Indigo Paints share price today

Indigo Paints Ltd's share price was ₹914.35 at the close on 6 November 2026. It has been rising for 14 weeks. That is 13.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹731 and ₹1,299, and at that close it sat 32% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Indigo Paints Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running.

Over the last 5.8 years the share price moved −65% while the NIFTY 500 moved +76%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: profit fell in the September 2026 quarter, lowest operating margin in 16 quarters and foreign funds (FIIs) cut their stake for 4 quarters in a row.

1. Profit fell in the September 2026 quarter

   Profit was ₹13 crore, -48% on a year earlier (₹25 crore), after 4 quarters of growth.

2. Lowest operating margin in 16 quarters

   Operating margin was 9% in the September 2026 quarter, against 15% a year earlier.

3. Foreign funds (FIIs) cut their stake for 4 quarters in a row

   From 11.8% to 5.7% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Indigo Paints reported revenue of ₹359 crore, up 15.1% from ₹312 crore a year earlier, and a profit of ₹13.0 crore, down 48.0% from ₹25.0 crore.

Indigo Paints results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 14 August 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Indigo Paints closed at ₹914.35 on 6 November 2026, down 8.9% from ₹1,004.10 a year earlier (7 November 2025) and down 61.1% over five years. Its highest weekly close since February 2021 was ₹2,633.80 on 11 June 2021.

Indigo Paints share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

305 weekly closes from 5 February 2021 to 6 November 2026.

6 Nov 2026: Indigo Paints closed at ₹914.35, down 8.3% on the week and down 10.6% on the month. Results for July to September 2026: Revenue up 15.1% and profit down 48.0% on a year earlier.

Earlier

• 4 Sep 2026: ex-date for a dividend of ₹5 a share.
• 14 Aug 2026: Indigo Paints held its results call for April to June 2026. Management guided: Apple Chemie gross margins to improve through Q2 and return to normal by Q3.

Indigo Paints paid ₹5 a share in regular dividends in the 12 months to 7 November 2026 (1 payment), a yield of 0.55% at the ₹914.35 close on 6 November 2026. The last was a dividend of ₹5 a share, ex-date 4 September 2026.

Indigo Paints dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Indigo Paints Ltd paid out 16% of its profit as dividends in FY26, and it paid a dividend in each of its last 4 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for April to June 2026, held on 14 August 2026, Indigo Paints' management guided: Apple Chemie gross margins to improve through Q2 and return to normal by Q3.

“We are fundamentally focused on much higher topline growth. The bottom line will eventually take care of itself.”Hemant Jalan, MD, on the call for April to June 2026

What management guided

• Jodhpur water-based plant trial production expected in another 10 days and stabilization within about one month, ahead of festive demand.
• No significant capital spending requirements anticipated for the next 3 years.
• Q2 trade and influencer spending to increase, with a wider topline gap versus the industry as the objective.
• Second-half gross margins expected broadly stable on a net-sales basis.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 14 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Indigo Paints reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Apple Chemie's margin normalization through the next quarter and thereafter - check whether high-cost inventory and B2B pass-through pressures unwind.

Indigo Paints is not on any of our India lists this week.

Indigo Paints Ltd earned ₹13.0 Cr of net profit in the Sep 2026 quarter, −48.0% on the same quarter a year earlier. Full-year FY26 profit was ₹148 Cr. Over 3 years profit has grown 3.9% a year on average. That is 3.6% of the quarter's revenue. The same quarter a year earlier earned ₹25.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹148 Cr (+4.2% on the year before).

Why profit moved: revenue changed +15.1% on a year earlier and the margin moved −6.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +4.9% and revenue +12.3%. Profit is growing slower than sales: rising costs are taking part of the growth.

Indigo Paints Ltd reported ₹359 Cr of revenue in the Sep 2026 quarter, +15.1% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 3 years it has grown 9.4% a year on average. The last full year, FY26, came in at ₹1,405 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹1,513 Cr.

FY26 revenue was ₹1,405 Cr, +4.8% on the year before.

Recent pace: the last four quarters grew +12.3% on average, against 9.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +11.9%, against +5.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +4.9%, against +3.5% a year (stabilising).

