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Ultramarine & Pigments Ltd (ULTRAMAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 506685 NSE: ULTRAMAR Dyes & Pigments | Small Cap | Ultramar & Pigments Share Price

₹395 14.30 (3.76%)

As on 09-Jun'26 16:59

Ultramarine & Pigments Ltd (ULTRAMAR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 506685 NSE: ULTRAMAR Dyes & Pigments | Small Cap | Ultramar & Pigments Share Price

₹395 14.30 (3.76%)

As on 09-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,153 Cr.
Current Price
₹395
52-Week Low / High
₹365 / 614
TTM EPS
₹24.8
TTM Sales
₹707 Cr.
Book Value per Share
₹291
P/E Ratio
15.95
Lower than its 5-year historical median
Industry PE
2.8
Price to Book (P/B)
1.36
Higher than its 5-year historical median
Price to Sales (P/S)
1.63
Lower than its 5-year historical median
EV/EBITDA
9.86
Lower than its 5-year historical median
Dividend Yield
1.26%
Profitability Efficiency
Return on Equity (ROE)
7.51%
In line with industry median
Return on Capital Employed (ROCE)
10.11%
Outperforms industry median
Return on Assets (ROA)
5.99%
Operating Profit Margin
15.6%
Net Profit Margin
10.71%
Gross Profit Margin
16.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
23.84%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
26.77%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
29.43%
Asset Quality
Promoter Holding
40.49%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹844 Cr.
Equity
₹5.8 Cr.
Face Value
₹2
All Time Low / High
₹4.76 / 613.95

Ultramarine & Pigments stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Ultramarine & Pigments Ltd a good quality company?
Ultramarine & Pigments Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ultramarine & Pigments Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ultramarine & Pigments Ltd vs industry peers?
Ultramarine & Pigments Ltd revenue CAGR is 16.28%, compared to the industry median CAGR of 5.57%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Ultramarine & Pigments Ltd?
Promoters hold 40.49% of the Ultramarine & Pigments Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ultramarine & Pigments Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.6% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ultramarine & Pigments Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 36.8%22.8%15.6%18.1%22.4%18.7%11.7%10.9%8.9%10.1%-
Value Creation
Index
1.60.60.10.30.60.3-0.2-0.2-0.4-0.3-

Growth Parameters

Sales 220255277307306308491541526651707
Sales YoY Gr.-16%8.6%10.6%-0.2%0.7%59.3%10.3%-2.9%23.8%-
Adj EPS 9.31114.317.620.61919.922.418.223.424.8
YoY Gr.-18.2%29.3%23.6%16.6%-7.6%4.7%12.8%-18.9%28.6%-
BVPS (₹) 39.2107.4175131.8103.6157.9294.4251305.9329.3291
Adj Net
Profit
27.332.241.751.56055.558.165.553.168.372
Cash Flow from Ops. 27.530.454.930.347.657.136.771.366.968.8-
Debt/CF from Ops. 00000.40.610.50.50.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12.8%16.3%9.9%23.8%
Adj EPS 10.7%2.6%5.6%28.6%
BVPS26.7%26%3.8%7.7%
Share Price 11.7% 2.5% 7.1% -23.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
25.515.110.111.517.514.58.88.26.57.48
Op. Profit
Mgn %
17.119.721.823.52524.817.217.215.315.613.9
Net Profit
Mgn %
12.412.61516.819.61811.812.110.110.510.2
Debt to
Equity
00000.10.100.1000
Working Cap
Days
11311815217317522619719020818268
Cash Conv.
Cycle
3832252639403847514741

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales220255277307306308491541526651
Operating Expenses + 183205217236230232407449446549
Manufacturing Costs21262629282641625562
Material Costs107127135141133145282287295383
Employee Cost 32313542463947545760
Other Costs 23212125232337453845
Operating Profit 385061717676849380101
Operating Profit Margin (%) 17.1%19.7%21.8%23.0%25.0%24.6%17.1%17.1%15.2%15.6%
Other Income + 5391012109121212
Exceptional Items 0006000000
Interest 0111224444
Depreciation 34569912141617
Profit Before Tax 39486380787578887193
Tax 12162024161919211723
Profit After Tax 27324456625658665470
PAT Margin (%) 12.4%12.7%15.7%18.4%20.3%18.1%11.9%12.3%10.2%10.7%
Adjusted EPS (₹)9.411.115.019.321.219.120.022.818.423.9
Dividend Payout Ratio (%)37.40%36%28.40%23.30%23.50%26.20%25%22%27.10%25.20%

Valuation of Ultramar & Pigments - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 115314511385302461860733893962
Share Capital 6666666666
Reserves 109308505379297455854727887956
Debt +0000203530312717
Long Term Debt0000203530312717
Short Term Debt0000000000
Minority Interest0000000000
Trade Payables17252922293639405349
Others Liabilities 2253739929126129119144180
Total Liabilities 1533926125053816581,0589241,1171,208

Fixed Assets

Net Fixed Assets +5260707991119142157185205
Gross Block119647993114147182209249283
Accumulated Depreciation664914232840526478
CWIP 201235231521212
Investments 15207400232105194595425576594
Inventories21252527343771808075
Trade Receivables27342633394439425679
Cash Equivalents 12151528207029344357
Others Assets 24497610456172166165174186
Total Assets 1533926125053816581,0589241,1171,208

