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Ultramarine & Pigments Limited

Ultramarine & Pigments Limited

ULTRAMAR.BO
Ultramarine & Pigments LimitedIN flagBombay Stock Exchange
378.95
INR
-5.60
- -
11.07BMarket Cap
Ultramarine & Pigments Limited
ULTRAMAR.BO
(Bombay Stock Exchange)

Recent

price

378.95

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
34.49
46.59
48
51.45
58.96
75.42
87.04
94.41
104.38
104.23
105.02
167.33
189.79
191.26
236.93
264.45
265.36
Revenue per Share
5.83
4.69
4.15
4.93
6.42
9.37
11.12
14.95
19.34
21.24
19.1
19.97
23.7
19.72
25.7
27.66
27.67
Basic EPS, GAAP
0.37
1.11
3.56
4.03
7
3.33
6.91
11.38
3.77
1.86
5.11
-13.88
0.47
5.06
12.7
20.68
- -
Free Cash Flow per Basic Share
3.5
3.5
3.49
2.63
2.92
7.82
- -
4.81
5.12
11.45
- -
5
5
5
5
6
- -
Dividend per Share
2
14.94
16.02
17.51
20.01
24.66
35.78
45.89
60.05
69.26
88.48
103.45
122.14
136.87
157.58
179.24
179.26
Book Value per Share
26.84
27.87
29.43
31.47
34.02
46.72
107.29
174.95
131.74
103.54
157.86
294.14
251.8
308.01
324.34
289.05
289.08
Tangible Book Value per Share
29
29
29
29
29
29
29
29
29
29
29
29
29
29
29
29
29
Basic Weighted Avg Shares
1,007
1,360
1,402
1,502
1,722
2,202
2,542
2,757
3,048
3,044
3,067
4,886
5,542
5,585
6,918
7,722
7,748
Sales/Revenue/Turnover
24.36
13.31
11.23
14.03
16.03
16.34
18.34
20.27
21.83
22.4
22.04
14.85
15.41
13.09
13.75
13.16
12.49
Operating Margin (%)
43
55
58
56
32
32
42
48
58
86
88
119
169
221
242
273
273
Depreciation Expense
170
137
121
144
187
274
325
436
565
620
558
583
692
576
750
808
808
Net Income, GAAP
29.46
25.02
30.19
33.32
31.89
29.94
32.6
31.17
29.72
20.12
25.57
24.88
23.88
23.77
24.63
22.83
22.81
Effective Tax Rate (%)
16.89
10.07
8.65
9.58
10.88
12.42
12.78
15.83
18.53
20.38
18.19
11.93
12.49
10.31
10.85
10.46
10.43
Profit Margin (%)
321
315
335
363
450
458
688
710
1,142
1,205
1,642
1,448
1,676
1,771
1,906
1,542
1,542
Working Capital
77
58
- -
- -
- -
- -
- -
- -
- -
264
358
462
624
631
734
550
550
LT Debt
784
819
863
922
995
1,366
3,135
5,111
3,849
3,025
4,611
8,595
7,356
8,996
9,732
8,699
8,699
Total Equity
21.55
15.63
12.63
15.58
19.41
21.28
13.91
9.3
10.42
15.2
12.12
7.72
7.55
6.25
7.03
7.77
7.4
Return on Invested Capital (%)
154.79
47.56
25.21
29.38
33.73
41.95
36.99
36.96
36.57
30.97
21.46
18.56
18.45
13.75
15.52
14.7
14.71
Return on Capital (%)
291.28
55.36
26.82
29.41
34.21
41.95
36.8
36.6
36.52
32.85
24.22
20.81
21.01
15.23
17.46
16.42
16.43
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
239
- -
310
LT Borrowings
590
- -
495
LT Finance Leases
61
- -
55
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
29
- -
29
Market Capitalization
13,708
12,246
10,702

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
2,986
- -
3,013
Cash, Cash Equivalents & STI
697
- -
918
Accounts Receivable, Net
723
- -
803
Inventories
1,102
- -
1,070
Total Current Liabilities
1,206
- -
1,471
Payables & Accruals
- -
- -
- -
ST Debt
239
- -
310
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
29.07%
18.37%
-10.62%
Free Cash Flow
94.29%
142.84%
62.9%
Net Income, GAAP
12.66%
8.87%
7.63%
Sales/Revenue/Turnover
14.41%
21.8%
11.61%
Total Cash Common Dividend
- -
- -
20%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,305
1,463
1,482
1,335
5,585
2025
1,605
1,609
1,785
1,948
6,918
2026
1,844
1,961
1,956
1,987
7,722

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5.66
5.91
4.43
- -
19.72
2025
5.66
6.38
7.82
5.83
25.7
2026
6.91
6.63
9.28
4.85
27.66

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
5
2025
- -
- -
- -
- -
5
2026
- -
- -
- -
- -
6
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Business
Ultramarine & Pigments Limited manufactures and sells inorganic pigments, surfactants, IT-enabled services (ITES), and business process outsourcing (BPO) services. The company produces ultramarine blue and violet pigments for applications in paints, plastics, inks, cosmetics, and detergents; specialty surfactants including linear alkyl benzene sulfonic acid (LABSA), methyl ester sulfonates (MES), and alpha olefin sulfonates (AOS) for detergents, personal care, and industrial uses; as well as detergent products under the OOB brand. It operates manufacturing facilities in Chennai and Ranipet, Tamil Nadu, and Naidupeta, Andhra Pradesh, with ITES divisions supporting its operations, serving customers in over 50 countries including India. Founded in 1960 and headquartered in Chennai, India, the company focuses on the specialty chemicals sector, primarily targeting paints, plastics, FMCG, cosmetics, and industrial markets with its pigments and surfactants divisions contributing the majority of revenue. Listed on the BSE (ticker: ULTRAMAR.BO), Ultramarine & Pigments maintains a diversified business model with pigments at approximately 32% of FY23 revenue, surfactants at 59%, and ITES at 9%. In recent developments, the company approved a debottlenecking and capacity enhancement for its pigments plant in November 2024, increasing capacity from 6,000 MT to 7,200 MT at a cost of Rs. 2,500 lakhs funded by internal accruals and debt. On December 12, 2024, it acquired 32.72 acres of industrial plots from SIPCOT at Manapparai, Tiruchirappalli, Tamil Nadu, on a 99-year lease for future expansion and new projects. These strategic expansions follow the incorporation of wholly-owned subsidiary Ultramarine Speciality Chemicals Limited in December 2019 to bolster pigment production, alongside sustained revenue growth including a record Q2 FY26 net sales of Rs. 196.07 crores, up 21.87% year-over-year.