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.

01 · the index people search for

Nifty Dyes & Pigments Index — Constituents & Performance

The Dyes & Pigments companies below are the listed Indian Dyes & Pigments universe this page tracks — the same constituent set people search for as the Nifty Dyes & Pigments index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

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 7% ahead of NIFTY 500. Earnings across its companies grew 31% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 16 weeks running.

FADING · −1 in 4w✓Moving with the index4 of 10 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑16w · 6/10 >200d (+2) · 4/10 lead (−1) · EPS 7/10↑

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 10 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 underperformed NIFTY 500 by 4.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.1%. 5 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.

+6.1%Sector vs NIFTY 500 · 13 weeks

-4.7%Sector vs NIFTY 500 · 52 weeks

5/10Stocks leading NIFTY 500

4/9Stocks leading sector

Sector metric: 20.0 as of 2026-07-19 · CONSOLIDATION · falling.

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 underperformed NIFTY 500 by 4.7% over 52 weeks and 6.1% over 13 weeks. 5 of 10 covered companies beat NIFTY on Mansfield relative strength, while 4 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.

Companies

complete canonical membership

Combined market value

₹38.2K Cr

Atul Ltd

Revenue growing

8/10

positive TTM year-on-year growth

Beating NIFTY 500

5/10

positive Mansfield relative strength

Comparing 5 of 10

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%

Atul Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% 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.

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.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Atul LtdATUL	68.8/100Favorable setup100% evidence	ASLEEP	28.0/35 Revenue 15.8% · PAT 56.3% · OPM change 5 pp 100% evidence	17.3/25 ROCE 14.9% · OPM 21% 100% evidence	14.6/20 P/E 24.9× · PEG 0.69 100% evidence	8.9/20 RS sector 0.6% · RS bench 4.7% · 1Y 1%2 of 12 weeks ahead 100% evidence
Exact sum: 28 + 17.3 + 14.6 + 8.9 = 68.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Bhageria Industries LtdBHAGERIA	63.8/100Mixed-positive evidence81% evidence	TURNING	29.8/35 Revenue 57% · PAT 55.8% · OPM change 4 pp 95% evidence	13.8/25 ROCE 9.4% · OPM 15% 95% evidence	10.0/20 P/E 13.4× · PEG — 50% evidence	10.2/20 RS sector -8.1% · RS bench 15.2% · 1Y 8.6%7 of 10 weeks ahead 70% evidence
Exact sum: 29.8 + 13.8 + 10 + 10.2 = 63.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Bodal Chemicals LtdBODALCHEM	58.2/100Mixed-positive evidence76% evidence	FADING	22.4/35 Revenue 15.3% · PAT 100% · OPM change 2 pp 83% evidence	11.1/25 ROCE 6.7% · OPM 12% 95% evidence	10.2/20 P/E 18.6× · PEG — 15% evidence	14.5/20 RS sector 11.9% · RS bench 15.8% · 1Y -5.3%7 of 12 weeks ahead 100% evidence
Exact sum: 22.4 + 11.1 + 10.2 + 14.5 = 58.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Ultramarine & Pigments LtdULTRAMAR	57.1/100Mixed-positive evidence77% evidence	ASLEEP	17.0/35 Revenue 11.3% · PAT 5.3% · OPM change -2 pp 83% evidence	15.6/25 ROCE 10.8% · OPM 13% 95% evidence	13.2/20 P/E 14.3× · PEG — 50% evidence	11.3/20 RS sector 6.6% · RS bench -11.1% · 1Y -30.5%0 of 7 weeks ahead 70% evidence
Exact sum: 17 + 15.6 + 13.2 + 11.3 = 57.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Vidhi Specialty Food Ingredients LtdVIDHIING	52.1/100Mixed-positive evidence81% evidence	TURNING	16.3/35 Revenue 12.9% · PAT 10.4% · OPM change -5 pp 95% evidence	17.9/25 ROCE 18.8% · OPM 18% 95% evidence	10.5/20 P/E 30.9× · PEG — 50% evidence	7.4/20 RS sector -13% · RS bench -0.8% · 1Y -17.7%1 of 10 weeks ahead 70% evidence
Exact sum: 16.3 + 17.9 + 10.5 + 7.4 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Sudarshan Chemical Industries LtdSUDARSCHEM	41.5/100Mixed-negative evidence82% evidence	TURNING	20.3/35 Revenue 100% · PAT -33.3% · OPM change -1 pp 65% evidence	9.0/25 ROCE 5.5% · OPM 8% 100% evidence	6.4/20 P/E 435× · PEG 1.42 100% evidence	5.8/20 RS sector -15.9% · RS bench -3.4% · 1Y -18.9%6 of 10 weeks ahead 70% evidence
Exact sum: 20.3 + 9 + 6.4 + 5.8 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Sudarshan Colorants India LtdSUDARCOLOR	39.8/100Mixed-negative evidence83% evidence	FADING	7.6/35 Revenue -5.2% · PAT -13.7% · OPM change -5.9 pp 83% evidence	12.3/25 ROCE 11.4% · OPM 2.1% 95% evidence	13.9/20 P/E 17.3× · PEG — 50% evidence	6.0/20 RS sector -19.4% · RS bench -17% · 1Y -38.9%6 of 12 weeks ahead 100% evidence
Exact sum: 7.6 + 12.3 + 13.9 + 6 = 39.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8Kiri Industries LtdKIRIINDUS	32.5/100Adverse evidence61% evidence	BASING	11.9/35 Revenue 13.4% · PAT 100% · OPM change -54.5 pp 62% evidence	5.2/25 ROCE -1.7% · OPM -57% 76% evidence	10.0/20 P/E — · PEG — 0% evidence	5.4/20 RS sector -17.7% · RS bench -14.8% · 1Y -27%0 of 12 weeks ahead 100% evidence
Exact sum: 11.9 + 5.2 + 10 + 5.4 = 32.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Sadhana Nitro Chem LtdSADHNANIQ	27.4/100Thin evidence · provisional58% evidence	TURNING	3.2/35 Revenue -69.7% · PAT -80% · OPM change -277 pp 83% evidence	1.7/25 ROCE -11.1% · OPM -250% 95% evidence	10.0/20 P/E — · PEG — 0% evidence	12.5/20 RS sector — · RS bench 21.4% · 1Y —3 of 3 weeks ahead 25% evidence
Exact sum: 3.2 + 1.7 + 10 + 12.5 = 27.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10Indokem LtdINDOKEM	52.8/100Thin evidence · provisional50% evidence		19.7/35 Revenue 8.9% · PAT 100% · OPM change -2.8 pp 53% evidence	8.3/25 ROCE 7.4% · OPM 0.4% 57% evidence	8.9/20 P/E 262× · PEG — 15% evidence	15.9/20 RS sector 26% · RS bench 12.6% · 1Y 71.7%6 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 19.7 + 8.3 + 8.9 + 15.9 = 52.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Indokem Ltd has the strongest one-year price move in Dyes & Pigments at +71.7%. Sadhana Nitro Chem Ltd leads on Mansfield relative strength against NIFTY at +21.4%. 5 of 10 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

