January 18, 2021 IPO Note - SUBSCRIBE

INDIGO PAINTS LIMITED

Company Background Issue Details Incorporated in 2000, Indigo Paints Ltd (‘Indigo’) has rapidly scaled up its operations to become Fresh Issue of Equity Shares aggregating upto ₹ 300 Crore the fifth largest company in the Indian decorative paint industry in terms of revenues as on and Offer For Sale of 5,840,000 Equity Shares FY20. Indigo has created an extensive distribution network across 27 states and seven union territories. The company manufactures its products across three manufacturing facilities located Issue Highlights in Jodhpur (Rajasthan), (Kerala) and Pudukkottai (Tamil Nadu) with an aggregate estimated Net Issue Size: ₹ 1,168 – 1,169 Cr No. of Shares ('000): 7,856 – 7,853 installed production capacity of 101,903 kilo litres per annum (“KLPA”) for liquid paints and Face Value (₹): 10 93,118 metric tonnes per annum (“MTPA”) for putties and powder paints. The company has Employee Reservation: Upto 70,000 Equity Shares expanded its manufacturing capabilities to manufacture a complete range of decorative paints Price Band : ₹ 1,488 – 1,490 including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. Bid Lot: 10 Shares and in multiple thereof Indigo is the first company to manufacture and introduce certain differentiated products in Employee Discount: ₹ 148 /- per share the decorative paint market in , which includes Metallic Emulsions, Tile Coat Emulsions, Issue Opens On: Wednesday, 20th Jan’2021 Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminates, Issue Closes On: Friday, 22nd Jan’2021 Post Issue Implied Exterior and Interior Acrylic Laminates, and PU Super Gloss Enamel (together, “Indigo ₹ 7,079 – 7,088 Cr Market Cap Differentiated Products”). The company has been able to break into the oligopolistic market Listing : BSE & NSE which is dominated by four major players by creating a distinct market in the paint industry with the introduction of differentiated products and building brand equity for their primary consumer BRLMs: brand - “Indigo”. Kotak Mahindra Capital, Edelweiss, ICICI Securities Registrar: Objects of the Issue Rs. in Crs Link Intime India Pvt. Ltd. Funding capital expenditure for the Proposed Expansion 150

Purchase of tinting machines and gyroshakers 50 Indicative Timetable Activity On or about Repayment/prepayment of all or certain of our borrowings 25 Finalisation of Basis of Allotment 28-01-2021 General corporate purposes 75 Refunds/Unblocking ASBA Fund 29-01-2021 Total 300 Credit of Equity Shares to DP A/c 01-02-2021 Trading Commences 02-02-2021

Brief Financial Data Issue Break-up % of (₹ in Crores) 2018 2019 H1FY20 2020 H1FY21 No of Shares ₹ Cr Issue Revenue From Operations (Net) 401.48 535.63 272.64 642.79 259.42 QIB 3,893,064 – 3,891,710 579 – 580 50% EBIDTA 25.8 54.09 23.46 91 48.09 NIB 1,167,919 – 1,167,514 174 - 174 15%

EBIDTA Margin % 6.4% 10.1% 8.6% 14.2% 18.5% Retail 2,725,145 – 2,724,198 405 – 406 35% Employees 70,000 – 70,000 9 - 9 Profit before Tax 12.55 33.71 11.81 67.43 35.23 Total 7,856,128 – 7,853,422 1,168-1,169 100% PBT Margin % 3.1% 6.3% 4.3% 10.5% 13.6%

Profit/(Loss) for the period 12.86 26.87 5.99 47.82 27.21 Shareholding (No. of Shares) PAT Margin % 3.2% 5.0% 2.2% 7.4% 10.5% Pre Issue Post Issue^ Post Issue#

Earnings Per Share - Basic (₹) 2.88 5.98 1.33 10.61 6.03 45,555,575 47,571,704 47,568,998 ^ Lower Price Band # Upper Price Band Earnings Per Share - Diluted (₹) 2.82 5.90 1.32 10.61 5.97

ROE (%) 10.09% 18.22% - 24.27% - Shareholding (%) ROCE (%) 9.86% 17.26% - 27.50% - Pre-Issue Post- Issue Source: Company RHP and LKP Research: Promoters & Promoter Gr 60.05% 54.00% Public 1.00% 8.70% Non Promoter Non Public 38.95% 37.30% Total 100.00% 100.00%

Meet Jain | [email protected] +91 22 6635 1220 LKP Research INDIGO PAINTS LIMITED | IPO Note

Fastest growing Paint Company in the last decade Indigo has grown its revenues at a CAGR of 41.9% between FY2010 to FY2019 as compared to 12.1% to 13.1% recorded by the top four paint companies in India. During Covid-19, the revenues of Indigo grew at much higher rate than its peers.

