Livery is a cosmetic thing and finances are the bread and butter. When bread and butter are at stake more emphasis on cosmetic things are not advisable.
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There is nothing wrong if an ad is painted on the loco or coach. The advertiser shall see to it that the ad look attractive and the beauty of train shall surely be enhanced. IR can easily compromise with the theoretical concept of keeping the same livery for its rolling stock in lieu of extra revenue generated without spending a penny.
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If we like to wear different & multi coloured clothes in real life, than why not our "loco bhai" and the "train ben" wear attractive liveries and let them be happy too! We should love these bhais and bens too just like our living bhais and bens!