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 · compare level, then change

Revenue Scale & Growth Durability

Sudarshan Chemical Industries Ltd has the highest Revenue among the 10 Dyes & Pigments companies compared here, at ₹9,787 crore. Atul Ltd is next at ₹6,644 crore. The same company also holds the highest Revenue growth, at the 100% top of the scoring scale. 10 of 10 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderSudarshan Chemical Industries Ltd · ₹9,787 crore

Gap47.3% versus #2 · Atul Ltd

Persistence8/8 recent comparable periods

Coverage10/10 companies · 151 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₹9.8K Cr

2Atul Ltd ATUL₹6.6K Cr

3Bodal Chemicals Ltd BODALCHEM⚠ unverified₹2.0K Cr

4Bhageria Industries Ltd BHAGERIA⚠ unverified₹1.0K Cr

5Kiri Industries Ltd KIRIINDUS₹839 Cr

Revenue growthfastest growers

1Sudarshan Chemical Industries Ltd SUDARSCHEM100%

2Bhageria Industries Ltd BHAGERIA⚠ unverified57%

3Atul Ltd ATUL16%

4Bodal Chemicals Ltd BODALCHEM⚠ unverified15%

5Kiri Industries Ltd KIRIINDUS13%

Revenue · company comparison

10/10 level · 10/10 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.

Company	Revenue	Revenue growth	Reported
Sudarshan Chemical Industries Ltd SUDARSCHEM	₹2.8K Cr	107%	Mar 2026
Atul Ltd ATUL	₹1.8K Cr	25%	Jun 2026
Bodal Chemicals Ltd BODALCHEM⚠ unverified	₹588 Cr	30%	Mar 2026
Bhageria Industries Ltd BHAGERIA⚠ unverified	₹286 Cr	82%	Jun 2026
Kiri Industries Ltd KIRIINDUS	₹250 Cr	22%	Mar 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified	₹211 Cr	-4.1%	Mar 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified	₹199 Cr	2.1%	Mar 2026
Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified	₹146 Cr	66%	Jun 2026
Indokem Ltd INDOKEM	₹42 Cr	-3.2%	Dec 2025
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified	₹9 Cr	-82%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Atul Ltd · 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

Bhageria Industries Ltd · BHAGERIA⚠ unverified

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

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

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—

Indokem Ltd · 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—

Kiri Industries Ltd · 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—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

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—

Sudarshan Chemical Industries Ltd · 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—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

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—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

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—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

