Motilal Oswal initiates coverage on Indigo Paints

Motilal Oswal has initiated coverage on Indigo Paints with a Buy rating, arriving at a target price of INR.2270/share. The company has been the only new entrant in the last two decades that was able to successfully overcome the high barriers surrounding the industry. This was feasible for the company due to its differentiated products, high spending on ads, and strong performance in rural markets among others. Also, Indigo Paints has taken a sharp hike in prices in recent months amid increasing commodity prices. Accordingly, MOS expect it to deliver a sales/EBITDA/PAT CAGR of ~28%/ 35%/41% over FY21–24E. Even though Indigo Paints has outperformed its peers, it is important for the company to gain acceptability in the urban markets.
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