Sector Alpha Week of 2026-09-28
Not SEBI Registered !! Not Investment advice !!
20-quarter listed-company comparison

Dyes & Pigments Stocks in India

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

The 7 Dyes & Pigments companies listed in India are Atul Ltd (₹17.9K Cr, the largest), Sudarshan Chemical Industries Ltd, Kiri Industries Ltd and 4 more. 6 of 7 covered companies beat NIFTY 500 on relative strength. Readings are as of 28 Sep 2026.

All 7 Dyes & Pigments Stocks in India (Sep 2026) — ranked by 4-Factor score

  1. 1Ultramarine & Pigments Ltd₹1.2K Cr69.2/100Favorable setup · strongest on relative strength versus sector and ROCE improvement
  2. 2Atul Ltd₹17.9K Cr64.2/100Mixed-positive evidence · strongest on PEG and ROCE
  3. 3Kiri Industries Ltd₹3.6K Cr56.6/100Mixed-positive evidence · strongest on profit growth and margin improvement
  4. 4Sudarshan Chemical Industries Ltd₹9.7K Cr47.5/100Mixed-negative evidence · strongest on revenue growth and relative strength versus the benchmark
  5. 5Sudarshan Colorants India Ltd₹911 Cr45.4/100Mixed-negative evidence · strongest on own-history P/E and 13-week relative-strength change
  6. 6Sadhana Nitro Chem Ltd₹855 Cr34.7/100Adverse evidence · strongest on relative strength versus sector and relative strength versus the benchmark
  7. 7Indokem Ltd₹1.7K Cr33.5/100Adverse evidence · strongest on relative strength versus sector

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 25 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Dyes & Pigments Index — Constituents & Performance

All 7 listed Indian Dyes & Pigments companies are named here, largest first — the same constituent set people search for as the Nifty Dyes & Pigments index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

  1. Atul Ltd₹17.9K Cr
  2. Sudarshan Chemical Industries Ltd₹9.7K Cr
  3. Kiri Industries Ltd₹3.6K Cr
  4. Indokem Ltd₹1.7K Cr
  5. Ultramarine & Pigments Ltd₹1.2K Cr
  6. Sudarshan Colorants India Ltd₹911 Cr
  7. Sadhana Nitro Chem Ltd₹855 Cr
02 · the sector itself · before any single company

How has Dyes & Pigments moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 69% ahead of NIFTY 500. Earnings across its companies grew 20% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 23 weeks running.

LEADER · ahead 23w~Price and the fundamentals both up8 of 11 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑23w · 9/11 >200d (−1) · 8/11 lead (+2) · EPS 7/11↑

20020262025202420232022 451289 TRAILING 12-MONTH EPS · 100 AT THE START0100144Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 82.4% on a year ago · 8 reportingDec 2023 · trailing 12-month earnings per share at 95, against 100 at the start · up 82.2% on a year ago · 8 reportingMar 2024 · trailing 12-month earnings per share at 91, against 100 at the start · up 81.4% on a year ago · 8 reportingJun 2024 · trailing 12-month earnings per share at 90, against 100 at the start · down 43.7% on a year ago · 8 reportingSep 2024 · trailing 12-month earnings per share at 92, against 100 at the start · down 8.1% on a year ago · 8 reportingDec 2024 · trailing 12-month earnings per share at 107, against 100 at the start · up 17.9% on a year ago · 8 reportingMar 2025 · trailing 12-month earnings per share at 117, against 100 at the start · up 40.2% on a year ago · 8 reportingJun 2025 · trailing 12-month earnings per share at 132, against 100 at the start · up 36.7% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 130, against 100 at the start · up 34.7% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 131, against 100 at the start · up 21.4% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 126, against 100 at the start · up 10.0% on a year ago · 7 reportingJun 2026 · trailing 12-month earnings per share at 144, against 100 at the start · up 14.5% on a year ago · 7 reportingNot reported yet — earnings trail price by a quarter or two144 · Jun 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
20020262025202420232022 451289 TRAILING 12-MONTH EPS · 100 AT THE START0100144Jun 24Jun 25Jun 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 82.4% on a year ago · 8 reportingDec 2023 · trailing 12-month earnings per share at 95, against 100 at the start · up 82.2% on a year ago · 8 reportingMar 2024 · trailing 12-month earnings per share at 91, against 100 at the start · up 81.4% on a year ago · 8 reportingJun 2024 · trailing 12-month earnings per share at 90, against 100 at the start · down 43.7% on a year ago · 8 reportingSep 2024 · trailing 12-month earnings per share at 92, against 100 at the start · down 8.1% on a year ago · 8 reportingDec 2024 · trailing 12-month earnings per share at 107, against 100 at the start · up 17.9% on a year ago · 8 reportingMar 2025 · trailing 12-month earnings per share at 117, against 100 at the start · up 40.2% on a year ago · 8 reportingJun 2025 · trailing 12-month earnings per share at 132, against 100 at the start · up 36.7% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 130, against 100 at the start · up 34.7% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 131, against 100 at the start · up 21.4% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 126, against 100 at the start · up 10.0% on a year ago · 7 reportingJun 2026 · trailing 12-month earnings per share at 144, against 100 at the start · up 14.5% on a year ago · 7 reportingNot reported yet — earnings trail price by a quarter or two144No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Dyes & Pigments, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 11 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Dyes & Pigments outperforming NIFTY 500?

