Indigo Paints Share Price

Indigo PaintsLimited manufactures and sells decorative paints in India and internationally. The company offers interior and exterior emulsions, enamels, putties and primers, and sleek wood coatings, as well as other products, including leakproof emulsions; aluminium paints, stone and tiles paints, roof paints, stainers, interior lustre finish under the Indigo brand.The share price on the NSE and BSE is a reflection of how market participants respond to a company’s performanceand broader business developments within its industry. It captures the sentiment of the investors based on financial results, operational updates, macroeconomic factors, and trends specific to sectors. Movements in the share price͏ reveal how the market evaluates the company’s current position and its future prospects, making ͏it a key indicator of market perception across various industries.

The Indigo Paintsstock price is influenced by various factors such as earnings growth, raw material costs, market share gains, demand from real estate and repainting segments, and competitive intensity. In the longer run, strategies related to product innovation, distribution expansion, and brand building affect stock market sentiments. All these factors must be closely monitored to have an idea about the Indigo Paintsstock price movements.

Indigo Paintslive share price provides real-time information about the last price traded, bid price, ask price, and volume traded. These indicators represent trading activity and liquidity and the reaction of investors to corporate announcements, quarterly results, and sector news. Constant ͏monitoring of Indigo Paintslive price helps observe short-term price fluctuations and understand how the stock is moving in relation to the broader market.

Furthermore, monitoring the Indigo Paints share͏ price today helps investors understand real-time market sentiment, price volatility, and trading behaviour. It allows market participants to evaluate short-term performance, identify possible entry or exit points, and respond to news, quarterly results or sector trends that may affect the company’s valuation and overall investment outlook.

Indigo Paints Limited Company Fundamentals

Indigo Paints Limited Company Background

Indigo Paints Limited is an Indian decorative paint manufacturer incorporated in 2000. Headquartered in Pune, the company began its journey with a focus on innovation-led products and water-based paint solutions, gradually building a strong presence across the country. Indigo Paints is known for introducing differentiated offerings such as metallic paints, floor coat paints, and leak-proof emulsions with waterproofing and heat-reflective properties. The company offers a comprehensive portfolio that includes interior and exterior emulsions, enamels, primers, putties, distempers, wood coatings, and waterproofing solutions. Initially, Indigo Paints concentrated on smaller towns and semi-urban markets, where access to specialised decorative paints was limited, before expanding into larger Tier-1 and Tier-2 cities. Today, it is recognised as one of the leading decorative paint manufacturers in India by revenue. The company operates multiple manufacturing facilities across states such as Rajasthan, Kerala, and Tamil Nadu, supporting its growing distribution network. Indigo Paints’ identity is symbolised by its zebra logo, reflecting its emphasis on differentiation, consistent quality, sustainability, and a customer-focused approach to product development.

Indigo Paints Limited Company Product Lines

• Interior Emulsions – water-based wall paints in various finishes and shades.
• Exterior Emulsions – protective and decorative wall paints for external surfaces.
• Exterior & Interior Emulsions – versatile paint suitable for both indoor and outdoor use.
• Waterproofing Solutions – coatings to prevent water ingress and moisture damage.
• Enamels – PU and other enamel coatings for glossy, hard finishes.
• Putties & Primers – surface prep products that improve adhesion and finish.
• Sleek Wood Coatings – protective and decorative coatings for wood surfaces.
• Other Products – specialty coatings such as aluminium paint, stone & tile paint, etc.
• Private Label Paints – customised product offerings for other brands/clients

Indigo Paints Limited Company Revenue Model

Sale of Decorative Paint Products

• Core sales come from emulsion paints, enamels, primers, putties, wood coatings, and waterproofing products across India.

Distribution via Dealer Network

• The company sells through an extensive channel of dealers and retailers spanning smaller towns to major cities.

Franchise & Licensing Partnerships

• Revenue from franchise outlets and licensing agreements contributes to market expansion and sales.

Value-Added Services

• Services such as colour consultancy and architectural partnerships help enhance brand engagement and generate additional income.

Growing Retail & Institutional Sales

• Revenue includes direct sales to contractors, builders, and institutional customers alongside consumer retail.

Diversification into New Products

• Indigo has expanded beyond basic paints to include specialty coatings and protective products, broadening revenue streams

Indigo Paints Limited Geographic Presence

Domestic Presence (India):

• Active sales and distribution network across all major states and many smaller towns through dealerships.
• Presence covers Tier-1, Tier-2, Tier-3 and Tier-4 markets, with an especially strong share in smaller cities.

