{"id":148551,"date":"2023-06-08T03:58:12","date_gmt":"2023-06-08T07:58:12","guid":{"rendered":"https:\/\/44.250.171.167\/?p=148551"},"modified":"2023-06-08T03:58:13","modified_gmt":"2023-06-08T07:58:13","slug":"indigo-paints-limited-q4-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/indigo-paints-limited-q4-fy23-earnings-conference-call-insights\/","title":{"rendered":"Indigo Paints Limited Q4 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Indigo Paints Limited (INDIGOPNTS) Q4 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>[00:02:16] INDIGOPNTS said it crossed the milestone of INR1,000 crores on a net revenue basis.<\/li>\n<\/ul>\n<ul>\n<li>[00:11:18] INDIGOPNTS is beginning to start work on setting up a state-of-the-art 90,000 KL per annum paint plant at Jodhpur.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:12:29] Abneesh Roy from Nuvama asked about the expectations for the broad numbers in waterproofing and Construction Chemicals, both B2B and B2C, for FY24 and 3 years down the line. Hemant Jalan MD said that the B2B segment of waterproofing and construction chemicals will be led by Apple Chemie, which had a topline of around INR42-43 crores last year concentrated in one or two states in Western India.<\/li>\n<\/ul>\n<ul>\n<li>[00:12:52] Abneesh Roy from Nuvama also asked how does INDIGOPNTS see synergy benefits in advertising for Indigo Paints and the waterproofing and construction chemicals plant. Hemant Jalan MD replied that INDIGOPNTS is expanding into the waterproofing market and is confident of achieving similar growth rates to other leading companies in the space. The company will use its existing sales team and launch advertising campaigns with its brand ambassador, Mr. Dhoni, to achieve their goals.<\/li>\n<\/ul>\n<ul>\n<li>[00:16:17] Abneesh Roy from Nuvama asked if the current infrastructure of Apple Chemie is sufficient for the manufacturing of waterproofing and construction chemicals. Hemant Jalan MD said that Apple Chemie has excess manufacturing capacity and is considering expanding in some areas. Apple is currently manufacturing waterproofing products and construction chemicals at Indigo Paints, where the infrastructure is adequate.<\/li>\n<\/ul>\n<ul>\n<li>[00:16:33] Abneesh Roy at Nuvama queried will advertising spend as a percentage of sales still come down, taking into consideration spend on waterproofing and Construction Chemicals. Hemant Jalan MD replied that INDIGOPNTS maintains that its total advertising spend will not increase significantly this year, with part of the budget being spent on advertising construction chemicals and waterproofing products in the second half of the year. A&amp;P spends as a percentage of topline can be expected to continue to decline in the years ahead as net sales increase.<\/li>\n<\/ul>\n<ul>\n<li>[00:18:45] Abneesh Roy at Nuvama asked about examples of Tier 1 and Tier 2 markets where company saw good success recently and what is giving the confidence that it can have industry-leading growth in FY24. Suresh Babu COO replied that INDIGOPNTS has started focusing specifically on Tier 1 and Tier 2 towns, having contractor programs, selecting dealers cautiously, and offering aggressive schemes to dealers in line with competition in bigger markets. This has started yielding results and will help in the coming years and quarters, while also continuing to focus on up-country markets.<\/li>\n<\/ul>\n<ul>\n<li>[00:22:54] Anupama Bhootra of Arihant Capital asked about the margins expected from Apple Chemie. Hemant Jalan MD said the EBITDA margins of Apple Chemie are similar to that of INDIGOPNTS and the addition in top line from consolidation is not likely to be margin dilutive or margin accretive.<\/li>\n<\/ul>\n<ul>\n<li>[00:23:40] Anupama Bhootra of Arihant Capital queried about the expected margin contribution from better product mix and incremental volumes. Hemant Jalan MD replied that INDIGOPNTS, with the highest GM in the paint industry and comprising 31% of its portfolio, anticipates a substantial YoY increase in EBITDA margin for the fiscal year due to a gradual reduction in A&amp;P expenses and consistent sales growth, particularly in differentiated products.<\/li>\n<\/ul>\n<ul>\n<li>[00:26:33] Hiral Desai from Anived PMS asked about any sense of the improvement in throughput per dealer since embarking on the strategy of focusing on 750 cities a year ago. Hemant Jalan MD said that the growth rate in larger cities has been twice that of up-country markets, as initiatives targeting these areas began yielding measurable results from October onwards after recruitment, training, and increased engagement with painting contractors, leading to a pleasantly surprising increase in topline growth in April and May.