NSE: SUDARCOLOR · BSE: 506390
SUDARSHAN COLORNT IND LTD
Makes dyes and pigments sold to plastics manufacturers, coatings makers and specialty chemical buyers, organised into two reporting segments. In the most recent disclosed segment split (FY23), Plastics and Coatings contributed 95.4% of segment revenue (Rs 731.42 crore, EBIT Rs 40.84 crore) and Specialty Chemicals the remaining 4.6% (Rs 35 crore, EBIT Rs 5 crore). In FY26, the company posted total revenue of Rs 780.63 crore, down 5.4% from the prior year, with net profit of Rs 44.53 crore and EBITDA margin of 10.22%. Raw materials are the largest cost line at 45.5% of revenue, followed by other operating expenses at 22.7% and employee costs at 9.1%, with depreciation at 2.5% and capex at 3.7% of revenue. The company was renamed from Heubach Colorants India to Sudarshan Colorants India in December 2025, and the promoter group holds 70.25% of shares through three overseas entities. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastics and Coatings (95%), Specialty Chemicals (5%). Specialty dyes and pigments maker, materials-heavy cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 840 | 766 | 791 | 825 | 781 |
| EBITDA (ex other income) | 62 | 55 | 72 | 73 | 53 |
| margin % | 7.3 | 7.2 | 9.1 | 8.8 | 6.8 |
| Owners' profit | 43 | 19 | 41 | 51 | 45 |
| EPS, as reported (₹) | 18.77 | 8.31 | 17.82 | 22.29 | 19.29 |
| ROE % · ROCE % | 10.5 · 11.7 | 4.4 · 9.0 | 8.7 · 11.4 | 9.8 · 12.6 | 7.8 · 10.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 13 | 36 | 95 | 111 | 34 |
| Capex | (20) | (16) | (17) | (12) | (29) |
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 | 218 | 213 | 220 | 211 | 183 | 176 | 211 | 222 |
| Profit before tax | 25 | 23 | 13 | 23 | 21 | (3) | 16 | 27 |
| Net profit | 18 | 17 | 11 | 17 | 16 | (2) | 13 | 20 |
| EPS (₹) | 7.98 | 7.46 | 4.61 | 7.40 | 7.05 | (0.86) | 5.69 | 8.82 |
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 | 8,220 | 113.6 | 2.13 | 14.7 | 1.1 | 1.9 | 39.3 | 10.5 |
| KIRI INDUSTRIES LIMITED | 3,129 | 0.5 | 0.49 | 0.5 | 86.4 | 86.1 | (2.6) | 96.6 |
| SHRE PUSH CHEM & FERT LTD | 1,636 | 22.7 | 2.68 | 15.6 | 11.5 | 12.5 | 22.4 | 13.1 |
| BHAGERIA INDUSTRIES LTD | 1,563 | 22.7 | 2.63 | 16.9 | 7.5 | 8.6 | 16.8 | 20.1 |
| ULTRAMARINE & PIGMENTS L | 1,059 | 13.1 | 1.22 | 8.2 | 9.3 | 11.1 | 20.2 | 13.8 |
| SUDARSHAN COLORNT IND LTD ◆ | 852 | 17.8 | 1.49 | — | 7.8 | 9.6 | — | 14.8 |
| ASAHI SONGWON COLOR LTD | 428 | 12.3 | 1.44 | 10.0 | 6.0 | 7.0 | 13.6 | 17.3 |
| AKSHARCHEM INDIA LIMITED | 306 | 21.8 | 1.17 | — | (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 | 19.8 | 5 of 10 | 56% |
| P/B | 1.5 | 1.5 | 6 of 10 | 44% |
| ROCE | 9.6 | 7.8 | 4 of 10 | 67% |
| ROE | 7.8 | 6.7 | 4 of 10 | 67% |
| Debt / Equity | 0.0 | 0.2 | 1 of 10 | 100% |
| EBITDA margin | 14.8 | 14.3 | 5 of 10 | 56% |
| Revenue growth | 5.5 | 7.8 | 6 of 10 | 44% |
| Profit growth | 19.2 | 53.6 | 6 of 10 | 44% |
| Market cap | 852 | 956 | 6 of 10 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Newspaper notice opens special window to convert physical shares | compliance | minimal | — | — |
| 21 Oct 2026 · Sudarshan Chemical buys 15.89% in Sudarshan Colorants via inter-se transfer | strategic transactions | medium | — | — |
| 19 Oct 2026 · Board meeting on Oct 28 to approve Q2 FY27 financial results | results | low | — | — |
| 7 Oct 2026 · Reg 74(5) demat certificate for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Sudarshan Chemical acquires 15.89 percent in Colorants India from group entity | ownership changes | high | — | — |
| 5 Oct 2026 · Sudarshan Chemical acquires 15.89% in Colorants from promoter group entity | ownership changes | high | — | — |
| 5 Oct 2026 · Inter-se promoter transfer: 15.89% stake moved within Sudarshan Colorants group | ownership changes | high | — | — |
| 1 Oct 2026 · Sudarshan Chemical buys 15.89% in Sudarshan Colorants via internal restructuring | ownership changes | high | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1 Until Q2 FY26 Results Announcement | compliance | minimal | — | — |
| 12 Sept 2026 · Tax appeal rejected, company to file further appeal | regulatory legal | high | — | — |
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.