Ultramarine & Pigments Ltd

₹ 399 0.74%

04 Jun - close price

ultramarinepigments.net BSE: 506685 NSE: ULTRAMAR

About

Ultramarine & Pigments is engaged in manufacturing and selling of Pigments, Surfactants, IT-Enabled Services, and Business Process Outsourcing (BPO) activities. The Company caters to both domestic and international markets.

Key Points

Product Portfolio
1. Pigments:^[1] Company manufactures a variety of inorganic pigments such as ultramarine blues (Pigment Blue 29), ultramarine violets (Pigment Violet 15), bismuth vanadate (Pigment Yellow 184), and various mixed metal oxides.

Website BSE NSE

Market Cap ₹ 1,163 Cr.
Current Price ₹ 399
High / Low ₹ 614 / 365
Stock P/E 14.7
Book Value ₹ 298
Dividend Yield 1.50 %
ROCE 10.7 %
ROE 8.56 %
Face Value ₹ 2.00

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Pros

Company has been maintaining a healthy dividend payout of 23.5%
Company's working capital requirements have reduced from 62.5 days to 47.6 days

Cons

Company has a low return on equity of 7.89% over last 3 years.

* 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.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Dyes And Pigments

Part of BSE Commodities

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	125	131	146	148	136	161	161	179	195	184	196	196	199
	105	104	122	125	116	134	134	142	166	153	164	161	173
Operating Profit	20	27	24	23	20	26	27	36	28	32	32	34	26
OPM %	16%	21%	17%	16%	15%	16%	17%	20%	15%	17%	16%	18%	13%
	2	2	5	2	2	3	4	2	3	3	2	8	1
Interest	2	2	2	2	2	2	2	2	2	2	2	1	2
Depreciation	5	5	5	6	6	6	6	6	7	6	7	7	7
Profit before tax	15	22	22	17	14	22	24	30	23	27	26	34	18
Tax %	25%	25%	21%	25%	24%	25%	23%	25%	26%	24%	25%	20%	23%
	11	17	17	13	11	17	19	23	17	20	19	27	14
EPS in Rs	3.75	5.66	5.91	4.43	3.72	5.66	6.38	7.83	5.83	6.91	6.63	9.28	4.85
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	306	308	490	557	561	695	775
	230	232	406	455	466	576	651
Operating Profit	77	76	84	102	95	119	124
OPM %	25%	25%	17%	18%	17%	17%	16%
	11	9	9	11	10	12	14
Interest	2	2	4	5	7	7	6
Depreciation	9	9	12	17	22	24	27
Profit before tax	78	75	78	91	76	100	105
Tax %	20%	26%	25%	24%	24%	25%	23%
	62	56	58	69	58	75	81
EPS in Rs	21.24	19.11	19.97	23.70	19.73	25.70	27.66
Dividend Payout %	24%	26%	25%	21%	25%	23%	22%

Compounded Sales Growth
10 Years:	%
5 Years:	20%
3 Years:	12%
TTM:	12%

Compounded Profit Growth
10 Years:	%
5 Years:	7%
3 Years:	4%
TTM:	5%

Stock Price CAGR
10 Years:	12%
5 Years:	4%
3 Years:	7%
1 Year:	-24%

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
Reserves	297	455	854	730	894	967	864
	29	38	53	75	79	94	86
	50	61	82	70	97	106	138
Total Liabilities	381	561	995	881	1,076	1,173	1,094
	91	119	152	238	281	334	373
CWIP	35	30	69	29	30	26	30
Investments	105	194	551	366	492	513	376
	149	218	222	248	274	299	315
Total Assets	381	561	995	881	1,076	1,173	1,094

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	48	58	29	62	78	90	128
	-39	-20	-63	-55	-51	-42	-148
	-16	13	-7	-2	-18	-33	-31
Net Cash Flow	-7	51	-40	5	10	15	-51
Free Cash Flow	6	15	-40	1	15	37	62
CFO/OP	87%	100%	56%	81%	100%	94%	120%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	47	52	29	29	38	42	38
Inventory Days	93	93	93	113	109	83	88
Days Payable	80	91	52	53	69	49	69
Cash Conversion Cycle	59	54	71	89	79	76	56
Working Capital Days	85	92	82	79	79	61	48
ROCE %		18%	11%	11%	9%	10%	11%

Insights

In beta

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Export Revenue
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Wind Energy Generation
Lakh units ・Standalone data

Installed Capacity - Pigments
MTPA

Sales Volume - Pigment Division
MT ・Standalone data

Installed Capacity - Surfactants
MTPA

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Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	42.37%	41.68%	41.07%	41.04%	41.04%	40.86%	40.86%	40.62%	40.50%	40.50%	40.45%	40.50%
	0.80%	0.80%	0.84%	1.21%	1.28%	1.22%	1.22%	1.15%	1.12%	1.05%	1.04%	1.24%
	0.82%	0.82%	0.82%	0.24%	0.32%	0.32%	0.63%	0.95%	1.26%	1.33%	1.40%	0.68%
	55.99%	56.69%	57.25%	57.51%	57.34%	57.61%	57.28%	57.28%	57.12%	57.11%	57.11%	57.59%
No. of Shareholders	22,999	22,946	22,352	21,539	19,933	19,228	18,931	18,721	18,804	19,762	19,296	18,689

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52.56%	53.26%	53.73%	52.85%	48.63%	44.07%	42.37%	41.04%	40.62%	40.50%
	0.11%	0.23%	0.49%	0.98%	0.78%	0.54%	0.80%	1.21%	1.15%	1.24%
	0.15%	0.39%	0.39%	0.39%	0.13%	0.14%	0.82%	0.24%	0.95%	0.68%
	47.18%	46.12%	45.39%	45.78%	50.46%	55.26%	55.99%	57.51%	57.28%	57.59%
No. of Shareholders	8,494	9,613	10,344	9,901	15,562	21,443	23,035	21,539	18,721	18,689

* 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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Ultramarine & Pigments Ltd

Ultramarine & Pigments Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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