Ultramarine & Pigments share price & results
- Jun 2026
- Sept 2026
Tamil Nadu-based manufacturer of inorganic pigments and surfactants/specialty chemicals, with a captive wind-power operation and an IT-enabled services (ITeS/BPO) division.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 240 | +30.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 32.0 | +60.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.77 | +0.6 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 8.00 | +2.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 15.58 | −12.4 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −22.8% 1Y
1Y: ₹471.5 on 24 Oct 2025 → ₹364.05. High ₹471.5 (24 Oct 2025), low ₹363.75 (23 Oct 2026).
- Previous close
- ₹369.15
- Market cap
- ₹1.1k Cr
- 52-week range
- ₹363.75 – ₹463.25
- One year
- −21.01%
- Price to earnings (TTM to Jun 2026)
- 11.98×
- Return on equity (TTM to Jun 2026)
- 9.77%
Overview
- Symbol
- NSE:ULTRAMAR
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What Ultramarine & Pigments Limited does
Based on the company's own presentations, annual report and earnings calls.
Ultramarine & Pigments Limited manufactures inorganic pigments and surfactant/specialty chemicals at its plants in Ambattur and Ranipet, Tamil Nadu, and, through a subsidiary, at Naidupeta, Andhra Pradesh. It runs six wind turbine generators across three Tamil Nadu sites to supply captive power to its Ranipet and Ambattur plants, and separately operates an IT-enabled services division, Lapiz Digital Services, in Chennai.
Segments
- Inorganic Pigments
- Surfactants and Specialities
- Wind Power / Green Energy
- IT-enabled Services (ITeS)
- Manufacturing plants
- 3 (Ambattur & Ranipet, Tamil Nadu; Naidupeta, Andhra Pradesh via subsidiary)
- Wind turbine generators (captive power)
- 6 WTGs across 3 sites in Tamil Nadu, 4.3 MW capacity
- Manufacturing division employees
- 450 (410 men, 40 women)
- ITeS division employees
- 577 (313 men, 264 women)
- Pigments capacity commissioned at subsidiary's Naidupeta plant
- 750 MT (part of a 1,500 MT expansion project)
- Windmill electricity generated
- 57 lakh units (FY25)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +60% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 161 | 179 | 195 | 184 | 196 | 196 | 199 | 240 |
| Expenses | 134 | 142 | 166 | 153 | 164 | 161 | 173 | 194 |
| Operating profit | 27 | 36 | 28 | 32 | 32 | 34 | 26 | 45 |
| Operating margin | 17.0% | 20.0% | 15.0% | 17.0% | 16.0% | 18.0% | 13.0% | 19.0% |
| Other income | 4 | 2 | 3 | 3 | 2 | 8 | 1 | 6 |
| Interest | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 1 |
| Depreciation | 6 | 6 | 7 | 6 | 7 | 7 | 7 | 7 |
| Profit before tax | 24 | 30 | 23 | 27 | 26 | 34 | 18 | 42 |
| Tax rate | 23.0% | 25.0% | 26.0% | 24.0% | 25.0% | 20.0% | 23.0% | 25.0% |
| Net profit | 19 | 23 | 17 | 20 | 19 | 27 | 14 | 32 |
| EPS (₹ per share) | 6.38 | 7.83 | 5.83 | 6.91 | 6.63 | 9.28 | 4.85 | 10.82 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 558 | 561 | 696 | 775 |
| Expenses | 453 | 467 | 576 | 651 |
| Operating profit | 104 | 94 | 117 | 124 |
| Other income | 9 | 11 | 12 | 14 |
| Interest | 5 | 8 | 8 | 7 |
| Depreciation | 16 | 22 | 25 | 27 |
| Profit before tax | 92 | 75 | 99 | 105 |
| Net profit | 69 | 58 | 76 | 80 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 854 | 730 | 894 | 967 | 1,057 | 864 |
| Borrowings | 53 | 75 | 79 | 94 | 89 | 86 |
| Other liabilities | 82 | 70 | 97 | 106 | 138 | 138 |
| Total liabilities | 995 | 881 | 1,076 | 1,173 | 1,290 | 1,094 |
| Fixed assets | 152 | 238 | 281 | 334 | 345 | 373 |
| Capital work in progress | 69 | 29 | 30 | 26 | 39 | 30 |
| Investments | 551 | 366 | 492 | 513 | 577 | 376 |
| Other assets | 222 | 248 | 274 | 299 | 329 | 315 |
| Total assets | 995 | 881 | 1,076 | 1,173 | 1,290 | 1,094 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 58 | 29 | 62 | 78 | 90 | 128 |
| Cash from investing | -20 | -63 | -55 | -51 | -42 | -148 |
| Cash from financing | 13 | -7 | -2 | -18 | -33 | -31 |
| Net cash flow | 51 | -40 | 5 | 10 | 15 | -51 |
| Free cash flow | 15 | -40 | 1 | 15 | 37 | 62 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 52 | 29 | 29 | 38 | 42 | 38 |
| Inventory days | 93 | 93 | 113 | 109 | 83 | 88 |
| Days payable | 91 | 52 | 53 | 69 | 49 | 69 |
| Cash conversion cycle | 54 | 71 | 89 | 79 | 76 | 56 |
| Working capital days | 92 | 82 | 79 | 79 | 61 | 43 |
| Return on capital employed | 18.0% | 11.0% | 11.0% | 9.0% | 10.0% | 11.0% |
| Dividend payout | 26.0% | 25.0% | 21.0% | 25.0% | 23.0% | 22.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Chemcials and allied products contributes 93.2% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- Chemcials and allied products 93.2%
₹225.03 crore
- IT Enabled services 6.2%
₹14.93 crore
- Windmill 0.6%
₹1.37 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Chemcials and allied products | 225.03 | 93.2% |
| IT Enabled services | 14.93 | 6.2% |
| Windmill | 1.37 | 0.6% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹241.33 crore
- Intersegment adjustment
- ₹1.37 crore
- Net segment revenue
- ₹239.96 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Chemcials and allied products | — | — | — | — | — | — | — | 93% | — |
| IT Enabled services | — | 7% | — | — | — | — | 7% | 6% | — |
| Windmill | — | 1% | 1% | <1% | 1% | 1% | 1% | 1% | -1.4% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
What the price assumes
FairTo justify its price of ₹364, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹372 — upside of 2%.
- Growth the price implies
- 4.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 5.0% a year
- net profit, FY23–FY26 · EPS 5.2%
- The gap
- -0.0 pp
- 2% downside if it only repeats history
Ownership
Who owns it
Public hold 62.02% as of Sept 2026; institutions added 0.41 pts since Jun 2026.
- Promoters 35.49%
- Foreign institutions 1.69%
- Domestic institutions 0.78%
- Public 62.02%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 2.60% held
- +2.56 pp 4.88% held
- VC / PE +0.08 pp 1.41% held
- +0.07 pp 1.29% 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 Sep 2026 filing
Every holder of Ultramarine & Pigments Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 9.38% | −5.00 pp | |
| 4.88% | +2.56 pp | |
| 4.37% | unchanged | |
| 4.37% | unchanged | |
| 3.67% | unchanged | |
| 3.35% | unchanged | |
| 3.35% | unchanged | |
| 2.68% | unchanged | |
| 2.60% | newly disclosed | |
| VC / PE | 1.41% | +0.08 pp |
| 1.29% | +0.07 pp | |
| 1.17% | 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.
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