Asian Paints Berger Paints Kansai Nerolac AkzoNobel Indigo Paints FY10-FY19 12.8% 13.1% 12.1% 12.5% 41.9% FY19-FY20 4.9% 3.2% -4.5% -8.8% 16.6% Source: Company websites, Frost & Sullivan

Revenue from Operations (₹ bn)

8.7%

8.4% 2.1% -2.4% 24.2%

Asian Paints Berger Paints Kansai Nerolac Akzo Nobel Indigo Paints FY18 145.6 48.4 47.4 27.9 4.0 FY19 163.9 55.2 51.7 29.2 5.3 FY20 171.9 56.9 49.4 26.6 6.2

Source: Company RHP and LKP Research

Paint Industry derives nearly half its sales from Tier2 - Tier 4 and rural areas where impact of covid was on a much lower scale compared to the Metros and urban India. The pandemic-led decline in demand is therefore likely to have the least impact on Indigo as compared to the other players as the company’s predominant focus is on Tier 2 - Tier 4 Cities.

First to launch Differentiated Products and Carving out a separate customer base Indigo is the first company to introduce certain category-creator products, including the Metallic Emulsions, Tile Coat Emulsions, Bright Ceiling Coat Emulsions and Floor Coat Emulsions in the decorative paint market in India (Source: F&S Report). Other products that the company introduced include the Dirtproof & Waterproof Exterior Laminate, Exterior and Interior Acrylic Laminate and PU Super Gloss Enamel that comprise its value-added product portfolio. These category-creator and value- added products comprise of a portfolio of seven Differentiated Products and are differentiated from other products based on their end-use specifications and in terms of certain added properties. Being the first company in India to introduce this, Indigo had an early mover advantage in the markets they are present in, which allowed them to set pricing terms for these products resulting in higher margins for these products compared to the rest of their product portfolio.

Differentiated Products as a % of Product Mix

26.68% 27.58% 28.62%

2018 2019 2020

Source: Company RHP and LKP Research

LKP Research 2 INDIGO PAINTS LIMITED | IPO Note

Aggressive Brand Building initiatives to build brand equity Indigo has been spending aggressively on building its brand equity across India consistent with the growth of their business. The company’s advertisement & sales promotion expense is c.12.65% in FY20 which is highest in the Industry. The advertising and branding strategy of Indigo has been the differentiating factor. This strategy has helped the customers connect to the brand immediately without having to remember multiple brand names. Indigo differentiates its products on the basis of the price point as Platinum, Gold, Silver and Bronze series. Indigo has managed to keep its packaging uniform across all its brands to enhance brand recognition. Another characteristic that differentiates Indigo advertising strategy is that it only advertises its differentiated products. Indigo was the first among its competitors to introduce coatings for the ceiling, tile and floor, with the competitors entering this space only now. Indigo engaged Mr. Mahendra Singh Dhoni, a sportsperson with a pan India appeal across demographics, as their brand ambassador. The company has also created a mascot for their brand, a Zebra with colourful stripes that regularly features in their marketing materials, to increase brand recall. To build brand visibility and recall, and engagement with dealers, the company liaised with dealers to display boards and carry out in-shop branding at their outlets.

Company-wise advertising expenses for Fiscal 2020 (₹ in Crs)

Asian Paints Berger Paints Kansai Nerolac AkzoNobel Indigo Paints Nippon TV 264.6 70.2 63.1 35.5 61.3 27.2 Print 22.0 3.1 0.0 0.0 2.6 1.3 Radio 1.7 0.8 0.0 0.0 0.0 0.2 Total 288.4 74.0 63.1 35.5 63.9 28.8 Source: BARC, Frost & Sullivan

Company-wise advertising and promotion expenses, as a percentage of sales

14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% FY18 FY19 FY20 Asian Paints 3.8% 4.2% 4.6% Berger Paints 4.6% 3.3% 4.2% Kansai Nerolac 5.8% 5.0% 5.0% Akzo Nobel 3.9% 3.1% 3.3% Indigo Paints 11.2% 12.6% 12.7%

