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Swing Capital

Ultramarine & Pigments Ltd

NSE: ULTRAMAR BSE: 506685

Ultramarine & Pigments is engaged in manufacturing and selling of Pigments, Surfactants, IT-Enabled Services, and Business Process Outsourcing (BPO) activities. The Company caters to both domestic and international markets.

₹424
52W: ₹365 — ₹614
PE 17.3 · Book ₹359 · +18% vs book
Market Cap₹1,237 Cr
Stock P/E17.3Price to Earnings
ROCE9.96%Return on Capital
ROE7.46%Return on Equity
Div. Yield1.42%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Stock is trading at 1.20 times its book value
  • +Company has been maintaining a healthy dividend payout of 24.7%

Weaknesses

  • −Company has a low return on equity of 7.46% over last 3 years.

Shareholding Pattern

Promoters40.5%
FIIs1.24%
DIIs0.68%
Public57.59%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters41.04%40.86%▼0.240.86%40.62%▼0.240.5%▼0.140.5%40.45%▼0.040.5%▲0.0
FIIs1.28%1.22%▼0.11.22%1.15%▼0.11.12%▼0.01.05%▼0.11.04%▼0.01.24%▲0.2
DIIs0.32%0.32%0.63%▲0.30.95%▲0.31.26%▲0.31.33%▲0.11.4%▲0.10.68%▼0.7
Public57.34%57.61%▲0.357.28%▼0.357.28%57.12%▼0.257.11%▼0.057.11%57.59%▲0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales137140126152154164182169181178
Expenses117120109128130134158144155151
Operating Profit20201623242924252627
OPM %15%14%13%15%16%18%13%15%14%15%
Net Profit16121016182016172023
EPS ₹5.424.223.55.436.236.765.435.76.857.99

AI Insights

Revenue Trend

TTM revenue at ₹709Cr, up 8.9% YoY. OPM at 14%.

Debt Position

Borrowings at ₹29Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹20Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.68% (-0.14pp change). FIIs: 1.24% (+0.44pp change). Promoters hold 40.5%.

Margin & Efficiency

ROCE declining from 25% (Mar 2014) to 10% (Mar 2025). Working capital days: 62.

Valuation

PE 17.3x with 9.96% ROCE. Price is 18% above book value of ₹359. Dividend yield: 1.42%.

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