Past 10 year's financial track record analysis by Moneyworks4me indicates that Indigo Paints Ltd is a average quality company.
The key valuation ratios of Indigo Paints Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Indigo Paints Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13% | -24.9% | -6.7% | -10.4% | 4% | 21.2% | 32.1% | 25.1% | 19.1% | 22.1% | - |
| Value Creation Index ⓘ | 0.0 | -2.9 | -1.5 | -1.8 | -0.7 | 0.6 | 1.4 | 0.9 | 0.4 | 0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 63.8 | 90.2 | 124 | 289 | 411 | 536 | 625 | 723 | 906 | 1,073 | 1,290 |
| Sales YoY Gr. | - | 41.4% | 37.9% | 132.6% | 42.2% | 30.3% | 16.7% | 15.8% | 25.3% | 18.5% | - |
| Adj EPS ⓘ | 0.1 | -2.8 | -2.1 | -5.6 | 1.2 | 9.4 | 16.5 | 14.9 | 17.7 | 27.6 | 29.8 |
| YoY Gr. | - | -2391.7% | NA | NA | NA | 682.5% | 75.2% | -9.5% | 18.6% | 56.3% | - |
| BVPS (₹) ⓘ | 1.6 | 9.4 | 45.1 | 34.1 | 35 | 44.1 | 61.1 | 118.4 | 136 | 161 | 200 |
| Adj Net Profit ⓘ | 0.4 | -7.9 | -6 | -15.9 | 3.4 | 27.1 | 47.7 | 70.8 | 83.9 | 131 | 142 |
| Cash Flow from Ops. ⓘ | 3.8 | -5.7 | 11.5 | -25.9 | 27 | 51.6 | 72.3 | 121 | 65.2 | 116 | - |
| Debt/CF from Ops. ⓘ | 3.8 | -0.5 | 0.5 | -1.3 | 1.3 | 1.2 | 0.7 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 36.9% | 21.2% | 19.8% | 18.5% | ||||
| Adj EPS ⓘ | 83% | 87.2% | 18.8% | 56.3% | ||||
| BVPSⓘ | 67.3% | 35.7% | 38.2% | 18.4% | ||||
| Share Price | - | - | -13.2% | -2.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 8.2 | -49.2 | -7.5 | -12.9 | 2.9 | 20.4 | 27.7 | 18.6 | 13.8 | 18.4 | 16.5 |
| Op. Profit Mgn % ⓘ | 4.7 | -8.1 | -4.5 | -0.7 | 5.8 | 10.1 | 14.6 | 16.9 | 15 | 16.9 | 18 |
| Net Profit Mgn % ⓘ | 0.6 | -8.7 | -4.8 | -5.5 | 0.8 | 5.1 | 7.6 | 9.8 | 9.3 | 12.2 | 11 |
| Debt to Equity ⓘ | 3.2 | 0.1 | 0.1 | 0.3 | 0.3 | 0.4 | 0.3 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 108 | 128 | 138 | 117 | 130 | 107 | 100 | 100 | 105 | 103 | 81 |
| Cash Conv. Cycle ⓘ | 33 | -5 | 5 | 20 | 22 | 10 | 2 | -7 | 1 | 7 | 44 |
Sales growth is growing at healthy rate in last 3 years 19.77%
Net Profit is growing at healthy rate in last 3 years 18.81%
Sales growth is good in last 4 quarters at 11.66%
Return on Equity has declined versus last 3 years average to 16.50%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 29.8 | 29.3 |
| TTM Sales (₹ Cr.) | 1,290 | 1,349 |
| BVPS (₹.) ⓘ | 200 | 196.9 |
| Reserves (₹ Cr.) ⓘ | 905 | 890 |
| P/BV ⓘ | 7.50 | 7.62 |
| PE ⓘ | 50.39 | 51.12 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1253.15 / 1720.00 |
| All Time Low / High (₹) | 981.05 / 3348.00 |
| Market Cap (₹ Cr.) | 7,145 |
| Equity (₹ Cr.) | 47.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 51.1 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 90 | 124 | 289 | 411 | 536 | 625 | 723 | 906 | 1,073 | 1,255 |
| Operating Expenses ⓘ | 97 | 130 | 291 | 387 | 482 | 534 | 601 | 770 | 892 | 1,022 |
| Manufacturing Costs | 1 | 14 | 27 | 41 | 10 | 11 | 13 | 14 | 18 | 28 |
| Material Costs | 47 | 49 | 139 | 194 | 299 | 322 | 377 | 514 | 595 | 654 |
| Employee Cost | 8 | 10 | 23 | 29 | 36 | 42 | 48 | 56 | 73 | 92 |
| Other Costs ⓘ | 42 | 58 | 102 | 123 | 137 | 159 | 163 | 186 | 206 | 248 |
| Operating Profit ⓘ | -7 | -6 | -2 | 24 | 54 | 91 | 123 | 136 | 182 | 233 |
| Operating Profit Margin (%) | -8.1% | -4.5% | -0.7% | 5.8% | 10.1% | 14.6% | 16.9% | 15.0% | 16.9% | 18.5% |
| Other Income ⓘ | 1 | 1 | 1 | 0 | 2 | 2 | 4 | 11 | 10 | 13 |
