Ultramarine & Pigments Ltd

ULTRMARINE

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Market Cap

₹ 1,291 Cr

P/E

16.25

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ultramarine & Pigments Limited, established in 1960, manufactures and sells pigments, surfactants, and IT-enabled services. Its facilities are located in Tamil Nadu and Andhra Pradesh.

The company has diversified its portfolio that includes power generation through wind energy, contributing to its self-sufficiency and sustainability initiatives.

There is a significant focus on expanding capacity in various sectors, notably in inorganic pigment manufacturing, strengthening its presence across Northern and Western India.

Recognized for quality, Ultramarine & Pigments has received ISO 9002 and ISO 14001 certifications for its operations, underscoring its commitment to quality and environmental standards.

Recent developments include commissioning additional pigment manufacturing capacity through a subsidiary, highlighting the company's expansion strategy in response to market demands.

Sector

Chemicals

Industry

Dyes And Pigments - Large

Market Cap

1,291 Cr

Volatility

Low Risk

P/E Ratio

16.3

Industry P/E

33.7

PEG Ratio

2.7

P/B Ratio

1.2

52W High

613.95

52W Low

399.00

Sales CAGR

23.91%

9.85%

16.28%

10Y

11.70%

Profit CAGR

30.30%

6.10%

2.36%

10Y

10.95%

ROE

TTM

7.47%

7.34%

7.78%

10Y

9.50%

ROCE

TTM

9.75%

9.55%

10.04%

10Y

12.41%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JGCHEM	360.05	1,420 Cr	22.74	2.88	0.28	12.67	17.73	12.22
PLATIND	251.45	1,377 Cr	32.27	3.37	0.00	10.34	13.89	8.13
JYOTIRES	1110.00	1,336 Cr	18.21	5.66	0.81	29.00	38.69	19.21
ULTRMARINE	430.40	1,291 Cr	16.25	1.21	1.36	7.47	9.75	6.16
SREERAYALK	116.75	1,267 Cr	10.44	1.01	0.85	9.67	11.73	5.96
IGPL	404.00	1,228 Cr	37.76	0.94	2.51	2.49	4.51	1.44
SHREEPUSHK	378.85	1,217 Cr	16.98	2.10	0.53	12.39	12.37	7.96

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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	131	146	148	136	161	161	179	195	184	196
Expenses	104	122	125	116	134	134	142	166	153	164
Operating Profit	27	24	23	20	26	27	36	28	32	32
OPM %	20.63	16.54	15.51	14.58	16.49	16.89	20.21	14.56	17.24	16.14
Other Income	1.81	4.93	1.69	1.95	2.82	4.33	2.29	2.94	2.83	2.39
Interest	1.60	1.68	1.65	1.67	1.70	1.60	1.93	1.52	1.67	1.63
Depreciation	5.03	5.49	5.76	5.83	5.54	5.70	6.12	6.79	6.40	6.60
Profit Before Tax	22	22	17	14	22	24	30	23	27	26
Tax %	25.19	21.45	25.07	23.56	25.02	23.05	24.64	25.94	23.95	24.99
Net Profit	17	17	13	11	17	19	23	17	20	19
EPS in Rs	5.66	5.91	4.43	3.72	5.66	6.38	7.82	5.83	6.91	6.63

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	306	308	490	557	561	695	719
Expenses	230	233	407	456	467	577	595
Operating Profit	76	75	83	101	94	118	123
OPM %	24.77	24.40	17.01	18.12	16.75	17.00	17.17
Other Income	12	9.60	9.07	11	10	12	12
Interest	1.10	1.08	2.96	4.50	6.60	6.75	6.72
Depreciation	8.62	8.78	12	17	22	24	25
Profit Before Tax	78	75	78	91	76	100	104
Tax %	20.11	25.57	24.88	23.88	23.77	24.63	24.38
Net Profit	62	56	58	69	58	75	79
EPS in Rs	—	19.09	19.96	23.71	19.72	25.69	27.19
Dividend Payout %	23.54	26.18	25.04	21.10	25.35	23.35	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.84	5.84	5.84	5.84	5.84	5.84
Reserves	297	455	854	730	894	967
Borrowings	29	38	53	75	79	94
Other Liabilities	50	61	82	70	97	106
Total Liabilities	381	561	995	881	1,076	1,173
Fixed Assets	91	119	152	238	281	334
CWIP	35	30	69	29	29	26
Investments	105	194	551	366	492	513
Other Assets	149	218	222	248	274	299
Total Assets	381	561	995	881	1,076	1,173

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	48	58	29	62	78	90
Cash from Investing Activity	-39	-20	-63	-55	-51	-42
Cash from Financing Activity	-16	13	-6.69	-2.30	-18	-33
Net Cash Flow	-7.41	50	-40	4.93	9.44	15

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	42.66%	42.37%	42.37%	41.68%	41.08%	41.05%	41.05%	40.86%	40.86%	40.61%	40.50%	40.50%
FIIs	0.67%	0.80%	0.80%	0.80%	0.84%	1.21%	1.28%	1.22%	1.22%	1.15%	1.12%	1.05%
DIIs	0.15%	0.83%	0.83%	0.83%	0.83%	0.24%	0.32%	0.32%	0.63%	0.95%	1.26%	1.33%
Public	56.52%	56.00%	56.00%	56.69%	57.26%	57.50%	57.35%	57.60%	57.28%	57.28%	57.12%	57.11%
Total Shareholders	22,986	23,035	22,999	22,946	22,352	21,539	19,933	19,228	18,931	18,721	18,804	19,762

