Interim report
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Registered Office: INDIGO Paints Limited, Indigo Tower, Street-5, Pallod Farm-2, Baner Road, Pune - 411045 T: +91 20 6681 4300, Email: info@indigopaints.com, Website: www.indigopaints.com, CIN: L24114PN2000PLC014669 Date: October 30, 2026 To, BSE Limited Corporate Relationship Department 25th Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 Scrip Code: 543258 To National Stock Exchange of India Limited Exchange Plaza, Plot No. C-1, Block G, Bandra Kurla Complex, Bandra (East) Mumbai -400051 NSE Symbol: INDIGOPNTS Dear Sir/Madam, Sub: Outcome of the Board Meeting held on October 30, 2026 Ref.: Disclosure under Regulations 30, 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) In compliance with regulation 30 read with regulation 33 read with para-A of Part A of Schedule III and other applicable provisions of SEBI Listing Regulations, 2015 (‘Listi ng Regulations’), we would like to inform you that the Board of Directors of the Company at the meeting h eld today i.e. Friday, October 30, 2026 approved the Unaudited Consolidated and Standalone Financial Results of the Company for the quarter and half-year ended September 30, 2026. Accordingly, kindly find enclosed the following: 1. Unaudited Consolidated and Standalone Financial Results for the quarter and half-year ended September 30, 2026 along with Limited Review Report thereon issued by M/s . Price Waterhouse Chartered Accountants LLP, Statutory Auditors of the Company. 2. The Press Release on the financial results for the quarter and half-year ended September 30, 2026. Board meeting commenced at 02:00 P.M. (IST) and concluded at 04:40 P.M. (IST). The above information will also be made available on the websit e of the Company www.indigopaints.com/investors. You are requested to take note of the same. Thanking you. For Indigo Paints Limited Hemant Kamala Jalan Managing Director DIN: 00080942
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Price Waterhouse Chartered Accountants LLI• Review Report To The Board of Directors, Mjs. Indigo Paints Limited, Indigo Tower, Street 5, Pallod Farm-2, Baner Road, Pune, Maharashtra - 411045. 1. We have reviewed the consolidated unaudited financial results oflndigo Paints Limited (the "Holding Company") and its subsidiary (the Holding Company and its subsidiary hereinafter referred to as the "Group") (refer Note 3 on the Statement) for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026 and the Consolidated Unaudited Statement of Assets and Liabilities as on that date and the Consolidated Unaudited Statement of Cash Flows for the half-year ended on that date which are included in the accompanying "Statement of consolidated unaudited financial results for the quarter and six months ended September 30, 2026" (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initia:tled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 ofthe Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3· We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Charter ed Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit . Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) ofthe SEBI (Listing Obiigations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4· The Statement includes the results of the following entities : Name of the Entity As at S~tember 30, 2026 % Holdil!K l Consolidated as Indigo Paints Limited Holding Com_])_af!Y Apple Chemie India Private Limited 51% l Subsidi'!!Y Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A- Wing 1, Business Pune- 411 006 T: +91 (20) 69050570 Registered office and Head office: 11·A, Vishnu Dig amber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhou se (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Pa with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration num number before conversion was 012754N)
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Price Waterhouse Chartered Accountants LLP 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of another auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement . 6. The interim financial information of the subsidiary reflects total assets of Rs. 5,649.50 Lakhs and net assets of Rs. 3,577.65 Lakhs as at September 30, 2026 and total revenues of Rs. 1,839.66 Lakhs and Rs. 3,808.28 Lakhs, total net profit after tax of Rs. 15.31 Lakhs and Rs. 5.84 Lakhs and total comprehensive income of Rs. 17.90 Lakhs and Rs. 11.00 Lakhs, for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively , and cash flows (net) of Rs. (356.66) Lakhs for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. This interim financial information has been reviewed by another auditor and their report, vide which they have issued an unmodified conclusion, has been furnished to us by another auditor and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based on the report of another auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect ofthe above matter. For Price Waterhouse Chartered Accountants LLP Firm Registration Number : 012754N/N500016 ~~/; Neeraj Sharma Partner Membership Number : 108391 UDIN: ~G 10~.3<J ll="i Ll l1'\ p 45 9 <6 Place: Pune ':7' Date: October 30, 2026