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₹146 Cr

Revenue growth · reported quarter history

Atul Ltd · ATUL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202237%

Sep 202219%

Dec 2022-8.1%

Mar 2023-13%

Jun 2023-20%

Sep 2023-20%

Dec 2023-10%

Mar 20241.4%

Jun 202412%

Sep 202417%

Dec 202425%

Mar 202520%

Jun 202512%

Sep 202511%

Dec 202511%

Mar 202615%

Jun 202625%

Bhageria Industries Ltd · BHAGERIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202319%

Mar 202426%

Jun 202415%

Sep 202425%

Dec 202452%

Mar 20250.6%

Jun 202539%

Sep 202558%

Dec 202542%

Mar 202648%

Jun 202682%

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20235.7%

Mar 20241.0%

Jun 202427%

Sep 202430%

Dec 202431%

Mar 202514%

Jun 20257.6%

Sep 202512%

Dec 202511%

Mar 202630%

Jun 2026—

Indokem Ltd · 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 20247.3%

Dec 20247.8%

Mar 202536%

Jun 202512%

Sep 2025-6.9%

Dec 2025-3.2%

Mar 2026—

Jun 2026—

Kiri Industries Ltd · KIRIINDUS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-22%

Mar 202421%

Jun 2024-19%

Sep 2024-25%

Dec 202412%

Mar 2025-24%

Jun 202510%

Sep 202523%

Dec 2025-2.8%

Mar 202622%

Jun 2026—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202435%

Jun 2024-7.7%

Sep 20242.4%

Dec 2024-16%

Mar 2025-25%

Jun 2025-22%

Sep 2025-93%

Dec 2025-73%

Mar 2026-82%

Jun 2026—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202217%

Sep 20226.0%

Dec 2022-12%

Mar 202310%

Jun 20239.8%

Sep 202314%

Dec 20237.2%

Mar 202411%

Jun 20244.3%

Sep 202416%

Dec 202418%

Mar 202577%

Jun 2025295%

Sep 2025243%

Dec 2025216%

Mar 2026107%

Jun 2026—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-1.3%

Mar 202414%

Jun 2024-17%

Sep 20249.0%

Dec 202421%

Mar 20257.3%

Jun 202522%

Sep 2025-16%

Dec 2025-17%

Mar 2026-4.1%

Jun 2026—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-1.3%

Mar 20248.8%

Jun 202423%

Sep 202410%

Dec 202421%

Mar 202543%

Jun 202514%

Sep 202522%

Dec 20259.5%

Mar 20262.1%

Jun 2026—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

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 20243.8%

Sep 202414%

Dec 202457%

Mar 202541%

Jun 20256.0%

Sep 2025-18%

Dec 2025-5.1%

Mar 202612%

Jun 202666%

07 · compare level, then change

Operating Economics & Margin Trend

Atul Ltd has the highest OPM among the 10 Dyes & Pigments companies compared here, at 21%. Vidhi Specialty Food Ingredients Ltd is next at 18%. The same company also holds the highest Margin change, at +5 percentage points. 10 of 10 companies report a comparable reading, the latest through Jun 2026.

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

LeaderAtul Ltd · 21%

Gap16.7% versus #2 · Vidhi Specialty Food Ingredients Ltd

Persistence5/8 recent comparable periods

Coverage10/10 companies · 192 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%

2Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified18%

3Bhageria Industries Ltd BHAGERIA⚠ unverified15%

4Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified13%

5Bodal Chemicals Ltd BODALCHEM⚠ unverified12%

Margin changefastest expanders

1Atul Ltd ATUL+5.0 pp

2Bhageria Industries Ltd BHAGERIA⚠ unverified+4.0 pp

3Bodal Chemicals Ltd BODALCHEM⚠ unverified+2.0 pp

4Sudarshan Chemical Industries Ltd SUDARSCHEM−1.0 pp

5Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified−2.0 pp

Operating margin · company comparison

10/10 level · 10/10 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Atul Ltd ATUL	21%	+5.0 pp	Jun 2026
Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified	18%	−5.0 pp	Jun 2026
Bhageria Industries Ltd BHAGERIA⚠ unverified	15%	+4.0 pp	Jun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified	13%	−2.0 pp	Mar 2026
Bodal Chemicals Ltd BODALCHEM⚠ unverified	12%	+2.0 pp	Mar 2026
Sudarshan Chemical Industries Ltd SUDARSCHEM	8.0%	−1.0 pp	Mar 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified	2.1%	−5.9 pp	Mar 2026
Indokem Ltd INDOKEM	0.4%	−2.8 pp	Dec 2025
Kiri Industries Ltd KIRIINDUS	-57%	−54.5 pp	Mar 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified	-250%	−277.0 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Atul Ltd · ATUL

