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Miss on revenue; low A&P supports profitability Consolidated financial performance

* Indigo Paints’ net sales grew 4.7% YoY (base -3%) to INR3,588m (est. INR3,745m).

* Sales in Oct’25 were affected by early Diwali and the delayed withdrawal of monsoon. However, following the festive period, demand was robust, and the company achieved double-digit growth since Nov’25.

* In 3QFY26, Enamels & Wood Coatings volume grew 20% (base -13%), while Emulsions volume declined 3.4%. Cement Paints & Putty volume returned to a positive trajectory after four quarters, growing at 2% (base -7%).

* Apple Chemie revenue grew 32% YoY to INR199m.

* Gross margin expanded 20bp YoY to 46.8% (est. 47%), led by lower RM prices. Indigo Paints highlighted that the prices of raw materials reached pre-COVID levels in 3QFY26, which helped the company increase discounts.

* Employee expenses rose 14% YoY, while other expenses declined 9% YoY. The company further highlighted that A&P expenses as a % of revenue reduced to 5.6% in 3QFY26 compared to 8.2% in the base.

* EBITDA margin expanded 230bp YoY to 19% (est. 17.6%).

* EBITDA rose 20% YoY to INR683m (est. INR659m).

* PBT increased 25% YoY to INR565m (est. INR530m).

* APAT rose 20% YoY to INR431m (est. INR395m).

* In 9MFY26, revenue/EBITDA/APAT grew 3%/9%/11%, respectively, YoY.

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