Source: Company websites, Frost & Sullivan

LKP Research 3 INDIGO PAINTS LIMITED | IPO Note

Rapid & Strategic Expansion of Distribution Network Distribution network is the key growth driver in the Paint industry. The paint companies are required to spend significant resources to develop their distribution network to increase the visibility and reach of their products through direct distribution to dealers. The dealers are typically multi-brand and are located across Metros, large cities, towns as well as Rural Areas. Indigo has established their distribution network gradually and strategically through the bottom-up approach with prudent use of time, cost and resources. As a relatively new entrant in the market, the company first focused on dealers in Tier 3, Tier 4 Cities, and Rural Areas, where brand penetration is easier and dealers have greater ability to influence customer purchase decisions. This helped the company to engage with a larger base of dealers across Tier 3, Tier 4 Cities, and Rural Areas, which they subsequently leveraged to expand into larger cities and metros such as Kanpur (Uttar Pradesh), Kochi (Kerala), Thiruvananthapuram (Kerala), Patna (Bihar) and Ranchi (Jharkhand). The company first approached dealers in these markets with their Indigo Differentiated Products, being products with greater marketability, to improve penetration of their brand and strengthen the relationship with these dealers. The company then capitalized on these relationships to distribute a wider range of decorative paints. Company-Wise growth in active distribution/ dealer network

2017-18 2019-20 CAGR Asian Paints 53000 70000 14.9% Berger Paints 21000 27500 17.3% Kansai Nerolac 25000 30000 10.0% Akzo Nobel 16500 15000 -4.7% Indigo Paints 9210 11230 10.4% Source: Company websites, Frost & Sullivan

Tinting machine is an important part in selling a wide color range of emulsion paints. Different shades of emulsion paints are produced through in-shop tinting machines present at dealer outlets. These tinting machines are unique to each paint manufacturer due to design specifications with respect to colorants, emulsion bases, fan-decks or shade cards, and customized software applications. These tinting machines are a prerequisite for dealers who sell emulsion paints. However, stiff resistance for installation of these machines is encountered from dealers due to space constraints. As a result, dealers tend to install tinting machines of only recognized players. Indigo has started installing tinting machines in Fiscal 2014, which gained momentum from Fiscal 2018. During the last three years, the company installed an average of 1,223 tinting machines every fiscal, and as of September 30, 2020, the company had a total of 4,603 tinting machines across its network of dealers in India.

Company-wise growth in Tinting Machines (in thousands)

50 46 60.0% 45 50.0% 40 35 51.2% 35 40.0% 30 30.4% 25 20.0 31.1% 30.0% 20 17 14.0 20.0% 15 10 10 19.5% 5.5 14.6% 3.2 4.3 10.0% 5 1.9 - 0.0% Asian Paints Kansai Nerolac Berger Paints Akzo Nobel Indigo Paints 2017-18 2019-20 CAGR

Source: Company websites, Frost & Sullivan

LKP Research 4 INDIGO PAINTS LIMITED | IPO Note

Strategically Located Manufacturing facilities Indigo has setup three manufacturing facilities in close proximity to the raw material source. The company owns and operates manufacturing facilities in India, at Jodhpur in Rajasthan (“Jodhpur Facility”), Kochi in Kerala (“Kochi Facility”) and Pudukkottai in Tamil Nadu (“Pudukkottai Facility”). All its manufacturing facilities are supported by infrastructure for storage of raw materials, manufacture of paints, storage of finished goods, together with a quality control lab. In addition, the manufacturing facilities include effluent treatment plants, which treat industrial wastewater and recycle itfor reuse or for safe external disposal. The Company generally sources raw materials from suppliers that are located in close proximity to their manufacturing facilities to minimise inward freight costs and reduce the cost of raw materials. As of September 30, 2020, the aggregate estimated installed manufacturing capacity was 101,903 KLPA for liquid paints comprising emulsion paints, enamels, wood coatings, distempers and primers, and 93,118 MTPA for powder paints comprising putties and cement paints.

