Sudarshan Chemical Industries Limited (SUDARSCHEM)

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Sudarshan Chemical Industries Limited (SUDARSCHEM) · mywealthgrid

About

Sudarshan Chemical Industries manufactures dyes and pigments in Materials sector with ₹8,788 Cr market cap. Operates both standalone (₹550–733 Cr quarterly revenue) and through subsidiaries/associates (₹1.7–2.8 Cr additional revenue). Business spans commodity and specialty pigment segments.

Face value: ₹2

Market cap

₹9,758 Cr

P/E

134.8×

P/B

2.8×

Dividend yield

0.8%

ROE

0.6%

ROCE

4.7%

Debt / equity

0.61

OPM

EPS (TTM)

₹9.2

Book value

₹439.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Consolidated profitability extremely volatile: ₹116 Cr loss Dec 2025 reversed to ₹103.4 Cr profit Jun 2026, with OPM swinging 1.8% to 9.8%. Verify whether Dec loss reflects structural issues or temporary cycle.
Consolidated OPM consistently trails standalone by 5–12 percentage points (consolidated 5–10% vs standalone 13–21%), indicating subsidiaries materially dilute returns. Clarify whether this gap is temporary or structural.
ROE of 0.65% is critically depressed—capital earning far below cost of equity. Determine whether this reflects near-term earnings weakness or structural balance-sheet bloat, and recovery timeline.
Dyes and pigments sector exposed to global capacity cycles, commodity pricing, and input-cost volatility. Verify current pricing power and Sudarshan's relative cost position.

Generated analysis · source review pending

Growth drivers

Standalone margins recovered to 13.6–20.7% in recent quarters. If consolidated margins converge upward, EBITDA could expand on flat revenue. Verify durability of standalone recovery and whether consolidated subsidiaries show turnaround signals.
Consolidated revenue ₹2.6–2.8 Cr quarterly (₹1.7–2.8 Cr from subsidiaries beyond ₹550–730 Cr standalone) reflects material subsidiary scale. Verify growth trajectory and profitability path of subsidiary/associate portfolio.
Consistent dividend payments (Aug 2026, Sep 2025, multiple payouts 2024–2023) despite low ROE signal cash generation. Verify whether dividends are sustainable or represent capital reallocation over reinvestment.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,241.5+3.7%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 39.3% over the last 5 years

Cons

−Thin operating margin of 6%
−Profit declined 30.9% a year over the last 5 years
−Weak interest coverage of 2×
−Expensive at 134.8× trailing earnings
−Low promoter holding of 8.2%
−Promoter holding fell 8.2 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 16
Growth: 59

