Upcoming Dividend • Jul 07
Upcoming dividend of ₹6.00 per share Eligible shareholders must have bought the stock before 14 July 2026. Payment date: 21 August 2026. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.6%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Reported Earnings • Jul 01
Full year 2026 earnings released: EPS: ₹27.66 (vs ₹25.70 in FY 2025) Full year 2026 results: EPS: ₹27.66 (up from ₹25.70 in FY 2025). Revenue: ₹7.75b (up 12% from FY 2025). Net income: ₹807.7m (up 7.6% from FY 2025). Profit margin: 10% (in line with FY 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 22
Dividend of ₹6.00 announced Dividend of ₹6.00 is the same as last year. Ex-date: 14th July 2026 Payment date: 21st August 2026 Dividend yield will be 1.5%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 01
Now 25% overvalued Over the last 90 days, the stock has fallen 7.3% to ₹392. The fair value is estimated to be ₹313, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 7.2%. Reported Earnings • Feb 12
Third quarter 2026 earnings released: EPS: ₹9.28 (vs ₹7.82 in 3Q 2025) Third quarter 2026 results: EPS: ₹9.28 (up from ₹7.82 in 3Q 2025). Revenue: ₹1.99b (up 12% from 3Q 2025). Net income: ₹270.9m (up 19% from 3Q 2025). Profit margin: 14% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Buy Or Sell Opportunity • Jan 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to ₹420. The fair value is estimated to be ₹535, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 4.2%. Buy Or Sell Opportunity • Dec 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₹423. The fair value is estimated to be ₹538, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 4.2%. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ₹430. The fair value is estimated to be ₹538, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 4.2%. Reported Earnings • Nov 10
Second quarter 2026 earnings released: EPS: ₹6.63 (vs ₹6.38 in 2Q 2025) Second quarter 2026 results: EPS: ₹6.63 (up from ₹6.38 in 2Q 2025). Revenue: ₹1.98b (up 23% from 2Q 2025). Net income: ₹193.6m (up 3.9% from 2Q 2025). Profit margin: 9.8% (down from 12% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹599, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 82% over the past three years. Upcoming Dividend • Jul 09
Upcoming dividend of ₹6.00 per share Eligible shareholders must have bought the stock before 16 July 2025. Payment date: 06 August 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.2%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.7%). Reported Earnings • Jun 26
Full year 2025 earnings released: EPS: ₹25.70 (vs ₹19.72 in FY 2024) Full year 2025 results: EPS: ₹25.70 (up from ₹19.72 in FY 2024). Revenue: ₹6.95b (up 24% from FY 2024). Net income: ₹750.5m (up 30% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 20
Dividend increased to ₹6.00 Dividend of ₹6.00 is 20% higher than last year. Ex-date: 16th July 2025 Payment date: 23rd August 2025 Dividend yield will be 1.2%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 3.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 22
Ultramarine & Pigments Limited, Annual General Meeting, Jul 24, 2025 Ultramarine & Pigments Limited, Annual General Meeting, Jul 24, 2025. Reported Earnings • May 22
Full year 2025 earnings released: EPS: ₹25.70 (vs ₹19.72 in FY 2024) Full year 2025 results: EPS: ₹25.70 (up from ₹19.72 in FY 2024). Revenue: ₹7.07b (up 26% from FY 2024). Net income: ₹750.5m (up 30% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹548, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 64% over the past three years. Announcement • May 10
Ultramarine & Pigments Limited to Report Q4, 2025 Results on May 21, 2025 Ultramarine & Pigments Limited announced that they will report Q4, 2025 results on May 21, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: ₹7.82 (vs ₹4.43 in 3Q 2024) Third quarter 2025 results: EPS: ₹7.82 (up from ₹4.43 in 3Q 2024). Revenue: ₹1.81b (up 22% from 3Q 2024). Net income: ₹228.5m (up 77% from 3Q 2024). Profit margin: 13% (up from 8.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jan 23
Ultramarine & Pigments Limited to Report Q3, 2025 Results on Feb 07, 2025 Ultramarine & Pigments Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: ₹6.38 (vs ₹5.91 in 2Q 2024) Second quarter 2025 results: EPS: ₹6.38 (up from ₹5.91 in 2Q 2024). Revenue: ₹1.65b (up 13% from 2Q 2024). Net income: ₹186.3m (up 8.0% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Oct 23