| Interest ⓘ | 1 | 0 | 3 | 4 | 5 | 6 | 4 | 1 | 1 | 2 |
| Depreciation ⓘ | 1 | 1 | 14 | 17 | 17 | 20 | 24 | 31 | 34 | 46 |
| Exceptional Items ⓘ | 1 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -7 | -6 | -18 | 2 | 34 | 67 | 98 | 114 | 156 | 198 |
| Tax ⓘ | 0 | 0 | -2 | 0 | 7 | 20 | 27 | 30 | 24 | 50 |
| Profit After Tax | -7 | -6 | -16 | 3 | 27 | 48 | 71 | 84 | 132 | 149 |
| PAT Margin (%) | -7.7% | -4.8% | -5.5% | 0.6% | 5.0% | 7.7% | 9.8% | 9.3% | 12.3% | 11.8% |
| Adjusted EPS (₹) | -2.4 | -2.1 | -5.6 | 0.9 | 9.3 | 16.5 | 14.9 | 17.7 | 27.7 | 31.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 17% | 13% | 11% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 28 | 132 | 116 | 118 | 145 | 196 | 563 | 647 | 766 | 902 |
| Share Capital ⓘ | 1 | 3 | 47 | 47 | 47 | 47 | 48 | 48 | 48 | 48 |
| Reserves ⓘ | 26 | 129 | 69 | 71 | 98 | 148 | 515 | 600 | 719 | 855 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 3 | 6 | 34 | 32 | 52 | 39 | 0 | 0 | 0 | 0 |
| Long Term Debt | 0 | 0 | 8 | 9 | 27 | 25 | 0 | 0 | 0 | 0 |
| Short Term Debt | 3 | 6 | 25 | 23 | 25 | 15 | 0 | 0 | 0 | 0 |
| Trade Payables | 27 | 37 | 85 | 107 | 136 | 139 | 186 | 201 | 199 | 220 |
| Others Liabilities ⓘ | 3 | 21 | 12 | 22 | 40 | 49 | 63 | 71 | 96 | 99 |
| Total Liabilities ⓘ | 61 | 196 | 246 | 279 | 373 | 422 | 811 | 920 | 1,062 | 1,222 |
Fixed Assets | ||||||||||
| Gross Block | 15 | 16 | 108 | 129 | 165 | 232 | 304 | 339 | 382 | 710 |
| Accumulated Depreciation | 2 | 3 | 17 | 34 | 17 | 32 | 55 | 86 | 118 | 162 |
| Net Fixed Assetsⓘ | 12 | 13 | 91 | 95 | 149 | 201 | 249 | 253 | 265 | 548 |
| CWIP ⓘ | 1 | 0 | 2 | 2 | 4 | 1 | 3 | 51 | 251 | 15 |
| Investmentsⓘ | 1 | 124 | 15 | 15 | 20 | 21 | 50 | 173 | 132 | 188 |
| Inventories | 12 | 15 | 48 | 51 | 69 | 77 | 95 | 118 | 118 | 166 |
| Trade Receivables | 26 | 33 | 78 | 104 | 104 | 104 | 121 | 172 | 200 | 204 |
| Cash Equivalents | 8 | 3 | 8 | 5 | 14 | 6 | 258 | 100 | 49 | 33 |
| Others Assetsⓘ | 1 | 7 | 3 | 7 | 13 | 12 | 35 | 53 | 48 | 68 |
| Total Assets ⓘ | 61 | 196 | 246 | 279 | 373 | 422 | 811 | 920 | 1,062 | 1,222 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -6 | 11 | -26 | 27 | 52 | 72 | 121 | 65 | 116 | 152 |
| PBT ⓘ | -7 | -6 | -18 | 2 | 34 | 67 | 98 | 114 | 156 | 198 |
| Adjustment ⓘ | 0 | 1 | 17 | 23 | 22 | 24 | 26 | 25 | 35 | 44 |
| Changes in Working Capital ⓘ | 0 | 17 | -25 | 2 | 0 | -7 | 14 | -48 | -50 | -32 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | -4 | -12 | -16 | -26 | -24 | -58 |
| Cash Flow From Investing Activity ⓘ | -10 | -123 | 15 | -23 | -63 | -61 | -318 | -69 | -84 | -143 |
| Capex | -3 | -1 | -8 | -25 | -63 | -61 | -66 | -121 | -197 | -101 |
| Net Investments | -7 | -125 | 0 | 0 | 0 | 0 | -252 | 46 | 110 | -12 |
| Others ⓘ | 0 | 3 | 23 | 2 | 0 | 0 | 0 | 6 | 3 | -29 |
| Cash Flow From Financing Activityⓘ | 16 | 113 | 15 | -7 | 19 | -17 | 236 | -5 | -20 | -24 |
| Net Proceeds from Shares ⓘ | 0 | 110 | 0 | 0 | 2 | 2 | 300 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -6 | 0 | 0 | 0 | 22 | 0 | -36 | 0 | 0 | 0 |
| Interest Paid ⓘ | -1 | 0 | -3 | -4 | -4 | -5 | -3 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14 | -17 |
| Others ⓘ | 23 | 3 | 18 | -3 | -1 | -14 | -25 | -5 | -6 | -7 |
| Net Cash Flow ⓘ | 1 | 1 | 5 | -3 | 7 | -6 | 39 | -9 | 12 | -15 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -44.39 | -7.69 | -14.02 | 2.61 | 23.67 | 31.42 | 19.14 | 13.89 | 18.67 | 17.82 |
