Indigo Paints Limited (INDIGOPNTS) Fair Value & Analysis
Basic Materials · IN · Market cap ₹54.0B (≈ $572M) · ISIN INE09VQ01012
What is Indigo Paints Limited really worth?
A solid business, but trading 165% above our fair value of ₹447.21.
As of Aug 21, 2026, the fair value of Indigo Paints Limited is ₹447.21 per share against a price of ₹1,186, so the fair value sits 62% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
Fair value as of: Aug 21, 2026
From 24 valuation models · updated 16 days ago
Share price +9.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹645.86). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹262.16 to ₹645.86) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range ₹711.85 – ₹2,652 · fair‑value band ₹262.16 – ₹645.86 · the ₹1,186 price screens above the ₹447.21 fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Indigo Paints Limited (INDIGOPNTS) currently trades at ₹1,186, while our model-based Fair Value estimate is ₹447.21, implying the stock looks roughly 165.1% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Basic Materials sector. Bull case: the Multiples group reads highest at a median of ₹516.69 per share, and 0 of the 24 models we run sit above the ₹1,186 price. Bear case: the Asset-Based group reads lowest at ₹161.98, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Indigo Paints Limited generated revenue of ₹14.7B at a net margin of 11.0%. Revenue grew 19.7% year over year. It earns a return on equity of 13.5%. Net debt stands at ₹444M. Fundamentals as of Aug 21, 2026
Our scenario range runs from ₹262.16 (bear case) to ₹645.86 (bull case); at ₹1,186, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 69% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at −62%, INDIGOPNTS screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹14.67 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Multiples (₹516.69) versus Asset-Based (₹161.98). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 66
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Indigo Paints Limited engages in the manufacture and sale of decorative paints in India and internationally. It 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, and stainers under the Indigo brand.
Full company description
Indigo Paints Limited engages in the manufacture and sale of decorative paints in India and internationally. It 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, and stainers under the Indigo brand. The company was incorporated in 2000 and is headquartered in Pune, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Indigo Paints Limited reported revenue of ₹14.1B in FY2026 versus ₹9.0B in FY2022, a compound +11.7%/yr. Reported net income was ₹1.5B in FY2026, compounding +14.6%/yr from FY2022.
INDIGOPNTS screens 165% overvalued. Compare with Linde plc →
Peer Group
Specialty Chemicals · 695 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Specialty Chemicals median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Linde plc LIN | $485.35 | $222.03 | −54% |
| The Sherwin-Williams Company SHW | $344.86 | $143.38 | −58% |
| Ecolab Inc ECL | $286.75 | $96.18 | −66% |
| Air Products and Chemicals, Inc APD | $308.09 | $122.14 | −60% |
| Givaudan SA GIVN | CHF 3,282 | CHF 1,498 | −54% |
| Wanhua Chemical Group 600309 | ¥77.66 | ¥68.03 | −12% |
| 500820 500820 | ₹2,757 | ₹557.43 | −80% |
| Novozymes A/S NSISB | kr 456.40 | kr 169.99 | −63% |
| Asian Paints Limited ASIANPAINT | ₹2,630 | ₹696.23 | −74% |
| PPG Industries, Inc PPG | $114.22 | $71.31 | −38% |
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