Manufacturing Facilities:

• Jodhpur Factory – Boranada Industrial Area, Phase-IV, Rajasthan.
• Kochi Factory – Major Industrial Estate, Kalamassery, Kerala.
• Pudukkottai Factory – SIPCOT Industrial Complex, Vellanur, Tamil Nadu.

Market Reach:

• Products are stocked and sold across India via an extensive dealer network and retail partners.
• Indigo is working to expand into northern and eastern Indian markets beyond its traditional stronghold in the south.

Indigo Paints Limited Leadership 

Some of the key leaders of Indigo Paints as of January 2026 are

• Hemant Kamala Jalan – Chairman and Managing Director
• Parag Hemant Jalan – Non-Executive Director
• Narayanankutty Kottiedath Venugopal – Executive Director
• Ashwini Ashish Deshpande – Non-Executive Independent Director
• Sunil Badriprasad Goyal – Non-Executive Independent Director
• Praveen Kumar Ramniranjan Tripathi – Non-Executive Independent Director
• Ravi Nigam – Non-Executive Independent Director
• Sakshi Vijay Chopra – Non-Executive Nominee Director

Indigo Paints Limited Key Milestones

• 2000: Incorporated as Indigo Paints Private Limited in Pune, Maharashtra; began operations as a cement paint manufacturer.
• Early 2000s: Expanded product portfolio to include a complete range of decorative paints.
• 2000s–2010s: Established manufacturing facilities in Jodhpur (Rajasthan), Kochi (Kerala), and Pudukkottai (Tamil Nadu).
• 2010s: Introduced differentiated products such as Metallic Emulsions, Tile Coat Emulsions, Floor Coat Emulsions, Bright Ceiling Coat Emulsions, acrylic laminates, and PU Super Gloss Enamel.
• 2020: Converted into a public limited company and renamed Indigo Paints Limited on August 20.
• 2021: Listed on stock exchanges on February 2 after raising ₹1,170 crore through an IPO.
• 2021: Opened 8 new depots, added over 2,000 active dealers, and doubled powder paint capacity at the Jodhpur plant.
• 2021: Installed 5,472 tinting machines across India.
• 2022: Expanded dealer network to 15,787 and increased tinting machines to 7,101; opened depots in Karnataka, Delhi, and Himachal Pradesh.
• 2023: Acquired a 51% stake in Apple Chemie India Private Limited on April 3; commenced commercial production at the new Pudukkottai facility on September 18.
• 2024: Launched 23 new products during FY 2023–24.
• 2025: Introduced products including Stainfree Emulsion, Wallseal XT Emulsion, Dampseal XT Primer, and Dampseal Interior Primer.

Industry Perspective

The decorative paints industry, which Indigo Paints belongs to, is a significant and fast-growing segment of the broader paints and coatings market. In India, this industry has expanded rapidly due to rising urbanisation, higher disposable incomes, and increased investment in residential and commercial construction. As of 2024, the India decorative paints market was valued at approximately USD 3.28 billion and is forecast to reach about USD 5.47 billion by 2033, growing at a CAGR of around 5.4% between 2025–2033. This growth is driven by demand for aesthetic, durable, and eco-friendly coatings, as well as expanding housing and infrastructure development. More broadly, the India paints and coatings market—which includes decorative, industrial and specialty coatings—was valued at roughly USD 7.2 billion in 2024 and is expected to reach approximately USD 11.4 billion by 2033 at a CAGR of about 5.0%. The decorative segment continues to dominate, accounting for over 77% of the market. Globally, the decorative paints industry is also projected to grow steadily, with some forecasts estimating growth from around USD 158 billion in 2024 to nearly USD 297 billion by 2035 at a CAGR close to 5.9%, driven by trends in urbanisation, sustainability and interior design preferences. Overall, the industry outlook reflects ongoing demand expansion, innovation in eco-friendly and premium products, and continued infrastructure and housing market development.

Indigo Paints Limited Stock Market Presence: Listings & Index Representation

Indigo Paints listed on the BSE (Bombay Stock Exchange) on February 2, 2021, and on the NSE (National Stock Exchange) on February 2, 2021, following its initial public offering.

