SUDARSCHEM
Sudarshan Chemical Industries share price & financials
- Price
- ₹1,037.65
- Market cap
- ₹9.4k Cr
- Sector
- Chemicals
- Calls analysed
- 5
Sudarshan Chemical Industries Limited Q1 FY27
What went well
- Strong Q1 FY27 performance with revenue from operations of Rs.2642 Crores and reported EBITDA of Rs.266 Crores, marking over 60% year-on-year growth.
- Significant debt reduction, bringing net debt down by 60% from its peak of Rs.922 Crores to Rs.531 Crores, resulting in a healthy debt-to-equity ratio of 0.2.
- Return on capital employed is robust at 22.7%, indicating efficient capital utilization.
What to watch
- The Middle East crisis has led to energy cost spikes, increased raw material costs, and logistic cycle delays by two weeks, impacting operations.
- Customer purchasing behavior is cautious, with many delaying orders to avoid stock buildup due to geopolitical uncertainties.
What Sudarshan Chemical Industries Limited does
Sudarshan Chemical Industries manufactures and sells organic and inorganic pigments and pigment preparations used to colour paints, inks, plastics, cosmetics and other applications. Founded in 1951 in Pune, the company became 'ONE Sudarshan' after acquiring Germany's Heubach Group (which had earlier acquired Clariant's pigment business) in March 2025, bringing together over 270 years of combined pigment-industry legacy. It runs a global manufacturing and R&D network across multiple countries, and also operates RIECO, a separately reported business line, alongside its core pigments operations.
Segments
- Legacy Sudarshan Pigment
- Acquired Group (Heubach/Clariant Pigments)
- RIECO
- Global market position
- Top-2 pigment manufacturer worldwide
- Manufacturing facilities
- 19 sites across 11 countries
- Global team strength
- 3,912 employees
- R&D / technology centres
- 12 centres with 200+ R&D specialists
- Pigment product portfolio
- ~1,600 products
- Brands
- ~60 brands
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 2 delivered 2 missed 11 open- Inventory Reduction delivered said Q3 FY26 Promised: EUR 30-40 million reduction over next 3 quarters Q1 FY27: With EUR 29M reduction in Q4 FY26 alone, the lower end of the 3-quarter target (EUR 30M) was effectively met. The narrative has shifted to a new FY27 reduction target.
- Acquired Group FY26 EBITDA missed said Q1 FY26 Promised: EUR 35 million Q1 FY27: This is a target for a past financial year (FY26) and was confirmed as missed. Not discussed.
- Net Working Capital as % of Revenue on track said Q1 FY26 Promised: 21% Q1 FY27: Reported annualized NWC of 23.6%, which is already better than the diluted target of 24% for FY27. Strong progress towards the original 21% goal.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 5.4%, net profit up 87.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 696 | 666 | 1,349 | 2,507 | 2,387 +243% | 2,103 +216% | 2,790 +107% | 2,642 +5% |
| EBITDA | 94 | 79 | 127 | 192 | 132 +40% | 38 −52% | 227 +79% | 259 +35% |
| Net profit | 30 | 1 | 0 | 55 | 19 −37% | -116 −11700% | 82 | 103 +87% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −11.6% 1Y
1Y: ₹1,412.2 on 10 Sept 2025 → ₹1,248.2. High ₹1,523.8 (23 Sept 2025), low ₹747.6 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +6.2%
- 14 Aug
- Q4 FY26
- −2.4%
- 27 May
- Q3 FY26
- −1.5%
- 13 Feb
- Q2 FY26
- +3.7%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 62.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 6.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.3k Cr | ₹2.5k Cr | ₹3.3k Cr | ₹9.8k Cr |
| Operating profit | ₹211 Cr | ₹317 Cr | ₹381 Cr | ₹589 Cr |
| Operating margin | 9.2% | 12.5% | 11.4% | 6.0% |
| Interest | ₹41 Cr | ₹37 Cr | ₹48 Cr | ₹165 Cr |
| Depreciation | ₹115 Cr | ₹141 Cr | ₹167 Cr | ₹347 Cr |
| Net profit | ₹46 Cr | ₹358 Cr | ₹60 Cr | ₹40 Cr |
| Net margin | 2.0% | 14.1% | 1.8% | 0.4% |
| Cash from operations | ₹287 Cr | ₹193 Cr | ₹71 Cr | ₹344 Cr |
| Free cash flow | ₹96 Cr | ₹460 Cr | ₹-33 Cr | ₹63 Cr |
| ROCE | 6.0% | 11.0% | 6.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹730 Cr | ₹819 Cr | ₹814 Cr | ₹1.2k Cr | ₹3.5k Cr | ₹3.4k Cr |
| Borrowings | ₹618 Cr | ₹823 Cr | ₹829 Cr | ₹559 Cr | ₹2.5k Cr | ₹2.5k Cr |
| Other liabilities | ₹638 Cr | ₹705 Cr | ₹725 Cr | ₹841 Cr | ₹3.7k Cr | ₹3.6k Cr |
| Total liabilities | ₹2.0k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹9.8k Cr | ₹9.6k Cr |
| Fixed assets | ₹615 Cr | ₹832 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹3.1k Cr | ₹3.0k Cr |
| Capital work in progress | ₹278 Cr | ₹285 Cr | ₹44 Cr | ₹32 Cr | ₹159 Cr | ₹144 Cr |
| Investments | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹144 Cr | ₹539 Cr | ₹566 Cr |
| Other assets | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹6.0k Cr | ₹5.9k Cr |
| Total assets | ₹2.0k Cr | ₹2.4k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹9.8k Cr | ₹9.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −8.22 pp while the public added +5.34 pp. The shareholder count shrank 11% to 57,744.
