Ultramarine & Pigments Ltd.

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ultramarinepigments.netBSE: 506685NSE: ULTRAMAR

Market Cap₹ 1,251 Cr.

Current Price

High / Low₹ 456 / 364

Stock P/E15.0

Book Value₹ 301

Price to Book1.26

Dividend Yield1.40 %

ROCE10.4 %

ROE8.0 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Laundry & Allied Products: 91.8% • IT Enabled Services: 7.3% • Windmill Operations: 0.9%

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
Latest quarter profit grew 68.2% YoY, showing strong momentum
Company has delivered good sales growth of 18.1% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.22x)
Company comfortably covers its interest (32.5x coverage)
Company has a consistent dividend-paying track record

CONS

Company has a low return on equity of 7.4% over last 3 years
Company has a low return on capital employed of 9.8%
Company has delivered a poor profit growth of 5.3% over past five years
Operating margins have contracted to 13.6% from 19.4%
Expensive relative to growth - PEG of 5.2

* 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	1249.75	137.43	9950.05	0.40	103.40	88.00	2642.10	5.39	5.99	10.29
2.	KIRIINDUS	537.65	0.60	3503.76	0.00	290.70	186.82	312.36	54.54	110.39	11.71
3.	BODALCHEM	172.00	31.54	2166.24	0.00	30.38	218.67	709.04	56.11	6.71	9.72
4.	VIDHIING	334.05	31.34	1668.41	0.90	17.12	34.74	146.28	66.42	18.83	17.78
5.	SHREEPUSHK	484.50	21.74	1566.76	0.43	22.93	9.40	280.07	10.04	11.81	11.40
6.	ULTRAMAR	428.40	13.57	1250.93	1.40	31.59	56.46	239.96	30.14	11.10	18.95
7.	SUDARCOLOR	376.55	2.86	869.15	0.00	20.36	19.13	222.39	5.54	11.00	11.51
8.	PODDARMENT	280.70	19.54	297.82	1.43	46.47	1015.73	901.30	887.64	5.83	5.95
9.	DYNPRO	233.20	14.26	289.83	0.64	5.19	7.92	86.43	-6.99	11.27	14.60
10.	HPIL	125.70	92.48	143.60	0.00	0.25	-86.19	26.76	-38.75	6.36	2.88
11.	ISHANCH	43.77	0.00	119.51	0.00	0.15	-48.33	41.48	154.63	4.08	8.10

Detailed Comparison with:

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
	123	137	140	126	152	154	164	182	169	181	178	180	219
	100	117	120	109	128	130	134	158	144	155	151	159	186
Operating Profit	23	20	20	16	23	24	29	24	25	26	27	21	32
OPM %	18.91%	14.60%	14.11%	13.04%	15.31%	15.70%	17.88%	13.36%	14.54%	14.40%	15.11%	11.67%	14.79%
	2	5	2	2	3	5	2	2	3	5	8	1	6
Interest	1	1	1	1	1	1	1	1	1	1	1	1	0
Depreciation	4	4	4	4	4	4	4	4	4	5	5	5	5
Profit before Tax	21	20	17	13	21	24	27	22	22	26	29	16	38
Tax %	25.69%	21.52%	25.50%	24.07%	25.28%	23.10%	25.62%	26.66%	25.29%	23.06%	20.63%	23.71%	26.43%
Net Profit	15	16	12	10	16	18	20	16	17	20	23	12	28
	5.29	5.42	4.23	3.50	5.43	6.23	6.76	5.44	5.70	6.85	7.99	4.24	9.58

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
	255	277	307	306	308	491	541	526	651	707	757
	205	217	236	230	232	407	449	446	549	611	651
Operating Profit	50	61	71	76	76	84	93	80	101	96	106
OPM %	19.68%	21.83%	23.04%	24.97%	24.58%	17.13%	17.11%	15.21%	15.57%	13.55%	14.03%
	3	9	16	12	10	9	12	12	12	20	20
Interest	1	1	1	2	2	4	4	4	4	3	2
Depreciation	4	5	6	9	9	12	14	16	17	19	19
Profit before Tax	48	63	80	78	75	78	88	71	93	94	110
Tax %	32.60%	31.17%	29.72%	20.12%	25.57%	24.87%	24.07%	24.16%	25.14%	22.95%	23.67%
Net Profit	32	44	56	62	56	58	66	54	70	72	84
EPS	0.00	0.00	0.00	0.00	19.10	19.97	22.76	18.43	23.86	24.77	—
Dividend Payout %	35.97%	28.44%	23.27%	23.54%	26.17%	25.03%	21.97%	27.12%	25.15%	24.23%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 18%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 5%
3 Years:: 3%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 8%
3 Years:: 7%
Last Year:: 8%

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	6	6	6	6	6	6	6	6	6	6
	308	505	379	297	455	854	727	887	956	844
	0	0	0	27	37	41	47	35	24	13
Trade Payables	25	29	22	29	36	39	40	53	49	77
	53	72	98	23	124	118	104	136	173	189
Total Liabilities	392	612	505	381	658	1,058	924	1,117	1,208	1,130
	60	70	79	91	119	142	157	185	205	221
Capital Work in Progress	0	1	2	35	23	15	21	2	12	20
	207	400	232	105	194	595	425	576	594	464
	25	25	27	34	37	71	80	80	75	88
	0	0	0	0	0	0	0	56	79	74
Cash & Bank	15	15	28	20	70	29	34	43	57	56
	83	102	137	95	216	205	207	174	186	208
Total Assets	392	612	505	381	658	1,058	924	1,117	1,208	1,130

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
	44	74	56	66	75	55	92	67	69	104
Cash from Investing	-27	-41	-2	-39	-20	-60	-49	-35	-2	-117
Cash from Financing	-0	-15	-15	-16	13	-18	-17	-23	-53	-31
	3	-1	13	-7	50	-41	6	9	13	-44

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

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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