Q2 FY25. Consolidated revenue for Q2 FY26 also saw 4.2% YoY growth, reaching Rs. 312.1 crore, and consolidated EBITDA rose 12.1% to Rs. 46.5 crore.

Gross margin remained strong at 45.1% standalone for Q2 FY26, expanding from 44.1% year-on-year. Advertising & promotional (A&P) expenses decreased to 5.3% of revenue from operations in Q2 FY26, down from 5.4% in Q2 FY25, reflecting a focus on BTL activities. The company continues its network expansion, with active dealers reaching 18,914 and tinting machines at 11,656.

The premium segment, including Emulsions and Enamels, demonstrated higher value growth than the economy segment, contrary to the industry trend. Apple Chemie, Indigo Paints' subsidiary, also showed robust growth and improved profitability, with the launch of WPCC products for retail and accreditation from NABL. The company anticipates continued margin strengthening due to stable raw material prices and an improved product mix.