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 2023 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 Q2 FY2023-2024: Mixed Performance with Revenue Surge Amidst Profit Challenges
- Indigo Paints Ltd reported a robust revenue of ₹282.19Cr in Q2 FY2023-2024, marking a significant 14.8% increase compared to the same period last year.
- Despite the yearly growth, the company experienced a -3.44% decline in quarterly revenue, reflecting a short-term contraction.
- Net profits for Q2 2023-2024 were ₹25.34Cr, witnessing a -31.68% decrease from the same quarter in the previous fiscal year.
- every quarter, Indigo Paints Ltd faced an -18.36% decline in net profits, indicating a challenging three-month period.
- The net profit margin also saw a 40.49% drop compared to the same period last year, settling at 8.98% in Q2 FY2023-2024.
- Additionally, every quarter, there was a 15.46% decrease in net profit margins, reflecting a challenging trend in the company’s profitability.
You can buy Indigo Paints shares from the following trading platforms:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| November 2023 | ₹1,607.04 | ₹1,397.43 |
| December 2023 | ₹1,660.07 | ₹1,443.54 |
As of the latest projections, the Indigo Paints share price targets for November and December 2023 display a range of potential outcomes. In November 2023, analysts anticipate the share price to fluctuate between ₹1,607.04 as the maximum and ₹1,397.43 as the minimum. This suggests a notable price range, reflecting market uncertainties or potential factors influencing the stock. Moving into December 2023, the projected share price range widens, with a maximum of ₹1,660.07 and a minimum of ₹1,443.54.
Investors and market observers should note that these figures indicate a degree of volatility or varied market sentiment surrounding Indigo Paints during this period. The stock’s performance may be influenced by a myriad of factors, including industry trends, economic conditions, and company-specific developments, making it essential for stakeholders to stay informed about market dynamics and potential catalysts impacting Indigo Paints’ valuation.
| When | Maximum Price | Minimum Price |
| January 2024 | ₹1,693.95 | ₹1,473.00 |
| February 2024 | ₹1,728.52 | ₹1,503.06 |
| March 2024 | ₹1,763.80 | ₹1,533.74 |
| April 2024 | ₹1,712.42 | ₹1,489.07 |
| May 2024 | ₹1,687.12 | ₹1,467.06 |
| June 2024 | ₹1,747.85 | ₹1,519.87 |
| July 2024 | ₹1,730.38 | ₹1,504.67 |
| August 2024 | ₹1,799.59 | ₹1,564.86 |
| September 2024 | ₹1,871.57 | ₹1,627.46 |
| October 2024 | ₹1,834.88 | ₹1,595.55 |
| November 2024 | ₹1,889.92 | ₹1,643.41 |
| December 2024 | ₹1,937.17 | ₹1,684.50 |
The Indigo Paints share price targets for 2024 present a dynamic outlook, indicating potential fluctuations throughout the year. In January 2024, the projected share price ranges from a maximum of ₹1,693.95 to a minimum of ₹1,473.00. As the year progresses, the expected maximum and minimum prices continue to vary, reaching ₹1,937.17 and ₹1,684.50, respectively, in December 2024. This suggests a pattern of both upward and downward movements, reflecting the inherent volatility in the stock market.
Investors and stakeholders should closely monitor market trends, economic indicators, and any company-specific developments that may impact Indigo Paints’ valuation. The diverse range of projected prices underscores the importance of considering various factors that contribute to stock price dynamics, making informed decision-making crucial for those with an interest in Indigo Paints in the year ahead.
