Ultramarine & Pigments Limited (ULTRAMAR)

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Ultramarine & Pigments Limited (ULTRAMAR) · mywealthgrid

About

Ultramarine & Pigments manufactures dyes and pigments for the chemicals and petrochemicals sector, with a market cap of ₹1,162.74 Cr and quarterly standalone revenues around ₹87 Cr. The company operates in a cyclical materials industry marked by significant quarterly variation in operating margins and earnings.

Face value: ₹2

Market cap

₹1,186 Cr

P/E

14.7×

P/B

1.4×

Dividend yield

ROE

8.8%

ROCE

10.7%

Debt / equity

0.09

OPM

16%

EPS (TTM)

₹27.7

Book value

₹297.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression: Operating margins fell 1,172 basis points from 28.73% (Sep 2020) to 17.01% today, driven by either cost inflation or pricing pressure. Verify which and whether recovery is likely.
Earnings volatility: Quarterly net profit ranges ₹10–18.51 Cr and EPS from 3.43–6.33. Identify drivers of these swings and assess sustainability of current profit run rate.
Minimal institutional ownership: FII and DII together represent only 2.06% of shareholding. Verify whether this reflects structural red flags or market neglect.
Price weakness: 1-year return of -23.39% and current price ₹403.3 versus 52-week high ₹514.9. Confirm whether repricing reflects deterioration in fundamentals or temporary correction.

Generated analysis · source review pending

Growth drivers

Margin recovery: 1,172bp gap between current 17.01% OPM and prior 28.73% peak means significant EPS uplift if operating margins normalize.
Unused debt capacity: D/E of 0.09 signals financial flexibility to fund capex, M&A, or working-capital needs. Verify management's deployment plans.
Cyclical pigments demand: Dyes and pigments feed paint, automotive, and textile production. Verify near-term indicators in these end-markets.
Balance sheet cash generation: Annual dividend payments (2022–2026) show the business produces free cash. Verify if retained earnings support growth initiatives or shareholder returns.

Generated analysis · source review pending

2,177 historical price candles were omitted because the exchange source has not been verified.

₹406.2-3%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 20.2% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 17.7×
+Dividend yield of 3%
+Dividend payout of 43.4% of profit

Cons

−Low return on equity of 7.9% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

56/100

Business quality: 53
Growth: 32
Valuation

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.

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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	308	490	557	561	695	775
COGS	145	281	286	300	389	445
Gross profit	164	210	271	261	305	330
	88	126	170	167	187	206
Operating profit (EBITDA)	75	83	101	94	118	124
OPM %	24.4%	17%	18.1%	16.7%	17%	16%
Depreciation	9	12	17	22	24	27
Interest	1	3	5	7	7	6
	10	9	11	10	12	14
Profit before tax	75	78	91	76	100	105
Tax	19	19	22	18	25	24
Tax %	25.6%	24.9%	23.9%	23.8%	24.6%	22.8%
	56	58	69	58	75	81
PAT margin %	18.1%	11.9%	12.4%	10.3%	10.8%	10.4%
EPS (₹)	—	—	23.7	19.7	25.7	27.7
EPS adjusted (₹)	19.1	20	23.7	19.7	25.7	27.7
	—	—	21.1%	25.4%	23.3%	21.7%
Annual report	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 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	6	6	6	6	6	6	6	6
Reserves	131	308	—	455	854	730	894	967	864
	—	—	—	36	46	66	71	86	79
	40	48	—	64	89	80	105	114	145
Total equity & liabilities	176	361	—	561	995	881	1,076	1,173	1,094
	52	60	85	116	146	228	272	302	342
CWIP	2	0	—	30	69	29	30	26	30
Investments	38	207	—	194	551	366	492	513	376
	83	94	—	220	228	258	282	332	346
Total assets	176	361	—	561	995	881	1,076	1,173	1,094

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.1%	42.7%	48.6%	46.5%	44%	42.6%
EBITDA margin %	24.4%	17%	18.1%	16.7%	17%	16%
EBIT margin %	21.6%	14.6%	15.1%	12.8%	13.5%	12.5%
PAT margin %	18.1%	11.9%	12.4%	10.3%	10.8%	10.4%
Working capital
Receivable days	52	29	29	38	42	38
Inventory days	93	93	113	109	83	88
Payable days	91	52	—	—	—	—
NWC days	54	71	—	—	—	—
Leverage
Current ratio	4.04	3.28	3.37	2.93	2.93	2.05
Debt to EBITDA	0.48	0.55	0.65	0.75	0.73	0.64
Debt to equity	0.08	0.05	0.09	0.08	0.09	0.09
Interest coverage	70.4	27.2	21.2	12.4	15.8	17.7
Asset turnover	0.55	0.49	0.63	0.52	0.59	0.71
Return ratios
Return on assets %	10%	5.9%	7.9%	5.4%	6.4%	7.4%
Return on capital employed %	15%	11.2%	11%	9.2%	10.3%	10.7%
Return on equity %	12.1%	6.8%	9.4%	6.4%	7.7%	9.3%

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
	41.68%	41.08%	41.05%	41.05%	40.86%	40.86%	40.61%	40.5%	40.5%	40.44%	40.49%	40.49%
	0.8%	0.84%	1.21%	1.28%	1.22%	1.22%	1.15%	1.12%	1.05%	1.04%	1.24%	1.42%
	0.83%	0.83%	0.24%	0.32%	0.32%	0.63%	0.95%	1.26%	1.33%	1.4%	0.68%	0.64%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	56.69%	57.25%	57.5%	57.35%	57.6%	57.29%	57.29%	57.12%	57.12%	57.12%	57.59%	57.45%
No. of shareholders	—	—	—	—	—	—	—	—	19,762	19,296	18,689	18,494

Promoter holding down 1.19 percentage points since Sep 2023.