Sep 202117%

Dec 202118%

Mar 202215%

Jun 202216%

Sep 202215%

Dec 202214%

Mar 202312%

Jun 202315%

Sep 202313%

Dec 202313%

Mar 202412%

Jun 202417%

Sep 202417%

Dec 202416%

Mar 202515%

Jun 202516%

Sep 202517%

Dec 202516%

Mar 202617%

Jun 202621%

Bhageria Industries Ltd · BHAGERIA⚠ unverified

Sep 202118%

Dec 202123%

Mar 202217%

Jun 202210%

Sep 20228.0%

Dec 202214%

Mar 202312%

Jun 20236.0%

Sep 20238.0%

Dec 202313%

Mar 20248.0%

Jun 202410%

Sep 202411%

Dec 202416%

Mar 202516%

Jun 202511%

Sep 202511%

Dec 20258.0%

Mar 202611%

Jun 202615%

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

Sep 202110%

Dec 202112%

Mar 20229.0%

Jun 202211%

Sep 20228.0%

Dec 20227.7%

Mar 20237.0%

Jun 20237.0%

Sep 20237.0%

Dec 20237.0%

Mar 20246.0%

Jun 20248.0%

Sep 20248.0%

Dec 202410%

Mar 202510%

Jun 202510%

Sep 20254.8%

Dec 20254.5%

Mar 202612%

Jun 2026—

Indokem Ltd · INDOKEM

Sep 20213.1%

Dec 20216.3%

Mar 20223.8%

Jun 2022-4.8%

Sep 20221.2%

Dec 20224.5%

Mar 20232.0%

Jun 20232.1%

Sep 2023-8.5%

Dec 20232.5%

Mar 20241.2%

Jun 2024-0.5%

Sep 20242.8%

Dec 20243.3%

Mar 20259.6%

Jun 20254.3%

Sep 20253.0%

Dec 20250.4%

Mar 2026—

Jun 2026—

Kiri Industries Ltd · KIRIINDUS

Sep 20217.8%

Dec 202111%

Mar 20226.0%

Jun 2022-3.1%

Sep 2022-2.9%

Dec 2022-8.0%

Mar 2023-2.1%

Jun 20230.8%

Sep 2023-4.3%

Dec 2023-13%

Mar 20241.9%

Jun 20240.1%

Sep 2024-2.7%

Dec 2024-25%

Mar 2025-2.5%

Jun 2025-8.0%

Sep 2025-6.0%

Dec 2025-28%

Mar 2026-57%

Jun 2026—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

Sep 202111%

Dec 202111%

Mar 20227.3%

Jun 20229.4%

Sep 202212%

Dec 202215%

Mar 202320%

Jun 202320%

Sep 202330%

Dec 202326%

Mar 202414%

Jun 202427%

Sep 202419%

Dec 202430%

Mar 202527%

Jun 20257.0%

Sep 2025-629%

Dec 2025-156%

Mar 2026-250%

Jun 2026—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

Sep 202111%

Dec 202112%

Mar 202214%

Jun 20227.5%

Sep 20228.1%

Dec 20228.0%

Mar 202312%

Jun 202311%

Sep 202311%

Dec 202311%

Mar 202416%

Jun 202413%

Sep 202414%

Dec 202412%

Mar 20259.0%

Jun 20258.0%

Sep 20256.0%

Dec 20251.8%

Mar 20268.0%

Jun 2026—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

Sep 20215.5%

Dec 20217.5%

Mar 20227.8%

Jun 20227.8%

Sep 20227.6%

Dec 20227.2%

Mar 20239.0%

Jun 202312%

Sep 202311%

Dec 20238.0%

Mar 20244.9%

Jun 20246.0%

Sep 202413%

Dec 202412%

Mar 20258.0%

Jun 202512%

Sep 202510%

Dec 20256.0%

Mar 20262.1%

Jun 2026—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

Sep 202117%

Dec 202115%

Mar 202216%

Jun 202220%

Sep 202217%

Dec 202222%

Mar 202316%

Jun 202321%

Sep 202317%

Dec 202316%

Mar 202415%

Jun 202416%

Sep 202417%

Dec 202420%

Mar 202515%

Jun 202517%

Sep 202516%

Dec 202518%

Mar 202613%

Jun 2026—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

Sep 202117%

Dec 202116%

Mar 202213%

Jun 202213%

Sep 202214%

Dec 202215%

Mar 202314%

Jun 202316%

Sep 202317%

Dec 202323%

Mar 202420%

Jun 202417%

Sep 202417%

Dec 202419%

Mar 202518%

Jun 202523%

Sep 202524%

Dec 202520%

Mar 202617%

Jun 202618%

Margin change · reported quarter history

Atul Ltd · 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 20240.0 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 20250.0 pp

Dec 20250.0 pp

Mar 2026+2.0 pp

Jun 2026+5.0 pp

Bhageria Industries Ltd · BHAGERIA⚠ unverified

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 20250.0 pp

Dec 2025−8.0 pp

Mar 2026−5.0 pp

Jun 2026+4.0 pp

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

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 2025−3.2 pp

Dec 2025−5.5 pp

Mar 2026+2.0 pp

Jun 2026—

Indokem Ltd · 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—

Kiri Industries Ltd · 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 2023−8.1 pp

