NSE: ULTRAMAR · BSE: 506685
ULTRAMARINE & PIGMENTS L
Manufactures and sells chemicals including dyes and pigments, with smaller operations in IT-enabled services and a windmill for power generation. For FY26, consolidated revenue was Rs 774.77 crore and net profit was Rs 80.77 crore. The chemicals and allied products segment is the primary revenue earner, supported by a smaller IT-enabled services arm and a captive wind power unit; FY26 segment revenue stood at Rs 184.36 crore for chemicals, Rs 14.35 crore for IT-enabled services and Rs 3.17 crore for the windmill. Materials and consumables at 58.4% of FY26 revenue are the single largest cost line, followed by other operating expenses at 16.1% and employee cost at 10.4%. The board approved on 20 May 2026 a Rs 250 crore greenfield project at SIPCOT Industrial Park, Manapparai, Tiruchirappalli, Tamil Nadu to set up 2,500 MT of inorganic pigment capacity, to be built in phases over FY 27-28 and FY 28-29. The company holds a 18.23% stake in Thirumalai Chemicals Limited, a related-party listed chemicals company with cross-holdings (TCL holds 14.38% in the company), and on 30 April 2026 it signed a Rs 65 crore unsecured loan agreement with TCL at 10% per annum compounded quarterly over a three-year tenure. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals and allied products, IT Enabled services, Windmill. Specialty chemicals (dyes and pigments) manufacturer with small ancillary IT services and captive wind power operations.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 490 | 557 | 561 | 695 | 775 |
| EBITDA (ex other income) | 83 | 101 | 94 | 118 | 126 |
| margin % | 17.0 | 18.1 | 16.7 | 17.0 | 16.3 |
| Owners' profit | 0 | 69 | 58 | 0 | 0 |
| EPS, as reported (₹) | 19.97 | 23.70 | 19.72 | 25.70 | 27.66 |
| ROE % · ROCE % | 6.8 · 8.6 | 9.4 · 11.8 | 6.4 · 8.3 | 7.7 · 9.9 | 9.3 · 11.7 |
| Debt / equity (x) | 0.06 | 0.09 | 0.08 | 0.09 | 0.09 |
| Cash from operations | 29 | 59 | 78 | 90 | 128 |
| Capex | (69) | (60) | (63) | (52) | (68) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161 | 161 | 179 | 195 | 184 | 196 | 196 | 199 |
| Profit before tax | 22 | 24 | 30 | 23 | 27 | 26 | 34 | 18 |
| Net profit | 17 | 19 | 23 | 17 | 20 | 19 | 27 | 14 |
| EPS (₹) | 5.66 | 6.38 | 7.82 | 5.83 | 6.91 | 6.63 | 9.28 | 4.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Chemicals and allied products | 540 | 69.0 |
| IT enabled services | 14 | 1.8 |
| Windmill | 8 | 1.1 |
| Chemicals and Allied products | 183 | 23.3 |
| IT Enabled services | 13 | 1.7 |
| IT Enabled Services | 25 | 3.2 |
| Total, before eliminations | 783 | 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) | 13.0 | 21.1 | 3 of 10 | 78% |
| P/B | 1.2 | 1.6 | 4 of 10 | 67% |
| ROCE | 11.1 | 7.8 | 3 of 10 | 78% |
| ROE | 9.3 | 6.7 | 3 of 10 | 78% |
| Debt / Equity | 0.1 | 0.2 | 4 of 10 | 67% |
| EBITDA margin | 13.8 | 14.3 | 6 of 10 | 44% |
| Revenue growth | 2.0 | 7.8 | 8 of 10 | 22% |
| Profit growth | (16.9) | 53.6 | 9 of 10 | 11% |
| Market cap | 1050 | 1026 | 5 of 10 | 56% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve Q2 and half-year FY2026 results | results | low | — | — |
| 23 Oct 2026 · Promoter-group members seek reclassification as public shareholders | ownership changes | medium | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for share dematerialisation filed | compliance | minimal | — | — |
| 5 Oct 2026 · Promoter Thirumalai Chemicals sells 3.25% stake in Ultramarine Pigments | ownership changes | medium | — | — |
| 5 Oct 2026 · Promoter Thirumalai Chemicals sells 3.25% stake in Ultramarine & Pigments on market | ownership changes | medium | — | — |
| 26 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · Promoter group Thirumalai Chemicals sells 5 percent stake via block deal | ownership changes | high | — | — |
| 3 Sept 2026 · Promoter Thirumalai Chemicals sells 5 percent stake in Ultramarine and Pigments | ownership changes | high | — | — |
| 10 Aug 2026 · Q1 FY27 unaudited financial results published in newspapers | compliance | minimal | — | — |
| 7 Aug 2026 · Q1 FY27 results: Revenue up 21 percent, PAT up 44 percent YoY | results | 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.