<\/li>\n<\/ul>\n<ul>\n<li>[00:35:10] Keyur Pandya of ICICI asked if the acquisition of Apple Chemie is primarily to get access to B2B business while continuing to work on B2C, and how will both structures work for waterproofing. Hemant Jalan MD replied that the acquisition of Apple Chemie by INDIGOPNTS serves two purposes: expanding into the industrial B2B segment with a strong client base and growth potential, while also leveraging their technological advantage to develop customized waterproofing products for the retail sector, thereby offering superior products compared to competitors and increasing exposure to the rapidly growing waterproofing segment.<\/li>\n<\/ul>\n<ul>\n<li>[00:40:06] Utkarsh Somaya asked about the capacity utilization for 4Q23 and FY23. Hemant Jalan MD said that the capacity utilization in the paint industry is a complex metric due to seasonality and product mix. Companies manage peak demand by fluctuating production and expanding capacity when needed.<\/li>\n<\/ul>\n<ul>\n<li>[00:48:01] An analyst asked about the capex for the Jodhpur plant for the next two years. Hemant Jalan MD answered that the total capex for the Pudukottai plant, net of input tax credit, is around INR270 crores, but the specific number for the Jodhpur plant has not yet been fully worked out and cannot be given until all estimates have been fine-tuned. And it will be funded through internal accruals.<\/li>\n<\/ul>\n<ul>\n<li>[00:53:50] Avi Mehta from Macquarie queried what has changed over the last few years to make the construction chemicals segment more attractive and why has INDIGOPNTS started focusing on it now. Hemant Jalan MD answered that the sales of construction chemicals and waterproofing products have shifted from cement outlets to paint outlets. This is due to the entry of paint companies into this space and the development of innovative ways to use these products.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Indigo Paints Limited (INDIGOPNTS) Q4 FY23 Earnings Concall Management Update: [00:02:16] INDIGOPNTS said it crossed the milestone of INR1,000 crores on a net revenue basis. [00:11:18] INDIGOPNTS is beginning to start work on setting up a state-of-the-art 90,000 KL per annum paint plant at Jodhpur. Q&amp;A Highlights: [00:12:29] Abneesh Roy from Nuvama [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Indigo Paints Limited Q4 FY23 Earnings Conference Call Insights  #INDIGOPNTS #Q4 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[10169,9478,10226],"class_list":["post-148551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-earnings","tag-industirals","tag-paints"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":143360,"url":"https:\/\/alphastreet.com\/india\/indigo-paints-limited-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":148551,"position":0},"title":"Indigo Paints Limited Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"March 22, 2023","format":false,"excerpt":"Key highlights from Indigo Paints Limited (INDIGOPNTS) Q3 FY23 Earnings Concall Management Update: [00:09:29] INDIGOPNTS said it will soon be launching a range of waterproofing and construction chemicals in the retail space. [00:10:13] INDIGOPNTS said it experienced good growth in January 2023, and plans to be aggressive in trade discounts\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":138477,"url":"https:\/\/alphastreet.com\/india\/indigo-paints-limited-q2-fy23-net-profit-surged-by-174\/","url_meta":{"origin":148551,"position":1},"title":"Indigo Paints Limited Q2 FY23; Net Profit Surged By 174%","author":"Hardik Bhandare","date":"December 14, 2022","format":false,"excerpt":"Indigo Paints Limited (NSE: INDIGOPNTS) reported Q2FY23 result with a Revenue from Operations growth of 24% up to \u20b9242.6 Crores from \u20b9196.11 Crores year on year. The Net Profit surged up to \u20b937.08 Crores from \u20b913.54 Crore, an increase of 174%. The Earnings per share is \u20b97.78 for this quarter.","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/12\/fa5ef447-3980-499b-b661-9e7db44962d3-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/12\/fa5ef447-3980-499b-b661-9e7db44962d3-scaled.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/12\/fa5ef447-3980-499b-b661-9e7db44962d3-scaled.