Indigo Paints Q2 FY27: revenue up 15.0% to ₹359 Cr, net profit down 47.0% to ₹13 Cr
Results · Finvezto · 2 Nov 2026 · Indigo Paints (INDIGOPNTS)
Results Q2 FY27, ₹ Cr
| Q2 FY27 | ₹ Cr | QoQ | YoY |
|---|---|---|---|
| Revenue | 359 | - | +15.0% |
| Operating profit | 31 | - | -33.5% |
| Net profit | 13 | - | -47.0% |
| Operating margin | 8.6% | - | -6.3 pp |
| Net margin | 3.7% | - | -4.3 pp |
YoY is the company's own figure. QoQ shows where our quarterly series matches the filing.
Key points
- Standalone revenue from operations for Q2 FY27 grew 14.1% year-on-year to INR 340.5 crores, while consolidated revenue rose 15% to INR 358.7 crores. Earnings call
- Gross margin declined 660 basis points year-on-year to 38.5% and standalone EBITDA margin dropped to 8.9% due to high-cost raw material inventory carried over from prior months. Earnings call
- Management stated that the pass-through of high-cost raw material inventory was largely over by August, with gross and EBITDA margins recovering to near normal from September. Earnings call
What to watch
- Management on gross margins: We expect gross margins to improve substantially from Q3 onwards, and we expect to reclaim our leading position on gross margin percentage during the seasonally strong Q3 and Q4 quarters.
- Management on ebitda margins: EBITDA margins should normalize over these quarters with inventory calibrated to market conditions and gross margin recovery during the second half.
Links
Company page · Results tracker
Anand Ganapathy K | SEBI Registered Research Analyst | INH000016630.