BSE: 544472
MEHUL COLOURS LIMITED
Manufactures and sells masterbatches — colour and additive concentrates used to colour and modify plastics — earning ₹30.40 crore in revenue in FY26, up 33.2% from the prior year. Revenue comes essentially from a single stream: sale of these masterbatch products. The largest cost line is raw materials at 57.6% of revenue (₹17.50 crore), followed by employee costs at 7.8% and other operating expenses at 14.8%. Despite strong topline growth, net profit slipped 5.1% to ₹5.22 crore as the company pursued higher volumes and absorbed margin compression. The business listed on BSE's SME platform in August 2025, raising ₹21.66 crore through an IPO, with the largest allocation (₹1,463.48 lakhs) earmarked for a new manufacturing facility that is still being built. Capital expenditure in FY26 ran at ₹2.20 crore, equivalent to 7.2% of revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Masterbatch sales. Small-cap specialty chemicals (masterbatch) manufacturer; recently IPO-listed; building a new manufacturing facility
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 30 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 4.95 |
| ROE % · ROCE % | — · 16.7 |
| Debt / equity (x) | — |
| Cash from operations | (0) |
| Capex | (2) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 14 | 16 |
| Profit before tax | 4 | 3 |
| Net profit | — | — |
| EPS (₹) | 3.98 | 1.83 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.4 | 23.0 | 8 of 99 | 93% |
| ROCE | 16.6 | 10.1 | 26 of 106 | 76% |
| Market cap | 52 | 697 | 90 of 108 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · 31st AGM of Mehul Colours: all 3 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 for H1 FY26 results | compliance | minimal | — | — |
| 30 Sept 2026 · 31st AGM held on Sept 30, 2026 via VC; 3 ordinary resolutions tabled | board shareholder meetings | medium | — | — |
| 9 Sept 2026 · Notice of 31st AGM, book closure and e-voting details published | compliance | minimal | — | — |
| 8 Sept 2026 · 31st AGM on 30 Sep 2026; e-voting cut-off 23 Sep 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Book closure from 25 Sept to 30 Sept for 31st AGM | compliance | minimal | — | — |
| 8 Sept 2026 · Mehul Colours submits Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Notice of 31st AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Newspaper publication for 31st AGM notice and e-voting information | compliance | minimal | — | — |
| 5 Sept 2026 · Mehul Colours appoints Tejas Harish Joshi as Executive Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.