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 28305530485737716769
PBT 39486380787578887193
Adjustment 02-3-9-137111111
Changes in Working Capital -2-714-15-11-3-30-62-13
Tax Paid -10-14-19-26-19-18-18-21-17-22
Cash Flow From Investing Activity + -9-27-41-2-39-20-60-49-35-2
Capex -18-10-22-7-42-32-27-29-26-22
Net Investments -1-19-24-0-319-3-2511
Others 102557-7-30-18-139
Cash Flow From Financing Activity + -23-0-15-15-1613-18-17-23-53
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000201512-4-8
Interest Paid -0-0-1-0-0-1-3-3-3-3
Dividend Paid -230-12-15-330-15-15-15-15
Others -00-20-3-1-1-2-2-27
Net Cash Flow -53-113-750-416913

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)25.5615.1710.5812.6118.0414.618.838.356.627.51
ROCE (%)36.8222.8315.6318.0722.4318.711.6710.938.8510.11
Asset Turnover Ratio1.611.030.560.550.690.590.570.550.510.56
PAT to CFO Conversion(x)1.040.941.250.540.771.020.641.081.240.99
Working Capital Days
Receivable Days36.9039.6038.8035.2043.1049.203127.6034.3037.90
Inventory Days31.2030.2032.6031.1036.4041.9040.205155.5043.50
Payable Days47.1059.4072.1065.6070.2082.5048.5050.2057.9049

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ultramarine & Pigments Ltd FAQs

The current trading price of Ultramar & Pigments on 09-Jun-2026 16:59 is ₹395.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 08-Jun-2026 the market cap of Ultramar & Pigments stood at ₹1,153.4 Cr

The latest P/E ratio of Ultramar & Pigments as of 08-Jun-2026 is 15.95.

The latest P/B ratio of Ultramar & Pigments as of 08-Jun-2026 is 1.36.

The 52-week high of Ultramar & Pigments is ₹614.0 and the 52-week low is ₹365.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ultramar & Pigments is ₹707 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ultramarine & Pigments Ltd is a good quality company.

The key valuation ratios of Ultramarine & Pigments Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ultramarine & Pigments Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Ultramarine & Pigments Ltd

Ultramarine & Pigments, started in 1961, is one of the largest pigment and surfactant manufacturing company of Indian origin, having two factories in south India. It specializes in the manufacture of inorganic pigments and organic surfactants with international quality standard. Today the company produces diverse range of products. Ultramarine & Pigments Ltd is equipped with an excellent infrastructural setup which includes most modern production equipments, process and quality control instruments, continuously updated technical know-how, quality management and assurance systems.

The quality assurance system ensures that every batch of products conforms to the grade specification in all aspects. Technically superior approach to analysis and measurements are constantly identified and implemented. Besides, the organization has implemented ISO 9002 Quality system management standard and ISO 14001 Environment system management standard.

Product range of the company includes:

Pigments

  • ULTRAMARINE BLUE is a very safe, non-hazardous blue pigment with a variety of applications worldwide. Its synthetic manufacturing process and possibility for close control over its physical, chemical, and colour characteristics enable the production of several types of this blue pigment, which are readily accepted by plastic, printing ink, paint, cosmetic and many other industries due to advantages over other organic pigments and dyes. Besides, Ultramarine blue is an environment friendly pigment available to the industry today.
  • ULTRAMARINE VIOLET, like Ultramarine blue, is also very safe, non-hazardous, non-toxic violet pigment with a number of applications as a violet colourant. It is used in printing inks, paints, plastics and cosmetics. Ultramarine violet is also an environment friendly pigment.
  • BISMUTH VANADATE YELLOW is an inorganic lead free pigment recommended in applications where high performance is required, due to its good opacity and tinting strength. Its problem free ecotoxicological behavior makes it suitable alternative to chrome and cadmium pigments.

Surfactants

  • LINEAR ALKYL BENZENE SULPHONIC ACID (LABSA) is produced in the most sophisticated 'Falling Film Reactor', with Italian technology. The process is automated fully with most modern computer aided process equipment to produce high quality products with consistency.
  • LABSA is an anionic surfactant widely used in the formulations of all ranges of domestic detergents and dishwash liquids. It is specially suited for the manufacture of all types of detergent powders and cakes. Due to its high active matter, quick miscibility with water and low salt content, it easily finds its way in to variety of liquid formulations.
  • ALPHA OLEFIN SULPHONATE (AOS) is produced from sulphonation of alpha olefin, a petroleum product. AOS is one of the active matters used in detergents. It is an effective emulsifier and has excellent foaming and detergency characteristics. It is superior to conventional detergent active with regard to cold water solubility, foaming and detergency in hard water. Because it is gentle on the skin it is the preferred additive in shampoos, bath soaps.

The company provides free technical service to industrial customers irrespective of the size, and the technical service department maintains close link with industry, visiting customers to understand their requirements, to provide solutions to customers who are encountering difficulties.

Other group companies:

  • Chemidye- Manufacturer of fine /specialty chemicals based on phthalic and Maleic Anhydride.
  • LAPIZ Digital Services- IT Enabled services
  • Thirumalai Chemicals Ltd.- Manufacturer of Phthalic Anhydride,Malic Acid & food Acid
  • Thirumalai Charity Trust- A NGO operating in Education women’s empowerment.
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