Indigo Paints Q2 FY27: revenue up 14.1% to Rs. 340.5 Cr but PAT falls 45.9% on product mix and material costs
Q2 FY27 revenue up 14.1% to Rs. 340.5 Cr; EBITDA down 33.8% and PAT down 45.9% as gross margin fell to 38.5%.
By ScoutQuest · · 1 min read
- Q2 FY27 revenue from operations
- Rs. 340.5 Cr, up 14.1% YoY
- Q2 FY27 EBITDA
- Rs. 30.3 Cr, down 33.8% (8.9% margin vs 15.3%)
- Q2 FY27 PAT and gross margin
- PAT Rs. 13.8 Cr, down 45.9%; gross margin 38.5% from 45.1%
- Period
- Q2 FY27 and H1 FY27
- Positioning
- Indigo Paints describes itself as a decorative paints maker with 6 manufacturing plants, presence in 28 states, 56 depots, 19,730 active dealers and 12,718 tinting machines.
📉 Standalone Q2 FY27 revenue from operations was Rs. 340.5 Cr, up 14.1% YoY, but EBITDA fell 33.8% to Rs. 30.3 Cr (8.9% margin vs 15.3%) and PAT fell 45.9% to Rs. 13.8 Cr. Gross margin dropped to 38.5% from 45.1%.
📈 For H1 FY27 standalone revenue rose 16.4% to Rs. 690.5 Cr, EBITDA rose 3.2% to Rs. 92.3 Cr and PAT rose 8.3% to Rs. 56.2 Cr. The company attributes the margin hit to an unfavourable product mix, higher discounts, high-cost raw material inventory carried over, higher A&P spend and lower other income from adverse bond yields.
📈 Management notes EBITDA margin historically peaks in Q4 as the product mix improves. The network grew to 19,730 active dealers and 12,718 tinting machines in Q2 FY27, with a new depot at Bikaner.
🏭 The presentation lists an Indigo Paints 2.0 strategy covering product innovation, Tier I and II growth, capacity augmentation, brand promotion and expansion into construction chemicals and waterproofing via Apple Chemie India. Trial production at the 90,000 KLPA water-based Jodhpur plant started in Sep'26, the company says.
Also from Indigo Paints
Board approved unaudited Q2 and H1 results; auditor's limited review conclusion unmodified
30 Oct 2026
Indigo Paints schedules Q2 FY2026-27 earnings conference call for November 2, 2026 at 11:00 hrs IST
22 Oct 2026
Board meeting scheduled for 30 October 2026 to approve September quarter and half-year results
16 Oct 2026
More numbers
- Revenue from operations, Q2 FY27 standaloneRs. 340.5 Cr
- Revenue growth YoY, Q2 FY2714.1%
- Gross margin, Q2 FY2738.5%
- EBITDA, Q2 FY27Rs. 30.3 Cr
- EBITDA growth YoY, Q2 FY27-33.8%
- PAT, Q2 FY27Rs. 13.8 Cr
- PAT growth YoY, Q2 FY27-45.9%
- Revenue from operations, H1 FY27 standaloneRs. 690.5 Cr
- EBITDA, H1 FY27Rs. 92.3 Cr
- PAT, H1 FY27Rs. 56.2 Cr
- Gross revenue growth, Q2 FY2718.8%
- Sales, FY 26 consolidated1405 (INR Cr)
- Active dealers, Q2 FY2719,730
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