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/12\/fa5ef447-3980-499b-b661-9e7db44962d3-scaled.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/12\/fa5ef447-3980-499b-b661-9e7db44962d3-scaled.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/12\/fa5ef447-3980-499b-b661-9e7db44962d3-scaled.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142767,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-indigo-paints-limited-for-q3-fy23\/","url_meta":{"origin":148551,"position":2},"title":"Earnings Summary Of Indigo Paints Limited For Q3 FY23","author":"Hardik Bhandare","date":"February 10, 2023","format":false,"excerpt":"Indigo Paints (NSE: INDIGOPNTS) is an Indian paint manufacturing company founded in 2000, with its headquarters located in Pune, Maharashtra. The company primarily focuses on producing decorative paints, including emulsions, enamels, wood coatings, distempers, primers, and putties, among others. Indigo Paints has a vast distribution network of 37 depots and\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-31.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-31.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-31.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-31.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-31.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-31.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":170433,"url":"https:\/\/alphastreet.com\/india\/indigo-paints-q1-fy26-earnings-results\/","url_meta":{"origin":148551,"position":3},"title":"Indigo Paints Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 21, 2025","format":false,"excerpt":"Indigo Paints Ltd, incorporated in 2000, is engaged in the manufacturing and sale of decorative paints. Presenting below are its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results Revenue: \u20b9309 crore, down 0.64% year-on-year (YoY) from \u20b9311 crore in Q1 FY25. Total Expenses: \u20b9281 crore, up 0.36% YoY from \u20b9280\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"INDIGOPNTS Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/INDIGOO.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/INDIGOO.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/INDIGOO.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/INDIGOO.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/INDIGOO.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/INDIGOO.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":148396,"url":"https:\/\/alphastreet.com\/india\/indigo-paints-limited-indigopnts-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":148551,"position":4},"title":"Indigo Paints Limited (INDIGOPNTS) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 29, 2023","format":false,"excerpt":"Indigo Paints Limited (NSE:INDIGOPNTS) Q4 FY23 Earnings Concall dated May. 29, 2023. Corporate Participants: Suresh Babu -- Chief Operating Officer Srihari Santhakumar -- Investor Relations and Treasury Management Hemant Jalan -- Chairman and Managing Director Analysts: Abneesh Roy -- Nuvama Institutional Equities -- Analyst Manoj Menon -- ICICI Securities --\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180895,"url":"https:\/\/alphastreet.com\/india\/indigo-paints-q3-profit-rises-11-margins-expand-on-lower-ad-spend-and-benign-raw-material-costs\/","url_meta":{"origin":148551,"position":5},"title":"Indigo Paints Q3 Profit Rises 11%, Margins Expand on Lower Ad Spend and Benign Raw Material Costs","author":"Staff Correspondent","date":"February 16, 2026","format":false,"excerpt":"Indigo Paints Limited (BSE: 543258 | NSE: INDIGOPNTS), a decorative paints manufacturer, reported a 11.2% year-on-year rise in third-quarter profit, aided by improved operating margins, lower advertising spends and easing raw material prices, even as revenue growth remained moderate. The company has a pan-India presence across 28 states, supported by\u2026","rel":"","context":"In &quot;LATEST&quot;","block_context":{"text":"LATEST","link":"https:\/\/alphastreet.com\/india\/category\/latest\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/148551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=148551"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/148551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=148551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=148551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=148551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}