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Sudarshan Chemical Industries Ltd.

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sudarshan.comBSE: 506655NSE: SUDARSCHEM
Market Cap₹ 10,046 Cr.
Current Price
High / Low₹ 1,603 / 726
Stock P/E36.6
Book Value₹ 335
Price to Book2.34
Dividend Yield0.40 %
ROCE13.0 %
ROE12.3 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Pigments: 98.9% • Others: 1.1%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence
55%
View full sector analysis →

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

ChemicalsChemicalsDyes & Pigments
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.SUDARSCHEM1261.75138.7510045.590.40103.4088.002642.105.395.9910.29
2.KIRIINDUS550.350.613586.520.00290.70186.82312.3654.54110.3911.71
3.BODALCHEM175.0032.092204.020.0030.38218.67709.0456.115.069.72
4.VIDHIING349.0532.741743.330.8617.1234.74146.2866.4218.8317.78
5.SHREEPUSHK501.9522.521623.190.4222.939.40280.0710.0411.8111.40
6.ULTRAMAR427.4013.541248.011.4031.5956.46239.9630.1411.1018.95
7.SUDARCOLOR380.052.88877.220.0020.3619.13222.395.5411.0011.51
8.PODDARMENT295.9020.60313.951.3546.471015.73901.30887.645.835.95
9.DYNPRO235.2014.38292.320.645.197.9286.43-6.9911.2714.60
10.HPIL121.0089.02138.230.000.25-86.1926.76-38.756.362.88
11.ISHANCH44.450.00121.370.000.15-48.3341.48154.634.088.10
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
519483510618580676575704531582550733677
460433445528488558503634412512489581629
Operating Profit59506589921187270119706115248
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%
31964-045-48254922826
Interest8876569887686
Depreciation34343434353535353638373737
Profit before Tax3422028495682233499752013574
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 Profit2651419374161162273742212058
38.302.002.706.305.908.802.302.909.309.502.9015.307.30

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,1261,3061,4331,5181,7091,9191,9762,1412,5342,3972,543
9571,1101,2291,2801,4501,6841,7931,8662,1822,0742,211
Operating Profit169196203238258235183276352322332
OPM %14.98%15.01%14.20%15.70%15.10%12.24%9.25%12.87%13.90%13.45%13.05%
20128925268433012185105
Interest2425151318193830303027
Depreciation495865728587111137141148149
Profit before Tax11612521317818113738439194329304
Tax %26.00%32.17%29.75%16.12%24.83%26.98%16.96%23.59%27.45%11.87%9.66%
Net Profit868515014913610031335141290275
EPS12.9012.720.2921.5019.7014.504.5048.4117.9536.98—
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

Corporate actions

2026

Aug 11

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2025

Sep 22

₹ 2.25

Rs.4.5000 per share(225%)Final Dividend

2024

Jul 26

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2024

Mar 19

₹ 1.80

Interim Dividend

2023

Aug 4

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2022

Aug 1

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

2021

Jul 29

₹ 3

Rs.6.0000 per share(300%)Final Dividend

2018

Jul 19

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2018

Feb 22

₹ 1.25

Rs.2.5000 per share(125%)Interim Dividend

2017

Jul 27

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2017

Feb 22

₹ 1.25

11/03/2017 Equity Rs.2.5000 per share(125%)Interim Dividend

2016

Jul 28

₹ 0.25

Rs.0.5000 per share(25%)Final Dividend

2016

Mar 21

₹ 1.25

Rs.2.5000 per share(125%)Interim Dividend

2026

Jul 28

₹ 2.50

Rs.5.0000 per share(250%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital14141414141414141616
3804395856197558167911,0882,2162,491
319355308446575775765221363360
Trade Payables217225237354418476429440492526
310230374401477486497674681717
Total Liabilities1,2401,2621,5171,8332,2392,5672,4952,4373,7684,109
4184654646145988121,0981,0691,0191,008
Capital Work in Progress86184426927044154653
55604244555556511,0481,167
187196248339322478374313351366
0000000525679655
Cash & Bank131157141911422658
560524740786982932912421599803
Total Assets1,2401,2621,5171,8332,2392,5672,4952,4373,7684,109

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1741599929719219928818966180
Cash from Investing-128-88-25-224-261-294-182289-1,114-23
Cash from Financing-25-70-63-11113134-110-4491,030-123
-9-3-3085-930-1734

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
30.5530.5527.5523.8916.408.198.198.198.19
6.708.348.707.958.518.538.207.958.47
20.9219.8218.6423.5723.5124.1724.6024.8926.41
Government0.000.000.000.000.000.000.000.000.00
41.8241.2945.1044.5951.5659.0859.0058.9556.91

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02
General Updates

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
Resignation

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
Resignation

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
Resignation of Director/KMP/SMP

2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-09-01
Copy of Newspaper Publication

2026-09-01 - Sudarshan Chemical Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01
General Updates

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
Press Release

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
Sale or disposal

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
ESOP/ESOS/ESPS

2026-08-28 - Sudarshan Chemical Industries Limited has informed the Exchange regarding Allotment of 8781 Shares.

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