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Sudarshan Chemical Industries Q1 FY26 results: net profit up 86.9% to ₹55 crore
Sudarshan Chemical Industries Limited reported consolidated Q1 FY26 revenue of ₹2,507 crore, up 295.6% from Q1 FY25, while EBITDA rose to ₹192.40 crore from ₹80.57 crore. Net profit was ₹55 crore and basic EPS was ₹6.0, compared with ₹29.43 crore and ₹4.3 in the year-ago quarter; EBITDA margin declined to 7.7% from 12.7%.
Key points
- Consolidated Q1 FY26 revenue was ₹2,507 crore, up ₹1,873 crore or 295.6% from Q1 FY25.
- EBITDA was ₹192.40 crore, up ₹111.83 crore or 138.8%, while EBITDA margin fell 5.0 percentage points to 7.7%.
- Net profit was ₹55 crore, up ₹25.57 crore or 86.9% from Q1 FY25, and basic EPS was ₹6.0.
- Against Q4 FY25, revenue rose ₹1,157 crore to ₹2,507 crore and EBITDA rose ₹65.42 crore to ₹192.40 crore.
- Pigment revenue was ₹2,456.6 crore, up 316.8%, with EBIT of ₹192.2 crore and an EBIT margin of 7.8%.
How did Sudarshan Chemical Industries perform in Q1 FY26?
Sudarshan Chemical Industries reported consolidated revenue of ₹2,507 crore for Q1 FY26, compared with ₹633.62 crore in Q1 FY25 and ₹1,349 crore in Q4 FY25. Revenue rose ₹1,873 crore, or 295.6%, from the year-ago quarter and ₹1,157 crore, or 85.8%, from the previous quarter. On the standalone basis, revenue was ₹531.2 crore, down 8.4%.
Consolidated EBITDA was ₹192.40 crore in Q1 FY26, up ₹111.83 crore or 138.8% from ₹80.57 crore in Q1 FY25. It rose ₹65.42 crore or 51.5% from ₹126.98 crore in Q4 FY25. The EBITDA margin was 7.7%, down 5.0 percentage points year on year and 1.7 percentage points sequentially.
Consolidated profit before tax was ₹75.10 crore, up ₹33.99 crore or 82.7% from Q1 FY25 and ₹67.40 crore from Q4 FY25. Net profit was ₹55 crore, against ₹29.43 crore in the year-ago quarter and ₹0.31 crore in the previous quarter. Basic EPS was ₹6.0, compared with ₹4.3 in Q1 FY25; no EPS figure was given for Q4 FY25.
| ₹ crore | Q1 FY26 | Q4 FY25 | Q1 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,507 | 1,349 | 633.62 | +295.6% | +85.8% |
| Other income | 25.80 | 20.45 | 3.50 | +637.1% | +26.2% |
| Total expenses | 2,458 | 1,301 | 596.01 | +312.3% | +89.0% |
| EBITDA | 192.40 | 126.98 | 80.57 | +138.8% | +51.5% |
| EBITDA margin | 7.7% | 9.4% | 12.7% | −5.0 pp | −1.7 pp |
| Profit before tax | 75.10 | 7.70 | 41.11 | +82.7% | +875.3% |
| Tax | 27.20 | 10.25 | 11.67 | +133.1% | +165.4% |
| Net profit | 55 | 0.31 | 29.43 | +86.9% | +17641.9% |
| EPS (₹) | 6.00 | 4.30 | +39.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sudarshan Chemical Industries' costs and profit?
Total expenses were ₹2,458 crore in Q1 FY26, up ₹1,862 crore or 312.3% from ₹596.01 crore in Q1 FY25. Cost of materials was ₹1,376 crore, up ₹1,007 crore; employee cost was ₹433.60 crore, up ₹379.21 crore; finance costs were ₹44.10 crore, up ₹37.07 crore; depreciation was ₹99 crore, up ₹63.07 crore; and other expenses were ₹658.10 crore, up ₹499.74 crore.
