# Dyes & Pigments — company-by-company sector analysis

> Dyes & Pigments: Sudarshan Chemical Industries Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Dyes & Pigments has underperformed NIFTY 500 by 0.4% over 52 weeks and 6.6% over 13 weeks. 6 of 10 covered companies beat NIFTY on Mansfield relative strength, while 3 of 9 beat the sector itself. Sudarshan Chemical Industries Ltd leads with revenue of ₹9,787 crore, based on 10 of 10 comparable companies through Mar 2026.

### Is the Dyes & Pigments sector outperforming NIFTY 500?

Dyes & Pigments has underperformed NIFTY 500 by 0.4% over 52 weeks and 6.6% over 13 weeks. 6 of 10 covered companies beat NIFTY on Mansfield relative strength, while 3 of 9 beat the sector itself.

### Which Dyes & Pigments company is largest by revenue?

Sudarshan Chemical Industries Ltd leads with revenue of ₹9,787 crore, based on 10 of 10 comparable companies through Mar 2026.

### Which Dyes & Pigments company is growing fastest?

Sudarshan Chemical Industries Ltd has the fastest current revenue growth at 100%, across 10 of 10 comparable companies.

### Which Dyes & Pigments company has the strongest 4-Factor Sector Score?

Atul Ltd ranks first at 67.2/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Dyes & Pigments company has the least gross debt?

Indokem Ltd has the lowest comparable gross debt at ₹23 crore. Sudarshan Chemical Industries Ltd has the highest at ₹2,473 crore.

### Which Dyes & Pigments company has the lowest comparable PEG?

Atul Ltd has the lowest comparable Guarded PEG at 0.69, among 2 of 10 companies that pass the metric’s comparability rules.

### How much history does this Dyes & Pigments comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Dyes & Pigments has underperformed NIFTY 500 by 0.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.6%. 6 of 10 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Indokem Ltd is the strongest against the sector itself at +26%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 6.6%
52-week sector return versus NIFTY 500: -0.4%
Stocks leading NIFTY: 6/10
Stocks leading sector: 3/9

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 10
Combined market value: ₹37.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Atul Ltd (ATUL): 67/100 — Favorable setup; evidence 100%
   - Growth & earnings 28.0/35 | Capital efficiency 18.1/25 | Valuation 14.0/20 | Relative strength 7.1/20
   - Exact sum: 28 + 18.1 + 14 + 7.1 = 67.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Bhageria Industries Ltd (BHAGERIA): 63/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 29.8/35 | Capital efficiency 14.1/25 | Valuation 8.7/20 | Relative strength 10.6/20
   - Exact sum: 29.8 + 14.1 + 8.7 + 10.6 = 63.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Ultramarine & Pigments Ltd (ULTRAMAR): 57/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 17.0/35 | Capital efficiency 16.4/25 | Valuation 12.3/20 | Relative strength 11.3/20
   - Exact sum: 17 + 16.4 + 12.3 + 11.3 = 57
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Bodal Chemicals Ltd (BODALCHEM): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 22.4/35 | Capital efficiency 10.4/25 | Valuation 10.2/20 | Relative strength 13.0/20
   - Exact sum: 22.4 + 10.4 + 10.2 + 13 = 56
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Indokem Ltd (INDOKEM): 54/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 19.7/35 | Capital efficiency 9.0/25 | Valuation 8.9/20 | Relative strength 15.9/20
   - Exact sum: 19.7 + 9 + 8.9 + 15.9 = 53.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Vidhi Specialty Food Ingredients Ltd (VIDHIING): 53/100 — Mixed-positive evidence; evidence 77%
   - Growth & earnings 16.1/35 | Capital efficiency 18.9/25 | Valuation 11.4/20 | Relative strength 6.3/20
   - Exact sum: 16.1 + 18.9 + 11.4 + 6.3 = 52.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Sudarshan Chemical Industries Ltd (SUDARSCHEM): 45/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 19.9/35 | Capital efficiency 8.5/25 | Valuation 9.9/20 | Relative strength 6.9/20
   - Exact sum: 19.9 + 8.5 + 9.9 + 6.9 = 45.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Sudarshan Colorants India Ltd (SUDARCOLOR): 42/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 7.6/35 | Capital efficiency 14.0/25 | Valuation 13.9/20 | Relative strength 6.0/20
   - Exact sum: 7.6 + 14 + 13.9 + 6 = 41.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Kiri Industries Ltd (KIRIINDUS): 38/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 11.9/35 | Capital efficiency 9.9/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Exact sum: 11.9 + 9.9 + 10 + 6 = 37.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Sadhana Nitro Chem Ltd (SADHNANIQ): 30/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 3.2/35 | Capital efficiency 4.1/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 3.2 + 4.1 + 10 + 12.5 = 29.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Sudarshan Chemical Industries Ltd is the scale leader at ₹9,787 crore, 47.3% ahead of Atul Ltd. Sudarshan Chemical Industries Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 192.6% from a ₹9,787 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Sudarshan Chemical Industries Ltd is the scale benchmark; Sudarshan Chemical Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Sudarshan Chemical Industries Ltd's growth falls below Sudarshan Chemical Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Sudarshan Chemical Industries Ltd · ₹9,787 crore | 47.3% versus #2 · Atul Ltd | 8/8 recent comparable periods | 10/10 companies · 150 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Sudarshan Chemical Industries Ltd (SUDARSCHEM): ₹9.8K Cr
2. Atul Ltd (ATUL): ₹6.6K Cr
3. Bodal Chemicals Ltd (BODALCHEM): ₹2.0K Cr
4. Bhageria Industries Ltd (BHAGERIA): ₹1.0K Cr
5. Kiri Industries Ltd (KIRIINDUS): ₹839 Cr

### Revenue growth — fastest growers
1. Sudarshan Chemical Industries Ltd (SUDARSCHEM): 100%
2. Bhageria Industries Ltd (BHAGERIA): 57%
3. Atul Ltd (ATUL): 16%
4. Bodal Chemicals Ltd (BODALCHEM): 15%
5. Kiri Industries Ltd (KIRIINDUS): 13%

