Annual Report for FY 2025-26

Date: August 21, 2026 To, To BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza, Plot No. C-1, Block G, 25th Floor, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai- 400001 Mumbai -400051 Scrip Code: 543258 NSE Symbol: INDIGOPNTS Dear Sir/Madam, Sub: Submission of Annual Report for the Financial Year 2025-26 of Indigo Paints Limited Pursuant to Regulation 30 read with Part A (Para A) of Schedule III and Regulation 34(1)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Annual Report of the Company for the financial year 2025-26, including the Business Responsibility and Sustainability Report of Indigo Paints Limited ('the Company'). The 26th Annual General Meeting ('AGM') of Indigo Paints Limited ('the Company') is scheduled to be held on Saturday, September 12, 2026 at 11:00 A.M. (IST) through Video Conference or Other Audio Visual Means. The Notice of the 26th AGM along with the Annual Report is being circulated by electronic mode, to all the eligible shareholders whose e-mail ids are registered with the Company/ Registrar and Share Transfer Agent (‘RTA’)/Depository Participant(s) (‘DPs’). Further, in accordance with the Regulation 36(1)(b) of Listing Regulations, a letter providing the web-link, where complete details of the Annual Report are available is being sent to those shareholders of the Company who have not registered their email addresses with Company/RTA/DPs. The Annual Report for the financial year 2025-26 is available on the Company's website at https://indigopaints.com/investors/annual-reports/ Please take the above information on record. Thanking you. For Indigo Paints Limited Sayalee Yengul Company Secretary and Compliance Officer Membership No. A37267 Encl.: As above 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 ANNUAL REPORT 2025-26 Outpacing the Market Growing through Execution The years behind us demanded persistence. The The years ahead will be shaped more by the quality of execution. Having built the capabilities required for the years ahead demand execution. Much of long-term future, our attention now turns to fully realising their potential. value creation happens away from the spotlight. We will pursue growth with greater intent, It is built through investments that strengthen deepen our capabilities, decisions that expand future capacity presence and a willingness to prepare for opportunities well before they become evident. As these investments across markets mature, the emphasis naturally shifts from building and strive to the platform to realising its full potential. consistently Over the past several years, we have The external environment is also becoming methodically built the capabilities needed more favourable. Competitive intensity has outperform the to compete for long-term leadership. We begun to moderate, consumer demand expanded our manufacturing footprint, is showing encouraging signs of revival strengthened our distribution network, and the industry is entering a phase where industry through invested in differentiated products and execution will increasingly determine strengthened our brand presence across who captures the next wave of growth. disciplined the country. Much of this investment We intend to pursue this opportunity with cycle is now behind us. With capacity in conviction. Expanding our market share place and a stronger operating platform is now our foremost strategic priority, execution, established, our priorities are naturally supported by sharper market execution, shifting from building capability to deeper geographic penetration and measured decisions and fully leveraging it. continued product premiumisation. the cumulative strength of doing the fundamentals exceptionally well. The Indigo Our identity is rooted in the belief that identity meaningful differentiation comes from challenging convention. From our Contents For more information, please, visit our website products and communication to the www.indigopaints.com way we approach markets, we seek to move beyond the expected and create solutions that stand apart. Corporate Statutory Overview Reports 04 _ About us 53 _ Management Discussion & Analysis 08 _ Geographical presence 63 _ Board Report Chairman and Managing 84 _ Corporate Governance Report Director’s Message _ Business Responsibility and 12 _ Financial performance Sustainability Report 14 _ Operating environment 15 _ Our growth strategy 16 _ Our portfolio Financial 18 _ Apple Chemie India Pvt. Ltd. Statements 20 _ Business model 22 _ Stakeholders’ engagement 24 _ Supply chain 138 _ Standalone Financial Statements 26 _ Brand and advertising 204 _ Consolidated Financial Statements 28 _ Our people 29 _ Sustainability Initiatives 32 _ Environment 40 _ Social Notice of the 44 _ Governance AGM 48 _ Board of Directors 52 _ Corporate information 275 _ Notice A symbol of possibility ‘Be Surprised’ Our distinctive zebra represents Our brand line, ‘Be Surprised,’ this philosophy. While traditionally captures the essence of Indigo associated with black and white, Paints. It represents our commitment its multicoloured expression reflects to creating differentiated our willingness to explore a products, distinctive experiences broader spectrum of possibilities. It and solutions that consistently Forward Looking Statement This report may contain forward looking statements which can be identified by specific terminology such as ‘anticipates’, ‘believes’, embodies originality, imagination exceed expectations. ‘estimates’, ‘expects’, ‘intends’, ‘may’, ‘plans’, ‘should’, ‘could’, ‘will’, or negative variations. These statements are subject to risks and and our commitment to finding opportunities beyond the Company’s control, or the Company’s current beliefs and assumptions about future events. The actual unconventional answers to evolving performance of the Company may differ from expected outcomes stated in this report. There is no guarantee that future results will be consumer needs. achieved as envisaged. About us The Next Shade of Key highlights Success Over the past twenty-five years, Indigo Paints has built a distinctive position in the Indian decorative paints industry by consistently challenging convention through differentiated innovation, customer- centricity and disciplined execution. What began as a niche challenger has As we commemorate this milestone, we are evolved into a trusted national brand equally focused on the opportunities that lie with a diversified portfolio spanning ahead. Having strengthened the foundations decorative paints, waterproofing solutions of our business through strategic investments and construction chemicals, supported in capacity, distribution and capabilities, we by a steadily expanding manufacturing are entering the next phase of our journey Financial Operational ESG footprint, distribution network and with a clear ambition to strengthen market brand franchise. presence, broaden our category leadership and create enduring value through sustainable, profitable growth. K 1,40,501.68 19,352 350 kW Lakhs Active Dealers Rooftop Solar Capacity Revenue from operations K 25,477.19 12,129 144 MWh Lakhs Tinting Machines Renewable Electricity Generated EBITDA 18.13% 55 4,689 Tonnes EBITDA margin Depots Plastic Waste Recycled K 15,219.71 36 Zero Lakhs States & Union Territories Served High consequence injuries and Fatalities PAT* 10.73% 6 32,602 PAT margin Manufacturing plants Direct CSR Beneficiaries *PAT for FY26 is calculated adjusting for the exceptional item of H 613.31 Lakhs Built to outperform The Indigo difference Innovation at Indigo Paints begins What truly sets us apart is our with a simple belief that every unmet unwavering spirit of wonderment [Showing first 8,000 characters — download PDF for full document]