Dyes & Pigments has outperformed NIFTY 500 by 8.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 19.5%. 6 of 7 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 +27%.

+19.5%Sector vs NIFTY 500 · 13 weeks
+8.1%Sector vs NIFTY 500 · 52 weeks
6/7Stocks leading NIFTY 500
4/7Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Dyes & Pigments has outperformed NIFTY 500 by 8.1% over 52 weeks and 19.5% over 13 weeks. 6 of 7 covered companies beat NIFTY on Mansfield relative strength, while 4 of 7 beat the sector itself. Sudarshan Chemical Industries Ltd leads with revenue of ₹9,922 crore, based on 7 of 7 comparable companies through Jun 2026.

Companies
7
complete canonical membership
Combined market value
₹35.9K Cr
Atul Ltd
Revenue growing
4/7
positive TTM year-on-year growth
Beating NIFTY 500
6/7
positive Mansfield relative strength
Comparing 5 of 7
04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Ultramarine & Pigments Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 81% evidence confidence.
Sudarshan Colorants India Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
Indokem Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Ultramarine & Pigments LtdULTRAMAR 69.2/100Favorable setup81% evidence TURNING 24.4/35 Revenue 15.6% · PAT 16.5% · OPM change 2 pp 95% evidence 17.4/25 ROCE 10.8% · OPM 19% 95% evidence 13.1/20 P/E 13.7× · PEG — 50% evidence 14.3/20 RS sector 8.3% · RS bench 4.5% · 1Y -9.8%4 of 11 weeks ahead 70% evidence
Exact sum: 24.4 + 17.4 + 13.1 + 14.3 = 69.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Atul LtdATUL 64.2/100Mixed-positive evidence100% evidence ASLEEP 28.4/35 Revenue 15.8% · PAT 56.3% · OPM change 5 pp 100% evidence 18.9/25 ROCE 14.9% · OPM 21% 100% evidence 16.4/20 P/E 22.5× · PEG 0.69 100% evidence 0.5/20 RS sector -18% · RS bench -2.1% · 1Y -4.3%0 of 12 weeks ahead 100% evidence
Exact sum: 28.4 + 18.9 + 16.4 + 0.5 = 64.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18% and the one-year return is -4.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3Kiri Industries LtdKIRIINDUS 56.6/100Mixed-positive evidence75% evidence BREAKING OUT 24.0/35 Revenue 25% · PAT 100% · OPM change 13 pp 95% evidence 6.1/25 ROCE 3.4% · OPM 5% 76% evidence 11.5/20 P/E 4.5× · PEG — 15% evidence 15.0/20 RS sector 2% · RS bench 21.2% · 1Y -8.4%6 of 12 weeks ahead 100% evidence
Exact sum: 24 + 6.1 + 11.5 + 15 = 56.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Sudarshan Chemical Industries LtdSUDARSCHEM 47.5/100Mixed-negative evidence94% evidence BREAKING OUT 21.3/35 Revenue 90.2% · PAT 2.3% · OPM change 2 pp 100% evidence 9.4/25 ROCE 5.5% · OPM 10% 100% evidence 7.4/20 P/E 95.6× · PEG 1.42 100% evidence 9.4/20 RS sector -10.3% · RS bench 25% · 1Y -17.3%11 of 11 weeks ahead 70% evidence
Exact sum: 21.3 + 9.4 + 7.4 + 9.4 = 47.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Sudarshan Colorants India LtdSUDARCOLOR 45.4/100Mixed-negative evidence87% evidence BREAKING OUT 7.6/35 Revenue -8.1% · PAT -25.4% · OPM change 0 pp 95% evidence 15.6/25 ROCE 11.4% · OPM 12% 95% evidence 13.5/20 P/E 17.6× · PEG — 50% evidence 8.7/20 RS sector -14.5% · RS bench 1.5% · 1Y -33.8%6 of 12 weeks ahead 100% evidence
Exact sum: 7.6 + 15.6 + 13.5 + 8.7 = 45.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6Sadhana Nitro Chem LtdSADHNANIQ 34.7/100Adverse evidence69% evidence FADING 8.9/35 Revenue -69% · PAT -80% · OPM change 1.6 pp 71% evidence 3.8/25 ROCE -11.1% · OPM 8.5% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 12.0/20 RS sector 7.8% · RS bench 26.8% · 1Y 3%10 of 12 weeks ahead 100% evidence
Exact sum: 8.9 + 3.8 + 10 + 12 = 34.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Indokem LtdINDOKEM 33.5/100Adverse evidence74% evidence 7.5/35 Revenue -4.5% · PAT -57.5% · OPM change 0.5 pp 95% evidence 3.2/25 ROCE 5.5% · OPM 4.8% 95% evidence 8.5/20 P/E 764× · PEG — 15% evidence 14.3/20 RS sector 27% · RS bench 1.8% · 1Y 13.9%6 of 12 weeks ahead 70% evidence
Exact sum: 7.5 + 3.2 + 8.5 + 14.3 = 33.5 · Decision use: Price leads the evidence: RS versus the benchmark is 1.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
05 · what price has already done