Manufacturing Facility Emulsion Paints Enamels Wood Coatings Distempers Primer Putties Cement Paints Other Products

Jodhpur, Rajasthan Unit I √ - - √ √ - - - Unit II - - - - - √ √ - Kochi, Kerala √ - - - √ - - √ Pudukkottai, Tamil Nadu - √ √ - √ - - √ Source: Company, LKP Research

Capacity and Capacity Utilization

Installed Production Capacity and Capacity Utilization as at and for the six months ended

(in metric tonnes) H1FY20 H1FY21 Location Installed Capacity Actual Production % Utilization Installed Capacity Actual Production % Utilization Liquid Paint Jodhpur Facility 39,244 11,801 60.14% 45,544 10,352 45.46% Kochi Facility 27,958 7,768 55.57% 42,701 7,613 35.66% Pudukkottai Facility 9,034 3,350 74.16% 13,658 3,196 46.80% Total 76,236 22,919 30.06% 101,903 21,161 20.77% Powder Paints Jodhpur Facility 48,944 27,086 110.68% 93,118 26,997 57.98% Source: Company RHP and LKP Research

Installed Production Capacity and Capacity Utilization as at and for the year ended

(in metric tonnes) FY2018 FY2019 FY2020 Installed Actual Installed Actual Installed Actual Location % Utilization % Utilization % Utilization Capacity Production Capacity Production Capacity Production

Liquid Paint Jodhpur Facility 22,312 19,576 87.74% 39,244 24,121 61.46% 45,544 23,167 50.87% Kochi Facility 15,640 8,739 55.88% 27,958 13,760 49.22% 42,701 18,406 43.10% Pudukkottai Facility 8,656 5,151 59.51% 9,034 6,058 67.06% 13,658 6,817 49.91% Total 46,608 33,466 71.80% 76,236 43,939 57.64% 101,903 48,390 47.49% Powder Paints Jodhpur Facility 48,944 32,783 66.98% 48,944 44,349 90.61% 93,118 58,161 50.87% Source: Company RHP and LKP Research

LKP Research 5 INDIGO PAINTS LIMITED | IPO Note

Proposed Expansion Plans In order to meet the growing demand for water-based paints, the company proposed to expand its Pudukkottai Facility to include capacities for manufacturing water-based paints. Indigo is in the process of adding capacities at the Pudukkottai Facility to include a water-based manufacturing facility on a land parcel that they own which is adjacent to their existing manufacturing unit. The unit is being set-up for the purpose of manufacturing water-based emulsion paints, distempers and primers at Pudukkottai, Tamil Nadu. Consistent with past practice, the company will look to add capacity in a phased manner to ensure that they utilize the capacity at optimal levels. Post completion of the proposed expansion plans, the expansion unit is expected to have an estimated installed capacity of 50,000 KLPA and is expected to be operational during Fiscal 2023. Indigo is also in the process of carrying out capacity expansion plans at the existing Jodhpur Facility. These additions are being carried out at both Unit I and Unit II with respect to liquid paints such as emulsions and primers, and powder paints such as putties.

Product Portfolio Indigo has a wide range of decorative product range comprising of emulsion paints, enamels, wood coatings, distempers, primers, putties and cement paints. The company manufactures and sells most of the products under the “Indigo” brand of paints.

Produce-wise Volume of Sales (MT/ KL)

Product Category 2018 2019 2020 H1FY20 H1FY21 Cement Paints and Putty (MT) 35,709 45,243 57,225 25,425 27,192 Emulsions (KL) 12,490 16,866 19,565 8,589 7,058 Enamels and Wood Coatings (KL) 4,451 5,248 5,260 2,585 2,439 Primers, Distempers and Others (KL)* 15,730 20,206 21,940 11,231 11,501 * Distempers are manufactured in MT

Product-wise gross revenue (invoicing as per contracted price) for the years indicated:

Product Category (Rs. In Crs) 2018 2019 2020 H1FY20 H1FY21

Cement Paints and Putty 63.41 79.52 100.77 44.92 49.24 % Growth 25.4% 26.7% 9.6% Contribution % 14% 13.4% 14.6% 14.4% 16.6% Emulsions 185.86 259.79 312.14 133.29 109.18 % Growth 39.8% 20.1% -18.1% Contribution % 42% 43.7% 45.3% 42.6% 36.8% Enamels and Wood Coatings 97.49 120.58 123.47 60.29 57.94 % Growth 23.7% 2.4% -3.9% Contribution % 22% 20.3% 17.9% 19.3% 19.5% Primers, Distempers and Others 96.36 134.68 152.54 74.21 80.71 % Growth 39.8% 13.3% 8.8% Contribution % 22% 22.7% 22.1% 23.7% 27.2% Gross Revenue (Invoicing as per Contracted Price) 443.12 594.58 688.91 312.71 297.06 % Growth 34.2% 15.9% -5.0% Source: Company RHP and LKP Research

LKP Research 6 INDIGO PAINTS LIMITED | IPO Note

Indigo Differentiated Products Indigo’s portfolio of Indigo Differentiated Products comprises category-creator products and value- added products, and are differentiated from other paint products based on their properties and the end-use they are designed to cater to.