| ROCE (%) | -24.92 | -6.73 | -10.4 | 4 | 21.22 | 32.12 | 25.1 | 19.06 | 22.06 | 23.65 |
| Asset Turnover Ratio | 1.88 | 0.97 | 1.31 | 1.56 | 1.83 | 1.75 | 1.32 | 1.2 | 1.27 | 1.34 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 9 | 1.93 | 1.5 | 1.7 | 0.77 | 0.88 | 1.02 | Working Capital Days |
| Receivable Days | 83 | 87 | 70 | 81 | 64 | 55 | 51 | 52 | 54 | 48 |
| Inventory Days | 42 | 39 | 39 | 44 | 37 | 38 | 38 | 37 | 34 | 34 |
| Payable Days | 161 | 240 | 159 | 181 | 149 | 156 | 157 | 138 | 123 | 117 |
Indigo Paints was originally incorporated as ‘Indigo Paints Private Limited’ at Pune, Maharashtra as a private limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated March 28, 2000 issued by the Registrar of Companies, Maharashtra at Pune. Subsequently, the company was converted into a public limited company and consequently the name of the company was changed to ‘Indigo Paints Limited’ and a fresh certificate of incorporation dated August 20, 2020 was issued by the Registrar of Companies, Maharashtra at Pune.
Indigo Paints is the fastest growing amongst the top five paint companies in India. It is the fifth largest company in the Indian decorative paint industry in terms of its revenue from operations for Fiscal 2020. It has achieved this position in a highly competitive Indian decorative paint industry on the back of its multi-pronged approach. This includes introducing differentiated products to create a distinct market in the paint industry, building brand equity for its primary consumer brand of ‘Indigo’, creating an extensive distribution network across 27 states and seven union territories as of September 30, 2020, and installing tinting machines across its network of dealers. To create demand for its differentiated products, it initially tapped into Tier 3, Tier 4 Cities, and Rural Areas, where brand penetration is easier and dealers have greater ability to influence customer purchase decisions.
The company subsequently leveraged this network to engage with dealers in Tier 1 and Tier 2 Cities and Metros as well. It engaged Mr. Mahendra Singh Dhoni, a sportsperson with pan-India appeal, as its brand ambassador, to enhance its brand image amongst end customers. The company concentrated these branding efforts on its differentiated products and then leveraged these efforts to increase distribution and sale of its complete range of decorative paint products. It subsequently introduced tinting machines in its target markets to increase sales of emulsion paints, which require in-shop tinting.
Business area of the company
The company manufactures a complete range of decorative paints including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. It also identify potential product needs from customers and introduce differentiated products to meet these requirements, and create a distinct market for its products. For instance, it is the first company to manufacture and introduce certain differentiated products in the decorative paint market in India, which includes its Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel (together, Indigo Differentiated Products). These products are differentiated based on the end-use they cater to, as well as added properties that they possess.
Awards and Accreditations
Major events and milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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