Indigo Paints, one of India’s leading paint companies, has been making waves in the market since its listing on the National Stock Exchange of India (NSE) in January 2021. With its impressive stock performance and consistent growth, many investors are curious about the future of Indigo Paints’ share price.
In this article, we will explore the Indigo Paints share price target for the next seven years, from 2024 to 2030, and evaluate whether or not it is a good auto stock to buy. With a deep dive into the company’s financials, market position, and plans, we aim to provide a comprehensive outlook on Indigo Paints’ prospects and help you make informed investment decisions.
About Indigo Paints
Indigo Paints is an Indian paint company headquartered in Pune, Maharashtra. Founded in 2000, it has three manufacturing facilities in Jodhpur, Kochi, and Pudukkottai. The company is known for its high-quality paints and innovative range. With MS Dhoni as its brand ambassador, Indigo Paints has gained credibility. It reported revenue of 1073 crores INR in FY 2023 and continues to grow by focusing on customer satisfaction and technological advancements.
Stock history of Indigo Paints
Indigo Paints was incorporated in the year 2000. The company has since established itself as a leading player in the decorative paint market in India, with a strong presence in both urban and rural areas.
In January 2021, Indigo Paints made its debut on the National Stock Exchange of India (NSE) through an Initial Public Offering (IPO). The stock was oversubscribed by over 50 times, making it one of the most successful IPOs in recent times.
Since its listing, Indigo Paints’ share price has seen significant growth, outpacing the broader market. The company’s stock has been well received by investors, who have appreciated its strong financial performance, market leadership, and innovative product offerings. The strong financial performance has led to a bullish outlook on the company’s prospects and has helped drive the stock price higher.
Indigo Paints has a rich history of growth and innovation, and its successful listing on the NSE has only added to its momentum. With a strong market position, solid financials, and a commitment to delivering innovative products, Indigo Paints is well-positioned for continued success in the future.
Indigo Paints Ltd Q3 FY2024 Highlights
- Indigo Paints Q3 FY24 results:
- Revenue: ₹353.77Cr, up 25.78% YoY
- Profit: ₹37.26Cr, up 41.88% YoY
- QoQ growth: Revenue up 26.79%, Profit up 47.05%
- SG&A expenses rose (3.34% QoQ, 30.18% YoY)
- Operating income surged (54.44% QoQ, 49.56% YoY)
- EPS at ₹7.81, up 42% YoY
- Stock performance: 1.46% return last week, -8% last 6 months, -3.23% YTD
You can buy Indigo Paints shares from the following trading platforms:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| March 2024 | ₹1,441.00 | ₹1,253.04 |
| April 2024 | ₹1,399.03 | ₹1,216.55 |
| May 2024 | ₹1,378.35 | ₹1,198.57 |
| June 2024 | ₹1,427.97 | ₹1,241.72 |
| July 2024 | ₹1,413.69 | ₹1,229.30 |
| August 2024 | ₹1,470.24 | ₹1,278.47 |
| September 2024 | ₹1,529.05 | ₹1,329.61 |
| October 2024 | ₹1,499.07 | ₹1,303.54 |
| November 2024 | ₹1,544.04 | ₹1,342.65 |
| December 2024 | ₹1,582.64 | ₹1,376.21 |
Indigo Paints is anticipated to witness fluctuations in its maximum and minimum prices throughout 2024. March is forecasted to see the highest price at ₹1,441.00 and the lowest at ₹1,253.04. As the months progress, these figures are expected to vary, with December potentially marking the year’s highest at ₹1,582.64 and lowest at ₹1,376.21.