Unique Products in the Existing categories

Indigo Paints launched India's first and only paint that gives equally Dirt-proof & Water-proof Exterior effective protection from dirt as well as water; it offers superior Laminate resistance from dirt, while the silicone polymer repels water, and offers the walls an extremely smooth finish;

Indigo Acrylic Laminate is a premium quality emulsion that gives the Acrylic Laminate walls (both exterior and interior walls) a rich sheen finish offering a high quality finish to the walls;

Indigo Paints’ PU Super Gloss Enamel is an all-surface enamel paint PU Super Gloss Enamels that delivers superior gloss and protects wood and metal with its anti-fungal and non-yellowing properties; and

Indigo Paints’ Polymer Putty is a white cement based putty with Polymer Putty special polymers that gives double protection to the wall with a smooth and bright finish

Unique Products disrupting market to create a New Category (first company to launch these products)

Indigo Paints pioneered the Metallic Emulsion segment, which gives a designer finish with glossy metallic texture effect. This has been Metallic Emulsion (Walls) used to glam up spaces suitable for interior and exterior walls of homes and offices, and is available in shades of Gold, Silver, and Copper.

The Tile Coat Paint is a special paint for external roof tiles that Tile Coat Emulsion (Roof Tiles) provides unmatched gloss and sheen with excellent protection against algae and fungus

Indigo Paints created a new category for Ceiling Paints with the introduction of the Bright Ceiling Coat which offers unmatched Bright Ceiling Coat (Interior Ceilings) brightness to the ceilings with a smooth matt finish to enhance the brightness of the room.

This is India's first Floor Coat Paint that offers a glossy finish while Floor Coat Emulsion (Driveways) also protecting the terrace floor, driveways, walkways and cement surfaces.

Outlook & Valuation Indigo is the fastest growing paint company which has grown at a much faster pace in the last decade than any other paint company in india. The company has adopted a differentiated approach to market and sell its products in the industry which is dominated by the larger players. Indigo has been able to expand its EBIDTA/PAT margins from 6.4%/3.2% in FY18 to 14.6%/7.7% on the back of economies of scale and better raw material sourcing. The company’s ROE & ROCE has also improved significantly to be at par with the industry leaders in the last five years.

LKP Research 7 INDIGO PAINTS LIMITED | IPO Note

Peer Comparison & Industry Overview The Indian paint industry is highly organized with nearly 67% of the market held by organized players and has historically been dominated by four major entities such as Asian Paints, Berger Paints, Kansai Nerolac and Akzo Nobel; which had an aggregate market share of 65% in 2019, as the industry presents significant entry barriers. These market entry barriers include the development of an extensive distribution network through long-term relationships with dealers, the ability to set up tinting machines with dealers, as well as significant marketing costs and the establishment of a distinct brand to gain product acceptance. Indigo competes with these companies as well as other smaller companies on the strength of their distribution network, brand recognition and ability to leverage the dealer relationships to install tinting machines.

Decorative Paints - Market Landscape

Asian Paints

Berger Paints 33% 42% Kansai Nerolac

Akzo Nobel 2% 5% 7% 12% Indigo Paints

Others

Source : Company Website, Frost & Sullivan

Scope for growth owing to low per capita paint consumption in India (in kgs)

15.8 15.0 13.7

10.5 9.0 8.0 7.2 6.8 6.0 4.1 4.1 3.0 1.5 1.5 1.0 0.8 USA Laos India China Japan Canada Pakistan Vietnam Thailand Malaysia Myanmar Indonesia Singapore Cambodia Middle East Middle South AfricaSouth

Source: Company websites, Frost & Sullivan

The demand for paints are mainly from the re-painting as compared to fresh painting owing to reduction in the periodicity of individuals repainting the house over the last decade. The house re- painting cycle has come down from 7-8 years to only 4-5 years. Earlier the major factor for re-painting the house was the life of paint coat i.e., repainting was done only when paint withered. However, this trend has been changing gradually with some consumers giving more importance to aesthetics, change in looks and appearance of their premises at regular intervals even while the condition of the existing paint is good. These consumer behavioral changes have led to reduction in re-painting cycle.