### 20-quarter Revenue history
- ATUL: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.8K Cr
- SUDARSCHEM: Sep 2021 ₹498 Cr | Dec 2021 ₹602 Cr | Mar 2022 ₹627 Cr | Jun 2022 ₹554 Cr | Sep 2022 ₹528 Cr | Dec 2022 ₹528 Cr | Mar 2023 ₹691 Cr | Jun 2023 ₹608 Cr | Sep 2023 ₹601 Cr | Dec 2023 ₹566 Cr | Mar 2024 ₹764 Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹696 Cr | Dec 2024 ₹666 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- KIRIINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹204 Cr | Mar 2023 ₹222 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹160 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹183 Cr | Sep 2024 ₹173 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹213 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹250 Cr | Jun 2026 —
- VIDHIING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹86 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹123 Cr | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹41 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹42 Cr | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹150 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹195 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹199 Cr | Jun 2026 —
- BHAGERIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹94 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹113 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹170 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹271 Cr | Jun 2026 ₹286 Cr
- BODALCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹321 Cr | Mar 2023 ₹390 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹330 Cr | Dec 2023 ₹339 Cr | Mar 2024 ₹394 Cr | Jun 2024 ₹422 Cr | Sep 2024 ₹429 Cr | Dec 2024 ₹443 Cr | Mar 2025 ₹451 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹480 Cr | Dec 2025 ₹490 Cr | Mar 2026 ₹588 Cr | Jun 2026 —
- SUDARCOLOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹178 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹211 Cr | Jun 2026 —
- SADHNANIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹48 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹9 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ATUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 19% | Dec 2022 -8.1% | Mar 2023 -13% | Jun 2023 -20% | Sep 2023 -20% | Dec 2023 -10% | Mar 2024 1.4% | Jun 2024 12% | Sep 2024 17% | Dec 2024 25% | Mar 2025 20% | Jun 2025 12% | Sep 2025 11% | Dec 2025 11% | Mar 2026 15% | Jun 2026 25%
- SUDARSCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 6.0% | Dec 2022 -12% | Mar 2023 10% | Jun 2023 9.8% | Sep 2023 14% | Dec 2023 7.2% | Mar 2024 11% | Jun 2024 4.3% | Sep 2024 16% | Dec 2024 18% | Mar 2025 77% | Jun 2025 295% | Sep 2025 243% | Dec 2025 216% | Mar 2026 107% | Jun 2026 —
- KIRIINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 21% | Jun 2024 -19% | Sep 2024 -25% | Dec 2024 12% | Mar 2025 -24% | Jun 2025 10% | Sep 2025 23% | Dec 2025 -2.8% | Mar 2026 22% | Jun 2026 —
- VIDHIING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -27% | Mar 2024 -12% | Jun 2024 3.8% | Sep 2024 14% | Dec 2024 57% | Mar 2025 41% | Jun 2025 6.0% | Sep 2025 -18% | Dec 2025 -5.1% | Mar 2026 12% | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.6% | Mar 2024 -1.7% | Jun 2024 -16% | Sep 2024 7.3% | Dec 2024 7.8% | Mar 2025 36% | Jun 2025 12% | Sep 2025 -6.9% | Dec 2025 -3.2% | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.3% | Mar 2024 8.8% | Jun 2024 23% | Sep 2024 10% | Dec 2024 21% | Mar 2025 43% | Jun 2025 14% | Sep 2025 22% | Dec 2025 9.5% | Mar 2026 2.1% | Jun 2026 —
- BHAGERIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 19% | Mar 2024 26% | Jun 2024 15% | Sep 2024 25% | Dec 2024 52% | Mar 2025 0.6% | Jun 2025 39% | Sep 2025 58% | Dec 2025 42% | Mar 2026 48% | Jun 2026 82%
- BODALCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.7% | Mar 2024 1.0% | Jun 2024 27% | Sep 2024 30% | Dec 2024 31% | Mar 2025 14% | Jun 2025 7.6% | Sep 2025 12% | Dec 2025 11% | Mar 2026 30% | Jun 2026 —
- SUDARCOLOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.3% | Mar 2024 14% | Jun 2024 -17% | Sep 2024 9.0% | Dec 2024 21% | Mar 2025 7.3% | Jun 2025 22% | Sep 2025 -16% | Dec 2025 -17% | Mar 2026 -4.1% | Jun 2026 —
- SADHNANIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 35% | Jun 2024 -7.7% | Sep 2024 2.4% | Dec 2024 -16% | Mar 2025 -25% | Jun 2025 -22% | Sep 2025 -93% | Dec 2025 -73% | Mar 2026 -82% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Atul Ltd leads both opm at 21% and margin change at +5 percentage points.

Investor read: Atul Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Atul Ltd · 21% | 23.5% versus #2 · Vidhi Specialty Food Ingredients Ltd | 5/8 recent comparable periods | 10/10 companies · 191 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Atul Ltd (ATUL): 21%
2. Vidhi Specialty Food Ingredients Ltd (VIDHIING): 17%
3. Bhageria Industries Ltd (BHAGERIA): 15%
4. Ultramarine & Pigments Ltd (ULTRAMAR): 13%
5. Bodal Chemicals Ltd (BODALCHEM): 12%

### Margin change — fastest expanders
1. Atul Ltd (ATUL): +5.0 pp
2. Bhageria Industries Ltd (BHAGERIA): +4.0 pp
3. Bodal Chemicals Ltd (BODALCHEM): +2.0 pp
4. Sudarshan Chemical Industries Ltd (SUDARSCHEM): −1.0 pp
5. Vidhi Specialty Food Ingredients Ltd (VIDHIING): −1.0 pp

### 20-quarter OPM history
- ATUL: Sep 2021 17% | Dec 2021 18% | Mar 2022 15% | Jun 2022 16% | Sep 2022 15% | Dec 2022 14% | Mar 2023 12% | Jun 2023 15% | Sep 2023 13% | Dec 2023 13% | Mar 2024 12% | Jun 2024 17% | Sep 2024 17% | Dec 2024 16% | Mar 2025 15% | Jun 2025 16% | Sep 2025 17% | Dec 2025 16% | Mar 2026 17% | Jun 2026 21%
- SUDARSCHEM: Sep 2021 11% | Dec 2021 12% | Mar 2022 14% | Jun 2022 7.5% | Sep 2022 8.1% | Dec 2022 8.0% | Mar 2023 12% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 16% | Jun 2024 13% | Sep 2024 14% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 6.0% | Dec 2025 2.0% | Mar 2026 8.0% | Jun 2026 —
- KIRIINDUS: Sep 2021 7.8% | Dec 2021 11% | Mar 2022 6.0% | Jun 2022 -3.1% | Sep 2022 -2.9% | Dec 2022 -8.0% | Mar 2023 -2.0% | Jun 2023 1.0% | Sep 2023 -4.0% | Dec 2023 -13% | Mar 2024 2.0% | Jun 2024 0.0% | Sep 2024 -3.0% | Dec 2024 -25% | Mar 2025 -2.0% | Jun 2025 -8.0% | Sep 2025 -6.0% | Dec 2025 -28% | Mar 2026 -57% | Jun 2026 —
- VIDHIING: Sep 2021 17% | Dec 2021 16% | Mar 2022 13% | Jun 2022 13% | Sep 2022 14% | Dec 2022 15% | Mar 2023 14% | Jun 2023 16% | Sep 2023 17% | Dec 2023 23% | Mar 2024 20% | Jun 2024 17% | Sep 2024 17% | Dec 2024 19% | Mar 2025 18% | Jun 2025 23% | Sep 2025 24% | Dec 2025 20% | Mar 2026 17% | Jun 2026 —
- INDOKEM: Sep 2021 3.1% | Dec 2021 6.3% | Mar 2022 3.8% | Jun 2022 -4.8% | Sep 2022 1.2% | Dec 2022 4.5% | Mar 2023 2.0% | Jun 2023 2.1% | Sep 2023 -8.5% | Dec 2023 2.5% | Mar 2024 1.2% | Jun 2024 -0.5% | Sep 2024 2.8% | Dec 2024 3.3% | Mar 2025 9.6% | Jun 2025 4.3% | Sep 2025 3.0% | Dec 2025 0.4% | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 17% | Dec 2021 15% | Mar 2022 16% | Jun 2022 20% | Sep 2022 17% | Dec 2022 22% | Mar 2023 16% | Jun 2023 21% | Sep 2023 17% | Dec 2023 16% | Mar 2024 15% | Jun 2024 16% | Sep 2024 17% | Dec 2024 20% | Mar 2025 15% | Jun 2025 17% | Sep 2025 16% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —
- BHAGERIA: Sep 2021 18% | Dec 2021 23% | Mar 2022 17% | Jun 2022 10% | Sep 2022 8.0% | Dec 2022 14% | Mar 2023 12% | Jun 2023 6.0% | Sep 2023 8.0% | Dec 2023 13% | Mar 2024 8.0% | Jun 2024 10% | Sep 2024 11% | Dec 2024 16% | Mar 2025 16% | Jun 2025 11% | Sep 2025 11% | Dec 2025 8.0% | Mar 2026 11% | Jun 2026 15%
- BODALCHEM: Sep 2021 10% | Dec 2021 12% | Mar 2022 9.0% | Jun 2022 11% | Sep 2022 8.0% | Dec 2022 7.7% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 6.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 10% | Mar 2025 10% | Jun 2025 10% | Sep 2025 5.0% | Dec 2025 4.0% | Mar 2026 12% | Jun 2026 —
- SUDARCOLOR: Sep 2021 5.5% | Dec 2021 7.5% | Mar 2022 7.8% | Jun 2022 7.8% | Sep 2022 7.6% | Dec 2022 7.2% | Mar 2023 9.0% | Jun 2023 12% | Sep 2023 11% | Dec 2023 8.0% | Mar 2024 5.0% | Jun 2024 6.0% | Sep 2024 13% | Dec 2024 12% | Mar 2025 8.0% | Jun 2025 12% | Sep 2025 10% | Dec 2025 6.0% | Mar 2026 2.0% | Jun 2026 —
- SADHNANIQ: Sep 2021 11% | Dec 2021 11% | Mar 2022 7.3% | Jun 2022 9.4% | Sep 2022 12% | Dec 2022 15% | Mar 2023 20% | Jun 2023 20% | Sep 2023 30% | Dec 2023 26% | Mar 2024 14% | Jun 2024 27% | Sep 2024 19% | Dec 2024 30% | Mar 2025 27% | Jun 2025 7.0% | Sep 2025 -629% | Dec 2025 -156% | Mar 2026 -250% | Jun 2026 —

