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Indian pigment maker (paints, inks, plastics, cosmetics) that became a top global pigment producer after acquiring Heubach's business.
Indian pigment maker (paints, inks, plastics, cosmetics) that became a top global pigment producer after acquiring Heubach's business.
Sells pigments in bulk to paint, ink and plastics makers, which approve a pigment for a formula and then reorder it, so a long-qualified product tends to stay. The acquisition of Heubach's pigment business gave it plants and customers outside India, while India remains a manufacturing base.
Moat: narrow (scale, process know-how). Heubach acquisition gave global pigment scale, but Clariant, DIC and LANXESS remain larger, well-established rivals.
Headquarters: Pune, India · Founded: 1951 · Employees: 4,095
Size Sudarshan Chemical Industries (SUDARSCHEM.NS) is an India Materials company (Chemicals: Specialty) with a market value of $893M, the 629th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,067 on 6 Nov 2026.
Performance Over six months the shares gained 10.4%, against -25.6% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 90.1% over the last twelve months (peer median +5.7%); the operating margin is 3.9% (peer median 7.2%).
Valuation It trades at 28.9× forward earnings against a peer median of 26.1× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +39%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points below its cost of capital (13.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹99.2B | ₹97.7B | ₹33.2B | ₹25.2B | ₹22.9B |
| Revenue growth | — | +194% | +32% | +10% | — |
| Gross profit | ₹29.4B | ₹16.6B | ₹5.80B | ₹4.18B | ₹3.00B |
| EBITDA | ₹7.32B | ₹4.86B | ₹3.93B | ₹3.15B | ₹2.18B |
| Net income | ₹724M | ₹223M | ₹559M | ₹3.57B | ₹448M |
| Free cash flow | n/a | ₹77.0M | -₹636M | ₹837M | ₹604M |
| Capital expenditure | n/a | ₹2.70B | ₹946M | ₹785M | ₹1.92B |
| Total debt | n/a | ₹24.7B | ₹23.8B | ₹4.67B | ₹8.29B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sudarshan Chemical Industries SUDARSCHEM.NS | $893M | +10% | +90% | 4% | 28.9× | 27.0% |
| Clariant CLN.SW | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% |
| DIC 4631.T | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% |
| Lanxess LXS.DE | $1.27B | -30% | -10% | -1% | n/a | 17.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SUDARSCHEM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.0% | -13.0% | 11th highest of 21 |
| 6-month return | +10.4% | -25.6% | 4th highest of 21 |
| Distance from 52-week high | -20.8% | -41.3% | 5th highest of 21 |
| Revenue growth (TTM) | +90.1% | +5.7% | highest of 21 |
| Operating margin | 3.9% | 7.2% | 10th lowest of 21 |
| Forward P/E | 28.9× | 26.1× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 27.0% | 19.9% | 7th most demanding of 14 |
| Growth delivered (Del g) | +39.5% | +4.1% | highest of 13 |
| Hurdle (Req g minus delivered) | -12.5 pp | +17.5 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | -5.5 pp | -2.2 pp | 8th lowest of 21 |
| EV / EBITDA | 11.5× | 21.1× | 3rd cheapest of 6 |
| Net debt / EBITDA | 1.5× | 0.2× | 2nd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sudarshan Chemical Industries SUDARSCHEM.NS | India | $893M | +10% | +90% | 4% | 28.9× | 27.0% | +39.5% |
| TETRA Technologies TTI | United States | $891M | -39% | +6% | 7% | 19.9× | n/a | n/a |
| Boai NKY Medical 300109.SZ | China | $896M | -32% | -17% | 15% | 32.5× | 19.9% | +3.9% |
| Henan Jindan Lactic Acid Technology 300829.SZ | China | $900M | +52% | +5% | 3% | 26.1× | n/a | n/a |
| Longkou Union Chemical 301209.SZ | China | $904M | -39% | -3% | 9% | 336.5× | 36.9% | +1.6% |
| Sichuan Xinjinlu 000510.SZ | China | $906M | -32% | -4% | -15% | n/a | n/a | n/a |
| Shenzhen Wote Advanced Materials 002886.SZ | China | $906M | -15% | +10% | 4% | 68.2× | 31.3% | +12.2% |
| Zhejiang Wansheng 603010.SS | China | $872M | -25% | +19% | -26% | n/a | n/a | n/a |
| Guangzhou Human New Material Science & Technology 301683.SZ | China | $918M | -25% | +20% | 38% | n/a | 11.3% | n/a |
| Changzhou Tronly New Electronic Materials 300429.SZ | China | $923M | -37% | +14% | -14% | n/a | 56.6% | +5.0% |
| Hanking Gold International 3788.HK | Hong Kong | $862M | -26% | -19% | 8% | n/a | n/a | n/a |
| Quechen Silicon Chemical 605183.SS | China | $926M | -12% | +7% | 19% | n/a | 2.0% | +16.1% |
| Green Plains GPRE | United States | $927M | -27% | -22% | 7% | 7.4× | -1.0% | +1.8% |
| Jiangsu Chengxing Phosph-Chemicals 600078.SS | China | $928M | -29% | +27% | 13% | n/a | 2.6% | +2.9% |
| Kronos Worldwide KRO | United States | $859M | +46% | +3% | -1% | 11.9× | 17.6% | +2.6% |
| Daqo New Energy Corp Sponsored ADR DQ | United States | $856M | -32% | -21% | -70% | n/a | n/a | n/a |
| Shandong Head 002810.SZ | China | $855M | -38% | +16% | 21% | 14.2× | -1.6% | +7.9% |
| Rastar Environmental Protection Materials 300834.SZ | China | $933M | -9% | -23% | 1% | n/a | 43.9% | 0.0% |
| Zhejiang Oceanking Development 603213.SS | China | $938M | +1% | -17% | 0% | n/a | 38.3% | +17.9% |
| Kingfa Science & Technology (India) KINGFA.NS | India | $849M | +20% | +24% | 14% | n/a | n/a | n/a |
| Alkyl Amines Chemicals ALKYLAMINE.NS | India | $849M | -9% | +13% | 17% | 37.4× | 36.2% | +4.3% |