20 deals · 1 Mar 2024 – 30 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Sept 2026	THIRUMALAI CHEMICALS LIMITED	Bulk	BSE	Sell	9,50,000	₹407.60	₹38.72 Cr
30 Sept 2026	SETU SECURITIES PVT LTD	Bulk	BSE	Buy	2,42,665	₹407.56	₹9.89 Cr
30 Sept 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Buy	2,25,320	₹407.55	₹9.18 Cr
30 Sept 2026	SWETABEN HARDIK SHAH	Bulk	BSE	Buy	1,87,151	₹407.58	₹7.63 Cr
30 Sept 2026	SWETABEN HARDIK SHAH	Bulk	NSE	Sell	1,84,994	₹415.03	₹7.68 Cr
30 Sept 2026	HIMALAYA INVESTMENT ADVISORS LLP	Bulk	NSE	Buy	1,51,543	₹413.33	₹6.26 Cr
30 Sept 2026	SETU SECURITIES PVT LTD	Bulk	NSE	Sell	1,50,000	₹414.25	₹6.21 Cr
30 Sept 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	BSE	Sell	1,38,320	₹413.69	₹5.72 Cr
30 Sept 2026	SETU SECURITIES PVT LTD	Bulk	BSE	Sell	42,665	₹412.31	₹1.76 Cr
30 Sept 2026	SWETABEN HARDIK SHAH	Bulk	BSE	Sell	2,158	₹411.04	₹0.09 Cr

1–10 of 20

1 / 2

Mr. RANGASWAMY SAMPATHNon-Executive - Non Independent Director-Chairperson
Mrs. INDIRA SUNDARARAJANNon-Executive - Non Independent Director
Ms. TARA PARTHASARATHYExecutive Director-MD
Mr. BHARATHRAM VIJAYARAGHAVANExecutive Director-MD
Mr. R SENTHIL KUMARExecutive Director
Mr. C R CHANDRA BOBNon-Executive - Independent Director
Mr. HARSH RAJENDRA GANDHINon-Executive - Independent Director
Mr. BELUE KRISHNA MURTHY SETHURAMNon-Executive - Independent Director
Mrs. HEMALATHA MOHANNon-Executive - Independent Director
Mr. R RAVI SHANKARNon-Executive - Independent Director
Mr. Anil SharmaChief Financial Officer

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F&O

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Fund holders

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

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Ultramarine & Pigments Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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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

30 announcementsExport CSV

3 Sept 2026, 10:57 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

3 Sept 2026, 10:17 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

10 Aug 2026, 3:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Aug 2026, 2:38 pmResult

Unaudited Standalone And Consolidated Financial Results For The Quarter Ended 30Th June, 2026

Financial Results PDF

7 Aug 2026, 2:28 pmBoard Meeting

Board Meeting Outcome for The Meeting Held On 07Th August, 2026

Outcome of Board Meeting PDF

27 Jul 2026, 4:50 pmBoard Meeting

Board Meeting Intimation for Consideration And Approval Of Unaudited Financials Results (Standalone And Consolidated) Of The Company For The Quarter Ended 30Th June, 2026

Exchange filing PDF

23 Jul 2026, 2:43 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

22 Jul 2026, 3:06 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

Date	Category	Subject	Filing
3 Sept 2026, 10:57 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
3 Sept 2026, 10:17 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.1%	42.7%	48.6%	46.5%	44%	42.6%
EBITDA margin %	24.4%	17%	18.1%	16.7%	17%	16%
EBIT margin %	21.6%	14.6%	15.1%	12.8%	13.5%	12.5%
PAT margin %	18.1%	11.9%	12.4%	10.3%	10.8%	10.4%
Working capital
Receivable days	52	29	29	38	42	38
Inventory days	93	93	113	109	83	88
Payable days	91	52	—	—	—	—
NWC days	54	71	—	—	—	—
Leverage
Current ratio	4.04	3.28	3.37	2.93	2.93	2.05
Debt to EBITDA	0.48	0.55	0.65	0.75	0.73	0.64
Debt to equity	0.08	0.05	0.09	0.08	0.09	0.09
Interest coverage	70.4	27.2	21.2	12.4	15.8	17.7
Asset turnover	0.55	0.49	0.63	0.52	0.59	0.71
Return ratios
Return on assets %	10%	5.9%	7.9%	5.4%	6.4%	7.4%
Return on capital employed %	15%	11.2%	11%	9.2%	10.3%	10.7%
Return on equity %	12.1%	6.8%	9.4%	6.4%	7.7%	9.3%

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	48	58	29	62	78	90	128
	-39	-20	-63	-55	-51	-42	-148
	-16	13	-7	-2	-18	-33	-31
Net cash flow	—	51	-40	—	—	—	—
Free cash flow	—	15	-40	—	—	—	—
CFO / Operating profit %	—	76.8%	34.9%	61.3%	83.2%	76.1%	103.4%

Ultramarine & Pigments Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

21

1

Compounded sales growth

Compounded profit growth

Return on equity

Ultramarine & Pigments Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends21

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

21

1