Analysis: Ultramarine & Pigments Limited

BSE:ULTRAMAR Dyes & Pigments Market cap: ₹1.3K cr

What does Ultramarine & Pigments Limited do?

  • Ultramarine & Pigments Ltd is a manufacturer of inorganic pigments, headquartered in Mumbai, India.
  • The company operates manufacturing plants in Ambattur (Chennai), Naidupeta (Andhra Pradesh), and Ranipet (Tamil Nadu).
  • Established in 1960 (CIN: L24224MH1960PLC011856), it is listed on BSE with ticker ULTRAMAR.
  • Primary business: Production of inorganic pigments (e.g., ultramarine, iron oxide, titanium dioxide).
  • Secondary operations include surfactants, specialty chemicals, and IT-enabled services (ITES).
  • Diversified into wind power generation with 4.3 MW capacity across Tamil Nadu.

Growth thesis

Ultramarine & Pigments Ltd produces industrial dyes and pigments for paints, textiles, and plastics, operating in a commodity-sensitive specialty chemicals segment. The business benefits from niche demand in industrial and consumer goods but faces margin pressures from raw material price volatility. Growth hinges on macroeconomic cycles affecting construction and automotive sectors, with limited visibility on capacity expansion. Over 2-3 years, revenue trends will likely track sectoral demand and input cost stability, while execution risks center on managing procurement costs and maintaining order flow. The absence of disclosed differentiation strategies or margin-improvement initiatives suggests output will remain tied to existing facilities and commodity dynamics.

RS rating: 65 Stage: Stage 2

Get valuation models, detailed research reports, thematic primers, one-pagers, risk analysis, growth triggers, bear case, capex tracker, walk the talk, and more for Ultramarine & Pigments Limited and 4,900+ companies.

Sign in
5-day free pass. No card required.