Synopsis
While the stock has been underperforming the benchmark and its peers, there is nothing fundamentally wrong with Indigo Paints. Analysts see a strong recovery in demand in the coming quarters. But will the entry of deep-pocketed competitors such as JSW, Grasim, and Astral pose a threat to existing players, including big names like Asian Paints?
Indigo Paints, the country’s fifth-largest paint company by market share, is losing sheen. Over the past one year, the stock price is down 37% when its listed peers have managed to hold on — Asian Paints has fallen 6%, while Berger Paints has slipped 15%. However, there is nothing fundamentally wrong with the company. Its Q3 FY23 revenues are up 6% at INR281 crore and net profits have risen 8% to INR27 crore. The growth in sales is muted on
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