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sudarshan Chemical Industries LimitedSUDARSCHEMSUDARSCHEM	₹9,758 Cr	₹11,877 Cr	₹9,922 Cr	₹656 Cr	6%	₹72 Cr	0.4%	4.7%	0.6%	129
Kiri Industries LimitedKIRIINDUSKIRIINDUS	₹3,551 Cr	₹3,591 Cr	₹950 Cr	₹-189 Cr	-26.3%	₹5,847 Cr	663%	-1.7%	115%	-62
Bodal Chemicals LimitedBODALCHEMBODALCHEM	₹2,389 Cr	₹3,189 Cr	₹2,267 Cr	₹183 Cr	8%	₹69 Cr	2.4%	8.4%	4.2%	105
Bhageria Industries LimitedBHAGERIABHAGERIA	₹1,666 Cr	₹1,767 Cr	₹1,003 Cr	₹116 Cr	10.4%	₹69 Cr	5.1%	9.9%	8%	56
Shree Pushkar Chemicals & Fertilisers LimitedSHREEPUSHKSHREEPUSHK	₹1,588 Cr	₹1,715 Cr	₹1,002 Cr	₹102 Cr	10.2%	₹72 Cr	7.2%	14.2%	12.2%	53
Ultramarine & Pigments LimitedULTRAMARULTRAMAR	₹1,186 Cr	₹1,265 Cr	₹775 Cr	₹124 Cr	16%	₹81 Cr	10.4%	10.7%	8.8%	—
Sudarshan Colorants India LimitedSUDARCOLORSUDARCOLOR	₹850 Cr	₹850 Cr	₹791 Cr	₹72 Cr	9.1%	₹41 Cr	5.2%	12.2%	9.1%	—
Asahi Songwon Colors LimitedASAHISONGASAHISONG	₹438 Cr	₹579 Cr	₹575 Cr	₹71 Cr	9.3%	₹34 Cr	3.3%	10.4%	7.1%	85
Aksharchem India LimitedAKSHARCHEMAKSHARCHEM	₹303 Cr	₹412 Cr	₹416 Cr	₹33 Cr	4.6%	₹14 Cr	-0.1%	0.2%	-0.2%	92
Poddar Pigments LimitedPODDARMENTPODDARMENT	₹269 Cr	₹275 Cr	₹374 Cr	₹22 Cr	6.3%	₹15 Cr	3.9%	5.7%	4.1%	137
Hindprakash Industries LimitedHPILHPIL	₹130 Cr	₹161 Cr	₹100 Cr	₹4 Cr	2.6%	₹2 Cr	1.6%	8.2%	3.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,593	1,708	1,864	2,201	2,302	2,539	3,346	9,787
COGS	942	976	1,060	1,270	1,368	1,415	1,774	4,972
Gross profit	651	732	804	930	933	1,123	1,572	4,815
	447	486	516	656	723	807	1,188	4,196
	204	246	288	275	211	316	384	619
OPM %	12.8%	14.4%	15.4%	12.5%	9.2%	12.5%	11.5%	6.3%
Depreciation	66	74	87	89	114	141	166	347
Interest	17	14	18	19	41	37	48	165
	79	21	7	5	5	332	-70	50
Profit before tax	—	180	190	171	60	471	99	157
Tax	68	35	49	41	15	113	39	116
Tax %	—	19.7%	25.9%	24.1%	25.1%	24%	39.3%	74%
	135	145	141	130	45	357	60	41
PAT margin %	8.5%	8.5%	7.6%	5.9%	2%	14.1%	1.8%	0.4%
EPS (₹)	—	20.9	20.4	18.8	6.5	51.6	22.5	2.8
EPS adjusted (₹)	—	—	20.4	18.8	6.5	51.6	7.1	2.8
	—	27.8%	29.4%	26.6%	23.1%	8.9%	20%	178.6%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	16	16
Reserves	730	819	814	1,135	3,424	3,435
Minority interest	—	—	—	—	598	404
	614	819	818	441	2,085	2,119
	646	717	746	765	3,608	3,750
Total equity & liabilities	2,003	2,369	2,392	2,355	9,731	9,723
	610	827	1,126	1,102	2,958	2,987
CWIP	269	273	44	15	140	120
Investments	1	2	2	2	548	566
	1,124	1,267	1,220	1,237	6,085	6,050
Total assets	2,003	2,369	2,392	2,355	9,731	9,723

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Pigments	9,524.5	581.8	9,543.7	5,708.6	3,835.1	15.17
Others	265.2	8.1