Ultramarine & Pigments Limited to Report Q2, 2025 Results on Nov 07, 2024 Ultramarine & Pigments Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Buy Or Sell Opportunity • Sep 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to ₹558. The fair value is estimated to be ₹454, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 3.1%. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹532, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 35x in the Chemicals industry in India. Total returns to shareholders of 39% over the past three years. Announcement • Jul 26
Ultramarine & Pigments Limited Announces Directorate Changes Ultramarine & Pigments Limited announced change in Directorship of the Company. Tenure of Mr. Nimish U. Patel, Independent Director completed at the conclusion of 63rd AGM of the Company held on dated the 25th day of July, 2024. Tenure of Mr. Rajeev M. Pandia, Independent Director completed at the conclusion of 63rd AGM of the Company held on dated the 25th day of July, 2024. Buy Or Sell Opportunity • Jul 25
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₹477. The fair value is estimated to be ₹382, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 3.1%. Announcement • Jul 13
Ultramarine & Pigments Limited to Report Q1, 2025 Results on Jul 25, 2024 Ultramarine & Pigments Limited announced that they will report Q1, 2025 results on Jul 25, 2024 Upcoming Dividend • Jul 11
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 24 August 2024. Payout ratio is a comfortable 25% and the cash payout ratio is 99%. Trailing yield: 1.1%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.7%). Reported Earnings • Jul 04
Full year 2024 earnings released: EPS: ₹19.72 (vs ₹23.70 in FY 2023) Full year 2024 results: EPS: ₹19.72 (down from ₹23.70 in FY 2023). Revenue: ₹5.61b (flat on FY 2023). Net income: ₹576.0m (down 17% from FY 2023). Profit margin: 10% (down from 12% in FY 2023). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 05
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ₹420. The fair value is estimated to be ₹336, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 3.1%. Reported Earnings • May 18
Full year 2024 earnings released: EPS: ₹19.72 (vs ₹23.70 in FY 2023) Full year 2024 results: EPS: ₹19.72 (down from ₹23.70 in FY 2023). Revenue: ₹5.71b (up 2.6% from FY 2023). Net income: ₹576.0m (down 17% from FY 2023). Profit margin: 10% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Announcement • May 18
Ultramarine & Pigments Limited, Annual General Meeting, Jul 25, 2024 Ultramarine & Pigments Limited, Annual General Meeting, Jul 25, 2024. Location: the mysore assoclation auditorium, 393, bhaudaji road, brhmanwada, matunga east, mumbai 400019., mumbai India Announcement • May 05
Ultramarine & Pigments Limited to Report Q4, 2024 Results on May 16, 2024 Ultramarine & Pigments Limited announced that they will report Q4, 2024 results on May 16, 2024 Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹399, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 25% over the past three years. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: ₹4.43 (vs ₹6.64 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.43 (down from ₹6.64 in 3Q 2023). Revenue: ₹1.50b (flat on 3Q 2023). Net income: ₹129.4m (down 33% from 3Q 2023). Profit margin: 8.6% (down from 13% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Announcement • Jan 23
Ultramarine & Pigments Limited to Report Q3, 2024 Results on Feb 08, 2024 Ultramarine & Pigments Limited announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹5.91 (vs ₹7.46 in 2Q 2023) Second quarter 2024 results: EPS: ₹5.91 (down from ₹7.46 in 2Q 2023). Revenue: ₹1.46b (down 3.5% from 2Q 2023). Net income: ₹172.5m (down 21% from 2Q 2023). Profit margin: 12% (down from 14% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 21
Ultramarine & Pigments Limited to Report Q2, 2024 Results on Nov 09, 2023 Ultramarine & Pigments Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Reported Earnings • Jul 26