Indigo Paints Limited is an emerging entity in the Indian stock market, listed on major exchanges such as NSE (INDIGOPNTS) and BSE (543258). Its inclusion in indices like the S&P BSE 250 Small Cap Index, S&P BSE 400 Mid Small Cap Index, S&P BSE Consumer Discretionary Goods & Services, Nifty Microcap 250, Nifty Total Market, S&P BSE Mid Small Cap, S&P BSE Small Cap, S&P BSE All Cap, and S&P BSE 500 underscores the company’s presence in India’s consumer discretionary and paints sector.

The Indigo Paints stock price is tracked by investors focusing on the consumer goods segment. Its inclusion in these indices reflects its market capitalisation and operational scale within the decorative paints industry. Listing on NSE and BSE ensures liquidity, while its index presence connects it to broader market movements and sector-specific investment themes.

Indigo Paints Limited Stock Performance and Share Price History

The Indigo Paints share price on NSE and BSE reflects its position as a growing decorative paints company. Performance is driven by revenue growth, margin trends, market share dynamics, raw material price volatility, and competitive actions. Investors compare the Indigo Paints share price today with benchmark indices and peer companies to gauge relative performance.

These underlying factors are often visible through real market movements across different periods. Similar trends are observed during earnings-driven movements. Broader sector sentiment has also played a role in influencing the Indigo Paints share price. Corporate actions following its IPO can also have a significant impact on Indigo Paints share price movements in the short term even when the company’s fundamentals are evolving. This shows how market sentiment can trigger short-term swings within a competitive consumer goods sector influenced by demand cycles and input costs.

While short-term movements reflect events and announcements, longer-term valuation trends are visible through the Indigo Paints share price 52-week high and low, providing context beyond daily changes. The 52-week high of ₹1,345.9 and low of ₹910 capture impacts of growth expectations, margin pressures, and earnings visibility, providing context for the stock’s historical performance.

Indigo Paints’ stock performance reflects the trading behaviour of a mid-sized company in the competitive paints sector. The company’s focus on differentiated products and expanding distribution has shaped its Indigo Paints share price history. The stock debuted in early 2021 and experienced initial volatility post-listing.

The Indigo Paints share price reached an all-time high of ₹3,329.95 in 2021, supported by strong investor enthusiasm following its IPO. However, the Indigo Paints stock price has faced pressures since then. Over a five-year period, the stock delivered a negative return of 29.7%, while the ten-year return also stands at -29.7%. These returns highlight the challenges of high initial valuations and subsequent market reassessment. The Indigo Paints share price decreased by 14.64% over one year, underperforming the Nifty50 and its sector, influenced by margin compression and competitive intensity.

The Indigo Paints stock price shows a pattern of seasonality, with the first quarter (Q1) often being weak. The five-year average return for Q1 is -20.82%. For instance, in 2022, the Indigo Paints share price fell 24.25% in Q1; in 2023, it declined 22.86%; and in 2025, it dropped 32.74%. This recurring weakness is frequently attributed to seasonally lower demand and annual financial result adjustments. Conversely, quarters like Q2 in 2023 saw a 41.72% increase in the Indigo Paints share price, driven by positive earnings surprises and market optimism.

Despite broader economic disruptions, Indigo Paints shares showed resilience in certain periods. While the sector faced rising input costs, the company’s focus on premium products and operational execution helped the stock retain investor interest during specific quarters. However, consistent underperformance against benchmarks over three and five years points to persistent concerns over profitability and market share gains in a sector dominated by larger players, affecting the long-term trajectory of the Indigo Paints share price.

Indigo Paints Limited Investor Relevance and Portfolio Role

Indigo Paints can be considered for thematic exposure to the domestic paints and home improvement sector within a diversified portfolio. Its inclusion in various small and mid-cap indices underscores its relevance for investors seeking growth-oriented companies in the consumer discretionary space. Factors like brand building, distribution reach, and innovation influence its role in sector-specific allocations.

Indigo Paints equity is held by a mix of domestic and international institutional investors, reflecting its profile in India’s consumer goods sector. Top institutional stakeholders include Halogen Chemicals Private Limited, Nippon Life India Asset Management Limited, HDFC Asset Management Company Limited, Kotak Mahindra Asset Management Company Limited, Peak XV Partners Operations LLC, DSP BlackRock Investment Managers Pvt. Ltd., Arisaig Partners (Asia) Pte, Ltd., White Oak Capital Partners Pte. Ltd., Phoenix Investment Adviser LLC, and Mercer QIF Fund Public Limited Company – Mercer Investment Fund 1.