| When | Maximum Price | Minimum Price |
| January 2025 | ₹1,614.30 | ₹1,241.77 |
| February 2025 | ₹1,655.69 | ₹1,273.61 |
| March 2025 | ₹1,720.26 | ₹1,323.28 |
| April 2025 | ₹1,686.53 | ₹1,297.33 |
| May 2025 | ₹1,637.41 | ₹1,259.54 |
| June 2025 | ₹1,711.09 | ₹1,316.22 |
| July 2025 | ₹1,677.54 | ₹1,290.42 |
| August 2025 | ₹1,729.42 | ₹1,330.33 |
| September 2025 | ₹1,789.95 | ₹1,376.89 |
| October 2025 | ₹1,836.49 | ₹1,412.69 |
| November 2025 | ₹1,882.40 | ₹1,448.00 |
| December 2025 | ₹1,929.46 | ₹1,484.20 |
In the course of 2025, the trajectory of Indigo Paints’ prices is anticipated to undergo fluctuations, reflecting the dynamic nature of the market. As January dawns, projections suggest that the maximum price could soar to ₹1,614.30, while the minimum may settle at ₹1,241.77, indicating potential volatility in the market. These fluctuations are expected to persist throughout the year, with December potentially culminating with Indigo Paints commanding a maximum price of ₹1,929.46 and a minimum of ₹1,484.20, encapsulating the ongoing shifts in market dynamics.
| Year | Maximum Price | Minimum Price |
| 2026 | ₹2,375.35 | ₹1,528.73 |
| 2027 | ₹2,895.88 | ₹1,863.74 |
| 2028 | ₹3,530.49 | ₹2,272.15 |
| 2029 | ₹4,304.16 | ₹2,770.07 |
| 2030 | ₹5,247.37 | ₹3,377.11 |
Looking ahead, the trajectory of Indigo Paints’ prices appears to be on an upward trend annually. In 2026, analysts project the maximum price to reach ₹2,375.35, with a minimum of ₹1,528.73. Subsequent years show a consistent increase, with 2027 expected to witness a maximum price of ₹2,895.88 and a minimum of ₹1,863.74, indicating continued growth in market value. The trend continues with 2028, 2029, and 2030, where the maximum and minimum prices are forecasted to rise steadily, reaching ₹3,530.49 and ₹2,272.15 in 2028, ₹4,304.16 and ₹2,770.07 in 2029, and ₹5,247.37 and ₹3,377.11 in 2030 respectively, showcasing a sustained upward trajectory in the market valuation of Indigo Paints over the coming years.
Financial Condition of Indigo Paints: Last 5 years (2019 to 2023)
| Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|---|
| Sales (in Crore INR) |
536 | 625 | 723 | 906 | 1,073 |
| Expenses (in Crore INR) |
481 | 534 | 601 | 770 | 892 |
| Operating Profit (in Crore INR) |
54 | 91 | 123 | 136 | 182 |
| OPM % | 10% | 15% | 17% | 15% | 17% |
| Other Income (in Crore INR) |
1 | 2 | 4 | 11 | 10 |
| Interest (in Crore INR) |
5 | 6 | 4 | 1 | 1 |
| Depreciation (in Crore INR) |
17 | 20 | 24 | 31 | 34 |
| Profit before tax (in Crore INR) |
34 | 67 | 98 | 114 | 156 |
| Tax % | 20% | 29% | 28% | 26% | 15% |
| Net Profit (in Crore INR) |
27 | 48 | 71 | 84 | 132 |
| EPS in Rs | 9.32 | 16.48 | 14.89 | 17.67 | 27.73 |
| Dividend Payout % | 0% | 0% | 0% | 17% | 13% |
Indigo Paints has shown impressive growth over the past five years, with a steady increase in sales, revenue, and operating profit. In the year ending March 2023, the company recorded a sales figure of ₹1,073 crores, which was an increase of 18.4% from the previous year. This led to a growth in operating profit, which was recorded at ₹182 crores, a significant increase from ₹54 crores in 2019.
Additionally, the company also saw a growth in other income, which was recorded at ₹10 crores, a 10x increase in the last 5 years. Despite an increase in expenses, including depreciation and interest, the company’s profit before tax stood at ₹156 crores in 2023.
The company’s net profit, which is the profit after tax, stood at ₹132 crores, representing a growth of 57.1% from the previous year. The earnings per share (EPS) of the company were recorded at ₹27.73, an increase of 57% from the previous year. The company’s price-to-earnings ratio stands at 53.9 as of July 18, 2023, compared to the P/E ratio of 80.31 for Asian paints and 76 for Berger paints.
The company’s dividend payout has also increased over the years, with a maximum of 16.98% in the year ending March 2022 and 13% in FY2023. The company’s operating profit margin (OPM) saw an increase over the years, in the range of 17% and 15% from the last 3 years.