Jun 2023+3.9 pp

Sep 2023−1.4 pp

Dec 2023−5.0 pp

Mar 2024+4.0 pp

Jun 2024−0.7 pp

Sep 2024+1.6 pp

Dec 2024−12.0 pp

Mar 2025−4.4 pp

Jun 2025−8.1 pp

Sep 2025−3.3 pp

Dec 2025−3.0 pp

Mar 2026−54.5 pp

Jun 2026—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

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—

Sudarshan Chemical Industries Ltd · 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 2025−10.2 pp

Mar 2026−1.0 pp

Jun 2026—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

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 2024−4.1 pp

Jun 2024−6.0 pp

Sep 2024+2.0 pp

Dec 2024+4.0 pp

Mar 2025+3.1 pp

Jun 2025+6.0 pp

Sep 2025−3.0 pp

Dec 2025−6.0 pp

Mar 2026−5.9 pp

Jun 2026—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

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 20240.0 pp

Dec 2024+4.0 pp

Mar 20250.0 pp

Jun 2025+1.0 pp

Sep 2025−1.0 pp

Dec 2025−2.0 pp

Mar 2026−2.0 pp

Jun 2026—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

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 20240.0 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 2026−5.0 pp

08 · compare level, then change

Profit Scale & Acceleration

Kiri Industries Ltd has the highest Net profit among the 10 Dyes & Pigments companies compared here, at ₹5,567 crore. Atul Ltd is next at ₹811 crore. Bodal Chemicals Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

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.

LeaderKiri Industries Ltd · ₹5,567 crore

Gap586.4% versus #2 · Atul Ltd

Persistence4/6 recent comparable periods

Coverage10/10 companies · 151 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₹5.6K Cr

2Atul Ltd ATUL₹811 Cr

3Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified₹80 Cr

4Bhageria Industries Ltd BHAGERIA⚠ unverified₹67 Cr

5Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified₹53 Cr

Profit growthfastest growers

1Bodal Chemicals Ltd BODALCHEM⚠ unverified100%

2Indokem Ltd INDOKEM · older report100%

3Atul Ltd ATUL56%

4Bhageria Industries Ltd BHAGERIA⚠ unverified56%

5Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified10%

Net profit · company comparison

10/10 level · 8/10 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Kiri Industries Ltd KIRIINDUS	₹514 Cr	2,738%	Mar 2026
Atul Ltd ATUL	₹254 Cr	92%	Jun 2026
Sudarshan Chemical Industries Ltd SUDARSCHEM	₹82 Cr	-11,700%	Mar 2026
Bhageria Industries Ltd BHAGERIA⚠ unverified	₹34 Cr	209%	Jun 2026
Bodal Chemicals Ltd BODALCHEM⚠ unverified	₹32 Cr	129%	Mar 2026
Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified	₹17 Cr	31%	Jun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified	₹14 Cr	-18%	Mar 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified	₹13 Cr	18%	Mar 2026
Indokem Ltd INDOKEM	₹0 Cr	-45%	Dec 2025
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified	₹-34 Cr	-950%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Atul Ltd · 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

Bhageria Industries Ltd · BHAGERIA⚠ unverified

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

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

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—

Indokem Ltd · 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—

Kiri Industries Ltd · 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—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

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—

Sudarshan Chemical Industries Ltd · 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—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

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—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

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—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

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₹17 Cr

Profit growth · reported quarter history

Atul Ltd · ATUL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-0.6%

Sep 20222.7%

Dec 2022-34%

Mar 2023-32%

Jun 2023-38%

Sep 2023-40%

Dec 2023-30%

Mar 2024-36%

Jun 20249.8%

Sep 202454%

Dec 202463%

Mar 2025120%

Jun 202518%

Sep 202530%

Dec 202540%

Mar 202662%

Jun 202692%

Bhageria Industries Ltd · BHAGERIA⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023100%

Mar 202420%

Jun 2024500%

Sep 2024100%

Dec 202438%

Mar 2025150%

Jun 202583%

Sep 202583%

Dec 20250.0%

Mar 2026-27%

Jun 2026209%

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

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 2024400%

Mar 2025600%

Jun 2025—

Sep 2025—

Dec 2025-100%

Mar 2026129%

Jun 2026—

Indokem Ltd · 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—

Kiri Industries Ltd · KIRIINDUS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023150%