Market action

Indokem Ltd has the strongest one-year price move in Dyes & Pigments at +13.9%. Sadhana Nitro Chem Ltd leads on Mansfield relative strength against NIFTY at +26.8%. 6 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-25.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · the story behind the numbers

Dyes & Pigments — the story behind the numbers

This is the written read behind the Dyes & Pigments figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 22 Aug 2026. It also states what would change this read.

How old this read is: This read comes from our fortnightly sector read dated 22 Aug 2026 — 37 days old. The numbers above it are newer than the words here.

What would change this read

Two consecutive quarters in which the sector's operating margin rises off 8.58% toward the 14% normal level while revenue holds, with Sudarshan reinstating the recovery it withdrew and the acquired Heubach business showing its stated profit framework — that would turn this from a trough without a…

Sources: our fortnightly Dyes & Pigments read, 22 Aug 2026.

07 · compare level, then change

Revenue Scale & Growth Durability

Sudarshan Chemical Industries Ltd has the highest Revenue among the 7 Dyes & Pigments companies compared here, at ₹9,922 crore. Atul Ltd is next at ₹6,644 crore. The same company also holds the highest Revenue growth, at 90.2%. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Sudarshan Chemical Industries Ltd is the scale leader at ₹9,922 crore, 49.3% ahead of Atul Ltd. Sudarshan Chemical Industries Ltd's growth is 90.2% from a ₹9,922 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderSudarshan Chemical Industries Ltd · ₹9,922 crore
Gap49.3% versus #2 · Atul Ltd
Persistence8/8 recent comparable periods
Coverage7/7 companies · 114 observations

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.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Sudarshan Chemical Industries Ltd SUDARSCHEM₹9.9K Cr
2Atul Ltd ATUL₹6.6K Cr
3Kiri Industries Ltd KIRIINDUS₹949 Cr
4Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified₹831 Cr
5Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified₹792 Cr
Revenue growthfastest growers
1Sudarshan Chemical Industries Ltd SUDARSCHEM90%
2Kiri Industries Ltd KIRIINDUS25%
3Atul Ltd ATUL16%
4Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified16%
5Indokem Ltd INDOKEM-4.5%
Revenue · company comparison
7/7 level · 7/7 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Sudarshan Chemical Industries Ltd SUDARSCHEM₹2.6K Cr5.4%Jun 2026
Atul Ltd ATUL₹1.8K Cr25%Jun 2026
Kiri Industries Ltd KIRIINDUS₹312 Cr54%Jun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified₹240 Cr30%Jun 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified₹222 Cr5.2%Jun 2026
Indokem Ltd INDOKEM₹47 Cr12%Jun 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified₹27 Cr-3.1%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Atul Ltd · ATUL

₹1.3K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.3K Cr
₹1.2K Cr
₹1.2K Cr
₹1.2K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.8K Cr

Indokem Ltd · INDOKEM

—
—
—
—
—
₹41 Cr
₹41 Cr
₹44 Cr
₹40 Cr
₹40 Cr
₹40 Cr
₹37 Cr
₹43 Cr
₹43 Cr
₹54 Cr
₹42 Cr
₹40 Cr
₹42 Cr
₹46 Cr
₹47 Cr

Kiri Industries Ltd · KIRIINDUS

—
—
—
—
—
₹204 Cr
₹222 Cr
₹227 Cr
₹231 Cr
₹160 Cr
₹269 Cr
₹183 Cr
₹173 Cr
₹179 Cr
₹205 Cr
₹202 Cr
₹213 Cr
₹174 Cr
₹250 Cr
₹312 Cr

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

—
—
—
—
—
—
₹48 Cr
₹39 Cr
₹42 Cr
₹44 Cr
₹65 Cr
₹36 Cr
₹43 Cr
₹37 Cr
₹49 Cr
₹28 Cr
₹3 Cr
₹10 Cr
₹9 Cr
₹27 Cr

Sudarshan Chemical Industries Ltd · SUDARSCHEM

₹498 Cr
₹602 Cr
₹627 Cr
₹554 Cr
₹528 Cr
₹528 Cr
₹691 Cr
₹608 Cr
₹601 Cr
₹566 Cr
₹764 Cr
₹634 Cr
₹696 Cr
₹666 Cr
₹1.3K Cr
₹2.5K Cr
₹2.4K Cr
₹2.1K Cr
₹2.8K Cr
₹2.6K Cr

