Sudarshan Chemical Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Pigments: 98.9% • Others: 1.1%
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
- Operating margins have improved to 13.4% from 9.2%
- Company comfortably covers its interest (12.1x coverage)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Institutional investors have been accumulating - FII+DII up 2.9pp
- Attractively priced for its growth - PEG of 0.3
CONS
- A large part of profit comes from other income (62.5% of PBT)
- Promoter holding has decreased over last 2 years: -22.4pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.57x)
- Equity base is being diluted - shares outstanding up 13.4%
- Recurring exceptional / one-off items are inflating headline profit
- Company has delivered a poor sales growth of 7.0% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUDARSCHEM | 1261.75 | 138.75 | 10045.59 | 0.40 | 103.40 | 88.00 | 2642.10 | 5.39 | 5.99 | 10.29 |
| KIRIINDUS | 550.35 | 0.61 | 3586.52 | 0.00 | 290.70 | 186.82 | 312.36 | 54.54 | 110.39 | 11.71 |
| BODALCHEM | 175.00 | 32.09 | 2204.02 | 0.00 | 30.38 | 218.67 | 709.04 | 56.11 | 5.06 | 9.72 |
| VIDHIING | 349.05 | 32.74 | 1743.33 | 0.86 | 17.12 | 34.74 | 146.28 | 66.42 | 18.83 | 17.78 |
| SHREEPUSHK | 501.95 | 22.52 | 1623.19 | 0.42 | 22.93 | 9.40 | 280.07 | 10.04 | 11.81 | 11.40 |
| ULTRAMAR | 427.40 | 13.54 | 1248.01 | 1.40 | 31.59 | 56.46 | 239.96 | 30.14 | 11.10 | 18.95 |
| SUDARCOLOR | 380.05 | 2.88 | 877.22 | 0.00 | 20.36 | 19.13 | 222.39 | 5.54 | 11.00 | 11.51 |
| PODDARMENT | 295.90 | 20.60 | 313.95 | 1.35 | 46.47 | 1015.73 | 901.30 | 887.64 | 5.83 | 5.95 |
| DYNPRO | 235.20 | 14.38 | 292.32 | 0.64 | 5.19 | 7.92 | 86.43 | -6.99 | 11.27 | 14.60 |
| HPIL | 121.00 | 89.02 | 138.23 | 0.00 | 0.25 | -86.19 | 26.76 | -38.75 | 6.36 | 2.88 |
| ISHANCH | 44.45 | 0.00 | 121.37 | 0.00 | 0.15 | -48.33 | 41.48 | 154.63 | 4.08 | 8.10 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 519 | 483 | 510 | 618 | 580 | 676 | 575 | 704 | 531 | 582 | 550 | 733 | 677 | |
| 460 | 433 | 445 | 528 | 488 | 558 | 503 | 634 | 412 | 512 | 489 | 581 | 629 | |
| Operating Profit | 59 | 50 | 65 | 89 | 92 | 118 | 72 | 70 | 119 | 70 | 61 | 152 | 48 |
| OPM % | 11.37% | 10.39% | 12.69% | 14.49% | 15.85% | 17.43% | 12.46% | 9.89% | 22.40% | 12.10% | 11.18% | 20.69% | 7.13% |
| 319 | 6 | 4 | -0 | 4 | 5 | -4 | 8 | 25 | 49 | 2 | 28 | 26 | |
| Interest | 8 | 8 | 7 | 6 | 5 | 6 | 9 | 8 | 8 | 7 | 6 | 8 | 6 |
| Depreciation | 34 | 34 | 34 | 34 | 35 | 35 | 35 | 35 | 36 | 38 | 37 | 37 | 37 |
| Profit before Tax | 342 | 20 | 28 | 49 | 56 | 82 | 23 | 34 | 99 | 75 | 20 | 135 | 74 |
| Tax % | 22.46% | 29.30% | 31.91% | 24.41% | 25.95% | 25.00% | 30.00% | 33.92% | 26.18% | 1.07% | -12.50% | 10.95% | 22.00% |
| Net Profit | 265 | 14 | 19 | 37 | 41 | 61 | 16 | 22 | 73 | 74 | 22 | 120 | 58 |
| 38.30 | 2.00 | 2.70 | 6.30 | 5.90 | 8.80 | 2.30 | 2.90 | 9.30 | 9.50 | 2.90 | 15.30 | 7.30 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,126 | 1,306 | 1,433 | 1,518 | 1,709 | 1,919 | 1,976 | 2,141 | 2,534 | 2,397 | 2,543 | |