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Sl. No 1 (a) (b) 2 (a) (b) (c) (d) (e) (f) (g) 3 4 5 6 (a) (b) (c) 7 8 (a) 9 10 11 12 13 14 15 Indigo Paints Limi ted Registered Office: Indigo Tower, Street -S, Pallod Farm-2, Baner Road, Pune, Maharashtra- 411045 Corporate Identity Number: L24114PN2000PLC014669 Statement of consolidated unaudited financial results for the quarter and six months ended September 30, 2026 (All amounts in INR lakhs, unless otherwise sta ted) Consolidated Particulars Quarter ended Six months ended Sep 30,2026 I Jun 30, 2026 Sep 30,2025 Sep 30,2026 Sep 30,2025 (Unaudited) I (Unaudited ) (Unaudited) (Unaudited) (Unaudited) Income: Revenue from operations 35,875.05 36,967.08 31,205.91 72,842.13 62,092.30 Other income 217.31 1,019.13 299.48 1,236.44 894.99 Total Income 36,092.36 37,986.21 31,505.39 74,078.57 62,987.29 Expenses: Cost of raw ma terials and components consumed 21,486.16 21,736.09 15,865.89 43,222.25 32,813.21 Purchase of traded goods 1,020.38 1,215.42 800.42 2,235.80 1,488.40 Changes in inventories of finished goods and traded goods (386.13) (2,456.77) 567.03 (2,842.90) (357.56) Employee benefits expense 3,681.22 3,635.95 3,110.70 7,317.17 6,212.56 Finance costs 74.99 57.71 71.00 132.70 139.78 Depreciation and amortisation expense 1,573.03 1,560.02 1,505.64 3,133.05 2,987.85 Other expenses 6,977.08 6,634.58 6,208.14 13,611.66 12,851.06 Total Expenses 34,426.73 32,383.00 28,128.82 66,809.73 56,135.30 Profit before exceptional items and tax 1,665.63 5,603.21 3,376.57 7,268.84 6,851.99 Exceptional Items- Income/ (Expense) (refer note 4) - - - - - Profit before tax 1,665.63 5,603.21 3,376.57 7,268.84 6,851.99 Tax expense Current tax 403.91 1,252.44 706.36 1,656.35 1,505.22 Adjustment of tax relating to earlier periods/years (51.11) - - (51.11) - Deferred tax (26.54 180.45 145.25 153.91 216.04 Tota l tax expense 326.26 1,432.89 851.6i 1,759.15 1,721.26 Net Profit for the period/year 1,339.37 4,170.32 2,524.96 5,509.69 5,130.73 Other Comprehensive Income Items that will no t be reclassified to profit or loss in subsequent periods (i) Re-measurement gain/ (loss) on defined benefit plans (10.98) (10.98) (4.40) (21.96) (8.80) (ii) Income tax effect 2.77 2.76 1.10 5.53 2.21 Total Other comprehensive income for the period/year (8.21) (8.22) (3.30) (16.43) (6.59) Total Comprehensive Income for the period / year 1,331.16 4,162.10 2,521.66 5,493.26 5,124.14 Net profit attributable to: - Equity holders 1,331.87 4,174.96 2,510.76 5,~06.83 5,103.12 -Non controlling interes t 7.50 (4.64) 14.20 2.86 27.61 Other Comprehensive Income, net of tax attributable to: - Equity hold ers (9.48) (9.48) (4.50) (18.96) (9.00) -Non controlling interest 1.27 1.26 1.20 2.53 2.41 Total Other comprehensive income attributable to: -Equity hold ers 1,322.39 4,165.48 2,506.26 5,487.87 5,094.12 - Non contro lling interest 8.77 (3.38) 15.40 5.39 30.02 Paid-up Equity Share Capital (Face Value of INR 10/- each) 4,773.27 4,767.57 4,767.57 4,773.27 4,767.57 Other equi ty Earnings Per Share (in INR) (not annualised) Basic (Face Value of INR 10/- each) 2.80 8.76 5.27 11.56 10.71 Diluted (Face Value of INR 10/- each ) 2.80 8.72 5.26 11.52 10.68 See accompanying notes to the financial results Notes: Year ended Mar31,2 026 (Audited) 1,40,501.68 1,296.15 1,41,797.83 70,748.98 4,323.00 71.00 12,688.65 292.03 6,022.12 27,192.86 1,21,338.64 20,459.19 (613.31\ 19,845.88 4,891.91 (19.58) 212.78 5,085.l1 14,760.77 (43.91) 11.05 (32.86) 14,727.91 14,507.52 253.25 (37.91) 5.05 14,469.61 258.30 4,767.57 1,10,629.10 30.44 30.34 The Statement of consolidated unaudited financial results of the Group has been prepared in accordance with Indian Accounting Standards (Jnd AS) notifi ed under the Companies (Indian Accounting Standards) Rules, 2015 (as amended). 2 The Statement of consolida ted unaudited financial results has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 30, 2026. The figures for the quarte r and six months ende d September 30, 2026 have been subjected to the limited review by the statu tory audi tor. 3 The Statement of consolidated unaudit ed financial resu lts includes U1e results of Indigo Paints Limited (the 'Company' or 'Holding Company' or 'Parent') and its subsidiary i.e Apple Chemie India Private Limi ted (Parent and Subsidiary collectively referred to as the 'Gro up').
