NSE: SUDARSCHEM · BSE: 506655
SUDARSHAN CHEMICAL INDS L
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 117.2 | 21.1 | 10 of 10 | 0% |
| P/B | 2.2 | 1.6 | 7 of 10 | 33% |
| 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 | 8481 | 1026 | 1 of 10 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · 19,350 shares allotted to employees under ESOP | capital market events | low | — | — |
| 27 Oct 2026 · Newspaper notice opens special window for physical share conversion | compliance | minimal | — | — |
| 20 Oct 2026 · India Ratings revises Sudarshan Chemical outlook to Positive, affirms AA rating | credit debt | medium | — | — |
| 7 Oct 2026 · GST inspection at Sudarshan Chemical offices concluded; no material impact stated | regulatory legal | high | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for quarter ended Sep 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · GST inspection underway at Sudarshan Chemical's Maharashtra offices and units | regulatory legal | high | — | — |
| 1 Oct 2026 · Sudarshan Chemical completes 15.89% stake acquisition in Sudarshan Colorants | strategic transactions | high | — | — |
| 28 Sept 2026 · SPA executed to acquire 15.89% stake in Sudarshan Colorants for Rs 150.76 Cr | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 26 Sept 2026 · One-on-one investor meeting with Bowhead India Fund on September 30, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| 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.