Dyes and Pigments Stocks and Companies in India

The largest Dyes and Pigments stocks in India by market value are Atul (₹15,406 crore), Sudarshan Chemical Industries (₹8,492 crore) and Kiri Industries (₹3,260 crore), at prices of 6 Nov 2026.

• Atul: ₹5,232.50 | market value ₹15,406 crore | P/E 20.0
• Sudarshan Chemical Industries: ₹1,066.60 | market value ₹8,492 crore | P/E 83.6
• Kiri Industries: ₹500.20 | market value ₹3,260 crore | P/E 4.1
• Bodal Chemicals: ₹153.75 | market value ₹1,936 crore | P/E 28.2
• Indokem: ₹640.90 | market value ₹1,787 crore | P/E 797.8
• Bhageria Industries: ₹360.95 | market value ₹1,577 crore | P/E 14.0
• Vidhi Specialty Food Ingredients: ₹310.30 | market value ₹1,550 crore | P/E 25.7
• Ultramarine & Pigments: ₹393.55 | market value ₹1,149 crore | P/E 12.8
• Sudarshan Colorants India: ₹368.75 | market value ₹850 crore | P/E 14.4
• Sadhana Nitro Chem: ₹2.28 | market value ₹691 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 10 listed Indian Dyes & Pigments companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Dyes & Pigments index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Atul Ltd₹14,800 cr
2. Sudarshan Chemical Industries Ltd₹7,930 cr
3. Kiri Industries Ltd₹3,510 cr
4. Bodal Chemicals Ltd₹2,070 cr
5. Indokem Ltd₹1,790 cr
6. Bhageria Industries Ltd₹1,620 cr
7. Vidhi Specialty Food Ingredients Ltd₹1,540 cr
8. Ultramarine & Pigments Ltd₹1,030 cr
9. Sudarshan Colorants India Ltd₹880 cr
10. Sadhana Nitro Chem Ltd₹682 cr

10 Dyes and Pigments companies in the Dyes & Pigments industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 10 are listed below, largest first. The largest is Atul (₹14,805 crore) and the smallest with a market value is Sadhana Nitro Chem.

Download all 10 Dyes and Pigments companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 48% 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 29 weeks running.

Price and the fundamentals both up. 2 of 11 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 29 weeks running; 6 of the 11 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 2 of those 11 pass the momentum test (5 fewer than four weeks earlier); earnings rising at 7 of the 11 that report earnings.

Participation is shrinking, 7 → 2 of 11 over four weeks, after being ahead of NIFTY 500. Earnings mixed, 7 of 11 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Dyes & Pigments has done better than the NIFTY 500 by 30.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 25.1%. Bodal Chemicals Ltd is the strongest against the sector itself at +79.6%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 75.5 as of 30 October 2026 (consolidation, falling).

Dyes & Pigments has done better than the NIFTY 500 by 30.7% over 52 weeks and by 25.1% over 13 weeks. 2 of 10 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of the 6 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Bhageria Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.3% evidence confidence.

Sudarshan Colorants India Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Bodal Chemicals Ltd has the strongest one-year price move in Dyes & Pigments at +168.5%. It also leads on relative strength against the NIFTY, at +114.4%. 8 of 10 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Dyes & Pigments itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

A statistical mirage: one arbitration award and one dilutive acquisition manufactured the earnings boom and the margin collapse, underneath sits a genuine, unturned margin trough. In the week of 17 August 2026, 50% of 10 Dyes & Pigments companies were beating the Nifty 500, against 33.3% on 6 April 2026.

From our industry review of 22 August 2026. A newer review (10 October 2026) did not cover Dyes & Pigments, so this is the latest we have.

1 of 10 Dyes & Pigments companies held a results call for July to September 2026. Vidhi Specialty Food Ingredients guided: Dahej full utilisation in FY27 on track.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters raised theirs by 0.3 points.

• Spending on new plants and equipment was ₹4,587 crore in the last 12 months, 41% more than a year before.
• Projects still being built grew 17% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 12 Dyes & Pigments companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Dyes & Pigments figures above: what is actually happening in the industry, 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, 77 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 lasts, 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.

Sudarshan Chemical Industries Ltd has the highest Revenue among the 10 Dyes & Pigments companies compared here, at ₹9,922 crore. Atul Ltd is next at ₹6,969 crore. The same company also has the highest Revenue growth, at 90.2%. 10 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Sudarshan Chemical Industries Ltd is the largest at ₹9,922 crore, 42.4% ahead of Atul Ltd. Sudarshan Chemical Industries Ltd's growth is 90.2% from a ₹9,922 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Sudarshan Chemical Industries Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Sudarshan Chemical Industries Ltd's revenue growth slows for two consecutive comparable reports while its 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Bhageria Industries Ltd has the highest OPM among the 10 Dyes & Pigments companies compared here, at 19%. Sadhana Nitro Chem Ltd has the highest Margin change at +646.8 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Bhageria Industries Ltd leads opm at 19%; Sadhana Nitro Chem Ltd leads margin change at +646.8 percentage points.

What this means: Bhageria Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Kiri Industries Ltd has the highest Net profit among the 10 Dyes & Pigments companies compared here, at ₹5,848 crore. Atul Ltd is next at ₹788 crore. Bhageria Industries 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 earns the most, ₹5,848 crore of profit over the last 12 months, 642.1% above Atul Ltd. Bhageria Industries Ltd shows at least 100% on the scoring scale (133.3% in full) growth from a profit base of ₹112 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Kiri Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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%. Bodal Chemicals Ltd has the highest ROCE change at +2.5 percentage points, so level and change sit with different companies. 10 of 10 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Vidhi Specialty Food Ingredients Ltd leads ROCE at 18.8%, 3.9 percentage points above Atul Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Vidhi Specialty Food Ingredients Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

Withheld from this chart: Kiri Industries Ltd (KIRIINDUS): its two data sources disagree by up to 331% on reported income across 15 comparable periods, so its derived ratios are withheld; Bhageria Industries Ltd (BHAGERIA): its two data sources disagree by up to 5.9% on reported income across 15 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Bodal Chemicals Ltd has the lowest PEG among the 10 Dyes & Pigments companies compared here, at 0.39×. Atul Ltd is next at 0.47×. Kiri Industries Ltd has the lowest P/E at 4.37×, so level and change sit with different companies. 6 of 10 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Bodal Chemicals Ltd has the lowest comparable PEG at 0.39×, 17% below Atul Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Dyes & Pigments companies show up on 6 of our India lists. The most are on the momentum stocks list (2 companies).

This Dyes & Pigments comparison names 5 specific ways its own evidence can mislead, all listed below. All 10 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

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 Sep 2026 and market data through 30 October 2026.

2 of 10 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Kiri Industries Ltd (KIRIINDUS): its two data sources disagree by up to 331% on reported income across 15 comparable periods, so its derived ratios are withheld; Bhageria Industries Ltd (BHAGERIA): its two data sources disagree by up to 5.9% on reported income across 15 comparable periods, so its derived ratios are withheld.

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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.