Other income rose to ₹25.80 crore from ₹3.50 crore in Q1 FY25, an increase of ₹22.30 crore. There was no exceptional item in Q1 FY26 or Q1 FY25. Tax expense was ₹27.20 crore, up ₹15.53 crore from ₹11.67 crore, while profit before tax increased ₹33.99 crore to ₹75.10 crore.
Against Q4 FY25, total expenses rose ₹1,157 crore to ₹2,458 crore, other income rose ₹5.35 crore to ₹25.80 crore and tax expense rose ₹16.95 crore to ₹27.20 crore. Q4 FY25 included an exceptional charge of ₹61.64 crore, while Q1 FY26 had no exceptional item. The filing data does not state the reasons for the movements in individual cost lines.
| ₹ crore | Q1 FY26 | Q1 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,376 | 369.26 | +1,007 | +272.6% |
| Employee cost | 433.60 | 54.39 | +379.21 | +697.2% |
| Finance costs | 44.10 | 7.03 | +37.07 | +527.3% |
| Depreciation | 99 | 35.93 | +63.07 | +175.5% |
| Other expenses | 658.10 | 158.36 | +499.74 | +315.6% |
| Total expenses | 2,458 | 596.01 | +1,862 | +312.3% |
| Other income | 25.80 | 3.50 | +22.30 | +637.1% |
| Tax | 27.20 | 11.67 | +15.53 | +133.1% |
Source: Company's results filing (XBRL).
How has Sudarshan Chemical Industries done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters. Over the reported period, it bottomed at ₹565.75 crore in Q3 FY24 and reached ₹2,507 crore in Q1 FY26, the highest level in the series. The latest quarter also marked a sharp step up from ₹1,349 crore in Q4 FY25.
Net profit was at its lowest in the series at ₹0.31 crore in Q4 FY25, after ₹0.51 crore in Q3 FY25, and recovered to ₹55 crore in Q1 FY26. EBITDA margin peaked at 15.6% in Q4 FY24, bottomed at 7.7% in Q1 FY26 and was 9.4% in the preceding quarter. Thus, revenue and profit moved higher in the latest quarter, while margin declined further.
Which businesses drove the quarter?
Pigment revenue was ₹2,456.6 crore in Q1 FY26, up 316.8% from ₹589.44 crore in Q1 FY25. Segment EBIT was ₹192.2 crore, compared with ₹58.81 crore in the year-ago quarter, and the reported EBIT margin was 7.8%.
Others revenue was ₹50.4 crore, up 12.7% from ₹44.74 crore in Q1 FY25. Segment EBIT was ₹0.2 crore, compared with an EBIT loss of ₹10.67 crore in the year-ago quarter, and the reported EBIT margin was 0.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Pigment | 2,457 | +316.8% | 192.20 | 7.8% |
| Pigment | 2,457 | +316.8% | 192.20 | 7.8% |
| Others | 50.40 | +12.7% | 0.20 | 0.4% |
| Others | 50.40 | +12.7% | 0.20 | 0.4% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
The auditors’ report carries a qualified-opinion signal. The filing states that S R B C & CO LLP, the statutory auditors, issued an unmodified opinion on the standalone audited financial results and a modified opinion on the consolidated financial results for the quarter and year ended 31 March 2025.
The report also states that the Board of Directors is responsible for assessing the company’s ability to continue as a going concern, disclosing applicable going-concern matters and using the going-concern basis of accounting unless it intends to liquidate the company, cease operations or has no realistic alternative. The excerpt does not state that a going-concern qualification was issued.
What did Sudarshan Chemical Industries' management say?
Management said Heubach’s revenue run-rate was roughly EUR650M currently and was expected to reach at least EUR650-700M by year-end FY26. It guided to EUR35M of Heubach EBITDA in FY26, scaling to EUR90-100M over the next 3-4 years, which implies a 9-10% margin, and said integration costs would be about EUR10M for FY26. Legacy Sudarshan revenue was guided to grow 10-11% on a business-as-usual basis.
