Manufactures and sells dyes and pigments globally, with pigments accounting for 97.3% of segment revenue in FY26 at 9,524.5 crore and a residual 'Others' segment contributing 265.2 crore (2.7%). Pigments delivered segment EBIT of 581.8 crore against 8.1 crore from Others in the same period. The business runs 19 manufacturing plants across 11 countries and serves over 4,000 customers in 120+ countries, opening a second global head office near Frankfurt, Germany in June 2026 after the March 2025 acquisition of the Heubach Group. Raw materials form the largest cost at 48.6% of revenue, followed by other operating expenses at 26.1% and employee costs at 17.0%. Depreciation absorbed 3.5% of revenue and capex ran at 2.8% of revenue in FY26. Total revenue reached 9,787.2 crore against net profit of 40.8 crore and EBITDA margin of 6.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pigments (97%), Others (3%). Asset-heavy, globally diversified dyes and pigments manufacturer
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,201 | 2,302 | 2,539 | 3,346 | 9,787 |
| EBITDA (ex other income) | 275 | 211 | 632 | 277 | 560 |
| margin % | 12.5 | 9.2 | 24.9 | 8.3 | 5.7 |
| Owners' profit | 0 | 45 | 357 | 56 | 22 |
| EPS, as reported (₹) | 18.80 | 6.50 | 51.60 | 22.50 | 2.80 |
| ROE % · ROCE % | 15.6 · 14.6 | 5.4 · 7.2 | 31.1 · 34.0 | 1.5 · 2.1 | 1.1 · 4.3 |
| Debt / equity (x) | 0.98 | 0.99 | 0.38 | 0.52 | 0.55 |
| Cash from operations | 178 | 287 | 193 | 37 | 344 |
| Capex | (310) | (192) | (78) | (95) | (270) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 696 | 666 | 1,349 | 2,507 | 2,387 | 2,103 | 2,790 | 2,642 |
| Profit before tax | 43 | 5 | 8 | 75 | 20 | (130) | 162 | 144 |
| Net profit | 30 | 1 | 0 | 55 | 19 | (116) | 83 | 103 |
| EPS (₹) | 4.30 | 0.10 | 7.60 | 6.00 | 1.50 | (14.70) | 10.00 | 12.30 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pigments | 2,689 | 27.5 |
| Others | 265 | 2.7 |
| Pigment | 6,836 | 69.8 |
| Total, before eliminations | 9,790 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUDARSHAN CHEMICAL INDS L ◆ | 9,898 | 136.8 | 2.57 | 17.3 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · CRISIL reaffirms A1+ rating on Rs 50 Cr Commercial Paper | credit debt | medium | — | — |
| 11 Sept 2026 · Sudarshan Chemical gets Crisil ESG rating of 53, Core ESG 55 | credit debt | medium | — | — |
| 2 Sept 2026 · Revised investor presentation on VP4 Frankfurt GmbH sale, EUR 76.5 Mn to Celanese | investor communications | medium | — | — |
| 1 Sept 2026 · Company Secretary and General Counsel resigns at Sudarshan Chemical | management changes | high | — | — |
| 1 Sept 2026 · Sudarshan Chemical: General Counsel and Company Secretary resigns | management changes | high | — | — |
| 1 Sept 2026 · Newspaper Publication on Special Window for Physical Share Dematerialization | compliance | minimal | — | — |
| 1 Sept 2026 · Sudarshan to sell VP4 Frankfurt arm for EUR 76.5 Mn; aims zero net debt | investor communications | medium | — | — |
| 31 Aug 2026 · Sudarshan Sells VP4 Frankfurt to Celanese, Sharpens Focus on Pigments | compliance | low | — | — |
| 31 Aug 2026 · Sudarshan to sell VP4 Frankfurt for EUR 76.5 million | strategic transactions | high | — | — |
| 28 Aug 2026 · Sudarshan Chemical allots 8,781 shares under ESOP 2018 | capital market events | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 3,483 |
| 0.6 |
| 0.54 |
| 0.5 |
| 86.4 |
| 86.1 |
| (2.6) |
| 96.6 |
| SHRE PUSH CHEM & FERT LTD | 1,576 | 21.9 | 2.58 | 15.1 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD | 1,389 | 20.1 | 2.34 | 15.2 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,241 | 15.3 | 1.43 | 9.5 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD | 871 | 18.2 | 1.53 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD | 430 | 12.3 | 1.44 | 10.1 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED | 341 | 24.3 | 1.31 | — | (0.2) | (1.5) | — | 16.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 136.8 | 19.8 | 10 of 10 | 0% |
| P/B | 2.6 | 1.5 | 8 of 10 | 22% |
| ROCE | 1.9 | 7.8 | 9 of 10 | 11% |
| ROE | 1.1 | 6.7 | 9 of 10 | 11% |
| Debt / Equity | 0.6 | 0.2 | 10 of 10 | 0% |
| EBITDA margin | 10.5 | 14.3 | 9 of 10 | 11% |
| Revenue growth | 5.4 | 7.8 | 7 of 10 | 33% |
| Profit growth | 88.0 | 53.6 | 5 of 10 | 56% |
| Market cap | 9898 | 1056 | 1 of 10 | 100% |
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| 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 |
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