### 20-quarter Margin change history
- ATUL: Sep 2021 −8.6 pp | Dec 2021 −7.3 pp | Mar 2022 −7.8 pp | Jun 2022 −6.1 pp | Sep 2022 −2.7 pp | Dec 2022 −4.2 pp | Mar 2023 −3.0 pp | Jun 2023 −0.8 pp | Sep 2023 −1.8 pp | Dec 2023 −1.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +4.0 pp | Dec 2024 +3.0 pp | Mar 2025 +3.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +2.0 pp | Jun 2026 +5.0 pp
- SUDARSCHEM: Sep 2021 −5.2 pp | Dec 2021 −3.5 pp | Mar 2022 −1.4 pp | Jun 2022 −5.6 pp | Sep 2022 −2.5 pp | Dec 2022 −4.3 pp | Mar 2023 −1.7 pp | Jun 2023 +3.5 pp | Sep 2023 +2.9 pp | Dec 2023 +3.0 pp | Mar 2024 +4.0 pp | Jun 2024 +2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 −7.0 pp | Jun 2025 −5.0 pp | Sep 2025 −8.0 pp | Dec 2025 −10.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- KIRIINDUS: Sep 2021 +7.9 pp | Dec 2021 −1.3 pp | Mar 2022 −7.6 pp | Jun 2022 −10.0 pp | Sep 2022 −10.7 pp | Dec 2022 −19.3 pp | Mar 2023 −8.0 pp | Jun 2023 +4.1 pp | Sep 2023 −1.1 pp | Dec 2023 −5.0 pp | Mar 2024 +4.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −12.0 pp | Mar 2025 −4.0 pp | Jun 2025 −8.0 pp | Sep 2025 −3.0 pp | Dec 2025 −3.0 pp | Mar 2026 −55.0 pp | Jun 2026 —
- VIDHIING: Sep 2021 −3.7 pp | Dec 2021 −4.0 pp | Mar 2022 −4.0 pp | Jun 2022 −4.8 pp | Sep 2022 −3.0 pp | Dec 2022 −0.6 pp | Mar 2023 +0.7 pp | Jun 2023 +2.6 pp | Sep 2023 +3.2 pp | Dec 2023 +8.0 pp | Mar 2024 +6.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 +6.0 pp | Sep 2025 +7.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- INDOKEM: Sep 2021 −3.4 pp | Dec 2021 −2.2 pp | Mar 2022 −0.9 pp | Jun 2022 −7.8 pp | Sep 2022 −1.9 pp | Dec 2022 −1.8 pp | Mar 2023 −1.8 pp | Jun 2023 +6.9 pp | Sep 2023 −9.7 pp | Dec 2023 −2.0 pp | Mar 2024 −0.8 pp | Jun 2024 −2.6 pp | Sep 2024 +11.3 pp | Dec 2024 +0.7 pp | Mar 2025 +8.4 pp | Jun 2025 +4.8 pp | Sep 2025 +0.2 pp | Dec 2025 −2.8 pp | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 −12.2 pp | Dec 2021 −13.3 pp | Mar 2022 −3.2 pp | Jun 2022 −3.6 pp | Sep 2022 +0.5 pp | Dec 2022 +7.1 pp | Mar 2023 +0.4 pp | Jun 2023 +1.1 pp | Sep 2023 −0.0 pp | Dec 2023 −6.0 pp | Mar 2024 −1.0 pp | Jun 2024 −5.0 pp | Sep 2024 0.0 pp | Dec 2024 +4.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- BHAGERIA: Sep 2021 −5.7 pp | Dec 2021 −8.1 pp | Mar 2022 −6.6 pp | Jun 2022 −9.4 pp | Sep 2022 −10.1 pp | Dec 2022 −8.6 pp | Mar 2023 −5.2 pp | Jun 2023 −4.2 pp | Sep 2023 +0.0 pp | Dec 2023 −1.0 pp | Mar 2024 −4.0 pp | Jun 2024 +4.0 pp | Sep 2024 +3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +8.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 −8.0 pp | Mar 2026 −5.0 pp | Jun 2026 +4.0 pp
- BODALCHEM: Sep 2021 +3.0 pp | Dec 2021 +1.6 pp | Mar 2022 −1.7 pp | Jun 2022 −0.7 pp | Sep 2022 −2.3 pp | Dec 2022 −4.5 pp | Mar 2023 −2.0 pp | Jun 2023 −3.9 pp | Sep 2023 −1.0 pp | Dec 2023 −0.7 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.0 pp | Mar 2025 +4.0 pp | Jun 2025 +2.0 pp | Sep 2025 −3.0 pp | Dec 2025 −6.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SUDARCOLOR: Sep 2021 −4.8 pp | Dec 2021 −5.3 pp | Mar 2022 −4.5 pp | Jun 2022 −0.7 pp | Sep 2022 +2.1 pp | Dec 2022 −0.3 pp | Mar 2023 +1.2 pp | Jun 2023 +4.2 pp | Sep 2023 +3.5 pp | Dec 2023 +0.8 pp | Mar 2024 −4.0 pp | Jun 2024 −6.0 pp | Sep 2024 +2.0 pp | Dec 2024 +4.0 pp | Mar 2025 +3.0 pp | Jun 2025 +6.0 pp | Sep 2025 −3.0 pp | Dec 2025 −6.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- SADHNANIQ: Sep 2021 −0.6 pp | Dec 2021 +3.9 pp | Mar 2022 −36.3 pp | Jun 2022 −7.2 pp | Sep 2022 +1.0 pp | Dec 2022 +3.7 pp | Mar 2023 +12.7 pp | Jun 2023 +10.6 pp | Sep 2023 +18.5 pp | Dec 2023 +10.9 pp | Mar 2024 −6.0 pp | Jun 2024 +7.0 pp | Sep 2024 −11.0 pp | Dec 2024 +4.0 pp | Mar 2025 +13.0 pp | Jun 2025 −20.0 pp | Sep 2025 −648.0 pp | Dec 2025 −186.0 pp | Mar 2026 −277.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Kiri Industries Ltd leads with ₹5,567 crore of TTM profit, 586.4% above Atul Ltd. Bodal Chemicals Ltd shows ≥100% on the scoring scale (166.7% uncapped) growth from a ₹48 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Kiri Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Kiri Industries Ltd · ₹5,567 crore | 586.4% versus #2 · Atul Ltd | 4/6 recent comparable periods | 10/10 companies · 150 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Kiri Industries Ltd (KIRIINDUS): ₹5.6K Cr
2. Atul Ltd (ATUL): ₹811 Cr
3. Ultramarine & Pigments Ltd (ULTRAMAR): ₹80 Cr
4. Bhageria Industries Ltd (BHAGERIA): ₹67 Cr
5. Vidhi Specialty Food Ingredients Ltd (VIDHIING): ₹49 Cr

