Indigo Paints Ltd is sharpening its retail presence and scaling up manufacturing capacity even as it rides a phase of sustained double-digit growth, according to Chairman and Managing Director Hemant Jain.
Speaking during an earnings call, Jain said the company is steadily expanding its exclusive Indigo Colour Canvas stores at select dealer counters to showcase the full product portfolio in immersive, aesthetically crafted environments.
The initiative is aimed at enhancing consumer experience and strengthening premium positioning in a competitive decorative paints market.
The company has also refreshed the packaging of its Indigo Protect Plus waterproofing range and backed it with a new advertising campaign. Waterproofing continues to be a high-growth segment for the company, now contributing close to 7% of the overall topline.
“Our waterproofing products continue to grow at a phenomenal rate,” Jain said, adding that Indigo remains focused on expanding its dealer network, improving throughput per active dealer and increasing the number of tinting machines across the country.
As of December 2025, Indigo Paints had over 19,100 active dealers and more than 11,900 tinting machines. During the quarter, the company opened an additional depot in Prayagraj, Uttar Pradesh, taking the total depot count to 55, a move aimed at improving service efficiency in key markets.
Capacity expansion on track
On the capital expenditure front, the company has commenced production at its new solvent-based plant in Jodhpur. The facility is expected to strengthen supply of enamel products to northern and eastern markets, which were earlier serviced from Tamil Nadu.
Indigo has also started output from the brownfield expansion of its putty plant in Jodhpur. The remaining project, a new water-based plant at Jodhpur with a capacity of 90,000 kilolitres per annum, is now expected to begin production in June 2026.
Despite the delay in commissioning, the company said it currently has adequate capacity to meet demand for water-based paint products.
Momentum into seasonally strong quarter
Indigo Paints has delivered consistent double-digit growth for three consecutive months from November 2025 outpacing broader market trends.
Jain attributed the performance to the company’s focus on premiumisation, operational resilience and targeted network expansion. He expressed confidence that the growth momentum would continue through the remainder of FY26, positioning the company strongly for the seasonally robust fourth quarter.
Apple Chemie expands footprint
Commenting on subsidiary Apple Chemie India Pvt Ltd, Jain said a significant portion of its revenue continues to come from Maharashtra and neighbouring Madhya Pradesh, but the geographic mix is diversifying.
Apple Chemie is seeing increasing traction in southern India through metro and road infrastructure projects, as well as in eastern states such as Assam and Bihar. The company has also begun recording a small stream of export revenue.
Apple Chemie has expanded its manufacturing plant and added new product lines for in-house production, including sealants and adhesives that were previously job-worked on a limited scale.
“I think the company has a bright future and it’s going along quite well,” Jain said, underlining optimism about the subsidiary’s growth prospects.