Indigo Paints Ltd's operating margin was 9.0% in the Sep 2026 quarter, 6.0 percentage points lower than the same quarter a year ago. Across 4 years it has been between 17.0% and 18.0%. The latest quarter is below every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −6.3 percentage points on the year while gross margin changed −6.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 132% of Indigo Paints Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹223 Cr of operating cash against ₹148 Cr of profit. After ₹166 Cr of spending on assets, ₹57.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 132% of profit came in as cash: the cash cycle got 37 days longer between FY23 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 2.7× depreciation over three years. The next section checks what that spending is building.

Indigo Paints Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 55 days in FY26, up from 18 days in FY23. It spent ₹465 Cr on assets over the last 3 years. Customers take 74 days to pay, and stock sits for 87 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,405 Cr, each day of that cycle ties up about ₹3.8 Cr, so roughly ₹212 Cr is tied up in the business at any time.

FY26: customers took 74 days to pay and stock sat for 87 days, about 2.9 months of sales sitting as stock, for a full cycle of 55 days, longer than FY23's 18.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 87 days. Customers pay about 74 days after that. Suppliers are paid at 106 days. Together that makes the 55-day cycle.

Spending on assets: ₹465 Cr over the last 3 years, against ₹171 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹220 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Indigo Paints Ltd's P/E is 28.4×, near the low end of its own history: it has been lower only 5% of the time. Its usual P/E (the middle reading) is 40.3×, over 3.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹31.28.

Why the multiple is where it is: over the past year earnings per share moved +2.3% while the price moved −8.9%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 3 years the price moved −14.5% a year; about +5.1% a year came from earnings growth and about −19.6 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Indigo Paints Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 16.8%; each line tells part of the story. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Indigo Paints Ltd earned a ROCE of 19% in FY26. Its return on capital used (ROIC) is 4.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.5% net margin and 0.86× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 10.5% net margin × 0.86× asset turnover × 1.41× leverage (assets divided by equity) ≈ 12.7% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 16.9% − 12.0% = +4.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

Indigo Paints Ltd has total debt of ₹25.0 Cr against shareholder equity of ₹1,183 Cr as of Sep 2026, so its debt is 0.02× its equity, which is very little. Year by year, that ratio went from 0.02 in FY22 to 0.02 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Indigo Paints Ltd by 8.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 24.9% of the company. Foreign institutions moved −6.6 points over the same period, to 5.7%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +8.8 points over 8 quarters, to 24.9%; Foreign institutions: −6.6 points over 8 quarters, to 5.7%; Promoters: −0.1 points over 8 quarters, to 53.8%.

Why the owners changed: foreign institutions moved −6.6 points and domestic institutions +8.8 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Indigo Paints Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

50.6 out of 100, rank 3 of 7 in Building Materials - Paints, with 85% of the evidence available.

Indigo Paints Ltd scores 50.6 out of 100 against the 7 companies it is compared with in Building Materials - Paints, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 13.3 + 13.2 + 12.8 + 11.3 = 50.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Indigo Paints ranks 3 of 7 Building Materials - Paints companies on the 4-Factor Sector Score, with 50.6 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Building Materials - Paints, all 7 compared on one page.

Indigo Paints is the 5th largest of 7 Building Materials - Paints companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Asian Paints, Berger Paints India, Kansai Nerolac Paints and JSW Dulux. Just below it: Sirca Paints India and Shalimar Paints.

Building Materials - Paints companies close in size

1. Asian Paints Ltd ₹2,22,534 crore
2. Berger Paints India Ltd ₹54,231 crore
3. Kansai Nerolac Paints Ltd ₹14,259 crore
4. JSW Dulux Ltd ₹13,436 crore
5. Indigo Paints Ltd ₹4,760 crore
6. Sirca Paints India Ltd ₹2,303 crore
7. Shalimar Paints Ltd ₹666 crore

All 7 Building Materials - Paints companies, largest first

Companies close in size in other industries

848. Prasol Chemicals Ltd ₹4,765 crore
849. Sanathan Textiles Ltd ₹4,763 crore · Textiles - Spinning
850. Indigo Paints Ltd ₹4,760 crore
851. Surya Roshni Ltd ₹4,758 crore · Steel - Tubes/Pipes
852. Prism Johnson Ltd ₹4,757 crore · Cement

Sector Alpha, written by code from the published numbers. Data as of 6 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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