### Profit growth — fastest growers
1. Bodal Chemicals Ltd (BODALCHEM): 100%
2. Indokem Ltd (INDOKEM): 100% — older report
3. Atul Ltd (ATUL): 56%
4. Bhageria Industries Ltd (BHAGERIA): 56%
5. Vidhi Specialty Food Ingredients Ltd (VIDHIING): 14%

### 20-quarter Net profit history
- ATUL: Sep 2021 ₹147 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹211 Cr | Jun 2026 ₹254 Cr
- SUDARSCHEM: Sep 2021 ₹23 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹-116 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- KIRIINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹54 Cr | Mar 2023 ₹-61 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹514 Cr | Jun 2026 —
- VIDHIING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹-5 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- BHAGERIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹34 Cr
- BODALCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- SUDARCOLOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- SADHNANIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-34 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ATUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.6% | Sep 2022 2.7% | Dec 2022 -34% | Mar 2023 -32% | Jun 2023 -38% | Sep 2023 -40% | Dec 2023 -30% | Mar 2024 -36% | Jun 2024 9.8% | Sep 2024 54% | Dec 2024 63% | Mar 2025 120% | Jun 2025 18% | Sep 2025 30% | Dec 2025 40% | Mar 2026 62% | Jun 2026 92%
- SUDARSCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -73% | Sep 2022 -78% | Dec 2022 -97% | Mar 2023 -27% | Jun 2023 3,714% | Sep 2023 260% | Dec 2023 1,400% | Mar 2024 76% | Jun 2024 -89% | Sep 2024 67% | Dec 2024 -93% | Mar 2025 -100% | Jun 2025 90% | Sep 2025 -37% | Dec 2025 -11,700% | Mar 2026 — | Jun 2026 —
- KIRIINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 150% | Mar 2024 — | Jun 2024 — | Sep 2024 321% | Dec 2024 31% | Mar 2025 — | Jun 2025 -89% | Sep 2025 -75% | Dec 2025 2,738% | Mar 2026 — | Jun 2026 —
- VIDHIING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 11% | Jun 2024 0.0% | Sep 2024 11% | Dec 2024 44% | Mar 2025 20% | Jun 2025 63% | Sep 2025 10% | Dec 2025 -7.7% | Mar 2026 8.3% | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -117% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -45% | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -32% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 12% | Dec 2024 77% | Mar 2025 55% | Jun 2025 18% | Sep 2025 0.0% | Dec 2025 17% | Mar 2026 -18% | Jun 2026 —
- BHAGERIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 20% | Jun 2024 500% | Sep 2024 100% | Dec 2024 38% | Mar 2025 150% | Jun 2025 83% | Sep 2025 83% | Dec 2025 0.0% | Mar 2026 -27% | Jun 2026 209%
- BODALCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -59% | Mar 2024 -33% | Jun 2024 -150% | Sep 2024 -100% | Dec 2024 400% | Mar 2025 600% | Jun 2025 — | Sep 2025 — | Dec 2025 -100% | Mar 2026 129% | Jun 2026 —
- SUDARCOLOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -11% | Mar 2024 -33% | Jun 2024 -69% | Sep 2024 38% | Dec 2024 183% | Mar 2025 83% | Jun 2025 240% | Sep 2025 -11% | Dec 2025 -112% | Mar 2026 18% | Jun 2026 —
- SADHNANIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -50% | Jun 2024 — | Sep 2024 -100% | Dec 2024 200% | Mar 2025 300% | Jun 2025 -300% | Sep 2025 — | Dec 2025 -933% | Mar 2026 -950% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/10 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Atul Ltd has the clearest covered balance-sheet capacity with ₹1,557 crore net cash and gross debt of ₹183 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Indokem Ltd · ₹23 crore | 0% versus #2 · Sudarshan Colorants India Ltd | Not enough history | 10/10 companies · 159 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Indokem Ltd (INDOKEM): ₹23 Cr — older report
2. Sudarshan Colorants India Ltd (SUDARCOLOR): ₹23 Cr
3. Kiri Industries Ltd (KIRIINDUS): ₹42 Cr
4. Vidhi Specialty Food Ingredients Ltd (VIDHIING): ₹58 Cr
5. Ultramarine & Pigments Ltd (ULTRAMAR): ₹86 Cr

### Net debt — lowest net debt
1. Atul Ltd (ATUL): ₹-1.6K Cr
2. Sudarshan Colorants India Ltd (SUDARCOLOR): ₹-212 Cr
3. Ultramarine & Pigments Ltd (ULTRAMAR): ₹-6 Cr
4. Vidhi Specialty Food Ingredients Ltd (VIDHIING): ₹38 Cr
5. Bhageria Industries Ltd (BHAGERIA): ₹46 Cr

### 20-quarter Gross debt history
- ATUL: Sep 2021 ₹37 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹144 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹237 Cr | Jun 2024 ₹237 Cr | Sep 2024 ₹218 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹202 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹183 Cr | Jun 2026 —
- SUDARSCHEM: Sep 2021 ₹797 Cr | Dec 2021 ₹797 Cr | Mar 2022 ₹823 Cr | Jun 2022 ₹823 Cr | Sep 2022 ₹968 Cr | Dec 2022 ₹968 Cr | Mar 2023 ₹829 Cr | Jun 2023 ₹833 Cr | Sep 2023 ₹638 Cr | Dec 2023 ₹638 Cr | Mar 2024 ₹467 Cr | Jun 2024 ₹467 Cr | Sep 2024 ₹559 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- KIRIINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 ₹96 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹49 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹122 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 — | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹42 Cr | Jun 2026 —
- VIDHIING: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹52 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹58 Cr | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹22 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹22 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹23 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹86 Cr | Jun 2026 —
- BHAGERIA: Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹109 Cr | Jun 2026 ₹109 Cr
- BODALCHEM: Sep 2021 ₹485 Cr | Dec 2021 ₹485 Cr | Mar 2022 ₹676 Cr | Jun 2022 ₹676 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹746 Cr | Mar 2023 ₹760 Cr | Jun 2023 ₹760 Cr | Sep 2023 ₹818 Cr | Dec 2023 ₹818 Cr | Mar 2024 ₹904 Cr | Jun 2024 ₹904 Cr | Sep 2024 ₹836 Cr | Dec 2024 ₹836 Cr | Mar 2025 ₹911 Cr | Jun 2025 ₹911 Cr | Sep 2025 ₹866 Cr | Dec 2025 ₹866 Cr | Mar 2026 ₹813 Cr | Jun 2026 —
- SUDARCOLOR: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 ₹28 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- SADHNANIQ: Sep 2021 ₹109 Cr | Dec 2021 — | Mar 2022 ₹116 Cr | Jun 2022 ₹116 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹139 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹233 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹258 Cr | Mar 2026 ₹113 Cr | Jun 2026 —

