NSE: PODDARMENT · BSE: 524570
PODDAR PIGMENTS LIMITED
Manufactures dyes and pigments in the chemicals and petrochemicals industry, generating Rs 374.86 crore of revenue in FY26. Raw materials are by far the largest cost, accounting for 68.4% of revenue, followed by employee costs at 10.4% and other operating expenses at 14.8%, with depreciation at 2.5% and capex running at 8.5% of revenue. The filings do not break out revenue by product line, segment or geography, and no specific production capacity for pigments is disclosed in the facts. In January 2026 the company commissioned a 3.51 MWp solar power plant in Jaisalmer, Rajasthan, which is the only operating asset detail provided. EBITDA margin in FY26 was 8.15%, net profit was Rs 14.76 crore, and the board recommended a Rs 4 per share dividend. The company carried Rs 38.15 crore in rated bank loan facilities but reported nil outstanding borrowings as of 31 March 2026, with CRISIL A/Stable (long-term) and A1+ (short-term) credit ratings reaffirmed. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dyes and pigments. Specialty chemicals manufacturer in dyes and pigments; asset-light balance sheet with no outstanding borrowings.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 296 | 341 | 369 | 368 | 375 |
| EBITDA (ex other income) | 27 | 38 | 39 | 32 | 24 |
| margin % | 9.0 | 11.1 | 10.7 | 8.7 | 6.3 |
| Owners' profit | 21 | 27 | 29 | 23 | 15 |
| EPS, as reported (₹) | 20.03 | 25.77 | 27.16 | 21.51 | 13.91 |
| ROE % · ROCE % | 6.7 · 8.9 | 9.3 · 12.4 | 8.3 · 10.8 | 6.3 · 8.2 | 4.2 · 5.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.03 | 0.02 |
| Cash from operations | (3) | 16 | 21 | 12 | 55 |
| Capex | (32) | (4) | (26) | (24) | (32) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 92 | 90 | 87 | 91 | 91 | 92 | 100 | 90 |
| Profit before tax | 7 | 7 | 6 | 6 | 5 | 4 | 5 | 7 |
| Net profit | 5 | 5 | 5 | 4 | 4 | 2 | 5 | 5 |
| EPS (₹) | 4.82 | 4.67 | 4.85 | 3.93 | 3.39 | 2.12 | 4.47 | 4.38 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUDARSHAN CHEMICAL INDS L | 8,481 | 117.2 | 2.20 | 15.1 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED | 3,200 | 0.5 | 0.50 | 0.5 | 86.4 | 86.1 | (2.6) | 96.6 |
| SHRE PUSH CHEM & FERT LTD | 1,769 | 24.5 | 2.90 | 16.8 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD | 1,462 | 21.2 | 2.46 | 15.9 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,050 | 13.0 | 1.21 | 8.1 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD | 1,003 | 21.0 | 1.76 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD | 434 | 12.5 | 1.46 | 10.1 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED | 308 | 21.9 | 1.18 | — | (0.2) | (1.5) | — | 16.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.8 | 21.1 | 4 of 10 | 67% |
| P/B | 0.8 | 1.6 | 2 of 10 | 89% |
| ROCE | 5.5 | 7.8 | 7 of 10 | 33% |
| ROE | 4.2 | 6.7 | 7 of 10 | 33% |
| Debt / Equity | 0.0 | 0.2 | 3 of 10 | 78% |
| EBITDA margin | 11.4 | 14.3 | 8 of 10 | 22% |
| Revenue growth | (1.2) | 7.8 | 9 of 10 | 11% |
| Profit growth | 11.6 | 53.6 | 7 of 10 | 33% |
| Market cap | 272 | 1026 | 9 of 10 | 11% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Trading Window Closed Ahead of September Quarter Results | compliance | minimal | — | — |
| 23 Oct 2026 · Poddar Pigments to consider September 2026 results on October 31 | compliance | minimal | — | — |
| 10 Oct 2026 · Routine quarterly dematerialisation certificate filing with BSE and NSE | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · All resolutions passed at Poddar Pigments 35th AGM; Rs 4 dividend approved | board shareholder meetings | low | — | — |
| 22 Sept 2026 · All 4 resolutions passed at 35th AGM, Rs 4 dividend approved | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Poddar Pigments 35th AGM: Rs 4 dividend approved, results pending | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Poddar Pigments partners with Sukano Polymers for US, Canada, Latam sales | strategic transactions | medium | — | — |
| 28 Aug 2026 · Newspaper publication of 35th AGM notice and dividend information | compliance | minimal | — | — |
| 27 Aug 2026 · Letter to shareholders for 35th AGM and Annual Report FY2025-26 | compliance | minimal | — | — |
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.