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

—
—
—
—
—
₹178 Cr
₹180 Cr
₹209 Cr
₹200 Cr
₹176 Cr
₹205 Cr
₹173 Cr
₹218 Cr
₹213 Cr
₹220 Cr
₹211 Cr
₹183 Cr
₹176 Cr
₹211 Cr
₹222 Cr

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

—
—
—
—
—
₹150 Cr
₹125 Cr
₹131 Cr
₹146 Cr
₹148 Cr
₹136 Cr
₹161 Cr
₹161 Cr
₹179 Cr
₹195 Cr
₹184 Cr
₹196 Cr
₹196 Cr
₹199 Cr
₹240 Cr

Revenue growth · reported quarter history

Atul Ltd · ATUL

—
—
—
37%
19%
-8.1%
-13%
-20%
-20%
-10%
1.4%
12%
17%
25%
20%
12%
11%
11%
15%
25%

Indokem Ltd · INDOKEM

—
—
—
—
—
—
—
—
—
-2.6%
-1.7%
-16%
7.3%
7.8%
36%
12%
-6.9%
-3.2%
-16%
12%

Kiri Industries Ltd · KIRIINDUS

—
—
—
—
—
—
—
—
—
-22%
21%
-19%
-25%
12%
-24%
10%
23%
-2.8%
22%
54%

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

—
—
—
—
—
—
—
—
—
—
34%
-8.4%
2.1%
-16%
-23%
-22%
-94%
-74%
-82%
-3.1%

Sudarshan Chemical Industries Ltd · SUDARSCHEM

—
—
—
17%
6.0%
-12%
10%
9.8%
14%
7.2%
11%
4.3%
16%
18%
77%
295%
243%
216%
107%
5.4%

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

—
—
—
—
—
—
—
—
—
-1.3%
14%
-17%
9.0%
21%
7.3%
22%
-16%
-17%
-4.1%
5.2%

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

—
—
—
—
—
—
—
—
—
-1.3%
8.8%
23%
10%
21%
43%
14%
22%
9.5%
2.1%
30%
08 · compare level, then change

Operating Economics & Margin Trend

Atul Ltd has the highest OPM among the 7 Dyes & Pigments companies compared here, at 21%. Ultramarine & Pigments Ltd is next at 19%. Kiri Industries Ltd has the highest Margin change at +13 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Atul Ltd leads opm at 21%; Kiri Industries Ltd leads margin change at +13 percentage points.

LeaderAtul Ltd · 21%
Gap10.5% versus #2 · Ultramarine & Pigments Ltd
Persistence5/8 recent comparable periods
Coverage7/7 companies · 140 observations

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.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Atul Ltd ATUL21%
2Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified19%
3Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified12%
4Sudarshan Chemical Industries Ltd SUDARSCHEM10%
5Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified8.5%
Margin changefastest expanders
1Kiri Industries Ltd KIRIINDUS+13.0 pp
2Atul Ltd ATUL+5.0 pp
3Sudarshan Chemical Industries Ltd SUDARSCHEM+2.0 pp
4Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified+2.0 pp
5Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified+1.6 pp
Operating margin · company comparison
7/7 level · 7/7 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Atul Ltd ATUL21%+5.0 ppJun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified19%+2.0 ppJun 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified12%0.0 ppJun 2026
Sudarshan Chemical Industries Ltd SUDARSCHEM10%+2.0 ppJun 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified8.5%+1.6 ppJun 2026
Kiri Industries Ltd KIRIINDUS5.0%+13.0 ppJun 2026
Indokem Ltd INDOKEM4.8%+0.5 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Atul Ltd · ATUL

17%
18%
15%
16%
15%
14%
12%
15%
13%
13%
12%
17%
17%
16%
15%
16%
17%
16%
17%
21%

Indokem Ltd · INDOKEM

3.1%
6.3%
3.8%
-4.8%
1.2%
4.5%
2.0%
2.1%
-8.5%
2.5%
1.2%
-0.5%
2.8%
3.3%
9.6%
4.3%
3.0%
0.4%
3.5%
4.8%

Kiri Industries Ltd · KIRIINDUS

7.8%
11%
6.0%
-3.1%
-2.9%
-8.0%
-2.1%
0.8%
-4.3%
-13%
1.9%
0.1%
-2.7%
-25%
-2.5%
-8.0%
-6.0%
-28%
-57%
5.0%

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

11%
11%
7.3%
9.4%
12%
15%
20%
20%
30%
26%
14%
27%
19%
30%
27%
6.9%
-629%
-156%
-250%
8.5%