### 20-quarter Net debt history
- ATUL: Sep 2021 ₹-649 Cr | Dec 2021 ₹-649 Cr | Mar 2022 ₹-472 Cr | Jun 2022 ₹-472 Cr | Sep 2022 ₹-175 Cr | Dec 2022 ₹-175 Cr | Mar 2023 ₹-187 Cr | Jun 2023 ₹-187 Cr | Sep 2023 ₹-207 Cr | Dec 2023 ₹-207 Cr | Mar 2024 ₹-259 Cr | Jun 2024 ₹-259 Cr | Sep 2024 ₹-357 Cr | Dec 2024 ₹-357 Cr | Mar 2025 ₹-676 Cr | Jun 2025 ₹-676 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 —
- SUDARSCHEM: Sep 2021 ₹762 Cr | Dec 2021 ₹762 Cr | Mar 2022 ₹788 Cr | Jun 2022 ₹787 Cr | Sep 2022 ₹923 Cr | Dec 2022 ₹923 Cr | Mar 2023 ₹800 Cr | Jun 2023 ₹800 Cr | Sep 2023 ₹451 Cr | Dec 2023 ₹451 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹413 Cr | Sep 2024 ₹380 Cr | Dec 2024 ₹380 Cr | Mar 2025 ₹900 Cr | Jun 2025 ₹900 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- VIDHIING: Sep 2021 ₹56 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- ULTRAMAR: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- BHAGERIA: Sep 2021 ₹-15 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-41 Cr | Dec 2022 ₹-41 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹-21 Cr | Sep 2023 ₹-77 Cr | Dec 2023 ₹-77 Cr | Mar 2024 ₹-22 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-55 Cr | Dec 2024 ₹-55 Cr | Mar 2025 ₹-28 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹46 Cr
- BODALCHEM: Sep 2021 ₹465 Cr | Dec 2021 ₹465 Cr | Mar 2022 ₹667 Cr | Jun 2022 ₹661 Cr | Sep 2022 ₹724 Cr | Dec 2022 ₹724 Cr | Mar 2023 ₹743 Cr | Jun 2023 ₹741 Cr | Sep 2023 ₹810 Cr | Dec 2023 ₹810 Cr | Mar 2024 ₹867 Cr | Jun 2024 ₹858 Cr | Sep 2024 ₹813 Cr | Dec 2024 ₹813 Cr | Mar 2025 ₹888 Cr | Jun 2025 ₹875 Cr | Sep 2025 ₹836 Cr | Dec 2025 ₹836 Cr | Mar 2026 ₹792 Cr | Jun 2026 —
- SUDARCOLOR: Sep 2021 ₹-14 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-40 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹-86 Cr | Sep 2024 ₹-83 Cr | Dec 2024 ₹-83 Cr | Mar 2025 ₹-187 Cr | Jun 2025 ₹-166 Cr | Sep 2025 ₹-185 Cr | Dec 2025 ₹-185 Cr | Mar 2026 ₹-212 Cr | Jun 2026 —
- SADHNANIQ: Sep 2021 ₹100 Cr | Dec 2021 — | Mar 2022 ₹103 Cr | Jun 2022 ₹101 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹132 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹163 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹219 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹253 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹95 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Vidhi Specialty Food Ingredients Ltd leads ROCE at 18.8%, 3.9 percentage points above Atul Ltd. Indokem Ltd has the strongest latest improvement at +11 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Vidhi Specialty Food Ingredients Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Vidhi Specialty Food Ingredients Ltd · 18.8% | 26.2% versus #2 · Atul Ltd | 7/8 recent comparable periods | 10/10 companies · 120 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Vidhi Specialty Food Ingredients Ltd (VIDHIING): 19%
2. Atul Ltd (ATUL): 15%
3. Sudarshan Colorants India Ltd (SUDARCOLOR): 11%
4. Ultramarine & Pigments Ltd (ULTRAMAR): 11%
5. Bhageria Industries Ltd (BHAGERIA): 9.4%

### ROCE change — fastest improvers
1. Indokem Ltd (INDOKEM): +11.0 pp — older report
2. Bhageria Industries Ltd (BHAGERIA): +3.7 pp
3. Ultramarine & Pigments Ltd (ULTRAMAR): +1.5 pp
4. Atul Ltd (ATUL): +0.7 pp
5. Vidhi Specialty Food Ingredients Ltd (VIDHIING): +0.6 pp

### 20-quarter ROCE history
- ATUL: Sep 2021 18% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 9.2% | Dec 2023 9.8% | Mar 2024 7.7% | Jun 2024 9.2% | Sep 2024 7.7% | Dec 2024 11% | Mar 2025 9.8% | Jun 2025 13% | Sep 2025 9.7% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- SUDARSCHEM: Sep 2021 16% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 8.1% | Jun 2023 — | Sep 2023 9.5% | Dec 2023 33% | Mar 2024 12% | Jun 2024 14% | Sep 2024 15% | Dec 2024 14% | Mar 2025 3.3% | Jun 2025 5.4% | Sep 2025 3.6% | Dec 2025 3.4% | Mar 2026 3.4% | Jun 2026 —
- VIDHIING: Sep 2021 35% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 29% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 18% | Jun 2024 19% | Sep 2024 18% | Dec 2024 21% | Mar 2025 20% | Jun 2025 24% | Sep 2025 22% | Dec 2025 23% | Mar 2026 20% | Jun 2026 —
- ULTRAMAR: Sep 2021 7.3% | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 9.5% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 8.8% | Dec 2023 9.4% | Mar 2024 7.3% | Jun 2024 9.3% | Sep 2024 6.2% | Dec 2024 9.2% | Mar 2025 8.8% | Jun 2025 11% | Sep 2025 8.8% | Dec 2025 9.9% | Mar 2026 10% | Jun 2026 —
- BHAGERIA: Sep 2021 17% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 3.7% | Jun 2023 — | Sep 2023 2.2% | Dec 2023 4.8% | Mar 2024 2.1% | Jun 2024 6.3% | Sep 2024 3.9% | Dec 2024 8.2% | Mar 2025 8.3% | Jun 2025 11% | Sep 2025 10% | Dec 2025 12% | Mar 2026 8.2% | Jun 2026 15%
- BODALCHEM: Sep 2021 14% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 2.8% | Dec 2023 4.1% | Mar 2024 3.2% | Jun 2024 4.1% | Sep 2024 4.5% | Dec 2024 5.3% | Mar 2025 6.6% | Jun 2025 7.4% | Sep 2025 6.9% | Dec 2025 7.2% | Mar 2026 6.2% | Jun 2026 —
- SUDARCOLOR: Sep 2021 15% | Dec 2021 — | Mar 2022 9.8% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 9.4% | Jun 2023 — | Sep 2023 12% | Dec 2023 13% | Mar 2024 9.8% | Jun 2024 9.6% | Sep 2024 7.7% | Dec 2024 13% | Mar 2025 12% | Jun 2025 16% | Sep 2025 12% | Dec 2025 10% | Mar 2026 6.4% | Jun 2026 —
- SADHNANIQ: Sep 2021 15% | Dec 2021 — | Mar 2022 4.9% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.2% | Jun 2023 — | Sep 2023 8.5% | Dec 2023 11% | Mar 2024 7.0% | Jun 2024 8.9% | Sep 2024 5.9% | Dec 2024 8.2% | Mar 2025 12% | Jun 2025 6.2% | Sep 2025 4.2% | Dec 2025 -6.7% | Mar 2026 -14% | Jun 2026 —

