ULTRAMAR

Ultramarine & Pigments Limited

Ultramarine & Pigments Limited (ULTRAMAR) financial statements and selected valuation metrics through 30 June 2026.

Commodities›Chemicals›Chemicals & Petrochemicals›Dyes And Pigments

ultramarinepigments.net(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹396.00
Market cap
1,156 Cr
Stock P/E
12.5
P/B
1.33
Dividend yield
1.5%
ROE (FY26)
9.3%
ROCE (FY26)
11.7%
Operating margin (FY26)
12.5%
Debt / equity (FY26)
0.09
OCF / EBITDA (FY26)
103.4%
OCF / EBITDA (3Y)
88.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Maker of inorganic pigments, surfactants and other speciality chemicals sold to customers in India and abroad, with a smaller IT-enabled services division.

Company snapshot

6thBy market cap

Ranked among 11 companies in Dyes And Pigments.

What we see

Positives
  • ✓88% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales146 Cr148 Cr136 Cr161 Cr161 Cr179 Cr195 Cr184 Cr196 Cr196 Cr199 Cr240 Cr
Operating expenses (approx.)122 Cr125 Cr116 Cr134 Cr134 Cr142 Cr166 Cr153 Cr164 Cr161 Cr173 Cr194 Cr
EBITDA24 Cr23 Cr20 Cr26 Cr27 Cr36 Cr28 Cr32 Cr32 Cr34 Cr26 Cr45 Cr
OPM %16.5%15.5%14.6%16.5%16.9%20.2%14.6%17.2%16.1%17.6%13.2%18.9%
Other income5 Cr2 Cr2 Cr3 Cr4 Cr2 Cr3 Cr3 Cr2 Cr3 Cr3 Cr6 Cr
Interest2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr1 Cr2 Cr1 Cr
Depreciation5 Cr6 Cr6 Cr6 Cr6 Cr6 Cr7 Cr6 Cr7 Cr7 Cr7 Cr7 Cr
Profit before tax22 Cr17 Cr14 Cr22 Cr24 Cr30 Cr23 Cr27 Cr26 Cr34 Cr18 Cr42 Cr
Tax %21.4%25.1%23.6%25.0%23.0%24.7%25.9%24.0%25.0%20.2%23.0%25.5%
Net profit17 Cr13 Cr11 Cr17 Cr19 Cr23 Cr17 Cr20 Cr19 Cr27 Cr14 Cr32 Cr
EPS (₹)₹5.91₹4.43₹3.72₹5.66₹6.38₹7.82₹5.83₹6.91₹6.63₹9.28₹4.85₹10.82

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales306 Cr308 Cr490 Cr557 Cr561 Cr695 Cr775 CrSign in free for the trailing twelve months
Operating expenses (approx.)230 Cr233 Cr407 Cr456 Cr467 Cr577 Cr651 CrSign in free for the trailing twelve months
EBITDA76 Cr75 Cr83 Cr101 Cr94 Cr118 Cr124 CrSign in free for the trailing twelve months
OPM %24.8%24.4%17.0%18.1%16.7%17.0%16.0%Sign in free for the trailing twelve months
Other income12 Cr10 Cr9 Cr11 Cr10 Cr12 Cr12 CrSign in free for the trailing twelve months
Interest1 Cr1 Cr3 Cr5 Cr7 Cr7 Cr6 CrSign in free for the trailing twelve months
Depreciation9 Cr9 Cr12 Cr17 Cr22 Cr24 Cr27 CrSign in free for the trailing twelve months
Profit before tax78 Cr75 Cr78 Cr91 Cr76 Cr100 Cr105 CrSign in free for the trailing twelve months
Tax %20.1%25.6%24.9%23.9%23.8%24.6%22.8%Sign in free for the trailing twelve months
Net profit62 Cr56 Cr58 Cr69 Cr58 Cr75 Cr81 CrSign in free for the trailing twelve months
EPS (₹)₹21.24₹19.10₹19.97₹23.70₹19.72₹25.70₹27.66Sign in free for the trailing twelve months
Dividend payout %—0.0%25.0%21.1%25.3%19.5%21.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr
Reserves297 Cr455 Cr854 Cr730 Cr894 Cr967 Cr864 Cr
Borrowings20 Cr35 Cr53 Cr66 Cr71 Cr86 Cr79 Cr
Other liabilities59 Cr65 Cr82 Cr80 Cr105 Cr114 Cr145 Cr
Total liabilities381 Cr561 Cr995 Cr881 Cr1,076 Cr1,173 Cr1,094 Cr
Fixed assets (net)91 Cr119 Cr151 Cr228 Cr272 Cr301 Cr342 Cr
CWIP35 Cr30 Cr69 Cr29 Cr30 Cr26 Cr30 Cr
Investments105 Cr194 Cr551 Cr366 Cr492 Cr513 Cr376 Cr
Loans & advances34 Cr31 Cr38 Cr32 Cr36 Cr20 Cr0.34 Cr
Inventories34 Cr37 Cr72 Cr89 Cr90 Cr88 Cr107 Cr
Trade receivables39 Cr44 Cr39 Cr44 Cr58 Cr81 Cr80 Cr
Cash & bank20 Cr70 Cr30 Cr32 Cr44 Cr59 Cr9 Cr
Other assets23 Cr36 Cr44 Cr61 Cr53 Cr84 Cr150 Cr
Total assets381 Cr561 Cr995 Cr881 Cr1,076 Cr1,173 Cr1,094 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity48 Cr58 Cr29 Cr59 Cr78 Cr90 Cr128 Cr
Cash from investing-39 Cr-20 Cr-63 Cr-55 Cr-51 Cr-42 Cr-148 Cr
Cash from financing-16 Cr13 Cr-7 Cr-2 Cr-18 Cr-33 Cr-31 Cr
Net cash flow-7 Cr51 Cr-40 Cr2 Cr10 Cr15 Cr-51 Cr
Free cash flow (OCF − Capex)5 Cr15 Cr-41 Cr-1 Cr15 Cr37 Cr60 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %24.4%15.3%8.8%11.9%8.5%10.0%11.7%
ROE %20.5%12.1%6.8%9.4%6.4%7.7%9.3%
Debtor days47522929384238
Inventory days9291901091128586
Days payable305052715068
Cash conversion cycle1361436986807756
OCF / EBITDA %62.8%76.8%34.8%58.5%83.2%76.1%103.4%
OCF / EBITDA % (3 years)——57.3%56.2%59.7%72.6%88.2%
Debt / equity0.070.080.060.090.080.090.09
Current ratio3.743.873.283.332.942.932.06
Net debt / EBITDA0.0073-0.470.280.340.280.220.57