Ishan Dyes and chemicals Ltd

ISHANCH

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Market Cap

₹ 170 Cr

P/E

—

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ishan Dyes and Chemicals Ltd is a prominent manufacturer and exporter of Phthalocyanine Blue Pigments used in plastics, inks, and paint.

Originating in 1993, the company quickly established itself in global markets with superior quality pigment products.

The company's solvent dyes are specially soluble in organic solvents, catering to diverse industrial applications.

Ishan emphasizes rigorous quality assurance, aligning with international standards, contributing to its success globally.

The firm maintains a progressive and professional business approach focused on ethical management and global expansion.

Sector

Chemicals

Industry

Dyes And Pigments - Medium / Small

Market Cap

170 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

33.3

PEG Ratio

—

P/B Ratio

1.2

52W High

83.50

52W Low

34.52

Sales CAGR

32.35%

5.10%

4.83%

10Y

4.87%

Profit CAGR

808.33%

-52.48%

-33.28%

10Y

-13.21%

ROE

TTM

-3.16%

0.00%

4.98%

10Y

7.73%

ROCE

TTM

0.89%

2.87%

8.24%

10Y

11.95%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDTONER	255.50	272 Cr	10.04	1.54	1.72	13.83	16.57	13.55
DUCOL	160.00	260 Cr	56.34	2.88	0.00	5.30	6.97	3.00
JDORGOCHEM	15.20	205 Cr	13.44	1.59	0.33	11.80	12.85	7.05
ISHANCH	65.16	170 Cr	—	1.22	0.00	-3.16	0.89	-1.86
HPIL	131.97	151 Cr	97.76	3.00	0.00	3.09	6.55	1.82
DEEPAKCHEM	113.90	124 Cr	10.01	2.24	0.00	18.63	24.60	16.63
MAHICKRA	144.25	117 Cr	46.23	3.28	0.14	5.72	8.52	2.94

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	12	24	15	27	33	31	21	17	16	6.74
Expenses	13	23	15	22	31	28	19	16	14	8.43
Operating Profit	-1.13	0.69	-0.82	4.49	1.93	2.38	2.11	0.30	1.84	-1.69
OPM %	-9.39	2.93	-5.64	16.91	5.85	7.78	9.96	1.79	11.30	-25.07
Other Income	0.71	0.63	0.87	0.60	0.73	0.93	0.56	0.78	0.44	0.13
Interest	0.61	0.68	0.62	0.83	1.12	1.33	1.39	1.29	1.26	1.56
Depreciation	0.70	0.70	0.70	0.71	0.63	0.62	0.61	0.61	0.61	0.60
Profit Before Tax	-1.73	-0.06	-1.27	3.55	0.91	1.36	0.67	-0.82	0.41	-3.72
Tax %	-2.89	-433.33	-15.75	-3.94	3.30	2.94	92.54	-41.46	24.39	2.42
Net Profit	-1.77	-0.32	-1.47	3.68	0.88	1.32	0.05	-1.16	0.30	-3.62
EPS in Rs	-0.68	-0.12	-0.56	1.41	0.34	0.51	0.02	-0.44	0.11	-1.68

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	67	72	67	80	82	87	65	77	101	85
Expenses	56	67	59	70	64	72	64	73	95	78
Operating Profit	11	5.27	7.53	10	18	15	1.10	3.23	6.71	6.63
OPM %	16.55	7.30	11.27	12.88	21.52	17.33	1.70	4.22	6.62	7.82
Other Income	1.14	2.14	1.26	2.35	2.24	2.60	2.01	2.81	3.00	2.71
Interest	0.82	0.64	0.93	0.65	0.59	1.77	1.61	2.74	5.13	5.27
Depreciation	1.55	0.84	1.27	1.78	2.02	2.22	2.74	2.82	2.47	2.45
Profit Before Tax	9.83	5.92	6.59	10	17	14	-1.23	0.49	2.12	1.62
Tax %	42.99	43.22	34.36	19.81	25.64	26.52	2.15	75.82	48.79	68.52
Net Profit	5.60	3.36	4.33	8.21	13	10	-1.20	0.12	1.09	0.51
EPS in Rs	2.23	1.29	1.66	3.32	4.87	3.70	-0.57	0.05	0.42	-1.99
Dividend Payout %	0.00	25.00	0.00	17.21	15.59	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.51	11	11	11	16	16	17	21	21	21
Reserves	14	15	18	22	38	49	69	82	82	83
Borrowings	7.50	6.18	8.28	11	2.07	9.07	19	22	59	92
Other Liabilities	7.73	11	11	10	10	16	9.95	5.67	17	26
Total Liabilities	36	44	48	55	67	90	114	131	179	222
Fixed Assets	13	12	20	26	29	31	37	62	64	62
CWIP	0.00	0.44	0.78	0.00	0.64	0.84	0.43	0.96	30	71
Investments	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Other Assets	24	31	27	29	37	59	77	68	85	88
Total Assets	36	44	48	55	67	90	114	131	179	222

