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Ultramarine & Pigments (ULTRAMAR) had a P/E of 12.5× on 6 Nov 2026, below the industry P/E of 22.1×, and the shares are 14% below their 52-week high. Its ROCE of 12% is the second-lowest among the 7 largest Specialty Chemicals peers, and sales and net profit grew 12% and 5.3% a year over 3 years. It has almost no debt, and its dividend yield is 1.6%. It is a small-cap company with a market cap of ₹1,149 Cr, ranked 80th of 204 Specialty Chemicals companies by market cap; the shares fell 4.1% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹382.00
Day high
₹395.55
Day low
₹370.00
Prev. close
₹380.80
Volume
1.3 L

Health check

3 good · 1 fair · 2 to check
  • ReturnsBehind

    −4.1% over a year, better than 1 of 7 peers.

  • Price tagCheaper

    P/E 12.5 vs industry 22.1.

  • GrowthSteady

    Sales +11.7%, profit +5.3% a year over 3 years.

  • ProfitabilityWeak

    ROCE 11.7% vs peer median 24.4%.

  • Balance sheetSolid

    Debt 0.10× equity, interest covered 18.1×, Piotroski 7 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Specialty Chemicals

203 listed peers. Screen the industry

Small cap

₹1,149 Cr, #80 of 204 in its industry by size.

Defensive

Beta 0.51 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹830 Cr · profit ₹92 Cr
Market cap
₹1,149 Cr
Small cap
P/E
12.5
Industry 22.1
Price to book
1.32
Peers 13.33
Dividend yield
1.58%
ROE
8.8%
Peers 23.0%
ROCE
11.7%
Peers 24.4%
Debt to equity
0.10
Debt ₹86 Cr
EPS (TTM)
₹31.58
Face value ₹2
OPM (TTM)
16.6%
Net margin 11.1%
Sales growth
+30.1%
Latest quarter vs a year ago
Profit growth
+56.5%
Latest quarter vs a year ago
Price to sales
1.38
EV/EBITDA 8.4

Strengths and risks

Strengths

  • Practically debt-free.
  • Quarterly profit up 56.5% on a year ago.
  • Quarterly sales up 30.1% on a year ago.
  • P/E of 12.5 against an industry P/E of 22.1.
  • Positive operating cash flow in each of the last 4 years.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Ultramarine & Pigments

Ultramarine & Pigments Limited engages in the manufacture and sale of pigments and surfactants in India. It operates through Chemicals and Allied Products, IT Enabled Services, and Wind Turbine Generator segments. The company offers pigments, such as ultramarine blue, violet, and pink; and bismuth vanadate; surfactants that include alpha olefin sulphonate, linear alkyl benzene, sulphonic acid LABSA, sodium lauryl, and sulphate; and specialty chemical,…

Headquarters
Mumbai
Employees
1,116
Sector
Basic Materials
ISIN
INE405A01021
Website
ultramarinepigments.net

Price range

52 weeks

₹348.10₹455.75

Today

₹370.00₹395.55
Avg volume (3M)
97.7K
1-year return
minus 4.1%
From 52-week high
minus 13.6%

Peers · Specialty Chemicals

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
ASIANPAINTAsian Paints2,546.00plus 0.88%2,44,02550.535.024.4%18.9%0.211.1%plus 1.5%
SOLARINDSSolar Industries India18,608.00plus 0.48%1,68,38474.464.129.5%27.8%0.2212.4%plus 35.9%
PIDILITINDPidilite Industries1,579.00plus 1.63%1,60,82760.044.428.5%23.5%0.037.4%plus 6.8%
LINDEINDIALinde India6,859.00plus 8.73%58,496118.464.216.3%31.5%0.23–plus 5.4%
BERGEPAINTBerger Paints India478.35minus 5.28%55,77645.429.420.6%15.3%0.154.2%minus 6.0%
FLUOROCHEMGujarat Fluorochemicals4,665.50minus 0.94%51,25175.944.09.6%24.1%0.26−4.5%plus 28.0%
ACUTAASAcutaas Chemicals3,786.60plus 0.42%31,00170.964.127.7%39.4%0.0129.4%plus 105.6%
ULTRAMARUltramarine & Pigments393.55plus 3.35%1,14912.58.911.7%16.6%0.1011.7%minus 4.1%
Median of 7 peers–0.48%58,49670.944.424.4%24.1%0.215.8%6.8%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
184196196199240
153164161173194
31.831.734.426.245.5
17.2%16.1%17.6%13.2%18.9%
2.82.43.435.7
1.71.61.31.51.5
6.46.66.87.57.3
––4.2−1.8–
26.625.833.918.442.4
24.0%25.0%20.2%23.0%25.5%
20.219.427.114.231.6
6.916.639.284.8510.82

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+11.7%
Profit CAGR 3Y
+5.3%
EPS CAGR 3Y
+5.3%
ROE
8.8%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
554558692772
–+0.8%+23.9%+11.6%
452463573643
10295.2119129
18.5%17.0%17.2%16.7%
10.38.610.410
4.56.66.76.1
16.922.124.227.3
−0.20.50.8−0.9
90.975.699.6105
23.9%23.8%24.6%22.8%
69.257.67580.8
–minus 16.8%+30.3%+7.6%
23.7019.7225.7027.66

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
5.85.85.85.8
730894967864
75.279.593.686
70.396.5106138
8811,0761,1731,094
270312340380
32.631.331.332.9
354482502372
46.654.673.991.8
178196227217
8811,0761,1731,094

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
61.878.189.9128
−54.6−51.1−41.7−148
−2.3−17.5−33−31.2
4.99.415.2−50.9
−60.4−63.3−52.8−67.9
1.414.837.160.4
−14.6−14.6−14.6−17.5

Shareholding pattern

Source: NSE filings

NSE hasn’t returned a shareholding pattern for this company. Institutions hold about 0.1% (Yahoo estimate).

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you