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 22, 2025	S narayan	Insider - Promoter Group	Disposal	461.00	0.05 Cr	1,000	0.00
Nov 21, 2025	S narayan	Insider - Promoter Group	Disposal	459.80	0.92 Cr	19,900	0.06
Jun 25, 2025	Narayan s	Insider - Promoter Group	Disposal	508.00	0.05 Cr	1,000	0.00
Jun 24, 2025	Ramya bharathram	Insider - Promoter Group	Acquisition	—	—	16,000	0.05
Jun 24, 2025	Uttara b	Insider - Promoter Group	Disposal	—	—	16,000	0.05
Jun 23, 2025	Narayan s	Insider - Promoter Group	Disposal	510.00	0.03 Cr	550	0.00
Jun 20, 2025	Narayan s	Insider - Promoter Group	Disposal	516.77	0.08 Cr	1,550	0.00
Jun 18, 2025	Narayan s	Insider - Promoter Group	Disposal	508.00	0.06 Cr	1,250	0.00
Jun 18, 2025	Narayan s	Insider - Promoter Group	Disposal	511.70	0.35 Cr	6,750	0.02
Jun 12, 2025	Narayan s	Insider - Promoter Group	Disposal	520.00	0.26 Cr	5,000	0.01

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

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	131	146	148	136	161	161	179	195	184	196
Expenses	104	122	125	116	134	134	142	166	153	164
Operating Profit	27	24	23	20	26	27	36	28	32	32
OPM %	20.63	16.54	15.51	14.58	16.49	16.89	20.21	14.56	17.24	16.14
Other Income	1.81	4.93	1.69	1.95	2.82	4.33	2.29	2.94	2.83	2.39
Interest	1.60	1.68	1.65	1.67	1.70	1.60	1.93	1.52	1.67	1.63
Depreciation	5.03	5.49	5.76	5.83	5.54	5.70	6.12	6.79	6.40	6.60
Profit Before Tax	22	22	17	14	22	24	30	23	27	26
Tax %	25.19	21.45	25.07	23.56	25.02	23.05	24.64	25.94	23.95	24.99
Net Profit	17	17	13	11	17	19	23	17	20	19
EPS in Rs	5.66	5.91	4.43	3.72	5.66	6.38	7.82	5.83	6.91	6.63

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	306	308	490	557	561	695	719
Expenses	230	233	407	456	467	577	595
Operating Profit	76	75	83	101	94	118	123
OPM %	24.77	24.40	17.01	18.12	16.75	17.00	17.17
Other Income	12	9.60	9.07	11	10	12	12
Interest	1.10	1.08	2.96	4.50	6.60	6.75	6.72
Depreciation	8.62	8.78	12	17	22	24	25
Profit Before Tax	78	75	78	91	76	100	104
Tax %	20.11	25.57	24.88	23.88	23.77	24.63	24.38
Net Profit	62	56	58	69	58	75	79
EPS in Rs	—	19.09	19.96	23.71	19.72	25.69	27.19
Dividend Payout %	23.54	26.18	25.04	21.10	25.35	23.35	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.84	5.84	5.84	5.84	5.84	5.84
Reserves	297	455	854	730	894	967
Borrowings	29	38	53	75	79	94
Other Liabilities	50	61	82	70	97	106
Total Liabilities	381	561	995	881	1,076	1,173
Fixed Assets	91	119	152	238	281	334
CWIP	35	30	69	29	29	26
Investments	105	194	551	366	492	513
Other Assets	149	218	222	248	274	299
Total Assets	381	561	995	881	1,076	1,173

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	48	58	29	62	78	90
Cash from Investing Activity	-39	-20	-63	-55	-51	-42
Cash from Financing Activity	-16	13	-6.69	-2.30	-18	-33
Net Cash Flow	-7.41	50	-40	4.93	9.44	15

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Ultramarine & Pigments Limited, established in 1960, manufactures and sells pigments, surfactants, and IT-enabled services. Its facilities are located in Tamil Nadu and Andhra Pradesh.

The company has diversified its portfolio that includes power generation through wind energy, contributing to its self-sufficiency and sustainability initiatives.

There is a significant focus on expanding capacity in various sectors, notably in inorganic pigment manufacturing, strengthening its presence across Northern and Western India.

Recognized for quality, Ultramarine & Pigments has received ISO 9002 and ISO 14001 certifications for its operations, underscoring its commitment to quality and environmental standards.

Recent developments include commissioning additional pigment manufacturing capacity through a subsidiary, highlighting the company's expansion strategy in response to market demands.

Sector

Chemicals

Industry

Dyes And Pigments - Large

Market Cap

1,291 Cr

Volatility

Low Risk

P/E Ratio

16.3

Industry P/E

33.7

PEG Ratio

2.7

P/B Ratio

1.2

52W High

613.95

52W Low

399.00

Sales CAGR

23.91%

9.85%

16.28%

10Y

11.70%

Profit CAGR

30.30%

6.10%

2.36%

10Y

10.95%

ROE

TTM

7.47%

7.34%

7.78%

10Y

9.50%

ROCE

TTM

9.75%

9.55%

10.04%

10Y

12.41%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JGCHEM	360.05	1,420 Cr	22.74	2.88	0.28	12.67	17.73	12.22
PLATIND	251.45	1,377 Cr	32.27	3.37	0.00	10.34	13.89	8.13
JYOTIRES	1110.00	1,336 Cr	18.21	5.66	0.81	29.00	38.69	19.21
ULTRMARINE	430.40	1,291 Cr	16.25	1.21	1.36	7.47	9.75	6.16
SREERAYALK	116.75	1,267 Cr	10.44	1.01	0.85	9.67	11.73	5.96
IGPL	404.00	1,228 Cr	37.76	0.94	2.51	2.49	4.51	1.44
SHREEPUSHK	378.85	1,217 Cr	16.98	2.10	0.53	12.39	12.37	7.96