MarketFriction

Ultramarine & Pigments Ltd

NSE ULTRAMAR · BSE 506685 · Dyes And Pigments
₹406.15 -0.79%
NSE close2026-10-01
52 week range364.10 - 455.75
Market cap₹1,224 Cr.
P/E15.0
Price band 20% Delivery 66.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales137140126152154164182169181178180219
Expenses117120109128130134158144155151159181
Operating Profit202016232429242526272138
OPM %15%14%13%15%16%18%13%15%14%15%12%17%
Other Income522352235816
Interest111111111110
Depreciation444444445555
Profit before tax201713212427222226291638
Tax %22%26%24%25%23%26%27%25%23%21%24%26%
Net Profit161210161820161720231228
EPS in Rs5.424.223.505.436.236.765.435.706.857.994.249.58
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales220255277307306308491541526651707757
Expenses183205217236230232407448445549608646
Operating Profit38506171777684938010299112
OPM %17%20%22%23%25%25%17%17%15%16%14%15%
Other Income5391611991211121720
Interest011122444432
Depreciation345699121416171919
Profit before tax3948638078757888719394110
Tax %30%33%31%30%20%26%25%24%24%25%23%
Net Profit273244566256586654707284
EPS in Rs9.3711.1214.9519.3421.2419.1119.9822.7618.4323.8624.7728.66
Dividend Payout %37%36%28%23%24%26%25%22%27%25%24%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth12%18%9%13%
Compounded Profit Growth10%5%1%16%
Stock Price CAGR10%-2%1%-10%
Return on Equity9%8%7%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital666666666666
Reserves94109308505379297455854727887956844
Borrowings0000029384248443523
Other Liabilities3938485246506179678896120
Total Liabilities1381533615634313815609808481,0251,092993
Fixed Assets385260707991119142157185205220
CWIP220123523152121220
Investments1315207400232105194595425576594464
Other Assets86849493118149225228246261281289
Total Assets1381533615634313815609808481,0251,092993
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2328305530485737716769104
Cash from Investing Activity-8-9-27-41-2-39-20-60-49-34-3-117
Cash from Financing Activity-11-23-0-15-15-1613-18-17-23-53-31
Net Cash Flow4-53-113-850-416913-44
Free Cash Flow21102035236261042414763
CFO/OP105%99%88%123%78%87%99%65%99%105%90%125%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days474449343947522929394438
Inventory Days10271736870939392102997274
Days Payable545771785780915051664766
Cash Conversion Cycle945851255359547179726947
Working Capital Days615447374785938473796247
ROCE %29%37%23%15%16%22%18%12%11%9%10%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters41.68%41.07%41.04%41.04%40.86%40.86%40.62%40.50%40.50%40.45%40.50%40.49%
FIIs0.80%0.84%1.21%1.28%1.22%1.22%1.15%1.12%1.05%1.04%1.24%1.42%
DIIs0.82%0.82%0.24%0.32%0.32%0.63%0.95%1.26%1.33%1.40%0.68%0.64%
Public56.69%57.25%57.51%57.34%57.61%57.28%57.28%57.12%57.11%57.11%57.59%57.45%
No. of Shareholders22,94622,35221,53919,93319,22818,93118,72118,80419,76219,29618,68918,494

