History

_x000D_ Indigo Paints Ltd was originally incorporated as Indigo Paints Pvt Ltd at Pune, Maharashtra on March 28, 2000. The company began operations producing economical cement paints. However, over time, it expanded its portfolio to encompass a diverse assortment of decorative paints. It operates 3 manufacturing facilities, which are located strategically in Jodhpur, Kochi and Pudukkottai in Tamil Nadu._x000D_ _x000D_ Indigo Paints introduced various differentiated products in the decorative paint market in India, including Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions, Exterior and Interior Acrylic Laminate, Dirtproof and Waterproof Exterior Laminate, Floor Coat Emulsions, PU Super Gloss Enamel, etc. The company’s ₹1,176 crore IPO in January 2021 garnered an excellent response from investors, and the stock was listed at a 75% premium above the IPO price._x000D_ _x000D_ In 2021, Indigo Paints opened 8 new depots in different parts of the country. It also added over 2,000 net active dealers to strengthen its product reach. It added over 1,100 tinting machines, i.e. special equipment to mix and match colours and thereby produce the consumer's exact desired shade, across the dealer stores. It also doubled the production capacity for powder paints such as putties, by expanding its existing plant in Jodhpur in FY21._x000D_

Business Segments

_x000D_ The product lines of the company can be categorised into:_x000D_

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1. Interior Emulsion - Products in this category include Luxury Interior Emulsion, Interior Lustre Finish, Bright Ceiling Coat, Acrylic Distemper, etc.
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2. Exterior Emulsion - Products in this category include D&W Exterior Laminate, Premium XT Sheen Emulsion, Floor Coat Emulsion, etc.
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3. Waterproofing Solutions - Products in this category comprise Leakproof Emulsion, Aquashield, Damp Shield Primer, etc.
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4. Enamels - Products under this category include PU Super Gloss Enamel, Satin Enamel, and Self-priming Epoxy Enamel, among others.
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5. Putties and Primers - Polymer Putty, Rustic Texture Finish, and Acrylic Wall Putty are some of the products in this category.
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6. Sleek Wood Coatings - Exterior Two Pack Clear PU and interior Quick-drying Two Pack PU are some of the offerings in this category.
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_x000D_ Subsidiaries_x000D_ _x000D_ The Company has no subsidiaries as of March 31, 2023. However, the Company has acquired 51% equity stake in Apple Chemie India Private Limited (“Subsidiary Company”) w.e.f April 03, 2023. It operates in the space of Construction Chemicals and waterproofing products._x000D_

Key Personnel

_x000D_ Mr Hemant Jalan, Owner and Managing Director_x000D_ _x000D_ Mr Jalan has been leading the company since its inception, for over two decades. Before starting Indigo Paints, he was working as a senior vice president at Sterlite Industries. He has an MBA from the Booth School of Business at the University of Chicago._x000D_

Corporate Actions

_x000D_ The company has not performed any major corporate actions in the recent past._x000D_ _x000D_ Mergers and Acquisitions_x000D_

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• The company acquired 51% of the equity in, its now subsidiary company, Apple Chemie India Private Limited on April 03, 2023.
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