Sudarshan Chemical Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Pigments: 97.3% • Other: 2.7%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Latest quarter profit grew 88.0% YoY, showing strong momentum
- Company has delivered good sales growth of 39.3% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.33x)
- Working capital cycle has improved - days down from 373 to 114
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (116.6% of PBT)
- Promoter holding has decreased over last 2 years: -22.4pp
- Interest coverage is weak at 1.9x - earnings barely cover interest
- Valuation is stretched - P/E of 137.4 is well above its own 5-year median (60.3)
- Company has delivered a poor profit growth of -22.0% over past five years
- Equity base is being diluted - shares outstanding up 13.4%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUDARSCHEM | 1249.75 | 137.43 | 9950.05 | 0.40 | 103.40 | 88.00 | 2642.10 | 5.39 | 5.99 | 10.29 |
| KIRIINDUS | 537.65 | 0.60 | 3503.76 | 0.00 | 290.70 | 186.82 | 312.36 | 54.54 | 110.39 | 11.71 |
| BODALCHEM | 172.00 | 31.54 | 2166.24 | 0.00 | 30.38 | 218.67 | 709.04 | 56.11 | 6.71 | 9.72 |
| VIDHIING | 334.05 | 31.34 | 1668.41 | 0.90 | 17.12 | 34.74 | 146.28 | 66.42 | 18.83 | 17.78 |
| SHREEPUSHK | 484.50 | 21.74 | 1566.76 | 0.43 | 22.93 | 9.40 | 280.07 | 10.04 | 11.81 | 11.40 |
| ULTRAMAR | 428.40 | 13.57 | 1250.93 | 1.40 | 31.59 | 56.46 | 239.96 | 30.14 | 11.10 | 18.95 |
| SUDARCOLOR | 376.55 | 2.86 | 869.15 | 0.00 | 20.36 | 19.13 | 222.39 | 5.54 | 11.00 | 11.51 |
| PODDARMENT | 280.70 | 19.54 | 297.82 | 1.43 | 46.47 | 1015.73 | 901.30 | 887.64 | 5.83 | 5.95 |
| DYNPRO | 233.20 | 14.26 | 289.83 | 0.64 | 5.19 | 7.92 | 86.43 | -6.99 | 11.27 | 14.60 |
| HPIL | 125.70 | 92.48 | 143.60 | 0.00 | 0.25 | -86.19 | 26.76 | -38.75 | 6.36 | 2.88 |
| ISHANCH | 43.77 | 0.00 | 119.51 | 0.00 | 0.15 | -48.33 | 41.48 | 154.63 | 4.08 | 8.10 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 602 | 595 | 566 | 764 | 634 | 696 | 666 | 1,349 | 2,507 | 2,387 | 2,103 | 2,790 | 2,642 | |
| 538 | 535 | 504 | 645 | 553 | 602 | 588 | 1,222 | 2,314 | 2,277 | 2,081 | 2,562 | 2,517 | |
| Operating Profit | 64 | 60 | 62 | 119 | 80 | 94 | 79 | 127 | 192 | 110 | 22 | 227 | 125 |
| OPM % | 10.63% | 10.03% | 10.94% | 15.58% | 12.71% | 13.58% | 11.84% | 9.41% | 7.67% | 4.62% | 1.06% | 8.15% | 4.74% |
| 319 | 6 | 4 | 3 | 4 | -6 | -26 | -41 | 26 | 51 | -16 | 26 | 19 | |
| Interest | 10 | 10 | 9 | 8 | 7 | 9 | 11 | 21 | 44 | 44 | 36 | 41 | 40 |
| Depreciation | 35 | 35 | 35 | 36 | 36 | 37 | 36 | 57 | 99 | 97 | 101 | 50 | 93 |
| Profit before Tax | 344 | 26 | 22 | 78 | 41 | 43 | 5 | 8 | 75 | 20 | -130 | 162 | 157 |
| Tax % | 22.44% | 31.88% | 33.91% | 25.62% | 28.47% | 30.14% | 89.36% | 132.47% | 36.22% | 50.50% | 5.22% | 52.50% | 34.31% |
| Net Profit | 0 | 0 | 0 | 0 | 29 | 30 | 1 | 3 | 55 | 193 | -116 | 82 | 103 |
| 38.60 | 2.60 | 2.10 | 10.20 | 4.30 | 4.30 | 0.10 | -0.50 | 6.00 | 1.50 | -14.70 | 10.00 | 12.30 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,282 | 1,329 | 1,593 | 1,708 | 1,864 | 2,201 | 2,302 | 2,539 | 3,346 | 9,787 | 9,922 | |
| 1,095 | 1,142 | 1,387 | 1,460 | 1,584 | 1,923 | 2,089 | 2,222 | 2,962 | 9,291 | 9,437 | |
| Operating Profit | 186 | 187 | 206 | 248 | 280 | 278 | 213 | 317 | 383 | 496 | 485 |
| OPM % | 14.55% | 14.06% | 12.96% | 14.55% | 15.02% | 12.63% | 9.26% | 12.48% | 11.46% | 5.07% | 4.89% |
| 18 | 11 | 79 | 22 | 17 | 5 | 5 | 334 | -70 | 153 | 80 | |
| Interest | 30 | 25 | 19 | 16 | 20 | 23 | 44 | 39 | 51 | 174 | 161 |
| Depreciation | 49 | 58 | 66 | 74 | 87 | 89 | 114 | 141 | 166 | 347 | 341 |
| Profit before Tax | 126 | 115 | 201 | 180 | 190 | 171 | 60 | 471 | 99 | 157 | 210 |
| Tax % | 27.24% | 33.28% | 33.87% | 19.59% | 25.88% | 24.05% | 25.06% | 24.03% | 39.27% | 73.95% | 68.03% |
| Net Profit | 92 | 77 | 133 | 145 | 141 | 130 | 45 | 357 | 60 | 41 | 67 |
| EPS | 14.64 | 12.24 | 0.34 | 20.90 | 20.40 | 18.70 | 6.50 | 51.64 | 7.12 | 2.84 | — |
| Dividend Payout % | 23.90% | 28.60% | 30.74% | 30.17% | 29.43% | 26.63% | 23.19% | 8.91% | 63.19% | 176.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 21%
- 5 Years:
- 39%
- 3 Years:
- 62%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -11%
- 5 Years:
- -31%
- 3 Years:
- -21%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 13%
- 3 Years:
- 36%
- 1 Year:
- -10%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 12%
- 3 Years:
- 13%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 16 | 16 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 598 | 404 |
| 367 | 426 | 554 | 587 | 728 | 817 | 811 | 1,131 | 3,349 | 3,407 | |
| 391 | 421 | 364 | 502 | 630 | 836 | 839 | 307 | 2,269 | 2,284 | |
| Trade Payables | 270 | 264 | 242 | 371 | 441 | 522 | 509 | 512 | 1,394 | 1,534 |
| 320 | 275 | 443 | 426 | 512 | 531 | 562 | 729 | 2,414 | 1,908 | |
| Total Liabilities | 1,362 | 1,400 | 1,617 | 1,901 | 2,325 | 2,720 | 2,734 | 2,692 | 10,040 | 9,553 |
| 452 | 475 | 465 | 627 | 615 | 832 | 1,126 | 1,102 | 2,774 | 2,987 | |
| Capital Work in Progress | 8 | 6 | 18 | 44 | 269 | 273 | 44 | 15 | 121 | 120 |
| 0 | 0 | 0 | 1 | 1 | 2 | 2 | 2 | 545 | 566 | |
| 261 | 273 | 308 | 411 | 412 | 566 | 494 | 438 | 2,502 | 2,444 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 585 | 1,225 | 1,679 | |
| Cash & Bank | 15 | 14 | 8 | 16 | 24 | 35 | 29 | 56 | 1,511 | 1,075 |
| 626 | 631 | 818 | 803 | 1,005 | 1,012 | 1,039 | 495 | 1,363 | 682 | |
| Total Assets | 1,362 | 1,400 | 1,617 | 1,901 | 2,325 | 2,720 | 2,734 | 2,692 | 10,040 | 9,553 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 187 | 136 | 94 | 325 | 204 | 218 | 298 | 193 | 71 | 344 | |
| Cash from Investing | -135 | -87 | -27 | -220 | -266 | -308 | -189 | 279 | -1,583 | 165 |
| Cash from Financing | -38 | -62 | -48 | -39 | 108 | 138 | -103 | -446 | 2,596 | -680 |
| -10 | -2 | -3 | 3 | 8 | 9 | -5 | 27 | 1,084 | -171 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Sudarshan Chemical Industries Limited has informed the Exchange about Credit Rating
2026-09-11 - Sudarshan Chemical Industries Limited has informed the Exchange about General Updateswe wish to inform you that Crisil ESG Ratings & Analytics Limited, on 10th September, 2026, has voluntarily assigned a rating of Crisil ESG 53 and a Core ESG rating of Crisil Core ESG 55 based on data pertaining to the Financial Year 2025-26.We further inform that the Company has not engaged Crisil ESG Ratings & Analytics Limited. They have independently determined the ESG score based on the public disclosures made by the Company and publicly available information pertaining to the Financial Year 2025-26
2026-09-02 - Sudarshan Chemical Industries Limited has informed the Exchange about followingThis is in furtherance to our intimations dated 1st September, 2026, wherein the Company had submitted copy of the Investors Presentation relating to execution of definitive Share Purchase and Transfer Agreement for sale of 100% stake in VP4 Frankfurt GmbH, a Step-Down Wholly-Owned Subsidiary of the Company.Post submission, a typographical error was noticed on slide no. 3 of the Investors Presentation.The name mentioned therein to be read as Mitsui & Co. . Revised Presentation is enclosed herewith.
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange regarding Resignation of Mr Mandar Meenanath Velankar as a Key Managerial Personnel and Senior Management Personnel of the company w.e.f. September 01, 2026.
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange regarding Resignation of Mr Mandar Meenanath Velankar as Company Secretary & Compliance Officer of the company w.e.f. September 01, 2026.
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange about followingPursuant to the provisions of Regulation 30 of SEBI Listing Regulations, 2015 and in furtherance to our intimation and Press Release dated 1st September, 2026 regarding execution of definitive Share Purchase and Transfer Agreement for sale of 100% stake in VP4 Frankfurt GmbH, a Step-Down Wholly-Owned Subsidiary of the Company, we attach herewith a copy of the Investors Presentation, contents of which are self-explanatory.
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Sudarshan Chemical Divests VP4 Frankfurt to Celanese, Sharpening Focus on Core Pigments Business".
News
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