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4 Effective 21 November 2025, the Government of India introduced the New Labour Codes, requiring recognition of past servic e cost under Ind AS 19. The Group has assessed and disclosed the incremental impact of INR 613.31 lakhs in the consolidated financial results for the year ended March 31, 2026, primarily due to changes in the definit ion of wages, and presented it as an Exceptional Item considering its regulatory-driven and non-recurr ing nature . 5 s ummaryo fth d I d. d fin . I e stan a one nnau 1te anc1a resu ts o ftl c 1e f 11 ompany IS as o ows: Particulars Quarter ended Six months end:ed Year ended Sep 30,2026 Jun 30,2026 Sep 30,2025 Sep 30,2026 Sep 30,2025 Mar31, 2026 (Unaudited) (unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations 34,048.45 35,004.54 29,850.18 . 69,052.99 59,335.40 1,33,011.82 Profit before tax 1,723.36 5,692.93 3,413.64 7,416.29 6,931.21 19,527.03 Net Profit for the period/year 1,380.80 4,236.53 2,553.31 5,617.33 5,189.04 14,538.78 Note: The standalone unaudited financial results of the Company for the above mentioned periods/years are available in the investors sections on www .indigopaints.com and also with the stock exchanges where it is listed. The above information has been extracted from the Statement of standalone unaudited financial results of the Company. 6 The Group is engaged in the business of manufacturing and selling of paints and allied products . Considering the interlinked nature of products and the synergies observed, the resources are allocated across the Group interchangeably and the business performance is review ed as one segment . Thus, in accordance with Ind AS 108- Segment Reporting, the Group's business segment comprises of a sing le reportable operating segment. Place: Pune Date : October 30, 2026 ~ Hemant J alan Chairman & Managing Director DIN: 00080942
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Price Waterhouse Chartered Accountants LLF' Review Report To The Board of Directors, M/s. Indigo Paints Limited, Indigo Tower, Street 5, Pallod Farm-2, Baner Road, Pune, Maharashtra - 411045. 1. We have reviewed the standalone unaudited financial results of Indigo Paints Limited (the "Company") for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026 and the Standalone Unaudited Statement of Assets and Liabilities as on that date and the Standalone Unaudited Statement of Cash Flows for the half-year ended on that date which are included in the accompanying 'Statement of standalone unaudited financial results for the quarter and six months ended September 30, 2026' (the "State ment"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Company's Management and approv ed by the Board of Directors, has been prepared in accordance with the recognition and measuremen t principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review .. 3. We conducted our review ofthe Statement in accordance with the Standard on Review Engage ments (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 ~\.,-.-.1"' Neeraj Sharma Partner Membership Number: 108391 UDIN: '2.610~391 G G.RS E L 2.5 3.:1 Place: Pune Date: October 30, 2026 Price Waterhouse Chartered Accountants LLP, 7th Floor, Tower A- Wing 1, Business Bay, Airport Road, Yerwada Pune- 411 006 T: -t 91 (20) 69050570 Registered office and Head office: 11-A, Vishnu Dig amber Marg, Sucheta Bhawan, New Delhi - 11 0002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limit ed Liability Partn ership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)