Mar 2024—

Jun 2024—

Sep 2024321%

Dec 202431%

Mar 2025—

Jun 2025-89%

Sep 2025-75%

Dec 20252,738%

Mar 2026—

Jun 2026—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

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 2024200%

Mar 2025300%

Jun 2025-300%

Sep 2025—

Dec 2025-933%

Mar 2026-950%

Jun 2026—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-73%

Sep 2022-78%

Dec 2022-97%

Mar 2023-27%

Jun 20233,714%

Sep 2023260%

Dec 20231,400%

Mar 202476%

Jun 2024-89%

Sep 202467%

Dec 2024-93%

Mar 2025-100%

Jun 202590%

Sep 2025-37%

Dec 2025-11,700%

Mar 2026—

Jun 2026—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

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 202438%

Dec 2024183%

Mar 202583%

Jun 2025240%

Sep 2025-11%

Dec 2025-112%

Mar 202618%

Jun 2026—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-32%

Mar 20240.0%

Jun 20240.0%

Sep 202412%

Dec 202477%

Mar 202555%

Jun 202518%

Sep 20250.0%

Dec 202517%

Mar 2026-18%

Jun 2026—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202313%

Mar 202411%

Jun 20240.0%

Sep 202411%

Dec 202444%

Mar 202520%

Jun 202563%

Sep 202510%

Dec 2025-7.7%

Mar 20268.3%

Jun 202631%

09 · compare level, then change

Return On Capital Employed

Vidhi Specialty Food Ingredients Ltd has the highest ROCE among the 10 Dyes & Pigments companies compared here, at 18.8%. Atul Ltd is next at 14.9%. Indokem Ltd has the highest ROCE change at +11 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Jun 2026.

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.

LeaderVidhi Specialty Food Ingredients Ltd · 18.8%

Gap26.2% versus #2 · Atul Ltd

Persistence7/8 recent comparable periods

Coverage10/10 companies · 120 observations

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.

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

1Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified19%

2Atul Ltd ATUL15%

3Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified11%

4Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified11%

5Bhageria Industries Ltd BHAGERIA⚠ unverified9.4%

ROCE changefastest improvers

1Indokem Ltd INDOKEM · older report+11.0 pp

2Bhageria Industries Ltd BHAGERIA⚠ unverified+3.7 pp

3Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified+1.5 pp

4Atul Ltd ATUL+0.7 pp

5Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified+0.6 pp

Return on capital · company comparison

10/10 level · 10/10 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

Company	ROCE	ROCE change	Reported
Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified	20%	+0.6 pp	Jun 2026
Bhageria Industries Ltd BHAGERIA⚠ unverified	15%	+3.7 pp	Jun 2026
Atul Ltd ATUL	11%	+0.7 pp	Jun 2026
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified	10%	+1.5 pp	Mar 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified	6.4%	−5.2 pp	Mar 2026
Bodal Chemicals Ltd BODALCHEM⚠ unverified	6.2%	−0.4 pp	Mar 2026
Sudarshan Chemical Industries Ltd SUDARSCHEM	3.4%	+0.1 pp	Mar 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified	-14%	−25.4 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Atul Ltd · ATUL

