Indigo Paints gains on waterproofing business foray; to compete with Pidilite, Asian Paints

Indigo Paints has bought about 45,000 shares of Apple Chemie India Private Ltd for Rs 6,529 per share

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Indigo Paints shares gained over 2 percent on April 5 after the company announced foray into the waterproofing and construction chemicals segments, with the acquisition of 51 percent stake in Apple Chemie India Private Ltd (ACIPL).

Indigo Paints has bought about 45,000 shares of the company for Rs 6,529 per share. In FY22, ACIPL recorded sales of Rs 32 crore and is expected to clock over Rs 41 crore in FY23.

At 9:30am, Indigo Paints was quoting at Rs 1,085 on the NSE, higher by 2.13 percent from previous close. This marks the second day of gains for Indigo Paints in a row. On April 3, it had gained over 5 percent.

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According to a statement from the company, the size of construction chemicals and waterproofing market is more than Rs 15,000 crore and is expected to grow in double digits.

The biggest player in this segment is Pidilite with its M-Seal and Dr Fixit brands. While exact numbers are not available, reports suggest that Pidilite has over 50 percent market share in this segment.

Asian Paints and Berger Paints have also made significant inroads in the waterproofing segment with Asian Paints sitting on a 23 percent share of the market.

For Indigo Paints to make a splash, it will first have to expand its presence across India. The management says that this is already in the works. “With the government’s massive infrastructure spending plan and the established client base, Apple Chemie is primed to become a pan-India player,” said Hemant Jalan, CMD of Indigo Paints.

Indigo Paints Q3 scorecard 

A weaker-than-expected performance by the company, 8 percent on-year growth in net profit and 5 percent growth in revenue, resulted in a downward revision of the stock’s target price. ICICI Securities downgraded the stock to Rs 1,200 from Rs 1,680.

According to Trendlyne, the consensus target stands at Rs 1,336, which represents an upside of about 23 percent from current market price.

Ever since its listing in February 2021, the stock has declined over 58 percent on fear of increased competitive intensity on Grasim’s entry. That said, the fifth-largest player in the decorative segment has been expanding its reach.

In Q3, it increased its dealer count by 10 percent to 16,785, YoY. Its tinting machine count increased by 18 percent to 7,978, noted ICICI Securities.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol  advises users to check with certified experts before taking any investment decisions.