- Promoters
- 8.2%
- FIIs
- 8.5%
- DIIs
- 26.4%
- Public
- 56.9%
Since Jun 2025
- Promoters −8.22 pp
- Public +5.34 pp
- DIIs +2.90 pp
How it drifted, 12 quarters
Over this window promoters fell from 35.8% to 8.2% — −27.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 35.8%, FIIs 4.7%, DIIs 13.7%, Public 45.9%.Dec '23: Promoters 35.8%, FIIs 4.2%, DIIs 13.6%, Public 46.4%.Mar '24: Promoters 33.2%, FIIs 4.5%, DIIs 17.5%, Public 44.8%.Jun '24: Promoters 30.6%, FIIs 6.7%, DIIs 20.9%, Public 41.8%.Sep '24: Promoters 30.6%, FIIs 8.3%, DIIs 19.8%, Public 41.3%.Dec '24: Promoters 27.6%, FIIs 8.7%, DIIs 18.6%, Public 45.1%.Mar '25: Promoters 23.9%, FIIs 8.0%, DIIs 23.6%, Public 44.6%.Jun '25: Promoters 16.4%, FIIs 8.5%, DIIs 23.5%, Public 51.6%.Sep '25: Promoters 8.2%, FIIs 8.5%, DIIs 24.2%, Public 59.1%.Dec '25: Promoters 8.2%, FIIs 8.2%, DIIs 24.6%, Public 59.0%.Mar '26: Promoters 8.2%, FIIs 8.0%, DIIs 24.9%, Public 59.0%.Jun '26: Promoters 8.2%, FIIs 8.5%, DIIs 26.4%, Public 56.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +1.75 pp 3.26% held
- Chartered Finance & Leasing Limited newly disclosed 1.04% held
- Theleme India Master Fund Limited FPI fund +0.66 pp 2.42% held
- Tata Mutual Fund - Tata Small Cap Fund Mutual fund +0.06 pp 7.72% held
The same filing shows 4 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Sudarshan Chemical Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Mutual Fund - Tata Small Cap Fund Mutual fund | 7.72% | +0.06 pp |
| HDFC Small Cap Fund Mutual fund | 7.36% | unchanged |
| Akash Bhanshali | 7.13% | unchanged |
| Anuj Narayandas Rathi | 5.68% | −1.25 pp |
| Rajesh Balkrishna Rathi | 5.15% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 3.26% | +1.75 pp |
| Pradeep Ramwilas Rathi | 3.00% | −1.36 pp |
| Vijaykumar Ramchandra Rathi | 2.66% | unchanged |
| Franklin India Opportunites Fund Mutual fund | 2.66% | unchanged |
| Rohit Kishor Rathi | 2.53% | −0.09 pp |
| Rahul Pradeep Rathi | 2.49% | −1.36 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 2.47% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SUDARSCHEM
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹912 Cr
- 2 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹587 Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹587 Cr | held | Feb '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹325 Cr | held | Oct '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +23%
- vs est. average cost
- Held by funds
- ₹912 Cr
- 2 schemes · ≈ 9.2% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹587 Cr · 1.4% of that fund
Shares held by these funds +3026%
Dec '22 83.56 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Sudarshan Chemical Industries Limited
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