Sudarshan Chemical Industries Ltd · SUDARSCHEM

11%
12%
14%
7.5%
8.1%
8.0%
12%
11%
11%
11%
16%
13%
14%
12%
9.0%
8.0%
6.0%
1.8%
8.0%
10%

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

5.5%
7.5%
7.8%
7.8%
7.6%
7.2%
9.0%
12%
11%
8.0%
4.9%
6.0%
13%
12%
8.0%
12%
10%
6.0%
2.1%
12%

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

17%
15%
16%
20%
17%
22%
16%
21%
17%
16%
15%
16%
17%
20%
15%
17%
16%
18%
13%
19%

Margin change · reported quarter history

Atul Ltd · ATUL

−8.6 pp
−7.3 pp
−7.8 pp
−6.1 pp
−2.7 pp
−4.2 pp
−3.0 pp
−0.8 pp
−1.8 pp
−1.0 pp
0.0 pp
+2.0 pp
+4.0 pp
+3.0 pp
+3.0 pp
−1.0 pp
0.0 pp
0.0 pp
+2.0 pp
+5.0 pp

Indokem Ltd · INDOKEM

−3.4 pp
−2.2 pp
−0.9 pp
−7.8 pp
−1.9 pp
−1.8 pp
−1.8 pp
+6.9 pp
−9.7 pp
−2.0 pp
−0.8 pp
−2.6 pp
+11.3 pp
+0.7 pp
+8.4 pp
+4.8 pp
+0.2 pp
−2.8 pp
−6.0 pp
+0.5 pp

Kiri Industries Ltd · KIRIINDUS

+7.9 pp
−1.3 pp
−7.6 pp
−10.0 pp
−10.7 pp
−19.3 pp
−8.1 pp
+3.9 pp
−1.4 pp
−5.0 pp
+4.0 pp
−0.7 pp
+1.6 pp
−12.0 pp
−4.4 pp
−8.1 pp
−3.3 pp
−3.0 pp
−54.5 pp
+13.0 pp

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

−0.6 pp
+3.9 pp
−36.3 pp
−7.2 pp
+1.0 pp
+3.7 pp
+12.7 pp
+10.6 pp
+18.3 pp
+10.7 pp
−5.6 pp
+6.7 pp
−10.5 pp
+4.4 pp
+12.4 pp
−19.8 pp
−648.2 pp
−185.9 pp
−277.2 pp
+1.6 pp

Sudarshan Chemical Industries Ltd · SUDARSCHEM

−5.2 pp
−3.5 pp
−1.4 pp
−5.6 pp
−2.5 pp
−4.3 pp
−1.7 pp
+3.5 pp
+2.9 pp
+3.0 pp
+4.0 pp
+2.0 pp
+3.0 pp
+1.0 pp
−7.0 pp
−5.0 pp
−8.0 pp
−10.2 pp
−1.0 pp
+2.0 pp

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

−4.8 pp
−5.3 pp
−4.5 pp
−0.7 pp
+2.1 pp
−0.3 pp
+1.2 pp
+4.2 pp
+3.5 pp
+0.8 pp
−4.1 pp
−6.0 pp
+2.0 pp
+4.0 pp
+3.1 pp
+6.0 pp
−3.0 pp
−6.0 pp
−5.9 pp
0.0 pp

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

−12.2 pp
−13.3 pp
−3.2 pp
−3.6 pp
+0.5 pp
+7.1 pp
+0.4 pp
+1.1 pp
−0.0 pp
−6.0 pp
−1.0 pp
−5.0 pp
0.0 pp
+4.0 pp
0.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
−2.0 pp
+2.0 pp
09 · compare level, then change

Profit Scale & Acceleration

Kiri Industries Ltd has the highest Net profit among the 7 Dyes & Pigments companies compared here, at ₹5,848 crore. Atul Ltd is next at ₹811 crore. The same company also holds the highest Profit growth, at the 100% top of the scoring scale. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Kiri Industries Ltd leads with ₹5,848 crore of TTM profit, 621.1% above Atul Ltd. Kiri Industries Ltd shows ≥100% on the scoring scale (3113.2% uncapped) growth from a ₹5,848 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderKiri Industries Ltd · ₹5,848 crore
Gap621.1% versus #2 · Atul Ltd
Persistence5/7 recent comparable periods
Coverage7/7 companies · 114 observations

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.