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.9%	42.9%	43.1%	42.3%	40.6%	44.2%	47%	49.2%
EBITDA margin %	12.8%	14.4%	15.4%	12.5%	9.2%	12.5%	11.4%	6%
EBIT margin %	8.7%	10.1%	10.8%	8.4%	4.2%	6.9%	6.4%	2.5%
PAT margin %	8.5%	8.5%	7.6%	5.9%	2%	14.1%	1.8%	0.4%
Working capital
Receivable days	—	—	95	83	77	84	134	63
Inventory days	—	—	142	163	132	113	507	179
Payable days	—	—	152	150	136	132	288	113
NWC days	—	—	85	96	73	65	353	129
Leverage
Current ratio	—	—	1.2	1.13	1.14	1.38	2.12	2.06
Debt to EBITDA	—	—	2.13	2.98	3.88	1.39	5.47	3.59
Debt to equity	—	—	0.83	0.98	0.99	0.38	0.61	0.61
Interest coverage	8.5	12.5	11.7	9.8	2.4	5.2	5.1	2
Asset turnover	—	—	0.93	0.93	0.96	1.08	0.34	1.01
Return ratios
Return on assets %	—	—	7%	5.5%	1.9%	15.2%	0.6%	0.4%
Return on capital employed %	—	—	18.2%	15.6%	7.5%	13.3%	6%	4.7%
Return on equity %	—	—	19%	15.6%	5.4%	31.1%	1.7%	1.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	35.82%	35.82%	33.22%	30.55%	30.55%	26.83%	23.89%	16.4%	8.19%	8.19%	8.19%	8.19%
	4.64%	4.21%	4.49%	6.71%	8.34%	8.43%	7.95%	8.51%	8.54%	8.2%	7.96%	8.47%
	13.68%	13.6%	17.49%	20.93%	19.82%	18.35%	23.57%	23.52%	24.19%	24.61%	24.9%	26.42%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.86%	46.37%	44.8%	41.81%	41.29%	46.39%	44.59%	51.57%	59.08%	59%	58.95%	56.92%
No. of shareholders	—	—	—	—	—	—	—	—	63,691	58,122	55,044	57,744

Promoter holding down 27.63 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Kushal Chakraborty	SellMarket Sale	1,300	₹17.6 L	0.00% → 0.00%	30 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

52 deals · 13 Aug 2021 – 14 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Aug 2026	PRADEEP RAMWILAS RATHI	Bulk	NSE	Sell	9,26,000	₹1,015.43	₹94.03 Cr
14 Aug 2026	RAHUL PRADEEP RATHI	Bulk	NSE	Sell	5,26,000	₹1,030.43	₹54.20 Cr
16 Apr 2026	NIPPON INDIA MUTUAL FUND	Block	NSE	Buy	7,86,119	₹810.00	₹63.68 Cr
16 Apr 2026	RATHI RAHUL PRADEEP	Bulk	NSE	Sell	7,86,119	₹810.73	₹63.73 Cr
16 Apr 2026	RATHI PRADEEP RAMWILAS	Bulk	NSE	Sell	7,86,119	₹810.05	₹63.68 Cr
16 Apr 2026	RATHI ANUJ NARAYANDAS	Bulk	NSE	Sell	7,86,119	₹810.00	₹63.68 Cr
16 Apr 2026	NIPPON INDIA MUTUAL FUND	Bulk	NSE	Buy	7,86,119	₹810.00	₹63.68 Cr
16 Apr 2026	RATHI ANUJ NARAYANDAS	Block	NSE	Sell	7,86,119	₹810.00	₹63.68 Cr
16 Apr 2026	NIPPON INDIA MUTUAL FUND	Bulk	NSE	Buy	5,96,057	₹810.00	₹48.28 Cr
16 Apr 2026	THELEME INDIA MASTER FUND LIMITED	Bulk	NSE	Buy	4,00,004	₹810.00	₹32.40 Cr

1–10 of 52

1 / 6

Mr. Rajesh Balkrishna RathiExecutive Director-Chairperson related to Promoter-MD
Mr. Naresh T RaisinghaniNon-Executive - Independent Director
Mr. V. V. ThakurDy. General Manager - Finance & Chief Financial Officer
Mr. Apurva ChandraNon-Executive - Independent Director
Mr. Rajendra K. MariwalaNon-Executive - Independent Director
Mr. Nilkanth NatuChief Financial Officer
Mr. Sanjay Khatau AsherNon-Executive - Non Independent Director
Mrs. Sudha Pravin NavandarNon-Executive - Independent Director
Mrs. Anu Arun WakhluNon-Executive - Independent Director
Ms. Bhumika BatraNon-Executive - Independent Director
Mr. Amitabha MukhopadhyayNon-Executive - Non Independent Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

