Indigo Paints Q2 FY27 Results: Consolidated Net Profit ₹13.39 Crore on Total Income of ₹361 Crore
Earnings
Paints and coatings
Blacklitt Research3 min read
Indigo Paints (NSE: INDIGOPNTS) reported consolidated total income of ₹360.92 crore and net profit of ₹13.39 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹342.48 crore and net profit of ₹13.81 crore, it said in a filing on 30 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹360.92 crore, up 14.6% YoY and 5.0% lower QoQ
Net profit and EPS: ₹13.39 crore, down 47.0% YoY; basic EPS ₹2.80
Exceptional item: Past service cost of ₹6.13 crore under the New Labour Codes, year ended 31 Mar 2026
Standalone
The company on its own, without its subsidiaries
Total income: ₹342.48 crore, up 13.7% YoY and 4.8% lower QoQ
Net profit and EPS: ₹13.81 crore, down 45.9% YoY; basic EPS ₹2.90
Revenue from operations: ₹340.48 crore, up 14.1% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
360.92
315.05
+14.6%
379.86
-5.0%
Revenue from operations
358.75
312.06
+15.0%
369.67
-3.0%
Other income
2.17
2.99
-27.4%
10.19
-78.7%
13.39
25.25
-47.0%
41.70
-67.9%
Profit before tax
16.66
33.77
-50.7%
56.03
-70.3%
Finance costs
0.75
0.71
+5.6%
0.58
+29.9%
Depreciation
15.73
15.06
+4.5%
15.60
+0.8%
Tax expense
3.26
8.52
-61.7%
14.33
-77.2%
Net profit margin
3.71%
8.01%
-4.30 pp
10.98%
-7.27 pp
EPS, basic (₹)
2.80
5.27
-46.9%
8.76
-68.0%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Revenue grew faster than profit. Revenue from operations rose 15.0% YoY to ₹358.75 crore, while net profit fell 47.0% to ₹13.39 crore. Profit before tax fell 50.7%, so the net profit decline is slightly smaller than the fall in pre-tax profit, with tax expense down 61.7% to ₹3.26 crore.
Other income is a small part of the result this quarter. At ₹2.17 crore it is 0.6% of total income and 13.0% of profit before tax of ₹16.66 crore, compared with ₹10.19 crore in the previous quarter. Finance costs of ₹0.75 crore are 0.2% of total income.
The company says its subsidiary Apple Chemie Pvt Ltd recorded growth of 35.3%. The consolidated results include Apple Chemie India Private Limited, in which the company holds 51%. The filing does not give the subsidiary's profit or revenue contribution for the quarter.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
342.48
301.24
+13.7%
359.90
-4.8%
Revenue from operations
340.48
298.50
+14.1%
350.05
-2.7%
Other income
1.99
2.74
-27.2%
9.85
-79.8%
13.81
25.53
-45.9%
42.37
-67.4%
Profit before tax
17.23
34.14
-49.5%
56.93
-69.7%
Finance costs
0.61
0.54
+11.6%
0.51
+18.7%
Depreciation
14.48
13.86
+4.4%
14.36
+0.8%
Tax expense
3.43
8.60
-60.2%
14.56
-76.5%
Net profit margin
4.03%
8.48%
-4.44 pp
11.77%
-7.74 pp
EPS, basic (₹)
2.90
5.36
-45.9%
8.89
-67.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone revenue from operations rose 14.1% YoY to ₹340.48 crore, but net profit fell 45.9% to ₹13.81 crore. The company attributes the margin pressure to an unfavourable product mix and raw material cost headwinds from high-cost inventory carried over from the previous quarter. It says gross margin contracted from 45.1% to 38.5% year on year.
Standalone profit before tax fell 49.5% to ₹17.23 crore. Other income of ₹1.99 crore is 11.6% of that figure. Tax expense of ₹3.43 crore is 19.9% of profit before tax, against ₹8.60 crore a year earlier. Net profit margin was 4.03%, compared with 8.48% in the same quarter last year.
For the half year, the company reports standalone net revenue from operations of ₹690.5 crore, up 16.4%, and net profit of ₹56.2 crore, up 8.3%, per its press release.
Inference
The filing says the labour code past service cost of ₹6.13 crore (consolidated) and ₹5.85 crore (standalone) was recognised as an exceptional item in the year ended 31 Mar 2026, and that the company considers it regulatory-driven and non-recurring. The quarter under review does not carry an exceptional item in either nature.
The filing states that dividends of ₹23.87 crore were paid to shareholders in the six months ended 30 Sep 2026. It does not state a dividend declared for the period, its record date or its payment date.
Paid-up equity share capital rose from ₹47.68 crore to ₹47.73 crore by 30 Sep 2026. The filing does not say what the company plans for the high-cost inventory or whether the margin pressure will continue into later quarters.
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