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 profitlargest
1Kiri Industries Ltd KIRIINDUS₹5.8K Cr
2Atul Ltd ATUL₹811 Cr
3Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified₹92 Cr
4Sudarshan Chemical Industries Ltd SUDARSCHEM₹88 Cr
5Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified₹47 Cr
Profit growthfastest growers
1Kiri Industries Ltd KIRIINDUS100%
2Atul Ltd ATUL56%
3Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified17%
4Sudarshan Chemical Industries Ltd SUDARSCHEM2.3%
5Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified-25%
Net profit · company comparison
7/7 level · 6/7 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Kiri Industries Ltd KIRIINDUS₹291 Cr2,810%Jun 2026
Atul Ltd ATUL₹254 Cr92%Jun 2026
Sudarshan Chemical Industries Ltd SUDARSCHEM₹103 Cr87%Jun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified₹32 Cr60%Jun 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified₹20 Cr18%Jun 2026
Indokem Ltd INDOKEM₹1 Cr53%Jun 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified₹-1 Cr-920%Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Atul Ltd · ATUL

₹147 Cr
₹155 Cr
₹136 Cr
₹165 Cr
₹151 Cr
₹103 Cr
₹92 Cr
₹102 Cr
₹91 Cr
₹72 Cr
₹59 Cr
₹112 Cr
₹140 Cr
₹117 Cr
₹130 Cr
₹132 Cr
₹182 Cr
₹164 Cr
₹211 Cr
₹254 Cr

Indokem Ltd · INDOKEM

—
—
—
—
—
₹1 Cr
₹-1 Cr
₹-0 Cr
₹-5 Cr
₹-0 Cr
₹-1 Cr
₹-1 Cr
₹-0 Cr
₹1 Cr
₹4 Cr
₹1 Cr
₹0 Cr
₹0 Cr
₹0 Cr
₹1 Cr

Kiri Industries Ltd · KIRIINDUS

—
—
—
—
—
₹54 Cr
₹-61 Cr
₹-3 Cr
₹19 Cr
₹135 Cr
₹-10 Cr
₹92 Cr
₹80 Cr
₹177 Cr
₹-85 Cr
₹10 Cr
₹20 Cr
₹5.0K Cr
₹514 Cr
₹291 Cr

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

—
—
—
—
—
—
₹2 Cr
₹0 Cr
₹3 Cr
₹1 Cr
₹1 Cr
₹1 Cr
₹0 Cr
₹3 Cr
₹4 Cr
₹-2 Cr
₹-26 Cr
₹-25 Cr
₹-34 Cr
₹-1 Cr

Sudarshan Chemical Industries Ltd · SUDARSCHEM

₹23 Cr
₹36 Cr
₹45 Cr
₹7 Cr
₹5 Cr
₹1 Cr
₹33 Cr
₹267 Cr
₹18 Cr
₹15 Cr
₹58 Cr
₹29 Cr
₹30 Cr
₹1 Cr
₹0 Cr
₹55 Cr
₹19 Cr
₹-116 Cr
₹82 Cr
₹103 Cr

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

—
—
—
—
—
₹7 Cr
₹9 Cr
₹16 Cr
₹13 Cr
₹6 Cr
₹6 Cr
₹5 Cr
₹18 Cr
₹17 Cr
₹11 Cr
₹17 Cr
₹16 Cr
₹-2 Cr
₹13 Cr
₹20 Cr

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

—
—
—
—
—
₹19 Cr
₹11 Cr
₹17 Cr
₹17 Cr
₹13 Cr
₹11 Cr
₹17 Cr
₹19 Cr
₹23 Cr
₹17 Cr
₹20 Cr
₹19 Cr
₹27 Cr
₹14 Cr
₹32 Cr

Profit growth · reported quarter history

Atul Ltd · ATUL

—
—
—
-0.6%
2.7%
-34%
-32%
-38%
-40%
-30%
-36%
9.8%
54%
63%
120%
18%
30%
40%
62%
92%

Indokem Ltd · INDOKEM

—
—
—
—
—
—
—
—
—
-117%
—
—
—
—
—
—
—
-45%
-91%
53%

Kiri Industries Ltd · KIRIINDUS

—
—
—
—
—
—
—
—
—
150%
—
—
321%
31%
—
-89%
-75%
2,738%
—
2,810%

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

—
—
—
—
—
—
—
—
—
—
-74%
933%
-90%
177%
688%
-442%
-9,927%
-1,074%
-920%
—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

—
—
—
-73%
-78%
-97%
-27%
3,714%
260%
1,400%
76%
-89%
67%
-93%
-100%
90%
-37%
-11,700%
—
87%

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

—
—
—
—
—
—
—
—
—
-11%
-33%
-69%
38%
183%
83%
240%
-11%
-112%
18%
18%

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

—
—
—
—
—
—
—
—
—
-32%
0.0%
0.0%
12%
77%
55%
18%
0.0%
17%
-18%
60%
10 · compare level, then change

Return On Capital Employed

Atul Ltd has the highest ROCE among the 7 Dyes & Pigments companies compared here, at 14.9%. Sudarshan Colorants India Ltd is next at 11.4%. Ultramarine & Pigments Ltd has the highest ROCE change at +1.5 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Atul Ltd leads ROCE at 14.9%, 3.5 percentage points above Sudarshan Colorants India Ltd. Ultramarine & Pigments Ltd has the strongest latest improvement at +1.5 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.

LeaderAtul Ltd · 14.9%
Gap30.7% versus #2 · Sudarshan Colorants India Ltd
Persistence6/8 recent comparable periods
Coverage7/7 companies · 74 observations

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 roce change signal.