LKP Research 8 INDIGO PAINTS LIMITED | IPO Note

Fresh Painting vs. Re-Painting House Re-Painting Cycle

9.0 8.0 22% 7.0 6.0 Fresh Painting 5.0 Rs.403 bn Re-Painting 4.0 7-8 3.0 2.0 4-5 78% 1.0 0.0 2010 2019

Source: Livespaces, Company Websites, Frost & Sullivan

Manufacturing Capacity of the major players (in MMT)

Asian Paints Berger Paints Kansai Nerolac Indigo Paints FY 2018 1.13 0.57 0.4 0.095 FY 2019 1.71 0.64 0.44 0.125 FY 2020 1.73 0.64 0.52 0.195 Source: Company Websites, Frost & Sullivan

Estimated Capacity Utilization

2018 2019 2020 90% 79% 79% 78% 77% 80% 72% 71% 68% 69% 70% 64% 63% 59% 60% 55% 50% 40% 30% 20% 10% 0% Asian Paints Berger Paints Kansai Nerolac Indigo Paints

Source: Company websites, Frost & Sullivan

LKP Research 9 INDIGO PAINTS LIMITED | IPO Note

Peer Financials

Gross Margins % Material Cost % Freight & Forwarding Cost % EBIDTA % FY18 FY19 FY20 FY18 FY19 FY20 FY18 FY19 FY20 FY18 FY19 FY20 Asian Paints 42.4% 42.6% 44.7% 57.6% 57.4% 55.3% 6.1% 6.3% 6.3% 20.1% 21.4% 22.4%

Berger Paints 40.0% 38.1% 40.8% 60.0% 61.9% 59.2% 6.4% 6.4% 6.5% 15.4% 15.6% 16.8%

Kansai Nerolac 38.3% 36.2% 38.1% 61.7% 63.8% 61.9% 4.7% 5.2% 5.4% 16.7% 14.3% 15.8%

Akzo Nobel 42.7% 42.1% 45.8% 57.3% 57.9% 54.2% 5.4% 5.1% 4.9% 10.7% 11.7% 14.2%

Indigo Paints 40.8% 44.3% 48.5% 59.2% 55.7% 51.5% 11.0% 10.4% 10.5% 6.4% 10.1% 14.6% Source: Company Websites, LKP Research

The major factor contributing to a slightly lower EBITDA as compared to its top competitors is the company’s high spend on Marketing and Branding. The company spent a higher percentage of its revenues on Advertising and Promotions as against 4% to 5% spent by the top three companies in Fiscal 2020. Another factor resulting in a lower EBITDA is the high freight cost that Indigo incurs. Indigo's’ outward freight costs are higher as compared to others as its plants are closer to the raw material source and hence it has to port longer distances for product delivery.

PAT % RoE % RoCE % FY18 FY19 FY20 FY18 FY19 FY20 FY18 FY19 FY20 Asian Paints 13.0% 13.0% 15.4% 24.3% 24.1% 28.1% 35.2% 32.6% 33.1%

Berger Paints 8.9% 7.9% 12.3% 20.1% 18.5% 26.6% 28.8% 25.2% 30.0%

Kansai Nerolac 10.9% 9.0% 10.8% 16.5% 13.6% 14.1% 24.4% 20.2% 17.5%

Akzo Nobel 7.4% 7.2% 8.9% 15.9% 18.6% 19.2% 21.0% 26.4% 23.9%

Indigo Paints 3.2% 5.0% 7.7% 10.1% 18.2% 24.3% 9.9% 17.3% 27.5% Source: Company Websites, LKP Research

Key Managerial Personnel

Name Designation

Hemant Jalan Promoter & Managing Director

Anita Jalan Executive Director

Sakshi Chopra Nominee Director from Sequoia

Chetan Bhalchandra Humane Chief Financial Officer

Sujoy Bose Company Secretary and Compliance Officer

Thundiyil Surendra Suresh Babu Chief Operating Officer

Varghese Idicula Vice President – Technical

LKP Research 10 INDIGO PAINTS LIMITED | IPO Note

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