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.09	3.98	7.20	4.98	2.65	-2.32	-8.52	20	-9.26	12
Cash from Investing Activity	-1.79	-1.69	-7.90	-6.80	-4.65	-3.26	-8.00	-41	-25	-39
Cash from Financing Activity	3.11	-2.14	0.44	1.77	2.91	4.82	16	20	34	28
Net Cash Flow	0.23	0.16	-0.26	-0.04	0.92	-0.77	-0.12	0.00	-0.11	-0.02

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	39.77%	46.95%	46.95%	46.95%	47.19%	47.19%	47.19%	47.19%	47.19%	46.73%	46.73%	37.48%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	60.23%	53.05%	53.05%	53.05%	52.81%	52.81%	52.81%	52.81%	52.81%	53.27%	53.27%	62.52%
Total Shareholders	10,706	10,275	9,874	9,458	9,359	9,749	9,481	9,410	9,566	9,418	9,304	8,761

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 14, 2023	Piyushbhai natvarlal patel	Insider - Promoter	Acquisition	63.03	0.32 Cr	50,000	0.23
Jul 25, 2023	Standard greases and speciali...	Bulk	Buy	55.50	1.11 Cr	2,00,000	0.95
Jul 25, 2023	Seraphim ventures private lim...	Bulk	Sell	54.96	1.98 Cr	3,60,380	1.71
May 22, 2023	Seraphim ventures private lim...	Bulk	Sell	65.33	0.97 Cr	1,48,903	0.71
May 18, 2023	Seraphim ventures private lim...	Bulk	Sell	63.00	1.89 Cr	3,00,000	1.43
May 18, 2023	Arhaa holdings private limited	Bulk	Buy	62.10	0.73 Cr	1,17,508	0.56
May 18, 2023	Kinjal kapil vyas	Bulk	Buy	63.50	0.64 Cr	1,00,000	0.47
May 18, 2023	Arhaa holdings private limited	Bulk	Sell	64.75	0.00 Cr	8	0.00
Mar 15, 2023	Shrinal piyushbhai patel	Insider - Promoter & Director	Acquisition	61.00	4.58 Cr	7,50,000	4.06
Mar 15, 2023	Anilaben piyushbhai patel	Insider - Promoter & Director	Acquisition	61.00	7.63 Cr	12,50,000	6.77

Projection

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Overview

Detailed Summary

Ishan Dyes and Chemicals Ltd is a prominent manufacturer and exporter of Phthalocyanine Blue Pigments used in plastics, inks, and paint.

Originating in 1993, the company quickly established itself in global markets with superior quality pigment products.

The company's solvent dyes are specially soluble in organic solvents, catering to diverse industrial applications.

Ishan emphasizes rigorous quality assurance, aligning with international standards, contributing to its success globally.

The firm maintains a progressive and professional business approach focused on ethical management and global expansion.

Sector

Chemicals

Industry

Dyes And Pigments - Medium / Small

Market Cap

170 Cr

Volatility

Low Risk

P/E Ratio

—

Industry P/E

33.3

PEG Ratio

—

P/B Ratio

1.2

52W High

83.50

52W Low

34.52

Sales CAGR

32.35%

5.10%

4.83%

10Y

4.87%

Profit CAGR

808.33%

-52.48%

-33.28%

10Y

-13.21%

ROE

TTM

-3.16%

0.00%

4.98%

10Y

7.73%

ROCE

TTM

0.89%

2.87%

8.24%

10Y

11.95%