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.
ROCEhighest
1Atul Ltd ATUL15%
2Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified11%
3Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified11%
4Sudarshan Chemical Industries Ltd SUDARSCHEM5.5%
5Indokem Ltd INDOKEM5.5%
ROCE changefastest improvers
1Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified+1.5 pp
2Atul Ltd ATUL+0.7 pp
3Sudarshan Chemical Industries Ltd SUDARSCHEM+0.1 pp
4Indokem Ltd INDOKEM−2.0 pp
5Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified−5.2 pp
Return on capital · company comparison
7/7 level · 7/7 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROCEROCE changeReported
Atul Ltd ATUL11%+0.7 ppJun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified10%+1.5 ppJun 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified6.4%−5.2 ppJun 2026
Sudarshan Chemical Industries Ltd SUDARSCHEM3.4%+0.1 ppJun 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified-14%−25.4 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Atul Ltd · ATUL

18%
—
16%
—
16%
—
12%
—
9.2%
9.8%
7.7%
9.2%
7.7%
11%
9.8%
13%
9.7%
13%
11%
—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

15%
—
4.9%
—
—
—
5.2%
—
8.5%
12%
7.0%
9.3%
5.9%
8.2%
12%
6.1%
4.2%
-6.7%
-14%
—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

16%
—
14%
—
11%
—
8.1%
—
9.5%
33%
12%
14%
15%
14%
3.3%
5.4%
3.6%
3.4%
3.4%
—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

15%
—
9.8%
—
10%
—
9.4%
—
12%
13%
9.8%
9.6%
7.7%
13%
12%
16%
12%
10%
6.4%
—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

7.3%
—
7.7%
—
9.5%
—
10%
—
8.8%
9.4%
7.3%
9.3%
6.2%
9.2%
8.8%
11%
8.8%
9.9%
10%
—

ROCE change · reported quarter history

Atul Ltd · ATUL

—
—
—
—
−1.9 pp
—
−3.3 pp
—
−6.6 pp
—
−4.7 pp
—
−1.5 pp
+0.9 pp
+2.1 pp
+3.4 pp
+2.0 pp
+2.3 pp
+0.7 pp
—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

—
—
—
—
—
—
+0.3 pp
—
—
—
+1.8 pp
—
−2.6 pp
−3.4 pp
+4.8 pp
−3.2 pp
−1.7 pp
−14.9 pp
−25.4 pp
—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

—
—
—
—
−5.3 pp
—
−6.2 pp
—
−1.5 pp
—
+3.9 pp
—
+5.9 pp
−19.4 pp
−8.7 pp
−8.5 pp
−11.8 pp
−10.5 pp
+0.1 pp
—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

—
—
—
—
−4.2 pp
—
−0.4 pp
—
+1.2 pp
—
+0.4 pp
—
−3.8 pp
+0.1 pp
+1.8 pp
+6.8 pp
+4.1 pp
−2.9 pp
−5.2 pp
—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

—
—
—
—
+2.2 pp
—
+2.7 pp
—
−0.7 pp
—
−3.1 pp
—
−2.6 pp
−0.2 pp
+1.5 pp
+1.6 pp
+2.6 pp
+0.7 pp
+1.5 pp
—
11 · compare level, then change

Valuation Against Growth & Quality

Atul Ltd has the lowest PEG among the 7 Dyes & Pigments companies compared here, at 0.69×. Sudarshan Chemical Industries Ltd is next at 1.42×. Kiri Industries Ltd has the lowest P/E at 4.52×, so level and change sit with different companies. 2 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Atul Ltd has the lowest comparable PEG at 0.69×, 51.4% below Sudarshan Chemical Industries Ltd. Only 2 of 7 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderAtul Ltd · 0.69×
Gap51.4% versus #2 · Sudarshan Chemical Industries Ltd
Persistence0/8 recent comparable periods
Coverage2/7 companies · 8 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.
PEGlowest PEG
1Atul Ltd ATUL0.7
2Sudarshan Chemical Industries Ltd SUDARSCHEM1.4
P/Elowest P/E
1Kiri Industries Ltd KIRIINDUS4.5
2Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified13.7
3Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified17.6
4Atul Ltd ATUL22.5
5Sudarshan Chemical Industries Ltd SUDARSCHEM95.6
Valuation · company comparison
2/7 level · 6/7 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Sudarshan Chemical Industries Ltd SUDARSCHEM1.4136.1Jun 2026
Atul Ltd ATUL0.729.0Jun 2026
Kiri Industries Ltd KIRIINDUS—4.4Jun 2026
Indokem Ltd INDOKEM—749.7Jun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified—13.8Jun 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified—14.5Jun 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified—95.5Jun 2026
Full 20-quarter history · every available company

