ULTRAMAR
Ultramarine & Pigments share price & financials
- Price
- ₹377
- Market cap
- ₹1.3k Cr
- Sector
- Chemicals
Quarterly results
Q1 FY27: revenue up 30.4%, net profit up 60.0% 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 | 161 | 179 | 195 | 184 | 196 +22% | 196 +9% | 199 +2% | 240 +30% |
| EBITDA | 27 | 36 | 28 | 32 | 32 +19% | 34 −6% | 26 −7% | 45 +41% |
| Net profit | 19 | 23 | 17 | 20 | 19 +0% | 27 +17% | 14 −18% | 32 +60% |
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 −9.0% 1Y
1Y: ₹470.8 on 10 Sept 2025 → ₹428.55. High ₹490.2 (15 Sept 2025), low ₹365.95 (18 Jun 2026).
Financials, as filed
Revenue grew 17.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to 16.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹561 Cr | ₹696 Cr | ₹775 Cr |
| Operating profit | ₹94 Cr | ₹117 Cr | ₹124 Cr |
| Operating margin | 16.8% | 16.8% | 16.0% |
| Interest | ₹8 Cr | ₹8 Cr | ₹7 Cr |
| Depreciation | ₹22 Cr | ₹25 Cr | ₹27 Cr |
| Net profit | ₹58 Cr | ₹76 Cr | ₹80 Cr |
| Net margin | 10.3% | 10.9% | 10.3% |
| Cash from operations | ₹78 Cr | ₹90 Cr | ₹128 Cr |
| Free cash flow | ₹15 Cr | ₹37 Cr | ₹62 Cr |
| ROCE | 9.0% | 10.0% | 11.0% |
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 | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr |
| Reserves | ₹455 Cr | ₹854 Cr | ₹730 Cr | ₹894 Cr | ₹1.1k Cr | ₹864 Cr |
| Borrowings | ₹38 Cr | ₹53 Cr | ₹75 Cr | ₹79 Cr | ₹89 Cr | ₹86 Cr |
| Other liabilities | ₹61 Cr | ₹82 Cr | ₹70 Cr | ₹97 Cr | ₹138 Cr | ₹138 Cr |
| Total liabilities | ₹561 Cr | ₹995 Cr | ₹881 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.1k Cr |
| Fixed assets | ₹119 Cr | ₹152 Cr | ₹238 Cr | ₹281 Cr | ₹345 Cr | ₹373 Cr |
| Capital work in progress | ₹30 Cr | ₹69 Cr | ₹29 Cr | ₹30 Cr | ₹39 Cr | ₹30 Cr |
| Investments | ₹194 Cr | ₹551 Cr | ₹366 Cr | ₹492 Cr | ₹577 Cr | ₹376 Cr |
| Other assets | ₹218 Cr | ₹222 Cr | ₹248 Cr | ₹274 Cr | ₹329 Cr | ₹315 Cr |
| Total assets | ₹561 Cr | ₹995 Cr | ₹881 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.1k 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, DIIs trimmed −0.62 pp while the public added +0.33 pp. The shareholder count shrank 2% to 18,494.
- Promoters
- 40.5%
- FIIs
- 1.4%
- DIIs
- 0.6%
- Public
- 57.5%
Since Jun 2025
- DIIs −0.62 pp
- Public +0.33 pp
- FIIs +0.30 pp
How it drifted, 12 quarters
Over this window promoters fell from 41.7% to 40.5% — −1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 41.7%, FIIs 0.8%, DIIs 0.8%, Public 56.7%.Dec '23: Promoters 41.1%, FIIs 0.8%, DIIs 0.8%, Public 57.3%.Mar '24: Promoters 41.0%, FIIs 1.2%, DIIs 0.2%, Public 57.5%.Jun '24: Promoters 41.0%, FIIs 1.3%, DIIs 0.3%, Public 57.3%.Sep '24: Promoters 40.9%, FIIs 1.2%, DIIs 0.3%, Public 57.6%.Dec '24: Promoters 40.9%, FIIs 1.2%, DIIs 0.6%, Public 57.3%.Mar '25: Promoters 40.6%, FIIs 1.1%, DIIs 0.9%, Public 57.3%.Jun '25: Promoters 40.5%, FIIs 1.1%, DIIs 1.3%, Public 57.1%.Sep '25: Promoters 40.5%, FIIs 1.1%, DIIs 1.3%, Public 57.1%.Dec '25: Promoters 40.5%, FIIs 1.0%, DIIs 1.4%, Public 57.1%.Mar '26: Promoters 40.5%, FIIs 1.2%, DIIs 0.7%, Public 57.6%.Jun '26: Promoters 40.5%, FIIs 1.4%, DIIs 0.6%, Public 57.5%.
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.
- Vinod Maganlal Shah newly disclosed 1.16% held
- Shivani Tejas Trivedi +0.24 pp 2.32% held
- Gymkhana Partners L.P. VC / PE +0.19 pp 1.33% held
- Uttara And Mukund Family Trust newly disclosed 0.05% held
The same filing shows 1 holder 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 Ultramarine & Pigments Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Thirumalai Chemicals Limited | 14.38% | unchanged |
| Sampath Family Trust | 4.37% | unchanged |
| Sujata Sampath Family Trust | 4.37% | unchanged |
| Indira Sundararajan | 3.67% | unchanged |
| Bhooma Parthasarathy Family Trust | 3.35% | unchanged |
| R Parthasarathy Family Trust | 3.35% | unchanged |
| Varadarajan S | 2.68% | unchanged |
| Shivani Tejas Trivedi | 2.32% | +0.24 pp |
| Gymkhana Partners L.P. VC / PE | 1.33% | +0.19 pp |
| Nehal Vinod Shah | 1.22% | unchanged |
| Vinod Maganlal Shah | 1.16% | newly disclosed |
| Swayam Rajiv Doshi | 1.03% | 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.
What the price assumes
AttractiveTo justify its price of ₹429, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹595 — upside of 39%.
- Growth the price implies
- 7.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 13.0% a year
- net profit, FY24–FY26 · EPS 14.0%
- The gap
- -0.1 pp
- 39% downside if it only repeats history
Learn to analyse Ultramarine & Pigments Limited
Guides on how to read this kind of business and the numbers that matter.