| 957 | 1,110 | 1,229 | 1,280 | 1,450 | 1,684 | 1,793 | 1,866 | 2,182 | 2,074 | 2,211 | |
| Operating Profit | 169 | 196 | 203 | 238 | 258 | 235 | 183 | 276 | 352 | 322 | 332 |
| OPM % | 14.98% | 15.01% | 14.20% | 15.70% | 15.10% | 12.24% | 9.25% | 12.87% | 13.90% | 13.45% | 13.05% |
| 20 | 12 | 89 | 25 | 26 | 8 | 4 | 330 | 12 | 185 | 105 | |
| Interest | 24 | 25 | 15 | 13 | 18 | 19 | 38 | 30 | 30 | 30 | 27 |
| Depreciation | 49 | 58 | 65 | 72 | 85 | 87 | 111 | 137 | 141 | 148 | 149 |
| Profit before Tax | 116 | 125 | 213 | 178 | 181 | 137 | 38 | 439 | 194 | 329 | 304 |
| Tax % | 26.00% | 32.17% | 29.75% | 16.12% | 24.83% | 26.98% | 16.96% | 23.59% | 27.45% | 11.87% | 9.66% |
| Net Profit | 86 | 85 | 150 | 149 | 136 | 100 | 31 | 335 | 141 | 290 | 275 |
| EPS | 12.90 | 12.72 | 0.29 | 21.50 | 19.70 | 14.50 | 4.50 | 48.41 | 17.95 | 36.98 | — |
| Dividend Payout % | 28.19% | 28.56% | 27.78% | 29.21% | 30.49% | 34.48% | 33.06% | 9.50% | 25.07% | 13.52% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 7%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- 16%
- 3 Years:
- 110%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 14%
- 3 Years:
- 35%
- 1 Year:
- -10%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 14%
- 3 Years:
- 19%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 380 | 439 | 585 | 619 | 755 | 816 | 791 | 1,088 | 2,216 | 2,491 | |
| 319 | 355 | 308 | 446 | 575 | 775 | 765 | 221 | 363 | 360 | |
| Trade Payables | 217 | 225 | 237 | 354 | 418 | 476 | 429 | 440 | 492 | 526 |
| 310 | 230 | 374 | 401 | 477 | 486 | 497 | 674 | 681 | 717 | |
| Total Liabilities | 1,240 | 1,262 | 1,517 | 1,833 | 2,239 | 2,567 | 2,495 | 2,437 | 3,768 | 4,109 |
| 418 | 465 | 464 | 614 | 598 | 812 | 1,098 | 1,069 | 1,019 | 1,008 | |
| Capital Work in Progress | 8 | 6 | 18 | 44 | 269 | 270 | 44 | 15 | 46 | 53 |
| 55 | 60 | 42 | 44 | 55 | 55 | 56 | 51 | 1,048 | 1,167 | |
| 187 | 196 | 248 | 339 | 322 | 478 | 374 | 313 | 351 | 366 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 525 | 679 | 655 | |
| Cash & Bank | 13 | 11 | 5 | 7 | 14 | 19 | 11 | 42 | 26 | 58 |
| 560 | 524 | 740 | 786 | 982 | 932 | 912 | 421 | 599 | 803 | |
| Total Assets | 1,240 | 1,262 | 1,517 | 1,833 | 2,239 | 2,567 | 2,495 | 2,437 | 3,768 | 4,109 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 174 | 159 | 99 | 297 | 192 | 199 | 288 | 189 | 66 | 180 | |
| Cash from Investing | -128 | -88 | -25 | -224 | -261 | -294 | -182 | 289 | -1,114 | -23 |
| Cash from Financing | -25 | -70 | -63 | -11 | 113 | 134 | -110 | -449 | 1,030 | -123 |
| -9 | -3 | -3 | 0 | 8 | 5 | -9 | 30 | -17 | 34 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-02 - 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".
2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange about intimation regarding execution of Share Purchase and Transfer Agreement for sale of 100% stake in VP4 Frankfurt GmbH, a Step-Down Wholly-Owned Subsidiary of the Company
2026-08-28 - Sudarshan Chemical Industries Limited has informed the Exchange regarding Allotment of 8781 Shares.
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