Indigo Paints LimitedQ2 FY27 Results & Financial Update
Indigo Paints Limited: Q2 FY27 consolidated results and company financials – revenue ₹358.75 Cr, PAT ₹13.39 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Indigo Paints Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Indigo Paints Limited recorded consolidated revenue from operations of INR 358.75 crore for the quarter ended September 30, 2026, alongside total income of INR 360.92 crore.
Sequential comparisons indicate a contraction from the preceding quarter ended June 30, 2026, where revenue stood at INR 369.67 crore and total income reached INR 379.86 crore, reflecting softer top-line generation during the period.
Profitability experienced a sharper sequential decline as profit before tax (PBT) contracted to INR 16.66 crore from INR 56.03 crore in the previous quarter, representing a decrease of approximately 70.3%.
Consolidated profit after tax (PAT) for Q2 FY27 stood at INR 13.39 crore, compared to INR 41.70 crore reported in the preceding quarter, translating to a PAT margin of approximately 3.73%.
Basic and diluted earnings per share (EPS) for the quarter were recorded at INR 2.80, down from INR 8.72 in the previous quarter in tandem with the lower bottom-line performance.
Total expenses for the period included depreciation and amortization charges of INR 15.73 crore, finance costs of INR 0.75 crore, and tax expenses totaling INR 3.26 crore.
Indigo Paints Limited reported consolidated revenue from operations of INR 358.75 crore for the quarter ended September 30, 2026, representing a contraction of 2.95% compared to INR 369.67 crore recorded in the preceding quarter ended June 30, 2026.
Total income for Q2 FY27 stood at INR 360.92 crore, down from INR 379.86 crore in the first quarter of the fiscal year.
01 · Business model
What does Indigo Paints do?
Indigo Paints Limited operates in the specialty chemicals sector, focusing on the manufacture, distribution, and sale of decorative paints and allied coating products. The company offers a broad portfolio that includes exterior and interior emulsions, primers, distempers, putty, and specialized wood coatings designed for retail consumers and commercial painting needs.
The company distributes its products across multiple regions through an established dealer and distributor network. Its operating model relies on differentiating core product offerings through distinct performance properties and building a robust retail footprint in tier-2 and tier-3 cities where demand for branded coatings continues to expand.
Financial performance for the period reflects the combined results of the parent company and its consolidated subsidiaries as reported in official exchange filings.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹358.75 Cr | ₹369.67 Cr |
| Total income | ₹360.92 Cr | ₹379.86 Cr |
| Profit before tax | ₹16.66 Cr | ₹56.03 Cr |
| Profit after tax | ₹13.39 Cr | ₹41.70 Cr |
| EPS | ₹2.80 | ₹8.72 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 3.7% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 4.6% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹2.17 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations for Q2 FY27 was reported at INR 358.75 crore, compared to INR 369.67 crore in the immediate previous quarter.
Total income for the quarter reached INR 360.92 crore, inclusive of other income amounting to INR 2.17 crore and interest income of INR 0.09 crore.
Revenue from operations stood at INR 358.75 crore, reflecting a sequential moderation of 2.95% against the INR 369.67 crore reported in Q1 FY27.
What drove margins
The company incurred depreciation and amortization expenses of INR 15.73 crore and finance costs of INR 0.75 crore during the quarter.
Tax expenses for the quarter were recorded at INR 3.26 crore against a profit before tax of INR 16.66 crore.
Other income fell sharply by 78.68% quarter-on-quarter to INR 2.17 crore from INR 10.19 crore in Q1 FY27, exerting pressure on pre-tax earnings.
Depreciation and amortisation expenses were reported at INR 15.73 crore, while finance costs stood at INR 0.75 crore for the quarter.
04 · Pressure points & risks
What is not going smoothly
PBT and PAT experienced significant sequential declines of 70.27% and 67.88% respectively, driven by softer operating performance and lower non-operating income.
05 · Items worth noticing
The line items that can distort a quick read
The company reported provisions amounting to INR 3.06 crore for the quarter ended September 30, 2026.
Tax expense for the quarter was recorded at INR 3.26 crore, down from INR 14.33 crore in Q1 FY27, aligning with lower taxable profits.
Provisions for the quarter stood at INR 3.06 crore.
06 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased by 2.95% sequentially from INR 369.67 crore in Q1 FY27 to INR 358.75 crore in Q2 FY27.
Net profit after tax declined by 67.88% sequentially from INR 41.70 crore in the preceding quarter to INR 13.39 crore in Q2 FY27.
Compared to Q1 FY27, revenue decreased by 2.95% to INR 358.75 crore, while net profit dropped by 67.88% to INR 13.39 crore.
07 · Key Q&A
The quarter, answered directly
What does Indigo Paints do?
Indigo Paints Limited operates in the specialty chemicals sector, focusing on the manufacture, distribution, and sale of decorative paints and allied coating products. The company offers a broad portfolio that includes exterior and interior emulsions, primers, distempers, putty, and specialized wood coatings designed for retail consumers and commercial painting needs.
What is the clearest takeaway from Q2 FY27?
Indigo Paints Limited recorded consolidated revenue from operations of INR 358.75 crore for the quarter ended September 30, 2026, alongside total income of INR 360.92 crore.
What drove revenue or demand?
Revenue from operations for Q2 FY27 was reported at INR 358.75 crore, compared to INR 369.67 crore in the immediate previous quarter.
What mattered most for margins or profitability?
The company incurred depreciation and amortization expenses of INR 15.73 crore and finance costs of INR 0.75 crore during the quarter.
What are the main pressure points disclosed for the quarter?
PBT and PAT experienced significant sequential declines of 70.27% and 67.88% respectively, driven by softer operating performance and lower non-operating income.
What should the next disclosure help confirm?
Monitor upcoming quarterly financial filings to evaluate the trajectory of revenue recovery and margin stabilization.
08 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
09 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Subsequent Financial Disclosures: Monitor upcoming quarterly financial filings to evaluate the trajectory of revenue recovery and margin stabilization.
- 02
Sequential Margin Recovery: Monitor subsequent quarterly filings to track the recovery of operating margins and net profitability from the lows of Q2 FY27.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.