Fundamentals

Market Cap₹ 1,224 Cr.
Current Price₹ 418
Stock P/E15.0
Book Value₹ 291
ROCE10.1 %
ROE7.64 %
Dividend Yield1.43 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)16%
Standalone figures.
Valuation
Market capRs 1,186 Cr
Enterprise valueRs 1,153 Cr
P/E (TTM)14.17x
Price to book1.40x
Price to sales1.57x
EV / EBITDA8.79x
EV / EBIT10.32x
EV / sales1.52x
Price to cash flow11.41x
Earnings yield7.06%
Dividend yield1.48%
P/E, 3-year average17.56x
P/B, 3-year average1.26x
P/E, 5-year average16.65x
P/B, 5-year average1.24x
Profitability
Operating margin (excl. other income)14.04%
Operating margin (incl. other income)16.39%
EBITDA margin17.33%
Pre-tax margin14.48%
Net profit margin11.05%
Net margin, latest quarter12.78%
ROE7.99%
ROCE10.36%
ROA6.94%
ROE, 3-year average7.37%
ROCE, 3-year average9.71%
ROA, 3-year average6.42%
ROE, 5-year average7.86%
ROCE, 5-year average10.31%
ROA, 5-year average6.82%
ROIC (approx.)10.54%
Tax rate22.95%
Other income / net worth1.95%
Growth
Sales growth (latest year)8.63%
Profit growth (latest year)3.80%
Sales CAGR, 3 years9.30%
Sales CAGR, 5 years18.06%
Profit CAGR, 3 years2.85%
Profit CAGR, 5 years5.33%
Sales growth QoQ21.81%
Profit growth QoQ125.75%
Sales growth YoY (latest quarter)29.76%
Profit growth YoY (latest quarter)68.19%
Per share
EPS (TTM)Rs 28.65
EPS (latest year)Rs 24.77
EPS (latest quarter)Rs 9.58
EPS, 3-year averageRs 22.35
EPS, 5-year averageRs 21.96
Book value per shareRs 290.99
Sales per shareRs 259.30
Cash flow per shareRs 35.59
Free cash flow per shareRs 21.58
Dividend per share (latest year)Rs 6.00
Dividend per share, 3-year averageRs 5.67
Dividend per share, 5-year averageRs 5.40
Dividends
Dividend payout24.23%
Dividend payout, 3-year average25.50%
Dividend payout, 5-year average24.70%
Efficiency
Asset turnover0.71x
Fixed asset turnover3.21x
Inventory turnover5.50x
Inventory days66 days
Debtor days38 days
Debtors turnover9.60x
Creditor days66 days
Cash conversion cycle47 days
Working capital days47 days
Leverage
Total debtRs 23 Cr
Cash and bankRs 56 Cr
Net debtRs -33 Cr
Debt to equity0.03x
Net debt / EBITDA-0.25x
Interest coverage53.45x
Owners' fund to total sources85.56%
Debt to assets2.35%
Cash flow
Cash from Operating Activity (latest year)Rs 104 Cr
Cash from Investing Activity (latest year)Rs -117 Cr
Cash from Financing Activity (latest year)Rs -31 Cr
Net Cash Flow (latest year)Rs -44 Cr
Free cash flow (latest year)Rs 63 Cr
FCFE (approx.: FCF + change in debt)Rs 52 Cr
Cash from ops / profit, 5 years1.09x
Sales to cash flow6.80x
Statement figures
Net sales (TTM)Rs 757 Cr
Net sales (latest year)Rs 707 Cr
Sales (latest quarter)Rs 219 Cr
Operating profit excl. other income (latest year)Rs 99 Cr
Operating profit (latest quarter)Rs 38 Cr
Other income (TTM)Rs 20 Cr
EBITDA (TTM)Rs 131 Cr
PBDT (TTM)Rs 129 Cr
Profit before tax (TTM)Rs 110 Cr
Tax (latest year)Rs 22 Cr
Net profit (TTM)Rs 84 Cr
Net profit (latest year)Rs 72 Cr
Net profit (latest quarter)Rs 28 Cr
Depreciation (TTM)Rs 19 Cr
Depreciation (latest quarter)Rs 5 Cr
Interest (TTM)Rs 2 Cr
Cost of goods sold (latest year)Rs 482 Cr
Total expenditure (latest year)Rs 608 Cr
Total income (latest year)Rs 724 Cr
Share capitalRs 6 Cr
ReservesRs 844 Cr
Shareholders' fundsRs 850 Cr
Total assetsRs 993 Cr
Net blockRs 220 Cr
Capital work in progressRs 20 Cr
InvestmentsRs 464 Cr
ReceivablesRs 74 Cr
InventoryRs 88 Cr
Other liabilitiesRs 120 Cr
Shares outstanding (crore)2.92
Ownership
Promoter holding40.49% (-0.01 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 14.2 is at the 18th percentile of its own 9.4-year range (median 17.1, low 6.9, high 35.3).
P/B 1.40 is at the 33th percentile (median 1.53).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodULTRAMARNifty 50Difference
1 week-5.3%-2.8% -2.6 pts
1 month-5.1%-6.8% +1.7 pts
3 months+5.0%-7.6% +12.6 pts
3 years+1.4%+14.2% -12.8 pts
5 years-12.9%+27.9% -40.8 pts

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹219 Cr +29.6% vs Jun 2025. Net profit ₹28 Cr +64.7%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Sudarshan Chemical Industries Ltd9,53293.95.46 %
Kiri Industries Ltd3,5414.403.40 %
Bodal Chemicals Ltd2,42335.35.59 %
Bhageria Industries Ltd1,64422.111.0 %
Shree Pushkar Chemicals & Fertilizers Ltd1,55521.612.9 %
Sudarshan Colorants India Ltd87416.911.4 %
Asahi Songwon Colors Ltd45213.08.50 %
Ushanti Colour Chem Ltd307-1.15 %
AksharChem (India) Ltd29523.80.19 %
Mahickra Chemicals Ltd28855.912.7 %
Poddar Pigments Ltd26817.67.25 %
Ducol Organics & Colours Ltd21729.910.5 %
Hindprakash Industries Ltd13237.75.48 %
Paragon Fine and Speciality Chemical Ltd9410.412.8 %
Unilex Colour & Chemical Ltd425.12%
DateClientSideQtyPrice
2026-09-30Swetaben Hardik ShahSELL184,994415.03
2026-09-30Swetaben Hardik ShahBUY1410.90
2026-09-30Setu Securities Pvt LtdSELL150,000414.25
2026-09-30Himalaya Investment Advisors LlpBUY151,543413.33
Ex-dateActionFactor
2026-07-14Dividend - Rs 6 Per Share
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Ultramarine & Pigments Ltd?

Ultramarine & Pigments Ltd (ULTRAMAR) has a market capitalisation of Rs 1,224 Cr. at the 2026-10-01 close.

What is the P/E ratio of Ultramarine & Pigments Ltd?

Ultramarine & Pigments Ltd trades at a P/E of 15.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Ultramarine & Pigments Ltd's latest quarterly results?

In the Jun 2026 quarter, Ultramarine & Pigments Ltd sales was Rs 219 Cr (+29.6% vs Jun 2025) and net profit was Rs 28 Cr.

What is the 52-week high and low of Ultramarine & Pigments Ltd?

The 52-week high is Rs 455.75 and the 52-week low is Rs 364.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03