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Sl. No 1 (a) (b) 2 (a) (b) (c) (d) (e) (f) (g) 3 4 5 6 (a) (b) (c) 7 8 (a) 9 10 11 12 Indigo Paints Limited Reg istered Office : Indig o Tower, Street-S, Pallod Farm-2, Baner Road, Pune, Maharashtra - 411045 Corp orate Identity Number: L24114PN2000PLC014669 Statement of standa lone unaudited financial results for the quarter and six months ended September 30, 202:6 (All amoun ts in INR lakhs, unl ess otherwise stated) Standalone Particulars Quarter ended Six months endled Sep 30,2026 jun 30,2026 Sep 30,2025 Sep 30,2026 Sep :!0, 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income: Revenue from operations 34,048.45 35,004.54 29,850.18 69,052.99 59,335.40 Other income 199.34 985.25 273.65 1,184.59 845.97 Total Income 34,247.79 35,989.79 30,123.83 70,237.58 60,181.37 Expenses: Cost of raw mater ials and components consumed 20,324.75 20,364.88 15,038.69 40,689.63 31.,162.15 Purchase of tra ded goods 1,020.38 1,215.42 800.42 2,235.80 1.,488.40 Changes in inventories of finished goods and traded goods (395.75) (2,437.15) 554.17 (2,832.90) (360.73) Employee benefits expense 3,398.91 3,359.55 2,873.24 6,758.46 5,733.47 Finance costs 60.61 51.07 54.32 111.68 107.62 Depreciation and amortisation expense 1,448.12 1,436.00 1,386.43 2,884.12 2,749.02 Other expenses 6,667.41 6,307.09 6,002.92 12,974.50 12,370.23 Tota l Expenses 32,524.43 30,296.86 26,710.19 62,821.29 5,1,250.16 Profit before exceptional items and tax 1,723.36 5,692.93 3,413.64 7,416.29 6,931.21 Exceptional Items - Income / (Expense) (refer note 3) - - - - - Profit before tax 1,723.36 5,692.93 3,413.64 7,416.29 6,931.21 Tax expense Current tax 402.53 1,252.44 713.25 1,654.97 1,502.64 Adjustment of tax relating to earlier periods/years (80.36) - - (80.36) - Deferred tax 20.39 203.96 147.08 224.35 239.53 Total tax expense 342.56 1,456.40 860.33 1,798.96 1.,742.17 Net Profit for the period/year 1,380.80 4,236.53 2,553.31 5,617.33 !;,189.04 Other Comprehensive Income Items that will not be reclassified t o profi t or loss in subsequen t periods (i) Re-measurement gain/ (loss) on defined benefit plans (14.43) (14.42) (7.69) (28.85) (15.38) (ii) Income tax effect 3.63 3.63 1.93 7.26 3.87 Total Other comprehensive income for the period/year (10.80) (io.79) (5.76) (21.59) (11.51) Total Comprehensive Income for the period/year 1,370.00 4,225.74 2,547.55 5,595.74 s;,177.53 Paid-up Equity Share Capital (Face Value of INR 10/ - each) 4,773.27 4,767.57 4,767.57 4,773.27 4,767.57 Other equi ty Earnings Per Share (in INR) (not annualised) Basic (Face Value of INR 10/- each) 2.90 8.89 5.36 11.79 10.89 Diluted (Face Value of INR 10/- each) 2.90 8.85 5.35 11.75 10.86 See accompanying notes to the financial results Notes: Year ended Mar31,2 026 (Audited) 1,33,011.82 1,221.61 1,34,233.43 66,220.01 4,323.00 102.84 11,710.43 239.05 5,542.55 25,983.19 1,14,121.07 20,112.36 (585.33) 19,527.03 4,745.51 (29.72) 272.46 4,988.25 14,538.78 (57.68) 14.52 (43.16) 14,495.62 4,767.57 1,13,467.22 30.51 30.41 The Statement of standa lone una udi ted financial results of the Company has been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) . 2 The Statement of standalone unaudited financial results has been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on October 30, 2026. The figures for the quarter and six months ended September 30, 2026 have been subjected to the limited revie w by the statutory auditor. 3 Effective 21 November 2025, the Government of India introduced the New Labour Codes, requiring recognition of pas t service cost under lnd AS 19. The Company has assessed and disclosed the increme ntal impact of INR 585.33 lakhs in the standalone financial results for the year ended March 31, 2026, primarily due to changes in the definition of wages, and presented it as an Exceptional Item considering its regulatory -driven and non-recurring nature . 4 The Company is engaged in the business of manufacturing and selling of pain ts and allied produc ts. Considering the interlinked nature of products and the synergies observed, the resources are allocated across the Company interchangeably and the business performance is revi.ewed as one segment. Thus, in accordance with lnd AS 108- Segment Reporting, the Company's business segment comprises of a single reportable operating segment. i:J~ H.emant Jalan Place: Pune Date :October 30, 2026