Sep 202118%

Dec 2021—

Mar 202216%

Jun 2022—

Sep 202216%

Dec 2022—

Mar 202312%

Jun 2023—

Sep 20239.2%

Dec 20239.8%

Mar 20247.7%

Jun 20249.2%

Sep 20247.7%

Dec 202411%

Mar 20259.8%

Jun 202513%

Sep 20259.7%

Dec 202513%

Mar 202611%

Jun 2026—

Bhageria Industries Ltd · BHAGERIA⚠ unverified

Sep 202117%

Dec 2021—

Mar 202216%

Jun 2022—

Sep 202211%

Dec 2022—

Mar 20233.7%

Jun 2023—

Sep 20232.2%

Dec 20234.8%

Mar 20242.1%

Jun 20246.3%

Sep 20243.9%

Dec 20248.2%

Mar 20258.3%

Jun 202511%

Sep 202510%

Dec 202512%

Mar 20268.2%

Jun 202615%

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

Sep 202114%

Dec 2021—

Mar 202214%

Jun 2022—

Sep 202211%

Dec 2022—

Mar 20235.7%

Jun 2023—

Sep 20232.8%

Dec 20234.1%

Mar 20243.2%

Jun 20244.1%

Sep 20244.5%

Dec 20245.3%

Mar 20256.6%

Jun 20257.4%

Sep 20256.9%

Dec 20257.2%

Mar 20266.2%

Jun 2026—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

Sep 202115%

Dec 2021—

Mar 20224.9%

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20235.2%

Jun 2023—

Sep 20238.5%

Dec 202311%

Mar 20247.0%

Jun 20248.9%

Sep 20245.9%

Dec 20248.2%

Mar 202512%

Jun 20256.2%

Sep 20254.2%

Dec 2025-6.7%

Mar 2026-14%

Jun 2026—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

Sep 202116%

Dec 2021—

Mar 202214%

Jun 2022—

Sep 202211%

Dec 2022—

Mar 20238.1%

Jun 2023—

Sep 20239.5%

Dec 202333%

Mar 202412%

Jun 202414%

Sep 202415%

Dec 202414%

Mar 20253.3%

Jun 20255.4%

Sep 20253.6%

Dec 20253.4%

Mar 20263.4%

Jun 2026—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

Sep 202115%

Dec 2021—

Mar 20229.8%

Jun 2022—

Sep 202210%

Dec 2022—

Mar 20239.4%

Jun 2023—

Sep 202312%

Dec 202313%

Mar 20249.8%

Jun 20249.6%

Sep 20247.7%

Dec 202413%

Mar 202512%

Jun 202516%

Sep 202512%

Dec 202510%

Mar 20266.4%

Jun 2026—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

Sep 20217.3%

Dec 2021—

Mar 20227.7%

Jun 2022—

Sep 20229.5%

Dec 2022—

Mar 202310%

Jun 2023—

Sep 20238.8%

Dec 20239.4%

Mar 20247.3%

Jun 20249.3%

Sep 20246.2%

Dec 20249.2%

Mar 20258.8%

Jun 202511%

Sep 20258.8%

Dec 20259.9%

Mar 202610%

Jun 2026—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

Sep 202135%

Dec 2021—

Mar 202235%

Jun 2022—

Sep 202229%

Dec 2022—

Mar 202320%

Jun 2023—

Sep 202317%

Dec 202320%

Mar 202418%

Jun 202419%

Sep 202418%

Dec 202421%

Mar 202520%

Jun 202524%

Sep 202522%

Dec 202523%

Mar 202620%

Jun 2026—

ROCE change · reported quarter history

Atul Ltd · 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—

Bhageria Industries Ltd · BHAGERIA⚠ unverified

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

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

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—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

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—

Sudarshan Chemical Industries Ltd · 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—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

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—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

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—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

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—

10 · compare level, then change

Valuation Against Growth & Quality

Atul Ltd has the lowest PEG among the 10 Dyes & Pigments companies compared here, at 0.69×. Sudarshan Chemical Industries Ltd is next at 1.42×. Bhageria Industries Ltd has the lowest P/E at 13.4×, so level and change sit with different companies. 2 of 10 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 10 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

Coverage2/10 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

1Bhageria Industries Ltd BHAGERIA⚠ unverified13.4

2Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified14.3

3Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified17.3

4Bodal Chemicals Ltd BODALCHEM⚠ unverified18.6

5Atul Ltd ATUL24.9

Valuation · company comparison

2/10 level · 8/10 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Sudarshan Chemical Industries Ltd SUDARSCHEM	1.4	68.2	Mar 2026
Atul Ltd ATUL	0.7	29.0	Jun 2026
Kiri Industries Ltd KIRIINDUS	—	22.7	Mar 2026
Vidhi Specialty Food Ingredients Ltd VIDHIING⚠ unverified	—	28.5	Jun 2026
Indokem Ltd INDOKEM	—	325.7	Dec 2025
Ultramarine & Pigments Ltd ULTRAMAR⚠ unverified	—	13.7	Mar 2026
Bhageria Industries Ltd BHAGERIA⚠ unverified	—	20.8	Jun 2026
Bodal Chemicals Ltd BODALCHEM⚠ unverified	—	23.7	Mar 2026
Sudarshan Colorants India Ltd SUDARCOLOR⚠ unverified	—	10.8	Mar 2026
Sadhana Nitro Chem Ltd SADHNANIQ⚠ unverified	—	95.5	Mar 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Atul Ltd · ATUL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20247.0