First quarter 2024 earnings released: EPS: ₹5.66 (vs ₹5.86 in 1Q 2023) First quarter 2024 results: EPS: ₹5.66 (down from ₹5.86 in 1Q 2023). Revenue: ₹1.31b (flat on 1Q 2023). Net income: ₹165.4m (down 3.3% from 1Q 2023). Profit margin: 13% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹387, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 23x in the Chemicals industry in India. Total returns to shareholders of 76% over the past three years. Upcoming Dividend • Jul 07
Upcoming dividend of ₹5.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 20 August 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.9%). Announcement • Jun 27
Ultramarine & Pigments Limited, Annual General Meeting, Jul 21, 2023 Ultramarine & Pigments Limited, Annual General Meeting, Jul 21, 2023, at 15:00 Indian Standard Time. Location: 'The Mysore Association Auditorium', 393, Bhaudaji Road, Matunga C Rly. Mumbai India Agenda: To receive, consider and adopt the audited standalone and consolidated financial statements of the Company for the financial year ended March 31, 2023, together with the reports of the Board of Directors and the Auditors' thereon; to declare dividend; to appoint a Director in place of Mr. R. Senthil Kumar who retires by rotation and, being eligible, offers himself for re- appointment; and to discuss other matters. Reported Earnings • May 21
Full year 2023 earnings released: EPS: ₹23.70 (vs ₹19.97 in FY 2022) Full year 2023 results: EPS: ₹23.70 (up from ₹19.97 in FY 2022). Revenue: ₹5.68b (up 16% from FY 2022). Net income: ₹692.0m (up 19% from FY 2022). Profit margin: 12% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 06
Ultramarine & Pigments Limited to Report Q4, 2023 Results on May 19, 2023 Ultramarine & Pigments Limited announced that they will report Q4, 2023 results on May 19, 2023 Recent Insider Transactions • Feb 21
Insider recently sold ₹3.6m worth of stock On the 17th of February, Deepa Ajay sold around 10k shares on-market at roughly ₹356 per share. This transaction amounted to 2.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹98m more than they bought in the last 12 months. Reported Earnings • Feb 08
Full year 2022 earnings released: EPS: ₹26.56 (vs ₹20.44 in FY 2021) Full year 2022 results: EPS: ₹26.56 (up from ₹20.44 in FY 2021). Revenue: ₹6.06b (down 2.2% from FY 2021). Net income: ₹775.2m (up 30% from FY 2021). Profit margin: 13% (up from 9.6% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 29
Insider recently sold ₹1.6m worth of stock On the 27th of December, S. Varadarajan sold around 5k shares on-market at roughly ₹339 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹6.8m. Insiders have been net sellers, collectively disposing of ₹93m more than they bought in the last 12 months. Recent Insider Transactions • Nov 16
Insider recently sold ₹6.8m worth of stock On the 14th of November, Daya Sridhar sold around 18k shares on-market at roughly ₹377 per share. This transaction amounted to 9.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹68m more than they bought in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 4 highly experienced directors. Whole-time Director Vijayaraghavan Bharathram was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Second quarter 2023 earnings released: EPS: ₹7.46 (vs ₹5.74 in 2Q 2022) Second quarter 2023 results: EPS: ₹7.46 (up from ₹5.74 in 2Q 2022). Revenue: ₹1.59b (up 34% from 2Q 2022). Net income: ₹217.8m (up 30% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 21
Ultramarine & Pigments Limited to Report Q2, 2023 Results on Nov 07, 2022 Ultramarine & Pigments Limited announced that they will report Q2, 2023 results on Nov 07, 2022 Recent Insider Transactions • Oct 01
Insider recently sold ₹698k worth of stock On the 30th of September, Daya Sridhar sold around 2k shares on-market at roughly ₹339 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹2.6m. Insiders have been net sellers, collectively disposing of ₹52m more than they bought in the last 12 months. Recent Insider Transactions • Sep 07
Insider recently sold ₹2.6m worth of stock On the 5th of September, Deepa Ajay sold around 7k shares on-market at roughly ₹378 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹4.0m. Insiders have been net sellers, collectively disposing of ₹188m more than they bought in the last 12 months. Board Change • Sep 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 3 highly experienced directors. Whole-time Director Vijayaraghavan Bharathram was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 09