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Indigo Paints Limited Registered Office: Indigo Tower, Street-S, l>allod Farm-2, Baner Road, Pune, Maharashtra - 411045 Corporate Identity Number: L24114PN2000PLC014669 Statement of consolidated and standal one unaudited financia l results for the quarter and six months ended September 30, 2026 (All amounts in INR lakhs, unless otherwise stated) Statement of Assets and Liabilities as at September 30 2026 ' Particulars Consolidated Consolidated Standalone Standalone Sep 30,2026 Mar31, 2026 Sep 30,2026 Mar31,2 026 (Unaudited ) (Audited) (Unaudited) (Audited ) A 'ASSETS I. Non-current assets Property, plant and equipment 45,772.02 47,274.47 44,435.41 45,884.81 Right-of-use assets 6,427.03 6,136.51 6,198.13 5,878.61 Capi tal work-in-progress 24,452.13 22,019.23 24,452.13 22,012.36 Goodwill (including on consolidatio n) 3,987.52 3,987.52 3,055.20 3,055.20 Other intangi ble assets 1,460.52 1,611.86 80.61 88.37 Financial assets (a) Investment in subsidiary - - 3,054.20 3,054.20 (b) Other financia l assets 250.35 240.95 241.00 222.91 Income tax assets (ne t) 553.51 - 553.51 - Other non-current assets 631.57 485.77 626.81 479.74 83,534.65 81,756.31 82,697.00 80,676.20 II. Current assets Inven tories 21,360.00 17,823.09 20,710.21 17,307.06 Financial assets (a) Investments 31,056.14 29,983.48 29,947.97 28,911.65 (b) Trade receivab les 26,420.77 28,550.87 23,881.08 25,728.86 (c) Cash and cash equivalents 1,198.95 3,212.13 1,197.55 2,854.07 (d) Bank balances other than cash and cash equivalents 2.04 1.36 1.83 0.95 (e) Other financial assets 96.70 83.46 75.27 72.85 Other current assets 1,230.31 1,484.45 1,167.78 1,441.61 81,364.91 81,138.84 76,981.69 76,317.05 Total Assets 1,64,899.56 1,62,895.15 1,59,678.69 1,56,993.25 B EQUITY AND LIABILITIES I. Equity Equity share capital 4,773.27 4,767.57 4,773.27 4,767.57 Other equity 1,13,537.17 1,10,629.10 1,16,950.80 1,13,467.22 1,18,310.44 1,15,396.67 1,21,724.07 1,18,234.79 II. Liabilities Non-current liabilities Financia l liabilities (a) Borrowings 20.41 25.85 - - (b) Lease liabilities 1,510.27 1,151.76 1,497.96 1,130.30 (c) Other financia l liabilities 6,222.43 5,749.40 50.54 46.70 Other non-current liabilities 756.94 922.71 756.94 922.71 Provisions 374.20 344.99 318.74 279.31 Deferred tax liabilities (net) 2,718.86 2,570.47 2,304.88 2,087.78 11,603.11 10,765.18 4,929.06 4,466.80 Current liabilities Financial liabilities (a) Borrowings 258.25 164.79 - - (b) Lease liabilities 717.48 770.65 673.71 707.39 (c) Trade payables - total outstanding dues of: -micro enterprises and small enterprises 4,938.27 3,899.23 4,615.35 3,502.65 -other than micro enterprises and small enterprises 17,069.87 17,896.97 16,010.17 16,441.08 (d) Other financial liabilities 3,551.06 4,533.30 3,419.03 4,368.65 Other current liabilities 8,118.39 8,865.56 8,015.79 8,737.29 Provis ions 305.64 269.79 286.81 253.92 Liabilities for income tax (net) 27.05 333.01 4.70 280.68 34,986.01 36,733.30 33,025.56 34,291.66 Total Equity and Liabilities 1,64,899.56 1,62,895.15 1,59,678.69 1,56,993.25
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Indigo Paints Limited Registered Office: Indigo Tower, Street-S, Palled Farm-2, Baner Road, Pune, Maharashtra- 411045 Corporate Identity Number. L24114PN2000PLC014669 Statement of consolidated and standalone unaudited financial results for the quarter and six months ended September 30, 2026 (All amounts in INR lakhs, unless otherwise stated) Statement of Cash Flows for the six months ended September 30 2026 Consolidated Particulars Sep 30,2026 (Unaudited) A. Cash flow from operating activities Profit before tax 7,268.84 Adjustments to reconcile profit before tax to net cash flows Depreciation and amortization expense 3,133.05 