Sep 20241.3

Dec 20241.0

Mar 2025—

Jun 20253.2

Sep 20250.9

Dec 20250.7

Mar 2026—

Jun 2026—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

Sep 2021—

Dec 2021—

Mar 20221.3

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 20251.4

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

Atul Ltd · ATUL

Sep 202140.1

Dec 202139.6

Mar 202246.5

Jun 202238.9

Sep 202244.3

Dec 202240.2

Mar 202336.9

Jun 202340.2

Sep 202345.9

Dec 202353.8

Mar 202447.3

Jun 202459.2

Sep 202468.2

Dec 202455.0

Mar 202543.5

Jun 202545.1

Sep 202535.5

Dec 202532.8

Mar 202630.9

Jun 202629.0

Bhageria Industries Ltd · BHAGERIA⚠ unverified

Sep 202115.7

Dec 202115.7

Mar 202214.2

Jun 202210.3

Sep 202212.8

Dec 202214.6

Mar 202318.4

Jun 202346.6

Sep 202348.9

Dec 202356.0

Mar 202436.6

Jun 202438.8

Sep 202443.2

Dec 202430.9

Mar 202523.0

Jun 202544.4

Sep 202528.6

Dec 202529.6

Mar 202611.7

Jun 202620.8

Bodal Chemicals Ltd · BODALCHEM⚠ unverified

Sep 202114.5

Dec 202113.2

Mar 202211.6

Jun 20228.4

Sep 20229.3

Dec 20229.7

Mar 202310.5

Jun 202322.9

Sep 202358.6

Dec 2023119.9

Mar 2024126.6

Jun 2024151.2

Sep 2024156.3

Dec 2024140.2

Mar 2025106.1

Jun 202549.6

Sep 202526.3

Dec 202518.6

Mar 202623.7

Jun 2026—

Indokem Ltd · 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 2025325.7

Mar 2026—

Jun 2026—

Kiri Industries Ltd · KIRIINDUS

Sep 20214.4

Dec 20213.8

Mar 20224.6

Jun 20224.9

Sep 20226.3

Dec 20227.1

Mar 20235.7

Jun 202313.5

Sep 202327.7

Dec 202328.0

Mar 202417.6

Jun 202411.9

Sep 20247.4

Dec 202410.6

Mar 20259.9

Jun 202511.7

Sep 202516.7

Dec 202527.9

Mar 202622.7

Jun 2026—

Sadhana Nitro Chem Ltd · SADHNANIQ⚠ unverified

Sep 202192.7

Dec 2021138.9

Mar 2022399.3

Jun 20221,256.0

Sep 20221,140.0

Dec 20221,944.0

Mar 20231,938.0

Jun 20232,095.0

Sep 20231,729.0

Dec 2023898.0

Mar 2024646.5

Jun 20241,412.0

Sep 2024768.5

Dec 20241,127.0

Mar 2025455.0

Jun 202585.3

Sep 2025132.5

Dec 202595.5

Mar 2026—

Jun 2026—

Sudarshan Chemical Industries Ltd · SUDARSCHEM

Sep 202131.0

Dec 202127.3

Mar 202226.6

Jun 202222.8

Sep 202226.1

Dec 202229.1

Mar 202347.7

Jun 202375.0

Sep 202355.0

Dec 202351.6

Mar 202448.2

Jun 202455.2

Sep 202463.7

Dec 202457.1

Mar 202548.1

Jun 202561.1

Sep 202582.5

Dec 202570.2

Mar 202668.2

Jun 2026—

Sudarshan Colorants India Ltd · SUDARCOLOR⚠ unverified

Sep 202126.1

Dec 202126.5

Mar 202228.9

Jun 202221.4

Sep 202224.0

Dec 202238.2

Mar 202330.5

Jun 202363.2

Sep 202358.5

Dec 202330.4

Mar 202422.6

Jun 202426.1

Sep 202443.1

Dec 202435.0

Mar 202528.9

Jun 202529.0

Sep 202519.3

Dec 202516.0

Mar 202610.8

Jun 2026—

Ultramarine & Pigments Ltd · ULTRAMAR⚠ unverified

Sep 202123.1

Dec 202118.6

Mar 202216.1

Jun 202215.0

Sep 202215.8

Dec 202214.8

Mar 202313.0

Jun 202314.0

Sep 202316.5

Dec 202318.1

Mar 202416.8

Jun 202423.6

Sep 202426.1

Dec 202426.5

Mar 202520.1

Jun 202519.6

Sep 202517.1

Dec 202515.2

Mar 202613.7

Jun 2026—

Vidhi Specialty Food Ingredients Ltd · VIDHIING⚠ unverified

Sep 202141.9

Dec 202139.4

Mar 202235.1

Jun 202233.6

Sep 202234.5

Dec 202234.6

Mar 202338.1

Jun 202353.0

Sep 202359.7

Dec 202361.4

Mar 202465.7

Jun 202460.3

Sep 202469.7

Dec 202472.1

Mar 202554.0

Jun 202547.1

Sep 202537.8

Dec 202536.0

Mar 202627.6

Jun 202628.5

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Dyes & Pigments comparison names 8 specific ways its own evidence can mislead, all listed below. 1 of the 10 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 6 draw at least one figure from a second feed with too little overlap to cross-check.

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.
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: Valuation have fewer than three usable current readings.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 10 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 2026-07-31. 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 2026-07-31 · 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 · 7 unverified · 1 withheld, of 10 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.

13 · 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 10 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Dyes & Pigments sector outperforming NIFTY 500?

Dyes & Pigments has underperformed NIFTY 500 by 4.7% over 52 weeks and 6.1% over 13 weeks. 5 of 10 covered companies beat NIFTY on Mansfield relative strength, while 4 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 68.8/100 with 100% 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 10 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.

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 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 PEG — where a LOWER number is cheaper — Atul Ltd screens cheapest at 0.69×. Only 2 of 10 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 underperformed NIFTY 500 by 4.7% over the last 52 weeks and 6.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 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 68.8 out of 100 with 100% evidence confidence, from 28 points on growth and earnings, 17.3 on capital efficiency, 14.6 on valuation and 8.9 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, 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 ₹38,216 crore of combined market value. Atul Ltd is the largest at ₹19,833 crore, about 52% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 24.9×, 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 2026-08-05.

How is the Dyes & Pigments sector performing?

5 of the 10 covered Dyes & Pigments companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.7% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.