First quarter 2023 earnings released: EPS: ₹5.86 (vs ₹4.75 in 1Q 2022) First quarter 2023 results: EPS: ₹5.86 (up from ₹4.75 in 1Q 2022). Revenue: ₹1.32b (up 49% from 1Q 2022). Net income: ₹171.0m (up 23% from 1Q 2022). Profit margin: 13% (down from 16% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Ultramarine & Pigments Limited Approves Dividend for the Financial Year Ended March 31, 2022 Ultramarine & Pigments Limited approved a dividend of INR 5.00 per share of face value of INR 2.00 each on the paid-up equity share capital of the Company at its Annual General Meeting held on July 25, 2022. Announcement • Jul 24
Ultramarine & Pigments Limited to Report Q1, 2023 Results on Aug 08, 2022 Ultramarine & Pigments Limited announced that they will report Q1, 2023 results on Aug 08, 2022 Upcoming Dividend • Jul 07
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 24 August 2022. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Indian dividend payers (1.8%). Higher than average of industry peers (0.8%). Reported Earnings • Jul 01
Full year 2022 earnings released: EPS: ₹19.97 (vs ₹19.11 in FY 2021) Full year 2022 results: EPS: ₹19.97 (up from ₹19.11 in FY 2021). Revenue: ₹4.90b (up 59% from FY 2021). Net income: ₹583.0m (up 4.5% from FY 2021). Profit margin: 12% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jun 07
Insider recently sold ₹1.1m worth of stock On the 3rd of June, Daya Sridhar sold around 4k shares on-market at roughly ₹310 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹6.0m. Insiders have been net sellers, collectively disposing of ₹189m more than they bought in the last 12 months. Reported Earnings • May 27
Full year 2022 earnings released: EPS: ₹19.97 (vs ₹19.11 in FY 2021) Full year 2022 results: EPS: ₹19.97 (up from ₹19.11 in FY 2021). Revenue: ₹4.90b (up 59% from FY 2021). Net income: ₹583.0m (up 4.5% from FY 2021). Profit margin: 12% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Ultramarine & Pigments Limited to Report Q4, 2022 Results on May 24, 2022 Ultramarine & Pigments Limited announced that they will report Q4, 2022 results on May 24, 2022 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₹354, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 52% over the past three years. Recent Insider Transactions • Mar 07
Insider recently bought ₹1.4m worth of stock On the 4th of March, Bhooma Parthasarathy bought around 5k shares on-market at roughly ₹302 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹251m more in shares than they bought in the last 12 months. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹5.11 (down from ₹6.02 in 3Q 2021). Revenue: ₹1.54b (up 83% from 3Q 2021). Net income: ₹149.2m (down 15% from 3Q 2021). Profit margin: 9.7% (down from 21% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 30
Ultramarine & Pigments Limited to Report Q3, 2022 Results on Feb 12, 2022 Ultramarine & Pigments Limited announced that they will report Q3, 2022 results on Feb 12, 2022 Board Change • Dec 31
High number of new directors Whole-time Director Vijayaraghavan Bharathram was the last director to join the board, commencing their role in 2019. Recent Insider Transactions • Nov 28
Insider recently sold ₹780k worth of stock On the 26th of November, S. Narayan sold around 2k shares on-market at roughly ₹390 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹27m. Insiders have been net sellers, collectively disposing of ₹353m more than they bought in the last 12 months. Recent Insider Transactions • Sep 14
Insider recently sold ₹27m worth of stock On the 9th of September, Sridhar Sundararajan sold around 62k shares on-market at roughly ₹431 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹315m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 17% share price gain to ₹460, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 95% over the past three years. Recent Insider Transactions • Sep 05
Insider recently sold ₹5.2m worth of stock On the 3rd of September, Sridhar Sundararajan sold around 13k shares on-market at roughly ₹392 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹244m more than they bought in the last 12 months. Recent Insider Transactions • Aug 18
