Indigo Paints Limited (INDIGOPNTS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-47.4%

₹455.87

vs ₹866.60 price

Levered DCF

₹1,054.86

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	23.35×	32.49×	42.43×	36.36×	90.88×	154.07×	293.79×	521.26×
P/B	2.94×	4.47×	6.93×	6.18×	11.75×	19.37×	71.32×	94.91×
P/S	2.41×	3.43×	4.81×	4.47×	8.48×	15.16×	22.6×	26.27×
EV / EBITDA	12.91×	18.24×	24.73×	25.03×	52.43×	86.78×	153.57×	257.1×
Gross margin	33.2%	33.2%	47.0%	32.8%	42.8%	47.5%	48.0%	43.8%
Operating margin	13.8%	13.1%	14.5%	13.9%	11.8%	13.8%	11.5%	7.0%
Net margin	10.3%	10.6%	11.3%	12.3%	9.3%	9.8%	7.7%	5.0%
Current ratio	2.21×	2.37×	2.18×	1.96×	2.34×	2.37×	1.14×	1.12×
Debt / equity	0.02×	0.03×	0.02×	0.02×	0.02×	0.02×	0.29×	0.47×
Interest coverage	66.62×	49.98×	89.04×	108.64×	79.91×	26.09×	12.76×	7.98×
Dividend yield	0.5%	0.4%	0.3%	0.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.5%	11.8%	11.3%	10.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	13.8%	16.3%	17.0%	12.9%	12.6%	24.3%	18.2%
Return on invested capital	11.4%	11.5%	14.3%	15.8%	11.5%	12.3%	19.1%	13.3%
Return on assets	8.9%	10.1%	11.6%	12.4%	9.1%	8.7%	11.3%	7.2%
Free cash flow yield	2.5%	1.4%	0.7%	-1.7%	-0.7%	0.5%	0.1%	-0.1%
Earnings yield	4.3%	3.1%	2.4%	2.8%	1.1%	0.6%	0.3%	0.2%
Enterprise value	₹33.8B	₹46B	₹62.4B	₹47.6B	₹76.4B	₹108.8B	₹141B	₹140.5B
Net debt / EBITDA	-0.04×	-0.04×	-0.05×	-0.19×	-0.02×	-0.29×	0.55×	1.06×
Cash conversion cycle (days)	59	57	32	18	10	-21	-8	-10