### 20-quarter ROCE change history
- ATUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 — | Mar 2023 −3.3 pp | Jun 2023 — | Sep 2023 −6.6 pp | Dec 2023 — | Mar 2024 −4.7 pp | Jun 2024 — | Sep 2024 −1.5 pp | Dec 2024 +0.9 pp | Mar 2025 +2.1 pp | Jun 2025 +3.4 pp | Sep 2025 +2.0 pp | Dec 2025 +2.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- SUDARSCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.3 pp | Dec 2022 — | Mar 2023 −6.2 pp | Jun 2023 — | Sep 2023 −1.5 pp | Dec 2023 — | Mar 2024 +3.9 pp | Jun 2024 — | Sep 2024 +5.9 pp | Dec 2024 −19.4 pp | Mar 2025 −8.7 pp | Jun 2025 −8.5 pp | Sep 2025 −11.8 pp | Dec 2025 −10.5 pp | Mar 2026 +0.1 pp | Jun 2026 —
- VIDHIING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −14.3 pp | Jun 2023 — | Sep 2023 −12.0 pp | Dec 2023 — | Mar 2024 −2.4 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +0.9 pp | Mar 2025 +1.7 pp | Jun 2025 +4.4 pp | Sep 2025 +3.9 pp | Dec 2025 +2.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ULTRAMAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 — | Mar 2023 +2.7 pp | Jun 2023 — | Sep 2023 −0.7 pp | Dec 2023 — | Mar 2024 −3.1 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 −0.2 pp | Mar 2025 +1.5 pp | Jun 2025 +1.6 pp | Sep 2025 +2.6 pp | Dec 2025 +0.7 pp | Mar 2026 +1.5 pp | Jun 2026 —
- BHAGERIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.8 pp | Dec 2022 — | Mar 2023 −12.3 pp | Jun 2023 — | Sep 2023 −9.2 pp | Dec 2023 — | Mar 2024 −1.6 pp | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 +3.4 pp | Mar 2025 +6.2 pp | Jun 2025 +4.8 pp | Sep 2025 +6.1 pp | Dec 2025 +3.4 pp | Mar 2026 −0.1 pp | Jun 2026 +3.7 pp
- BODALCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 — | Mar 2023 −8.2 pp | Jun 2023 — | Sep 2023 −8.2 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 +1.2 pp | Mar 2025 +3.4 pp | Jun 2025 +3.3 pp | Sep 2025 +2.4 pp | Dec 2025 +1.9 pp | Mar 2026 −0.4 pp | Jun 2026 —
- SUDARCOLOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 — | Mar 2023 −0.4 pp | Jun 2023 — | Sep 2023 +1.2 pp | Dec 2023 — | Mar 2024 +0.4 pp | Jun 2024 — | Sep 2024 −3.8 pp | Dec 2024 +0.1 pp | Mar 2025 +1.8 pp | Jun 2025 +6.8 pp | Sep 2025 +4.1 pp | Dec 2025 −2.9 pp | Mar 2026 −5.2 pp | Jun 2026 —
- SADHNANIQ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.8 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 −2.6 pp | Mar 2025 +4.8 pp | Jun 2025 −2.7 pp | Sep 2025 −1.7 pp | Dec 2025 −14.9 pp | Mar 2026 −25.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Atul Ltd has the lowest comparable Guarded PEG at 0.69×, 51.4% below Sudarshan Chemical Industries Ltd. Only 2 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Atul Ltd · 0.69× | 51.4% versus #2 · Sudarshan Chemical Industries Ltd | 0/8 recent comparable periods | 2/10 companies · 8 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Atul Ltd (ATUL): 0.7
2. Sudarshan Chemical Industries Ltd (SUDARSCHEM): 1.4

### P/E — lowest P/E
1. Ultramarine & Pigments Ltd (ULTRAMAR): 14.0
2. Bhageria Industries Ltd (BHAGERIA): 14.5
3. Sudarshan Colorants India Ltd (SUDARCOLOR): 17.2
4. Bodal Chemicals Ltd (BODALCHEM): 17.9
5. Atul Ltd (ATUL): 23.7

### 20-quarter Guarded PEG history
- ATUL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.0 | Sep 2024 1.3 | Dec 2024 1.0 | Mar 2025 — | Jun 2025 3.2 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 —
- SUDARSCHEM: Sep 2021 — | Dec 2021 — | Mar 2022 1.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ATUL: Sep 2021 40.1 | Dec 2021 39.6 | Mar 2022 46.5 | Jun 2022 38.9 | Sep 2022 44.3 | Dec 2022 40.2 | Mar 2023 36.9 | Jun 2023 40.2 | Sep 2023 45.9 | Dec 2023 53.8 | Mar 2024 47.3 | Jun 2024 59.2 | Sep 2024 68.2 | Dec 2024 55.0 | Mar 2025 43.5 | Jun 2025 45.1 | Sep 2025 35.5 | Dec 2025 32.8 | Mar 2026 30.9 | Jun 2026 29.0
- SUDARSCHEM: Sep 2021 31.0 | Dec 2021 27.3 | Mar 2022 26.6 | Jun 2022 22.8 | Sep 2022 26.1 | Dec 2022 29.1 | Mar 2023 47.7 | Jun 2023 75.0 | Sep 2023 55.0 | Dec 2023 51.6 | Mar 2024 48.2 | Jun 2024 55.2 | Sep 2024 63.7 | Dec 2024 57.1 | Mar 2025 48.1 | Jun 2025 61.1 | Sep 2025 82.5 | Dec 2025 70.2 | Mar 2026 68.2 | Jun 2026 —
- KIRIINDUS: Sep 2021 4.4 | Dec 2021 3.8 | Mar 2022 4.6 | Jun 2022 4.9 | Sep 2022 6.3 | Dec 2022 7.1 | Mar 2023 5.7 | Jun 2023 13.5 | Sep 2023 27.7 | Dec 2023 28.0 | Mar 2024 17.6 | Jun 2024 11.9 | Sep 2024 7.4 | Dec 2024 10.6 | Mar 2025 9.9 | Jun 2025 11.7 | Sep 2025 16.7 | Dec 2025 27.9 | Mar 2026 22.7 | Jun 2026 —
- VIDHIING: Sep 2021 41.9 | Dec 2021 39.4 | Mar 2022 35.1 | Jun 2022 33.6 | Sep 2022 34.5 | Dec 2022 34.6 | Mar 2023 38.1 | Jun 2023 53.0 | Sep 2023 59.7 | Dec 2023 61.4 | Mar 2024 65.7 | Jun 2024 60.3 | Sep 2024 69.7 | Dec 2024 72.1 | Mar 2025 54.0 | Jun 2025 47.1 | Sep 2025 37.8 | Dec 2025 36.0 | Mar 2026 27.6 | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 325.7 | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 23.1 | Dec 2021 18.6 | Mar 2022 16.1 | Jun 2022 15.0 | Sep 2022 15.8 | Dec 2022 14.8 | Mar 2023 13.0 | Jun 2023 14.0 | Sep 2023 16.5 | Dec 2023 18.1 | Mar 2024 16.8 | Jun 2024 23.6 | Sep 2024 26.1 | Dec 2024 26.5 | Mar 2025 20.1 | Jun 2025 19.6 | Sep 2025 17.1 | Dec 2025 15.2 | Mar 2026 13.7 | Jun 2026 —
- BHAGERIA: Sep 2021 15.7 | Dec 2021 15.7 | Mar 2022 14.2 | Jun 2022 10.3 | Sep 2022 12.8 | Dec 2022 14.6 | Mar 2023 18.4 | Jun 2023 46.6 | Sep 2023 48.9 | Dec 2023 56.0 | Mar 2024 36.6 | Jun 2024 38.8 | Sep 2024 43.2 | Dec 2024 30.9 | Mar 2025 23.0 | Jun 2025 44.4 | Sep 2025 28.6 | Dec 2025 29.6 | Mar 2026 11.7 | Jun 2026 20.8
- BODALCHEM: Sep 2021 14.5 | Dec 2021 13.2 | Mar 2022 11.6 | Jun 2022 8.4 | Sep 2022 9.3 | Dec 2022 9.7 | Mar 2023 10.5 | Jun 2023 22.9 | Sep 2023 58.6 | Dec 2023 119.9 | Mar 2024 126.6 | Jun 2024 151.2 | Sep 2024 156.3 | Dec 2024 140.2 | Mar 2025 106.1 | Jun 2025 49.6 | Sep 2025 26.3 | Dec 2025 18.6 | Mar 2026 23.7 | Jun 2026 —
- SUDARCOLOR: Sep 2021 26.1 | Dec 2021 26.5 | Mar 2022 28.9 | Jun 2022 21.4 | Sep 2022 24.0 | Dec 2022 38.2 | Mar 2023 30.5 | Jun 2023 63.2 | Sep 2023 58.5 | Dec 2023 30.4 | Mar 2024 22.6 | Jun 2024 26.1 | Sep 2024 43.1 | Dec 2024 35.0 | Mar 2025 28.9 | Jun 2025 29.0 | Sep 2025 19.3 | Dec 2025 16.0 | Mar 2026 10.8 | Jun 2026 —
- SADHNANIQ: Sep 2021 92.7 | Dec 2021 138.9 | Mar 2022 399.3 | Jun 2022 1,256.0 | Sep 2022 1,140.0 | Dec 2022 1,944.0 | Mar 2023 1,938.0 | Jun 2023 2,095.0 | Sep 2023 1,729.0 | Dec 2023 898.0 | Mar 2024 646.5 | Jun 2024 1,412.0 | Sep 2024 768.5 | Dec 2024 1,127.0 | Mar 2025 455.0 | Jun 2025 85.3 | Sep 2025 132.5 | Dec 2025 95.5 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Sudarshan Colorants India Ltd leads ev/ebitda at 4.7×; Kiri Industries Ltd leads p/bv at 0.38×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Sudarshan Colorants India Ltd · 4.7× | 42.7% versus #2 · Ultramarine & Pigments Ltd | 0/8 recent comparable periods | 9/10 companies · 173 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Sudarshan Colorants India Ltd (SUDARCOLOR): 4.7
2. Ultramarine & Pigments Ltd (ULTRAMAR): 8.2
3. Bodal Chemicals Ltd (BODALCHEM): 8.6
4. Bhageria Industries Ltd (BHAGERIA): 9.9
5. Sudarshan Chemical Industries Ltd (SUDARSCHEM): 12.5

