Sudarshan Chemical Industries Ltd

Sudarshan Chemical Industries Ltd

₹ 979 -2.42%
27 May - close price
About

Sudarshan Chemical Industries manufactures and sells a wide range of Organic and Inorganic Pigments, Effect Pigments. The Group also manufactures Pollution Control Equipment, Size Reduction Equipment and Grinding Equipments for industrial applications.(Source : 202003 Annual Report Page No:203)

Key Points

Market Position[1]
The company is the 3rd largest pigment manufacturer globally. In FY24, it held a 35% market share.

  • Market Cap 7,708 Cr.
  • Current Price 979
  • High / Low 1,604 / 726
  • Stock P/E 25.1
  • Book Value 322
  • Dividend Yield 0.46 %
  • ROCE 13.5 %
  • ROE 12.8 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 19.2% CAGR over last 5 years

Cons

  • Stock is trading at 3.04 times its book value
  • The company has delivered a poor sales growth of 7.00% over past five years.
  • Promoter holding is low: 8.19%
  • Tax rate seems low
  • Company has a low return on equity of 10.8% over last 3 years.
  • Promoter holding has decreased over last 3 years: -27.6%
  • Working capital days have increased from 52.2 days to 81.1 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
542 525 489 510 618 580 676 575 704 531 582 550 733
473 460 433 445 528 488 558 503 634 412 485 482 581
Operating Profit 69 65 56 65 89 92 118 72 70 119 97 69 152
OPM % 13% 12% 11% 13% 14% 16% 17% 12% 10% 22% 17% 12% 21%
1 319 6 4 -0 4 5 -4 8 25 22 -6 28
Interest 13 8 8 7 6 5 6 9 8 8 7 6 8
Depreciation 30 34 34 34 34 35 35 35 35 36 38 37 37
Profit before tax 28 342 20 28 49 55 82 23 34 99 75 20 135
Tax % 18% 22% 29% 32% 24% 26% 25% 30% 34% 26% 1% -12% 11%
23 265 14 19 37 41 61 16 22 73 74 22 120
EPS in Rs 3.28 38.32 2.04 2.72 5.33 5.93 8.85 2.35 2.85 9.33 9.43 2.86 15.32
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,076 1,199 1,126 1,306 1,433 1,518 1,708 1,919 1,976 2,141 2,534 2,397
966 1,043 955 1,107 1,229 1,280 1,441 1,684 1,793 1,865 2,182 1,960
Operating Profit 110 157 171 199 203 238 267 235 183 276 352 437
OPM % 10% 13% 15% 15% 14% 16% 16% 12% 9% 13% 14% 18%
25 13 21 12 91 25 17 8 4 329 12 69
Interest 36 27 24 25 15 13 18 19 38 30 30 29
Depreciation 40 44 49 58 65 72 85 87 111 137 141 148
Profit before tax 60 98 119 128 215 177 181 137 38 439 194 329
Tax % 29% 27% 25% 31% 29% 16% 25% 27% 17% 24% 27% 12%
42 72 89 88 152 149 136 100 31 335 141 290
EPS in Rs 6.13 10.35 12.90 12.72 21.89 21.48 19.68 14.50 4.54 48.41 17.94 36.93
Dividend Payout % 29% 29% 27% 28% 27% 29% 30% 34% 33% 10% 25% 14%
Compounded Sales Growth
10 Years: 7%
5 Years: 7%
3 Years: 7%
TTM: -5%
Compounded Profit Growth
10 Years: 16%
5 Years: 19%
3 Years: 114%
TTM: 111%
Stock Price CAGR
10 Years: 24%
5 Years: 8%
3 Years: 28%
1 Year: -11%
Return on Equity
10 Years: 13%
5 Years: 10%
3 Years: 11%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 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 14 14 16 16
Reserves 266 313 380 439 585 619 757 818 794 1,093 2,243 2,518
349 347 361 365 311 445 563 761 754 378 435 388
272 284 321 349 354 483 589 626 585 610 677 716
Total Liabilities 901 958 1,076 1,166 1,263 1,561 1,923 2,220 2,148 2,094 3,371 3,639
309 328 418 465 464 614 598 812 1,098 1,069 1,019 1,033
CWIP 7 15 8 6 24 48 278 282 44 15 45 53
Investments 49 48 55 60 42 44 55 55 56 51 1,048 1,167
535 566 595 636 733 855 992 1,071 950 960 1,259 1,386
Total Assets 901 958 1,076 1,166 1,263 1,561 1,923 2,220 2,148 2,094 3,371 3,639

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
150 152 144 155 85 236 155 165 284 189 66
-67 -78 -128 -88 -25 -224 -261 -294 -182 289 -1,113
-76 -72 -25 -70 -63 -11 113 134 -110 -449 1,030
Net Cash Flow 7 1 -9 -3 -3 0 8 5 -9 30 -17
Free Cash Flow 99 77 15 70 -15 -22 -103 -137 100 464 -39
CFO/OP 148% 109% 101% 91% 56% 124% 72% 85% 158% 96% 33%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 90 88 93 84 89 88 105 88 78 89 98 100
Inventory Days 95 88 107 93 105 140 117 154 112 93 90 102
Days Payable 85 89 125 107 100 146 151 154 128 130 127 146
Cash Conversion Cycle 100 87 75 70 93 82 70 89 62 52 61 55
Working Capital Days 27 42 14 36 55 28 31 16 20 38 37 81
ROCE % 14% 19% 20% 20% 17% 17% 16% 11% 5% 10% 11% 14%

Insights

In beta
Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2025
Net Working Capital as % of Revenue
%

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Number of Manufacturing Sites
Count
Domestic Pigment Market Share
%
Number of Countries with Customers
Count
Number of Brands
Count
Number of Pigment Products / SKUs
Count
Number of Direct Customers
Count
Pigment Sales Volume Growth
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

7 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
35.82% 35.82% 35.82% 33.22% 30.55% 30.55% 27.55% 23.90% 16.41% 8.20% 8.20% 8.20%
3.49% 4.65% 4.22% 4.50% 6.71% 8.35% 8.71% 7.96% 8.52% 8.54% 8.21% 7.96%
14.29% 13.67% 13.58% 17.47% 20.92% 19.82% 18.64% 23.57% 23.51% 24.17% 24.60% 24.89%
46.41% 45.86% 46.37% 44.81% 41.82% 41.29% 45.09% 44.57% 51.57% 59.08% 59.01% 58.95%
No. of Shareholders 67,78968,05268,30168,60761,32769,76970,16063,73464,72863,69158,12255,044

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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