Employee stock option expenses 274.47 Provision/ (reversal) for impairment allowance of financial assets (net) 63.12 (Gain)/loss on dispos al of property, plant and equipment and right-of-use asset (20.21) (net) Finance costs 132.70 Fair value changes in derivative financial liability - Fair value gain on financial instruments at fair value through profit or loss (1,191.45) Interest income (9.11 Operating profit before working capital changes 9,651.41 Working capital adjustments (Decrease)/ increase in trad e payables and other financial liabilities 38.68 (Decrease)/ increase in other liabilities (912.94) (Decrease)/increase in provisions 43.10 (Increase)/ decrease in trade receivables 2,066.98 (Increase)/ decrease in inventories (3,536.91) (Increase)/ decrease in other assets 450.04 (Increase)/ decrease in other financia l assets (22.46 Cash generated from operating activities 7,777.90 Income taxes paid (net of refunds) (2,464.71\ Net cash inflow/(outflow) from operating activities (A) 5,313.19 B. Cash flows from/( used in) investing activities Purchase of property, plant and equipment and intangible assets including (4,606.57) movement in CWIP, capital advances and capital creclitors Proceeds from sale of prop erty, plant and equipm ent 0.62 Purchas e of short term investments (7,800.01) Proceeds from sale of short term investments 7,918.80 Movement in bank deposits (0.86) Interest received 9.11 Net cash flow inflow/( outflow) from investing activities (B) (4,478.91) c. Cash flows from/( used in) financing activities Repayment of borrowings (5.44) Proceeds from exercise of share options 5.70 Proceeds from borrowings 93.46 Payment of principal portion of lease liabilities (421.01) Dividend paid to shareholders (2,386.63) Interest paid (133.54) Net cash flow inflow/( outflow) from financing activities (C) (2,847.46) Net (decrease)/increase in cash and cash equivalen ts (A+ B + C) (2,013 .18) Cash and cash equivalents at the begiruting of the period 3,212.13 Cash and cash equivalents at the end of the period 1,198.95 Components of cash and cash equiva lents: Cash on hand 8.93 Balances with banks -in current accounts 1,190.02 - deposits with original maturity of less than three months - Total cash and cash equivalents 1,198.95 Non cash investing activities: -acquisition of Right-of-use assets 883.87 There are no non-<:ash financing activities. Place: Pune Date :October 30, 2026 Consolidated Standalone Standalone Sep 30,2025 Sep 30,2026 Sep 30,2025 (Unaudited) (Unaudited) (Unaudited) 6,851.99 7,41.6.29 6,931.21 2,987.85 2,884.12 2,749.02 334.25 274.47 334.25 55.16 :;s.oo 60.29 (6.60) (20.21) (6.60) 139.78 111.68 107.62 - 3.84 - (849.82) (1,15!;.11) (814.59) (8.83 (9.06 (8.77) 9,503.78 9,561.02 9,352.43 1,017.27 53:!.33 1,185.90 598.80 (887.27) 619.39 36.56 43.47 37.96 610.64 1,792.78 242.43 (923.13) (3,403.15) (923.52) 509.60 467.46 526.55 (19.74 (20.38 (21.98 11,333.78 8,086.26 11,019.16 (3,144.34 (2,404.10 (3,159.02 8,189.44 5,682.16 7,860.14 (7,274.01) (4,581..16) (7,112.35) 0.08 0.62 0.08 (6,100.00) (7,800.01) (6,100.00) 4,670.11 7,91!1.80 4,670.11 0.01 (1..01) 0.01 8.24 9.06 8.77 (8,695.57 (4,4511.70 (8,533.38 (163.27) - - 4.10 :;_70 4.10 57.14 - - (387.44) (392.37) (360.86) (1,667.21) (2,386.63) (1,667.21) (139.20 (111.68 (103.77 (2,295.88) (2,884,.98) (2,127.74) (2,802.01) (1,656·.52) (2,800.98) 3,710.99 2,854.07 3,708.75 908.98 1,197".55 907.77 10.57 S.37 9.90 898.41 1,189.18 897.87 - - - 908.98 1,197.55 907.77 195.19 883.87 195.19 ~~ Heman! Jalan Chairman & M;maging Director DIN: 00080942
