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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

₹428.70 -8.80 (-2.01%)

As on 24-Sep'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

₹428.70 -8.80 (-2.01%)

As on 24-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,278 Cr.
Current Price
₹428.7
52-Week Low / High
₹364 / 490
TTM EPS
₹31.6
TTM Sales
₹830 Cr.
Book Value per Share
₹308.7
P/E Ratio
13.86
Lower than its 5-year historical median
Industry PE
4
Price to Book (P/B)
1.42
Higher than its 5-year historical median
Price to Sales (P/S)
1.54
Lower than its 5-year historical median
EV/EBITDA
8.56
Lower than its 5-year historical median
Dividend Yield
1.4%
Profitability Efficiency
Return on Equity (ROE)
8.76%
Outperforms industry median
Return on Capital Employed (ROCE)
11.10%
Outperforms industry median
Return on Assets (ROA)
6.41%
Operating Profit Margin
15.8%
Net Profit Margin
10.43%
Gross Profit Margin
16.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
8.63%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
2.53%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
7.62%
Asset Quality
Promoter Holding
40.49%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹896 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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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Undervalued

Price Trend

Strong
Q.1 Is Ultramarine & Pigments Ltd a good quality company?
Ultramarine & Pigments Ltd is a average quality company, based on a somewhat consistent 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 20.25%, compared to the industry median CAGR of 0.97%, 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 10% based on the current price.

10 Year X-Ray :

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 some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 22.8%15.6%18.1%22.4%18.7%11.7%10.9%8.9%10.1%10.4%-
Value Creation
Index
0.60.10.30.60.3-0.2-0.2-0.4-0.3-0.3-

Growth Parameters

Sales 255277307306308491541526651707757
Sales YoY Gr.-8.6%10.6%-0.2%0.7%59.3%10.3%-2.9%23.8%8.6%-
Adj EPS 1114.317.620.61919.922.418.223.423.728.7
YoY Gr.-29.3%23.6%16.6%-7.6%4.7%12.8%-18.9%28.6%1.3%-
BVPS (₹) 107.4175131.8103.6157.9294.4251305.9329.3291300.6
Adj Net
Profit
32.241.751.56055.558.165.553.168.369.284
Cash Flow from Ops. 30.454.930.347.657.136.771.366.968.8104-
Debt/CF from Ops. 0000.40.610.50.50.40.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12%18.1%9.3%8.6%
Adj EPS 8.9%4.5%1.9%1.3%
BVPS11.7%13%5.1%-11.6%
Share Price 9.8% -1.9% 1.6% -7.8%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
15.110.111.517.514.58.88.26.57.47.69.7
Op. Profit
Mgn %
19.721.823.52524.817.217.215.315.613.614.7
Net Profit
Mgn %
12.61516.819.61811.812.110.110.59.811.1
Debt to
Equity
0000.10.100.1000-
Working Cap
Days
11815217317522619719020818218368
Cash Conv.
Cycle
3225263940384751474341

Valuation of Ultramar & Pigments - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

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 (%)

Financials

PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales306308490557561695775
Operating Expenses + 230232406455466576653
Manufacturing Costs28264167657480
Material Costs133145281286300389445
Employee Cost 46394756606469
Other Costs 23233746414960
Operating Profit 76768410195119122
Operating Profit Margin (%) 25.0%24.6%17.1%18.2%16.9%17.1%15.7%
Other Income + 1210912101215
Exceptional Items 0000002
Interest 2245777
Depreciation 991217222427
Profit Before Tax 7875789176100105
Tax 16191922182524
Profit After Tax 62565869587581
PAT Margin (%) 20.3%18.1%11.9%12.4%10.3%10.8%10.4%
Adjusted EPS (₹)21.219.120.023.719.725.727.7
Dividend Payout Ratio (%)23.60%26.20%25%21.10%25.40%23.40%21.70%
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 302461860736900973870
Share Capital 5.845.845.845.845.845.845.84
Reserves 297455854730894967864
Debt +20354257576750
Long Term Debt20354255566750
Short Term Debt0002100
Minority Interest0000000
Trade Payables29364041565284
Others Liabilities 29127132123156196227
Total Liabilities 3816591,0729571,1681,2891,231

Fixed Assets

Net Fixed Assets +91119152238281334373
Gross Block114147192293354428488
Accumulated Depreciation232840557394115
CWIP 35306929292630
Investments 105194551366492513376
Inventories343772889088107
Trade Receivables39443944588180
Cash Equivalents 20723036456053
Others Assets 56164158156173185211
Total Assets 3816591,0729571,1681,2891,231
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 485829627890128
PBT 7875789176100105
Adjustment -13716212335
Changes in Working Capital -11-2-37-25-1-119
Tax Paid -19-18-18-21-17-22-20
Cash Flow From Investing Activity + -39-20-63-55-51-42-148
Capex -42-43-69-60-63-53-66
Net Investments -318-2-253-81
Others 759878-1
Cash Flow From Financing Activity + -1613-7-2-18-33-31
Net Proceeds from Shares 0000000
Net Proceeds from Borrowing 20151216516-6
Interest Paid -0-1-3-4-6-6-6
Dividend Paid -330-15-15-15-15-18
Others -3-1-10-2-28-1
Net Cash Flow -750-405915-51
PARTICULARSMar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)20.514.618.838.687.048.018.76
ROCE (%)24.5918.711.5711.239.3510.5311.1
Asset Turnover Ratio0.80.590.570.550.530.570.62
PAT to CFO Conversion(x)0.771.040.50.91.341.21.58
Working Capital Days
Receivable Days46.8049.203127.4033.3036.5037.90
Inventory Days40.3041.9040.4052.5058.1046.9046
Payable Days80.4082.6049.3051.8059.505156.10

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Ultramarine & Pigments Ltd FAQs

The current trading price of Ultramar & Pigments on 24-Sep-2026 16:59 is ₹428.7.

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 23-Sep-2026 the market cap of Ultramar & Pigments stood at ₹1,277.5 Cr

The latest P/E ratio of Ultramar & Pigments as of 23-Sep-2026 is 15.27.

The latest P/B ratio of Ultramar & Pigments as of 23-Sep-2026 is 1.46.

The 52-week high of Ultramar & Pigments is ₹490.0 and the 52-week low is ₹364.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ultramar & Pigments is ₹757 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ultramarine & Pigments Ltd is a average 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 Strong which suggest that the price of Ultramarine & Pigments Ltd is likely to Rise 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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