Insider recently sold ₹1.7m worth of stock On the 16th of August, S. Narayan sold around 4k shares on-market at roughly ₹399 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹5.5m. Insiders have been net sellers, collectively disposing of ₹233m more than they bought in the last 12 months. Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS ₹4.75 (vs ₹3.43 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: ₹898.3m (up 48% from 1Q 2021). Net income: ₹138.5m (up 39% from 1Q 2021). Profit margin: 15% (down from 17% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 11 August 2021. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Recent Insider Transactions • Jun 29
Insider recently sold ₹825k worth of stock On the 25th of June, Sridhar Sundararajan sold around 3k shares on-market at roughly ₹330 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹5.5m. Insiders have been net sellers, collectively disposing of ₹229m more than they bought in the last 12 months. Reported Earnings • Jun 23
Full year 2021 earnings released: EPS ₹19.11 (vs ₹21.24 in FY 2020) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: ₹3.08b (flat on FY 2020). Net income: ₹557.9m (down 10.0% from FY 2020). Profit margin: 18% (down from 20% in FY 2020). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Recent Insider Transactions • Jun 16
Insider recently sold ₹1.3m worth of stock On the 11th of June, Sridhar Sundararajan sold around 4k shares on-market at roughly ₹342 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹9.0m. Insiders have been net sellers, collectively disposing of ₹223m more than they bought in the last 12 months. Recent Insider Transactions • Jun 01
Insider recently sold ₹1.7m worth of stock On the 28th of May, Jayalakshmi Venkataraman sold around 5k shares on-market at roughly ₹332 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹9.0m. Insiders have been net sellers, collectively disposing of ₹213m more than they bought in the last 12 months. Reported Earnings • May 22
Full year 2021 earnings released: EPS ₹19.10 (vs ₹21.24 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹3.18b (up 3.8% from FY 2020). Net income: ₹557.8m (down 10.0% from FY 2020). Profit margin: 18% (down from 20% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹360, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 31% over the past three years. Announcement • May 21
Ultramarine & Pigments Limited Recommends Payment of Dividend Ultramarine & Pigments Limited recommended payment of dividend of INR 5.00 (Rupees five) per equity share of the face value of INR 2/- (Rupees two) each for the financial year ended 31't March, 2021, subject to approval of shareholders at the upcoming 60th Annual General Meeting (AGM). The Company has fixed 8th July, 2020 as the Record Date for determining entitlement of members to the dividend for the financial year ended 31't March 2021. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 21% share price gain to ₹373, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 17% over the past three years. Recent Insider Transactions • Feb 17
Insider recently sold ₹567k worth of stock On the 15th of February, S. Narayan sold around 2k shares on-market at roughly ₹354 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹7.6m. Insiders have been net sellers, collectively disposing of ₹158m more than they bought in the last 12 months. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS ₹6.02 (vs ₹5.38 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹860.0m (up 4.9% from 3Q 2020). Net income: ₹175.7m (up 12% from 3Q 2020). Profit margin: 20% (up from 19% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₹359, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 18x in the Chemicals industry in India. Total returns to shareholders over the past three years are 8.2%. Is New 90 Day High Low • Feb 03
New 90-day high: ₹331 The company is up 41% from its price of ₹234 on 05 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₹314, the stock is trading at a trailing P/E ratio of 16.4x, up from the previous P/E ratio of 14.2x. This compares to an average P/E of 18x in the Chemicals industry in India. Total return to shareholders over the past three years is a loss of 9.9%. 