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Ay INDIGO Be surprised! Press Release Financial Results for the quarter ended 30" September, 2026. Highlights of the standalone Quarterly Results: a. Net Revenue from Operations for the quarter ended September 30, 2026 was Rs 340.5 crores as against Rs. 298.5 crores in the corresponding quarter of the last year representing an increase of 14.1% over Q2 FY26. b. EBIDTA (excluding other income) for the quarter ended September 30, 2026 was Rs. 30.3 crores as against Rs. 45.8 crores in the corresponding quarter of the last year representing a decrease of 33.8%. c. Net profit for the quarter ended September 30, 2026 was Rs. 13.8 crores as against Rs. 25.5 crores in the corresponding quarter of last year representing a decrease of 45.9 %. Highlights of the consolidated Quarterly Results: a. Net Revenue from Operations for the quarter ended September 30, 2026 was Rs. 358.8 crores as against Rs. 312.1 crores in the corresponding quarter of the last year representing an increase of 15.0% over Q2 FY26. b. EBIDTA (excluding other income) for the quarter ended September 30, 2026 was Rs. 31.0 crores as against Rs. 46.5 crores in the corresponding quarter of the last year representing a decrease of 33.5%. c. Net profit for the quarter ended September 30, 2026 was Rs. 13.4 crores as against Rs. 25.3 crores in the corresponding quarter of last year representing a decrease of 47.0 %. On a standalone basis, the Company had clocked a growth of 14.1%. While the revenue growth was healthy; an unfavourable product mix and raw material cost headwinds from high-cost inventory carried over from last quarter impacted the gross margins. On a year-on-year basis, the Gross Margin contracted from 45.1% to 38.5% which subsequently impacted the EBITDA Margin and PAT Margin. On a consolidated basis, the Company had clocked a growth of 15.0% as our subsidiary Apple Chemie Pvt Ltd recorded a good growth of 35.3%. Financial Results for the half vear ended 30" September, 2026. Highlights of the standalone half year Results: a. Net Revenue from Operations for the half year ended September 30, 2026 was Rs 690.5 crores as against Rs. 593.4 crores in the corresponding period of the last year representing an increase of 16.4% over HI FY26. b. EBIDTA (excluding other income) for the half year ended September 30, 2026 was Rs. 92.3 crores as against Rs. 89.4 crores in the corresponding period of the last year representing a increase of 3.2%. Registered Office: INDIGO Paints Limited, Indigo Tower, Street - 5, Pallod Farm - 2, Baner Road, Pune 411045, Maharashira T: +91 20 6681 4300, Email: info@indigopaints.com, \Nebsne wwwmd\gopcmrs com, CIN: L2471 14PN2000PLCO 14669 JTAPZANNN LY\
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& INDIGO Be surprised! c. Net profit for the half year ended September 30, 2026 was Rs. 56.2 crores as against Rs. 51.9 crores in the corresponding period of last year representing an increase of 8.3 %. Highlights of the consolidated half year Results: a. Net Revenue from Operations for the half year ended September 30, 2026 was Rs 728.4 crores as against Rs. 620.9 crores in the corresponding period of the last year representing an increase of 17.3% over HI FY26. b. EBIDTA (excluding other income) for the half year ended September 30, 2026 was Rs. 93.0 crores as against Rs. 90.8 crores in the corresponding period of the last year representing an increase of 2.4%. c. Net profit for the half year ended September 30, 2026 was Rs. 55.1 crores as against Rs. 51.3 crores in the corresponding period of last year representing an increase of 7.4 %. On a standalone basis, the Company had clocked a growth of 16.4%. The Gross Margins was registered at 41.9%. The EBITDA margin and PAT margin during the period were 13.4% and 8.0% respectively. On a consolidated basis, the EBITDA margin and PAT margin during the period were 12.8% and 7.4% respectively. For and on Behalf of Indigo Paints Limited C;etan Bhalchandra Humane Chief Financial Officer Registered Office: INDIGO Paints Limited, Indigo Tower, Street - 5, Pallod Farm - 2, Baner Road, Pune 411045, Maharashira T +91 20 6681 4300, Email: info@indigopaints.com, Website Wwwmdvgopcnms com, CIN: 124114PN2000PLCO 14669 ’II”A\\ TN\ /