PEG · reported quarter history

Atul Ltd · ATUL

—
—
—
—
—
—
—
—
—
—
—
7.0
1.3
1.0
—
3.2
0.9
0.7
—
—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

—
—
1.3
—
—
—
—
—
—
—
—
—
—
—
—
1.4
—
—
—
—

P/E · reported quarter history

Atul Ltd · ATUL

40.1
39.6
46.5
38.9
44.3
40.2
36.9
40.2
45.9
53.8
47.3
59.2
68.2
55.0
43.5
45.1
35.5
32.8
30.9
29.0

Indokem Ltd · INDOKEM

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
325.7
272.4
749.7

Kiri Industries Ltd · KIRIINDUS

4.4
3.8
4.6
4.9
6.3
7.1
5.7
13.5
27.7
28.0
17.6
11.9
7.4
10.6
9.9
11.7
16.7
27.9
22.7
4.4

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

92.7
138.9
399.3
1,256.0
1,140.0
1,944.0
1,938.0
2,095.0
1,729.0
898.0
646.5
1,412.0
768.5
1,127.0
455.0
85.3
132.5
95.5
—
—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

31.0
27.3
26.6
22.8
26.1
29.1
47.7
75.0
55.0
51.6
48.2
55.2
63.7
57.1
48.1
61.1
82.5
70.2
68.2
136.1

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

26.1
26.5
28.9
21.4
24.0
38.2
30.5
63.2
58.5
30.4
22.6
26.1
43.1
35.0
28.9
29.0
23.6
19.1
11.2
14.5

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

23.1
18.6
16.1
15.0
15.8
14.8
13.0
14.0
16.5
18.1
16.8
23.6
26.1
26.5
20.1
19.6
17.1
15.2
13.7
13.8
12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Dyes & Pigments comparison names 7 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. 3 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • 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.
  • 3 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: Valuation have fewer than three usable current readings.
13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 7 Dyes & Pigments companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-25. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-25 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 4 unverified · 1 withheld, of 7 graded companies.
How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

14 · questions investors ask, short speakable answers

Dyes & Pigments company comparison FAQs

These 24 answers restate the Dyes & Pigments comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-25. Nothing here is estimated, and none of it is a recommendation.

Is the Dyes & Pigments sector outperforming NIFTY 500?

Dyes & Pigments has outperformed NIFTY 500 by 8.1% over 52 weeks and 19.5% over 13 weeks. 6 of 7 covered companies beat NIFTY on Mansfield relative strength, while 4 of 7 beat the sector itself.

Which Dyes & Pigments company is largest by revenue?

Sudarshan Chemical Industries Ltd leads with revenue of ₹9,922 crore, based on 7 of 7 comparable companies through Jun 2026.

Which Dyes & Pigments company is growing fastest?

Sudarshan Chemical Industries Ltd has the fastest current revenue growth at 90.2%, across 7 of 7 comparable companies.

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

Ultramarine & Pigments Ltd ranks first at 69.2/100 with 81% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Dyes & Pigments company has the lowest comparable PEG?

Atul Ltd has the lowest comparable PEG at 0.69, among 2 of 7 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Dyes & Pigments comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Dyes & Pigments index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Dyes & Pigments, this page builds its own equal-weight basket of 7 listed Dyes & Pigments companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Dyes & Pigments stocks in India?

Ranked by this page's four-factor score, Ultramarine & Pigments Ltd places first among 7 listed Dyes & Pigments companies, followed by Atul 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 7 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 ₹9,922 crore, ahead of Atul Ltd at ₹6,644 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

Which Dyes & Pigments company has the best profit margins?

Atul Ltd has the highest operating margin at 21%, from 7 of 7 comparable companies. Kiri Industries Ltd shows the biggest recent improvement, at +13 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 ₹5,848 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Kiri Industries Ltd has the fastest profit growth at the ≥100% scoring cap, 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?

Atul Ltd leads on return on capital employed at 14.9%, across 7 of 7 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 PEG — where a LOWER number is cheaper — Atul Ltd screens cheapest at 0.69×. Only 2 of 7 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Dyes & Pigments sector beating the market?

Dyes & Pigments has outperformed NIFTY 500 by 8.1% over the last 52 weeks and 19.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 7 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?

Ultramarine & Pigments Ltd scores 69.2 out of 100 with 81% evidence confidence, from 24.4 points on growth and earnings, 17.4 on capital efficiency, 13.1 on valuation and 14.3 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 7 listed companies over up to 20 reported quarters of fundamentals, 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 7 Dyes & Pigments companies on this page carry ₹35,915 crore of combined market value. Atul Ltd is the largest at ₹17,873 crore, about 50% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-28.

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

The median price-to-earnings ratio across the 7 Dyes & Pigments companies on this page is 22.5×, measured on the 6 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 2026-09-28.

How is the Dyes & Pigments sector performing?

6 of the 7 covered Dyes & Pigments companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 8.1% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-28.

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.

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