Prominent mutual fund holders include schemes from the asset management companies of these institutional stakeholders. This investor base underscores the stock’s role as a potential growth holding in portfolios targeting the Indian consumption story.

Beyond fundamentals and ownership, Indigo Paints’ stock is monitored in derivatives markets, where open interest and F&O quotes reflect expectations on sales growth, margin trends, and sector news. Technical indicators such as RSI, MACD, and MFI provide additional insight into short-term momentum shifts in the Indigo Paints stock price. While primarily used for near-term trading, these tools can also help gauge market sentiment around major events like quarterly results.

Indigo Paints’ beta indicates its volatility relative to the market. The long-term beta is 0.959. However, shorter-term measures show higher volatility: the daily one-month beta is 1.75, the daily three-month beta is 1.61, and the weekly one-year beta is 1.42. The weekly two-year beta is 0.990, the two-week two-year beta is 0.981, and the monthly two-year beta is 0.701. These varying beta figures show that the Indigo Paints share price has experienced periods of high correlation with market swings, especially in the short term, while longer-term measures suggest a moderate alignment with broader market movements. Monitoring these beta ranges helps in understanding the stock’s risk profile.

Indigo Paints Limited Sectoral Relevance and Peer Positioning

Indigo Paints’ sector relevance stems from its niche in differentiated products, marketing strategies, and expansion within the decorative paints segment, establishing it as a challenger brand in India’s paints ecosystem. Peer comparisons with Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel India, and Shalimar Paints focus on revenue growth, market share, distribution depth, brand value, and profitability margins rather than short-term stock moves. These benchmarks help investors assess operational scale, competitive positioning, and pricing power. Institutional tracking of volume growth, gross margins, and advertising spend further highlights Indigo Paints’ strategic role within the competitive paints industry.

Indigo Paints’ market cap reflects its valuation journey since listing. As of January 23, 2026, its market cap stood at ₹49.94 billion, an 8.42% decrease for the month. The market cap was ₹54.53 billion at the end of December 2025 and ₹66.79 billion at the end of December 2024. It peaked at ₹148.28 billion in February 2021 post-IPO. Since that high, the market cap has decreased by 66.32% over approximately five years, indicating a significant market reassessment of its value. This decline aligns with the broader correction in the Indigo Paints share price from its all-time highs.

Indigo Paints’ earnings history shows a trajectory of growth in operational scale. Net income increased from ₹12.86 crore in March 2018 to ₹141.76 crore in March 2025. However, growth has been uneven; net income fell from ₹148.65 crore in March 2024 to ₹141.76 crore in March 2025, a decline of 4.68%. Operating income also decreased by 7.36% between March 2024 and March 2025. The compound annual growth rate (CAGR) for net income over five years is 24.52%, but the recent dip highlights pressures from rising costs and competitive intensity impacting profitability.

Indigo Paints EPS correlates with its net income trajectory. Reported EPS was ₹29.76 for March 2025, slightly down from ₹31.23 in March 2024, indicating a 4.75% decrease. Adjusted EPS for March 2025 was ₹30.94, showing an 11.58% increase from the ₹27.73 reported for March 2024. EPS was ₹17.67 in March 2022 and ₹4.56 in March 2021. The five-year CAGR for EPS is 24.24%, demonstrating overall growth in per-share earnings, though recent annual figures show stability with minor fluctuations, influencing investor perception of the Indigo Paints share price.

Indigo Paints P/E ratio indicates significant valuation shifts. The latest trailing twelve months P/E is 34.68, while the latest fiscal year P/E (March 2025) is 31.68. This is lower than the March 2024 P/E of 40.24, a decrease of 21.27%. The P/E ratio was 36.36 in March 2023 and 90.88 in March 2022. It reached an extreme high of 525.84 in March 2021 post-IPO. The current P/E, while lower than past peaks, remains elevated compared to industry averages, reflecting market views on its growth potential versus current earnings.

Summary

Indigo Paints Limited operates in the competitive decorative paints industry. The Indigo Paints share price is influenced by company performance, sector dynamics, and market sentiment. Its listing on major exchanges and inclusion in several indices provide liquidity and visibility. The stock’s history shows volatility since its IPO, with performance linked to financial results and broader market cycles. A range of institutional investors hold the stock, and its sector positioning involves competing with established paint companies.