External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Indigo Paints (INDIGOPN)’s standalone sales declined 4% YoY in 3QFY25 due to consistent pressure on demand.</li><li>The paint industry dipped 4% YoY in 3Q.</li><li>Apple Chemie (subsidiary) clocked a robust sales growth of 21% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo Paints (INDIGOPN)’s standalone sales declined 4% YoY in 3QFY25 due to consistent pressure on demand.The paint industry dipped 4% YoY in 3Q.Apple Chemie (subsidiary) clocked a robust sales growth of 21% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo Paints - Miss on Revenue; Demand Pick up a Key Monitorable

<ul><li>Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in 1HFY25).</li><li>Apple Chemie (subsidiary) clocked robust sales growth of 28% YoY.</li><li>Consolidated sales rose 7% YoY to INR3.0b (in line).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in 1HFY25).Apple Chemie (subsidiary) clocked robust sales growth of 28% YoY.Consolidated sales rose 7% YoY to INR3.0b (in line).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo Paints - In-Line Revenue; Watchful for Demand Pickup in 2HFY25

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to 13.9% and PAT declined 12.1% y-o-y.</li><li>Management expects demand to improve in Q3 on seasonality (festive and wedding driven demand) and pent-up demand.</li><li>It eyes at least double-digit revenue growth in H2.Margin contraction in Q2 was mainly due to price cuts undertaken in H2FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to 13.9% and PAT declined 12.1% y-o-y.Management expects demand to improve in Q3 on seasonality (festive and wedding driven demand) and pent-up demand.It eyes at least double-digit revenue growth in H2.Margin contraction in Q2 was mainly due to price cuts undertaken in H2FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indigo Paints Ltd - Soft Q2; Better Prospects Ahead

<ul><li>Indigo Paints (INDIGOPN) is the fifth largest company operating in the INR542b (USD7.2b) Paints industry in India</li><li>We expect INDIGOPN to continue with its robust strategy and thereby deliver a sales/EBITDA/PAT CAGR of ~28%/35%/41% over FY21–24E</li><li>We initiate coverage with a Buy rating, with TP of INR2,270 (55x FY24E EPS).</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Indigo Paints (INDIGOPN) is the fifth largest company operating in the INR542b (USD7.2b) Paints industry in IndiaWe expect INDIGOPN to continue with its robust strategy and thereby deliver a sales/EBITDA/PAT CAGR of ~28%/35%/41% over FY21–24EWe initiate coverage with a Buy rating, with TP of INR2,270 (55x FY24E EPS).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Indigo Paints Limited manufactures paints. The Company supplies exterior and interior paints. Indigo Paints serves customers in India.

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Indigo Paints (INDIGOPN IN)

Indigo Paints - Miss on Revenue; Demand Pick up a Key Monitorable

Indigo Paints (INDIGOPN)’s standalone sales declined 4% YoY in 3QFY25 due to consistent pressure on demand. The paint industry dipped 4% YoY in 3Q.

Motilal Oswal

Indigo Paints - In-Line Revenue; Watchful for Demand Pickup in 2HFY25

Indigo Paints’ (INDIGOPN) standalone sales growth stood at 7% YoY in 2QFY25 (6% in 1QFY25, 18% in FY24) due to subdued industry demand (1% down in...

Motilal Oswal

Indigo Paints Ltd - Soft Q2; Better Prospects Ahead

Indigo Paints Limited’s (IPL’s) Q2FY2025 numbers were in line with expectations; consolidated revenues grew 7.4% y-o-y, OPM fell 124 bps y-o-y to...

Sharekhan

Indigo Paints: Colorful Prospects!

Indigo Paints (INDIGOPN) is the fifth largest company operating in the INR542b (USD7.2b) Paints industry in India. We expect INDIGOPN to continue...

Motilal Oswal

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