### P/BV — lowest P/BV
1. Kiri Industries Ltd (KIRIINDUS): 0.4
2. Bodal Chemicals Ltd (BODALCHEM): 0.7
3. Ultramarine & Pigments Ltd (ULTRAMAR): 1.3
4. Sudarshan Colorants India Ltd (SUDARCOLOR): 1.5
5. Bhageria Industries Ltd (BHAGERIA): 1.7

### 20-quarter EV/EBITDA history
- ATUL: Sep 2021 25.5 | Dec 2021 25.0 | Mar 2022 28.7 | Jun 2022 23.3 | Sep 2022 26.7 | Dec 2022 24.1 | Mar 2023 21.7 | Jun 2023 23.2 | Sep 2023 25.5 | Dec 2023 28.6 | Mar 2024 23.7 | Jun 2024 27.0 | Sep 2024 30.2 | Dec 2024 24.6 | Mar 2025 19.7 | Jun 2025 21.3 | Sep 2025 16.9 | Dec 2025 16.3 | Mar 2026 16.2 | Jun 2026 15.9
- SUDARSCHEM: Sep 2021 17.2 | Dec 2021 16.0 | Mar 2022 15.8 | Jun 2022 12.7 | Sep 2022 14.7 | Dec 2022 14.5 | Mar 2023 16.1 | Jun 2023 19.2 | Sep 2023 16.6 | Dec 2023 16.0 | Mar 2024 16.2 | Jun 2024 21.1 | Sep 2024 23.4 | Dec 2024 22.4 | Mar 2025 21.3 | Jun 2025 26.5 | Sep 2025 21.2 | Dec 2025 14.2 | Mar 2026 12.5 | Jun 2026 —
- KIRIINDUS: Sep 2021 19.9 | Dec 2021 14.2 | Mar 2022 17.9 | Jun 2022 20.3 | Sep 2022 27.6 | Dec 2022 41.2 | Mar 2023 26.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 50.9 | Jun 2025 53.6 | Sep 2025 69.1 | Dec 2025 86.3 | Mar 2026 52.5 | Jun 2026 —
- VIDHIING: Sep 2021 29.1 | Dec 2021 27.6 | Mar 2022 24.6 | Jun 2022 23.1 | Sep 2022 23.9 | Dec 2022 24.2 | Mar 2023 26.7 | Jun 2023 36.6 | Sep 2023 39.5 | Dec 2023 39.6 | Mar 2024 42.2 | Jun 2024 38.5 | Sep 2024 43.2 | Dec 2024 45.1 | Mar 2025 34.8 | Jun 2025 29.2 | Sep 2025 23.9 | Dec 2025 22.1 | Mar 2026 16.9 | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 72.3 | Sep 2023 61.5 | Dec 2023 409.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 114.0 | Mar 2025 145.4 | Jun 2025 91.6 | Sep 2025 136.7 | Dec 2025 169.5 | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 14.7 | Dec 2021 12.4 | Mar 2022 10.5 | Jun 2022 9.1 | Sep 2022 10.4 | Dec 2022 9.7 | Mar 2023 8.4 | Jun 2023 8.9 | Sep 2023 10.3 | Dec 2023 11.0 | Mar 2024 9.8 | Jun 2024 13.4 | Sep 2024 14.7 | Dec 2024 15.0 | Mar 2025 11.8 | Jun 2025 11.5 | Sep 2025 10.2 | Dec 2025 8.9 | Mar 2026 8.2 | Jun 2026 —
- BHAGERIA: Sep 2021 9.3 | Dec 2021 9.1 | Mar 2022 8.1 | Jun 2022 5.8 | Sep 2022 6.7 | Dec 2022 7.0 | Mar 2023 7.1 | Jun 2023 11.9 | Sep 2023 12.0 | Dec 2023 13.1 | Mar 2024 10.5 | Jun 2024 12.6 | Sep 2024 16.1 | Dec 2024 12.1 | Mar 2025 9.0 | Jun 2025 17.3 | Sep 2025 10.0 | Dec 2025 10.9 | Mar 2026 6.3 | Jun 2026 9.9
- BODALCHEM: Sep 2021 10.2 | Dec 2021 8.6 | Mar 2022 7.2 | Jun 2022 6.1 | Sep 2022 6.9 | Dec 2022 7.1 | Mar 2023 8.1 | Jun 2023 11.1 | Sep 2023 14.2 | Dec 2023 15.3 | Mar 2024 14.1 | Jun 2024 14.3 | Sep 2024 15.0 | Dec 2024 12.5 | Mar 2025 10.2 | Jun 2025 10.7 | Sep 2025 9.0 | Dec 2025 7.9 | Mar 2026 8.6 | Jun 2026 —
- SUDARCOLOR: Sep 2021 11.9 | Dec 2021 11.7 | Mar 2022 12.9 | Jun 2022 12.8 | Sep 2022 14.1 | Dec 2022 11.3 | Mar 2023 9.0 | Jun 2023 12.2 | Sep 2023 14.0 | Dec 2023 16.8 | Mar 2024 12.2 | Jun 2024 12.8 | Sep 2024 18.0 | Dec 2024 15.6 | Mar 2025 14.3 | Jun 2025 14.3 | Sep 2025 10.4 | Dec 2025 8.2 | Mar 2026 4.7 | Jun 2026 —
- SADHNANIQ: Sep 2021 53.2 | Dec 2021 89.9 | Mar 2022 225.4 | Jun 2022 371.8 | Sep 2022 368.7 | Dec 2022 314.1 | Mar 2023 332.6 | Jun 2023 273.2 | Sep 2023 189.5 | Dec 2023 154.0 | Mar 2024 92.4 | Jun 2024 95.8 | Sep 2024 103.1 | Dec 2024 83.1 | Mar 2025 37.4 | Jun 2025 22.3 | Sep 2025 24.8 | Dec 2025 63.0 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- ATUL: Sep 2021 7.4 | Dec 2021 6.3 | Mar 2022 7.0 | Jun 2022 6.1 | Sep 2022 5.8 | Dec 2022 5.3 | Mar 2023 4.7 | Jun 2023 4.7 | Sep 2023 4.5 | Dec 2023 4.3 | Mar 2024 3.5 | Jun 2024 4.1 | Sep 2024 4.4 | Dec 2024 3.7 | Mar 2025 3.2 | Jun 2025 4.3 | Sep 2025 3.2 | Dec 2025 3.0 | Mar 2026 3.1 | Jun 2026 3.5
- SUDARSCHEM: Sep 2021 6.2 | Dec 2021 5.2 | Mar 2022 4.9 | Jun 2022 4.0 | Sep 2022 3.6 | Dec 2022 3.4 | Mar 2023 3.2 | Jun 2023 4.0 | Sep 2023 4.0 | Dec 2023 3.5 | Mar 2024 3.8 | Jun 2024 7.5 | Sep 2024 6.7 | Dec 2024 6.5 | Mar 2025 5.7 | Jun 2025 7.6 | Sep 2025 3.2 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 —
- KIRIINDUS: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 0.6 | Jun 2026 —
- VIDHIING: Sep 2021 11.2 | Dec 2021 10.4 | Mar 2022 10.5 | Jun 2022 12.2 | Sep 2022 8.2 | Dec 2022 7.6 | Mar 2023 7.5 | Jun 2023 9.2 | Sep 2023 8.3 | Dec 2023 7.8 | Mar 2024 8.6 | Jun 2024 8.8 | Sep 2024 9.1 | Dec 2024 9.4 | Mar 2025 7.8 | Jun 2025 7.3 | Sep 2025 6.0 | Dec 2025 5.6 | Mar 2026 4.2 | Jun 2026 —
- INDOKEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.0 | Sep 2023 4.7 | Dec 2023 4.3 | Mar 2024 4.8 | Jun 2024 4.4 | Sep 2024 4.0 | Dec 2024 5.1 | Mar 2025 9.2 | Jun 2025 12.7 | Sep 2025 22.9 | Dec 2025 29.1 | Mar 2026 — | Jun 2026 —
- ULTRAMAR: Sep 2021 3.0 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 1.9 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.1 | Jun 2024 1.9 | Sep 2024 1.7 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- BHAGERIA: Sep 2021 2.4 | Dec 2021 2.3 | Mar 2022 2.2 | Jun 2022 1.6 | Sep 2022 1.6 | Dec 2022 1.4 | Mar 2023 1.0 | Jun 2023 1.4 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 2.0 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.0 | Jun 2026 1.7
- BODALCHEM: Sep 2021 1.4 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- SUDARCOLOR: Sep 2021 3.2 | Dec 2021 2.9 | Mar 2022 2.8 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.0 | Mar 2023 1.5 | Jun 2023 2.0 | Sep 2023 2.5 | Dec 2023 3.0 | Mar 2024 2.2 | Jun 2024 2.5 | Sep 2024 2.8 | Dec 2024 2.5 | Mar 2025 2.7 | Jun 2025 2.9 | Sep 2025 2.6 | Dec 2025 2.0 | Mar 2026 1.2 | Jun 2026 —
- SADHNANIQ: Sep 2021 13.2 | Dec 2021 20.7 | Mar 2022 51.0 | Jun 2022 53.5 | Sep 2022 36.2 | Dec 2022 30.9 | Mar 2023 41.2 | Jun 2023 44.6 | Sep 2023 22.8 | Dec 2023 23.3 | Mar 2024 16.8 | Jun 2024 18.1 | Sep 2024 20.2 | Dec 2024 14.6 | Mar 2025 5.9 | Jun 2025 3.2 | Sep 2025 3.4 | Dec 2025 2.5 | Mar 2026 1.6 | Jun 2026 —

