Indigo Paints Ltd

Indigo Paints Limited was originally incorporated as Private Limited Company with the name Indigo Paints Private Limited' at Pune on March 28, 2000. Subsequently, the Company was converted into a Public Limited Company and consequently, name of the Company was changed to Indigo Paints Limited' on August 20, 2020. The Company is engaged in manufacture and sale of decorative paints, putty, waterproofing etc. and operates with its manufacturing facilities in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu). Indigo Paints, founded in the year 2000, has become a prominent paint company in India, recognised for its progressive and distinct product strategy. With its headquarters situated in Pune, Maharashtra, the Company commenced its operations as a modest producer of economical cement paints. However, over time, it underwent a transformation, expanding its portfolio to encompass a diverse assortment of decorative paints. It has an active dealership network of 19,352 and presently has 6 manufacturing units. The Company manufactures complete range of decorative paints including Emulsions, Enamels, Wood Coatings, Distemper, Primers, Putties and Cement Paints. The Company identify potential product needs from customers and introduce differentiated products to meet these requirements, and create a distinct market for its products. For instance, the company is the first company to manufacture and introduce certain differentiated products in the decorative paint market in India, which includes its Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate, and PU Super Gloss Enamel (together, 'Indigo Differentiated Products'). These products are differentiated based on the end-use they cater to, as well as added properties that they possess. As the first company in India to develop these products, the company has had an early mover advantage in the markets it is present in, which has allowed it to realize relatively higher margins for these products compared to the rest of its product portfolio. During year 2021, 8 new depots were opened in different parts of the country and over 2,000 net active dealers were added to strengthen product reach. It also added over 1,100 tinting machines, a special equipment to mix and match colours and produce the consumer's desired shade, across the dealer stores. In FY'21, the Company doubled the production capacity for powder paints such as putties, with the expansion of its existing plant in Jodhpur in FY21. As of March 31, 2021, Indigo had installed 5,472 tinting machines across India. It raised Rs. 1,170 Crore through maiden public issue which got listed on February 2, 2021 on the Stock Exchange. As on March 31, 2022, the Company had 7,101 tinting machines in its dealer network, with a Tinting Machine penetration ration of 43%. It had raised Rs. 1,170 Crore through IPO during FY 2020-21. Out of the proceeds, Company received Rs. 28,711.21 lakh for funding capital expenditure for expansion of existing manufacturing facility at Pudukkottai, Tamil Nadu by setting up an additional unit adjacent to the existing facility; purchase of tinting machines and gyroshakers and repayment of part borrowings. During the year 2021-22, the Company increased number of active dealers to 15,787. Additionally, it also increased the population of tinting machines to 7,101 in FY 2022. It opened an additional depot in Karnataka and opened a depot each in Delhi & Himachal Pradesh. In 2023-24, Company acquired 51% Equity shares in the subsidiary company Apple Chemie India Private Limited on April 03, 2023. It launched 23 products during FY 2024. The new manufacturing facility at Pudukkottai, Tamil Nadu commenced its commercial production on September 18, 2023. Products such as Stainfree Emulsion, Wallseal XT Emulsion, Dampseal XT Primer AND Dampseal Interior Primer launched in FY 2025. The production commenced at new solvent-based plant and expanded putty plant at Jodhpur during FY 2026.