Management said RIECO, which recorded negative EBITDA after a 28% revenue drop, would begin with an EBITDA margin of 7-8% and target low double digits in later years. It said the turnaround plan included new project leadership and a doubled opening order book. The company also said it did not plan to optimise the manufacturing footprint or close any facility.
Management said working capital would remain elevated until supply-chain planning processes were rebuilt and inventories would rise further in FY26. It also identified flat demand, destocking, geopolitical and tariff uncertainty, multiple SAP/ERP systems and RIECO project execution as risks. The acquired group’s audit was delayed by two years without a consolidated audit and three unintegrated ERPs, management said.
How did Sudarshan Chemical Industries shares react?
The filing appeared after market hours. From the price when it appeared, the stock was up 1.6% after five minutes, 1.6% after 15 minutes and 4.8% after 30 minutes. From the previous close of ₹1,250, the stock closed 7.9% higher on the reaction day at ₹1,260.00.
By the next day’s close, the stock was up 13.2% from its pre-results close, and by the fifth session it was up 16.2%. The industry median was down 1.1% on the reaction day, down 0.2% by the next day and down 2.6% by five sessions. Sudarshan therefore moved 9.0 percentage points above the industry median on the reaction day, 13.4 percentage points by the next day and 18.8 percentage points by five sessions.
Earlier reaction-day moves were mixed: the stock fell 3.7% on 14 February 2025 and 0.6% on 28 October 2024, fell 5.8% on 2 August 2024 and rose 14.3% on 17 May 2024.
| After the filing | Stock | Dyes And Pigments median |
|---|---|---|
| 5 minutes | +1.6% | |
| 15 minutes | +1.6% | |
| 30 minutes | +4.8% | |
| Reaction day | +7.9% | −1.1% |
| Next day | +13.2% | −0.2% |
| 5 days | +16.2% | −2.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 14 February 2025 | −3.7% |
| 28 October 2024 | −0.6% |
| 2 August 2024 | −5.8% |
| 17 May 2024 | +14.3% |
Source: MarketPing price-reaction measurement.
How did other Dyes And Pigments companies do?
Nine other Dyes And Pigments companies that had filed for the quarter were compared. Their median revenue growth was 14.8%, and four of the nine reported higher profit. All nine peers growing slower than the company grew slower than Sudarshan Chemical Industries, while none grew faster than the company.
| Sudarshan Chemical Industries revenue growth (YoY) | +295.6% |
|---|---|
| Median of 9 other Dyes And Pigments companies | +14.8% |
| Companies with slower revenue growth than Sudarshan Chemical Industries | 9 of 9 |
| Companies with faster revenue growth than Sudarshan Chemical Industries | 0 of 9 |
| Companies whose net profit rose | 4 of 9 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sudarshan Chemical Industries' revenue in Q1 FY26?
Revenue from operations was ₹2,507 crore, up 295.6% from ₹633.62 crore in Q1 FY25 (consolidated).
Did Sudarshan Chemical Industries make a profit in Q1 FY26?
Yes. Net profit was ₹55 crore, against a net profit of ₹29.43 crore in Q1 FY25.
What was Sudarshan Chemical Industries' EPS in Q1 FY26?
Basic earnings per share were ₹6.00, against ₹4.30 in Q1 FY25.
How did Sudarshan Chemical Industries shares react to the Q1 FY26 results?
On the reaction day the stock moved +7.9% from the previous close; the median Dyes And Pigments stock moved −1.1%.
When did Sudarshan Chemical Industries announce its Q1 FY26 results?
On 25 July 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Financial Results For The Quarter And Year Ended 31St March, 2025 And To Consider Recommendation Of Final Dividend, If Any (BSE, 22 July 2025) · PDF
- Dividend (NSE, 25 July 2025) · PDF
- Outcome of Board Meeting (NSE, 25 July 2025) · PDF
- Disclosure of material issue (NSE, 26 July 2025) · PDF
- Disclosure of material issue (NSE, 26 July 2025) · PDF
- Disclosure of material issue (NSE, 26 July 2025) · PDF
- The earnings call (5 August 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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