15.54%

of the company's equity

All mutual funds

25.17%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

12 schemes · 8 fund houses

		Shares
SMALL CAP FUND	Tata Mutual Fund	49.88 L	631.87	4.83%	6.346%	-0
SMALL CAP FUND	Nippon India Mutual Fund	25.66 L	325.03	0.39%	3.264%	-0
Small Cap Fund	Axis Mutual Fund	19.45 L	246.45	0.78%	2.475%	-0
LARGE & MID CAP FUND	Tata Mutual Fund	10.8 L	136.82	1.78%	1.374%	-0
Small Cap Fund	DSP Mutual Fund	6.4 L	81.08	0.37%	0.814%	-0
Multi Cap Fund (Ex DSP Multi Cap Fund)NEW	DSP Mutual Fund	3.71 L	46.98	1.55%	0.472%	—
Franklin India Multi Cap Fund	Franklin Templeton Mutual Fund	3.43 L	43.47	0.83%	0.437%	-2.49 L
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.88 L	23.77	0.95%	0.239%	-4,108

1–8 of 12

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

124 announcementsExport CSV

1 Sept 2026, 5:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.9%	42.9%	43.1%	42.3%	40.6%	44.2%	47%	49.2%
EBITDA margin %	12.8%	14.4%	15.4%	12.5%	9.2%	12.5%	11.4%	6%
EBIT margin %	8.7%	10.1%	10.8%	8.4%	4.2%	6.9%	6.4%	2.5%
PAT margin %	8.5%	8.5%	7.6%	5.9%	2%	14.1%	1.8%	0.4%
Working capital
Receivable days	—	—	95	83	77	84	134	63
Inventory days	—	—	142	163	132	113	507	179
Payable days	—	—	152	150	136	132	288	113
NWC days	—	—	85	96	73	65	353	129
Leverage
Current ratio	—	—	1.2	1.13	1.14	1.38	2.12	2.06
Debt to EBITDA	—	—	2.13	2.98	3.88	1.39	5.47	3.59
Debt to equity	—	—	0.83	0.98	0.99	0.38	0.61	0.61
Interest coverage	8.5	12.5	11.7	9.8	2.4	5.2	5.1	2
Asset turnover	—	—	0.93	0.93	0.96	1.08	0.34	1.01
Return ratios
Return on assets %	—	—	7%	5.5%	1.9%	15.2%	0.6%	0.4%
Return on capital employed %	—	—	18.2%	15.6%	7.5%	13.3%	6%	4.7%
Return on equity %	—	—	19%	15.6%	5.4%	31.1%	1.7%	1.2%

Date	Category	Subject	Filing
1 Sept 2026, 5:29 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
1 Sept 2026, 5:27 pm	Company Update Resignation of Company Secretary / Compliance Officer	Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer	PDF
1 Sept 2026, 2:58 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Sept 2026, 1:44 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
1 Sept 2026, 2:12 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
1 Sept 2026, 2:08 am	Company Update Diversification / Disinvestment	Announcement under Regulation 30 (LODR)-Diversification / Disinvestment	PDF
28 Aug 2026, 11:50 am	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
27 Aug 2026, 5:44 pm	Company Update General	Announcement Under Regulation 30 - Launch Of New Product	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	62	263	165	178	287	193	37	344
	-27	-220	-266	-307	-189	279	-1,548	165
	-53	-39	108	138	-103	-446	2,596	-680
Net cash flow	-3	3	8	9	-5	27	1,085	-171
Free cash flow	62	—	-104	-132	95	115	-58	74
CFO / Operating profit %	30.5%	106.8%	57.4%	64.8%	136.3%	61.1%	9.7%	58.3%

Sudarshan Chemical Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

26

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Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Others · revenue

Sudarshan Chemical Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends26

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Others · revenue

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