Ultramarine & Pigments Ltd.

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ultramarinepigments.netBSE: 506685NSE: ULTRAMAR

Market Cap₹ 1,248 Cr.

Current Price

High / Low₹ 456 / 364

Stock P/E13.5

Book Value₹ 309

Price to Book1.23

Dividend Yield1.40 %

ROCE11.1 %

ROE8.8 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Laundry & Allied Products: 92.5% • IT Enabled Services: 6.7% • Windmill: 0.8%

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

Company is almost debt free
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 56.5% YoY, showing strong momentum
Company has delivered good sales growth of 20.2% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.39x)

CONS

Company has a low return on equity of 7.9% over last 3 years
Company has a low return on capital employed of 10.3%
Company has delivered a poor profit growth of 7.7% over past five years
Operating margins have contracted to 15.7% from 20.3%
Expensive relative to growth - PEG of 2.6

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsDyes & Pigments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUDARSCHEM	1261.75	138.75	10045.59	0.40	103.40	88.00	2642.10	5.39	5.99	10.29
2.	KIRIINDUS	550.35	0.61	3586.52	0.00	290.70	186.82	312.36	54.54	110.39	11.71
3.	BODALCHEM	175.00	32.09	2204.02	0.00	30.38	218.67	709.04	56.11	5.06	9.72
4.	VIDHIING	349.05	32.74	1743.33	0.86	17.12	34.74	146.28	66.42	18.83	17.78
5.	SHREEPUSHK	501.95	22.52	1623.19	0.42	22.93	9.40	280.07	10.04	11.81	11.40
6.	ULTRAMAR	427.40	13.54	1248.01	1.40	31.59	56.46	239.96	30.14	11.10	18.95
7.	SUDARCOLOR	380.05	2.88	877.22	0.00	20.36	19.13	222.39	5.54	11.00	11.51
8.	PODDARMENT	295.90	20.60	313.95	1.35	46.47	1015.73	901.30	887.64	5.83	5.95
9.	DYNPRO	235.20	14.38	292.32	0.64	5.19	7.92	86.43	-6.99	11.27	14.60
10.	HPIL	121.00	89.02	138.23	0.00	0.25	-86.19	26.76	-38.75	6.36	2.88
11.	ISHANCH	44.45	0.00	121.37	0.00	0.15	-48.33	41.48	154.63	4.08	8.10

Detailed Comparison with:

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
	131	146	148	136	161	161	179	195	184	196	196	199	240
	104	122	125	116	134	134	142	166	153	164	161	173	203
Operating Profit	27	24	23	20	26	27	36	28	32	32	34	26	37
OPM %	20.63%	16.54%	15.51%	14.58%	16.49%	16.89%	20.21%	14.56%	17.24%	16.14%	17.58%	13.19%	15.28%
	2	5	2	2	3	4	2	3	3	2	8	1	6
Interest	2	2	2	2	2	2	2	2	2	2	1	2	1
Depreciation	5	5	6	6	6	6	6	7	6	7	7	7	7
Profit before Tax	22	22	17	14	22	24	30	23	27	26	34	18	42
Tax %	25.19%	21.45%	25.07%	23.56%	25.02%	23.05%	24.60%	25.94%	23.95%	24.99%	20.16%	23.01%	25.46%
Net Profit	0	0	0	0	17	19	23	17	20	19	27	14	32
	5.66	5.91	4.43	3.72	5.66	6.38	7.82	5.83	6.91	6.63	9.28	4.85	10.82

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	306	308	490	557	561	695	775	830
	230	232	406	455	466	576	653	701
Operating Profit	76	76	84	101	95	119	122	129
OPM %	24.97%	24.58%	17.14%	18.20%	16.86%	17.07%	15.69%	15.52%
	12	10	9	12	10	12	17	17
Interest	2	2	4	5	7	7	7	6
Depreciation	9	9	12	17	22	24	27	28
Profit before Tax	78	75	78	91	76	100	105	120
Tax %	20.12%	25.57%	24.88%	23.88%	23.77%	24.63%	22.83%	23.49%
Net Profit	62	56	58	69	58	75	81	92
EPS	0.00	19.10	19.97	23.70	19.72	25.70	27.66	—
Dividend Payout %	23.55%	26.17%	25.04%	21.10%	25.35%	23.35%	21.69%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 20%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 8%
3 Years:: 5%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 8%
3 Years:: 8%
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	6	6	6	6	6	6
	297	455	854	730	894	967	864
	27	37	53	74	64	74	56
Trade Payables	29	36	40	41	56	52	84
	23	124	120	107	148	189	221
Total Liabilities	381	659	1,072	957	1,168	1,289	1,231
	91	119	152	238	281	334	373
Capital Work in Progress	35	30	69	29	29	26	30
	105	194	551	366	492	513	376
	34	37	72	88	90	88	107
	0	0	0	0	58	81	80
Cash & Bank	20	72	30	36	45	60	53
	95	208	198	201	173	185	211
Total Assets	381	659	1,072	957	1,168	1,289	1,231

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	66	76	47	83	78	90	128
Cash from Investing	-39	-20	-63	-55	-51	-42	-148
Cash from Financing	-16	13	-7	-2	-18	-33	-31
	-7	50	-40	5	9	15	-51

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.86	40.86	40.61	40.50	40.50	40.44	40.49	40.49
	1.22	1.22	1.15	1.12	1.05	1.04	1.24	1.42
	0.32	0.63	0.95	1.26	1.33	1.40	0.68	0.64
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	57.60	57.28	57.28	57.12	57.11	57.12	57.58	57.45

Documents

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

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