| When | Maximum Price | Minimum Price |
| January 2025 | ₹1,975.91 | ₹1,519.93 |
| February 2025 | ₹2,026.58 | ₹1,558.91 |
| March 2025 | ₹2,105.62 | ₹1,619.70 |
| April 2025 | ₹2,064.33 | ₹1,587.95 |
| May 2025 | ₹2,004.20 | ₹1,541.69 |
| June 2025 | ₹2,094.39 | ₹1,611.07 |
| July 2025 | ₹2,053.33 | ₹1,579.48 |
| August 2025 | ₹2,116.83 | ₹1,628.33 |
| September 2025 | ₹2,190.92 | ₹1,685.32 |
| October 2025 | ₹2,247.88 | ₹1,729.14 |
| November 2025 | ₹2,304.08 | ₹1,772.37 |
| December 2025 | ₹2,361.68 | ₹1,816.68 |
The Indigo Paints share price targets for 2025 suggest a positive trajectory with an upward trend throughout the year. In January 2025, the projected share price ranges from a maximum of ₹1,975.91 to a minimum of ₹1,519.93. As the months progress, the expected maximum and minimum prices consistently increase, reaching ₹2,361.68 and ₹1,816.68, respectively, by December 2025. This forecast indicates a bullish sentiment and potential investor confidence in the company’s performance over the coming year.
However, investors and stakeholders must exercise caution and closely monitor market dynamics, economic indicators, and any developments in the paint industry that may impact these projections. The upward trajectory in the share price targets for 2025 suggests optimism, but the actual performance may be influenced by a range of external factors.
| Year | Maximum Price | Minimum Price |
| 2026 | ₹2,479.77 | ₹1,735.84 |
| 2027 | ₹2,727.74 | ₹1,909.42 |
| 2028 | ₹3,818.84 | ₹1,909.42 |
| 2029 | ₹3,306.36 | ₹1,653.18 |
| 2030 | ₹4,298.26 | ₹3,008.78 |
The share price targets for Indigo Paints from 2026 to 2030 project a substantial growth trajectory. In 2026, the anticipated share price ranges from a maximum of ₹2,479.77 to a minimum of ₹1,735.84, indicating a positive outlook.
The optimistic trend continues into subsequent years, with the maximum price projected to reach ₹4,298.26 in 2030, while the minimum price is expected to rise to ₹3,008.78. These forecasts suggest a robust long-term performance for Indigo Paints, potentially driven by factors such as market demand, industry trends, and the company’s strategic initiatives.
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 2023.
Motilal Oswal has expressed a positive outlook on Indigo Paints, issuing a buy recommendation for the stock in its research report dated November 6, 2023. The research firm has set a target price of Rs 1770 as part of its bullish stance on the company.
FAQS
It is anticipated that Indigo Paints per share price will increase to ₹1,660.07 by the end of 2023. This makes 2023 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 ₹2,361.68.
The share price of Indigo Paints might reach around ₹4,298.26 by the end of 2030.
Indigo Paints have all the potential to touch 5000INR. Indigo Paints is expected to reach ₹5,000 somewhere in 2029.
Also read other paints companies share price targets:
- Asian Paints Share Price Target 2023, 2024, 2025 to 2030
- Berger Paints Price Target 2023, 2024, 2025 to 2030
- Shalimar Paints share price Target 2023, 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 | 3,104 | 2,97,716 Cr | 58.6 |
| 2 | Berger Paints | 575 | 67,063 Cr | 65.0 |
| 3 | Kansai Nerolac | 312 | 25,221 Cr | 41.8 |
| 4 | Akzo Nobel | 2,443 | 11,126 Cr | 28.0 |
| 5 | Indigo Paints | 1,488 | 7,083 Cr | 53.5 |
| 6 | Shalimar Paints | 172 | 1,242 Cr | – |
| 7 | Kamdhenu Venture | 170 | 1,069 Cr | – |
As of 15th November 2023, various paint companies are compared in the above table.
Conclusion: Should you buy Indigo Paints in 2023?
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 2023 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 2023 to 2030” is just for educational analysis and not financial advice by any means.
Last updated: 15th November, 2023
What did we learn?
- 1 About Indigo Paints
- 2 Stock history of Indigo Paints
- 3 Indigo Paints Ltd Q2 FY2023-2024: Mixed Performance with Revenue Surge Amidst Profit Challenges
- 4 How to buy Indigo Paints shares?
- 5 Indigo Paints Share Price Prediction: 2023 to 2030
- 6 Financial Condition of Indigo Paints: Last 5 years (2019 to 2023)
- 7 Indigo Paints Share Price Target by Experts
- 8 FAQS
- 9 Indigo Paints vs Other Paint Companies: Marketcap and P/E Ratio
- 10 Conclusion: Should you buy Indigo Paints in 2023?