## Market action

Indokem Ltd has the strongest one-year price move in Dyes & Pigments at +55.3%. Sadhana Nitro Chem Ltd leads on Mansfield relative strength against NIFTY at +28.4%. 6 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Indokem Ltd (INDOKEM): 55%
2. Bhageria Industries Ltd (BHAGERIA): 14%
3. Atul Ltd (ATUL): -7.7%
4. Bodal Chemicals Ltd (BODALCHEM): -11%
5. Sudarshan Chemical Industries Ltd (SUDARSCHEM): -17%

### Strongest relative strength versus NIFTY 500
1. Sadhana Nitro Chem Ltd (SADHNANIQ): 28%
2. Bhageria Industries Ltd (BHAGERIA): 27%
3. Bodal Chemicals Ltd (BODALCHEM): 14%
4. Indokem Ltd (INDOKEM): 13%
5. Atul Ltd (ATUL): 1.9%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Atul Ltd (ATUL) — market value ₹18.9K Cr; latest fundamentals Jun 2026
- Sudarshan Chemical Industries Ltd (SUDARSCHEM) — market value ₹8.3K Cr; latest fundamentals Mar 2026
- Kiri Industries Ltd (KIRIINDUS) — market value ₹2.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Vidhi Specialty Food Ingredients Ltd (VIDHIING) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Indokem Ltd (INDOKEM) — market value ₹1.4K Cr; latest fundamentals Dec 2025
- Ultramarine & Pigments Ltd (ULTRAMAR) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Bhageria Industries Ltd (BHAGERIA) — market value ₹999 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Bodal Chemicals Ltd (BODALCHEM) — market value ₹857 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sudarshan Colorants India Ltd (SUDARCOLOR) — market value ₹832 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sadhana Nitro Chem Ltd (SADHNANIQ) — market value ₹812 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 7. Withheld: 1. Graded companies: 10.

6 of 10 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 10 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Kiri Industries Ltd (KIRIINDUS) — its two data sources disagree by up to 331% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | KIRIINDUS | Kiri Industries Ltd | diff_gt_2pct | disagreement up to 331.07% over 14 comparable periods

- UNVERIFIED | VIDHIING | Vidhi Specialty Food Ingredients Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ULTRAMAR | Ultramarine & Pigments Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BHAGERIA | Bhageria Industries Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | BODALCHEM | Bodal Chemicals Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SUDARCOLOR | Sudarshan Colorants India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SADHNANIQ | Sadhana Nitro Chem Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Dyes & Pigments index?

The Nifty Dyes & Pigments index tracks India's listed Dyes & Pigments companies as a single basket. This page follows the same 10 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Dyes & Pigments sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Dyes & Pigments stocks in India?

Ranked by this page's four-factor score, Atul Ltd places first among 10 listed Dyes & Pigments companies, followed by Bhageria Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Dyes & Pigments stocks are listed in India?

This comparison covers 10 listed Dyes & Pigments companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Dyes & Pigments company is the biggest?

Sudarshan Chemical Industries Ltd is the largest, with trailing-twelve-month revenue of ₹9,787 crore, ahead of Atul Ltd at ₹6,644 crore. That covers 10 of 10 companies with comparable reporting through Mar 2026.

### Which Dyes & Pigments company is growing fastest?

Sudarshan Chemical Industries Ltd has the fastest revenue growth at 100% year on year, across 10 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Dyes & Pigments company has the best profit margins?

Atul Ltd has the highest operating margin at 21%, from 10 of 10 comparable companies. Atul Ltd shows the biggest recent improvement, at +5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Dyes & Pigments company makes the most profit?

Kiri Industries Ltd earns the most, at ₹5,567 crore of trailing-twelve-month net profit, from 10 of 10 comparable companies. Bodal Chemicals Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Dyes & Pigments company earns the highest return on capital?

Vidhi Specialty Food Ingredients Ltd leads on return on capital employed at 18.8%, across 10 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Dyes & Pigments stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Atul Ltd screens cheapest at 0.69×. Only 2 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Dyes & Pigments company has the strongest balance sheet?

Indokem Ltd carries the lowest comparable gross debt at ₹23 crore, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Dyes & Pigments sector beating the market?

Dyes & Pigments has underperformed NIFTY 500 by 0.4% over the last 52 weeks and 6.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Dyes & Pigments stock has the strongest price momentum?

Sadhana Nitro Chem Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Dyes & Pigments company scores highest for research priority?

Atul Ltd scores 67.2 out of 100 with 100% evidence confidence, from 28 points on growth and earnings, 18.1 on capital efficiency, 14 on valuation and 7.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Dyes & Pigments companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Dyes & Pigments sector?

The 10 Dyes & Pigments companies on this page carry ₹37,351 crore of combined market value. Atul Ltd is the largest at ₹18,865 crore, about 51% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Dyes & Pigments sector's P/E ratio?

The median price-to-earnings ratio across the 10 Dyes & Pigments companies on this page is 23.7×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Dyes & Pigments sector performing?

6 of the 10 covered Dyes & Pigments companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 0.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/dyes-pigments