In conclusion, Indigo Paints has shown impressive growth in terms of revenue, profit, and earnings per share, and has been successful in increasing its dividend payout and operating profit margin.
With Mahendra Sing Dhoni as a brand ambassador, and the increasing sales and profit, Indigo Paints is truly one of the best stocks to hold in 2024.
FAQS
It is anticipated that Indigo Paints per share price will increase to ₹1,582.64 by the end of 2024. This makes 2024 a potentially good year for investors looking to buy into the stock, with strong potential for long-term returns.
The share price target of Indigo Paints for 2025 might be around ₹1,929.46.
The share price of Indigo Paints might reach around ₹5,247.37 by the end of 2030.
Indigo Paints have all the potential to touch 5000INR. Indigo Paints is expected to reach ₹5,000 somewhere in 2030.
Also read other paints companies share price targets:
- Asian Paints Share Price Target 2024, 2025 to 2030
- Berger Paints Price Target 2024, 2025 to 2030
- Shalimar Paints share price Target 2024, 2025 to 2030
Indigo Paints vs Other Paint Companies: Marketcap and P/E Ratio
| Sl No | Company Name |
Current Price |
Marketcap | P/E |
|---|---|---|---|---|
| 1 | Asian Paints | ₹2,860 | ₹2,74,287 Cr | 50.3 |
| 2 | Berger Paints | ₹563 | ₹65,621 Cr | 58.0 |
| 3 | Kansai Nerolac | ₹296 | ₹ 23,924 | 36.9 |
| 4 | Akzo Nobel | ₹2,637 | ₹12,010 Cr | 29.1 |
| 5 | Indigo Paints | ₹ 1,423 | ₹6,778 | 47.1 |
| 6 | Shalimar Paints | ₹180 | ₹1,510 | – |
| 7 | Kamdhenu Venture | ₹193 | ₹1,214 | – |
As of 28th February 2024, various paint companies are compared in the above table.
Conclusion: Should you buy Indigo Paints in 2024?
In conclusion, based on the financial performance of Indigo Paints over the last five years, Indigo Paints has shown steady growth in terms of its revenue, profit, and PAT.
The revenue growth has been consistent, and the profit margins have also improved significantly. The maximum and minimum share price targets for the period 2024 to 2030 have also shown a positive outlook.
With the company’s increasing focus on expanding its product portfolio and entering new markets, its growth prospects seem bright.
Paints industry as a whole has corrected by 20-30% which makes it a good time to start investing in Indigo Paints shares.
Based on this analysis, it can be concluded that Indigo Paints shares could be a good investment opportunity for those looking to capitalize on the growth potential of the company.
Compared to Asian Paints and Berger Paints market cap and share price, and their earnings, Indigo Paints is cheap and is a better buy at this point. I am bullish on Indigo Paints for both the short and long term. The main reason behind my bullishness is the impressive growth it has shown in recent times. The management is the same, and it seems they have cracked the recipe for growth. It is one of the small caps, and the potential to grow from this point in the next 5 years is immense. I am expecting Indigo Paints to be a multi-bagger for me.
I hold all the 3 names I mentioned: Asian paints, Indigo paints and Berger paints in my portfolio. And out of these 3 paint companies, Indigo is indeed my favourite 🙂
Before making any investment in Indigo Paints or any shares, always advisable to consult a financial expert before making any investment decisions.
Disclaimer: This article on “Indigo Share Price Target 2024 to 2030” is just for educational analysis and not financial advice by any means.
Last updated: 28th February 2024
What did we learn?
- 1 About Indigo Paints
- 2 Stock history of Indigo Paints
- 3 Indigo Paints Ltd Q3 FY2024 Highlights
- 4 How to buy Indigo Paints shares?
- 5 Indigo Paints Share Price Prediction: 2024 to 2030
- 6 Financial Condition of Indigo Paints: Last 5 years (2019 to 2023)
- 7 FAQS
- 8 Indigo Paints vs Other Paint Companies: Marketcap and P/E Ratio
- 9 Conclusion: Should you buy Indigo Paints in 2024?
