Annual reportSep 2026
Sep 2026 · Shareholders meeting 27 Aug - FY26 annual report, AGM on Sept 17, 2026, and appointment of Priyanka Dharmesh Pandey as independent director.
Source: Nse
Ducol Organics And Colours Ltd. (DUCOL)
SME CapIndustrials stocks · SME cap · NSE
Ducol Organics and Colours Ltd. manufactures pigment dispersions. It has expanded into non-pigment dispersions, waterproofing, and construction chemicals through strategic acquisitions like Bitumag Industries and Xchem Polymers. The company has 6 manufacturing facilities and exports to over 30 countries, leveraging R&D and strategic partnerships for global reach.
₹124
+2.50 · +2.06%
Market cap ₹219 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result20 May, 10:11 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 +12.6% / mo · MACD −
Stock trend: 50
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DUCOLD candles · FIT view+0.1%Latest close ₹124.00 on 2026-10-21
Bar
-0.8%
RSI
53
MACD hist
-0.52
52W pos
28%
2026-10-21O ₹125.00H ₹125.00L ₹124.00C ₹124.00Vol 8,800 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DUCOLNifty India ManufacturingNifty 500
- DUCOL
- +14.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +20.8 pp
Chart stats
21 Oct 2026- From 52W high
- -40.8%
- 52W range position
- 28%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.86x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹115 - ₹131
₹209.5
₹90 - ₹209.5
₹5.4
Latest completed session
20-session average
66.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model+29.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹72 Cr | NDF | +10.8% |
| EBITDA | ₹9 Cr | NDF | +80.0% |
| Operating margin | 12.0% | NDF | +400 bps |
| PAT | ₹4 Cr | NDF | +33.3% |
| PAT margin | 5.6% | NDF | +94 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.30
- P/B
- 2.04
- EV/EBITDA
- 15.41
- Market Cap
- 219.00Cr
Profitability
- ROE
- 7.73%
- ROCE
- 10.50%
- ROA
- 4.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 76.62%
- EPS 5Y
- 40.00%
- Revenue 3Y
- -10.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 2.80×
- Altman Z
- 3.74
- Book Value
- 59.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -9.00 Cr
- EPS TTM
- 4.45
Shareholding
- Promoter Hold
- 46.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 72.0+10.8% vs prev
Net Profit
₹ CrLatest: 4.0+33.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 53. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~11.2% over last month) — short-term momentum positive.
- RSI(14) at 53 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 41% off 52W high · 38% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 3 Topping
1M return
-2.0%
3M return
+15.6%
6M return
+31.1%
1Y return
-24.4%
RS 1D
+8
RS 20D
+20
Sector rank
#2
Industry rank
#6
Stage evidence
- 38.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (-1.9% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
230 observations
21 Oct 2026Value 78.56+4.08%
RS vs Nifty 50079
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation8/30
Growth19/25
Quality0/20
Balance Sheet6/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-3
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 29.1%.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
30.3
PB
2.0
EV/EBITDA
15.4
ROE
7.7%
ROCE
10.5%
FCF Yield
—
Debt/Equity
0.4
MoS
+29.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+29.1%
Previous: +30.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
33
33
33
33
33
32
33
33
33
33
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹77.31
-60.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹174.89
+29.1% MoS
PEG
0.76
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SPEB
SME
Speb Adhesives Ltd.
Specialty Chemicals
match 134
48
28.1
16.9%
+31%
FAIR VALUE
DHARIWAL
SME
Dhariwalcorp Ltd.
Specialty Chemicals
match 133
8
35.6
11.0%
-261%
OVERVALUED
MAHICKRA
SME
Mahickra Chemicals Ltd.
Specialty Chemicals
match 132
23
54.5
10.0%
-31%
OVERVALUED
UCL
SME
Ushanti Colour Chem Ltd.
Specialty Chemicals
match 131
15
—
-0.8%
—
OVERVALUED
AMBANIORGO
SME
Ambani Orgochem Ltd.
Specialty Chemicals
match 130
6
37.5
2.6%
-493%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T16:19:14.637Z
Management commentary snapshot
Ducol reported strong H2 FY26 consolidated revenue growth of 84.55% YoY and EBITDA growth of 206.21% YoY, driven by Bitumag integration. FY26 consolidated revenue grew 75.91% YoY to ₹136.07 Cr, with PAT up 56.68% YoY to ₹7.25 Cr, despite acquisition-related finance costs.
The company's strategic shift into non-pigment dispersions and construction chemicals via acquisitions is progressing, with Bitumag integration showing positive financial impact. While acquisition-related costs impacted standalone PAT, consolidated results reflect strong growth. Xchem acquisition nearing completion further strengthens this diversification.
Growth engines
Strategic Acquisitions
Acquisition of Bitumag Industries and Xchem Polymers to enter non-pigment dispersions, waterproofing, and construction chemicals.
International Market Expansion
Strengthening export footprint across Southeast Asia, Subcontinent, Middle East, and Africa through strategic partnerships like Qualibit and Altek International.
Cross-selling Synergies
Leveraging synergies across existing customer base to enhance wallet share and deepen customer relationships with new product offerings.
Increased Capacity Utilization
Improving utilization levels at acquired facilities to drive operating leverage and margin expansion, targeting 50%+ for Bitumag.
Capacity and execution
Bitumag Capacity
Capacity doubled to 10 Mn sq.mt. p.a. via 2nd manufacturing line commissioned post-acquisition.
Wet Dispersions Future Expansion
Planned expansion from 4,000 MTPA to 8,000 – 10,000 MTPA.
Dry Dispersions Future Expansion
Planned expansion from 15,000 MTPA to 20,000 – 25,000 MTPA.
Master Batches Future Expansion
Planned expansion from 2,000 – 3,000 MTPA to 8,000 - 10,000 MTPA.
Tailwinds
Improving Demand Conditions
Momentum driven by robust volume growth across segments and improving demand conditions.
Expanded Product Portfolio
Benefits arising from expanded product portfolio following the integration of Bitumag Industries.
Strategic Partnerships
Partnerships help accelerate market access, strengthen international presence, and broaden product offerings.
Headwinds
Acquisition-related Expenses
Profitability impacted by certain one-time acquisition-related expenses.
Increased Finance Costs
Finance costs associated with acquisition funding impacted PAT, with ₹2.20 crore in FY26.
Risk radar
Integration Risk of Acquisitions
Successful integration of acquired businesses like Xchem Polymer is crucial for realizing strategic benefits and synergies.
Debt Burden from Acquisition Financing
Additional finance costs incurred due to acquisition-related borrowings, impacting profitability until debt is repaid.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides both H2 FY26 vs H2 FY25 and FY26 vs FY25 comparisons. Given the significant impact of acquisitions and the full-year context, YoY comparison is most relevant to assess the growth and integration effects.
Sector KPIs management disclosed
Consolidated EBITDA Margin % (H2 FY26)
12.29% (YoY growth of 206.21%)
Consolidated EBITDA Margin % (FY26)
10.72% (YoY increase of 231 bps)
Working Capital Days (FY26)
87 days (down from 103 in FY25)
Debt to Equity (FY26)
0.44 (up from 0.30 in FY25)
Management forward view
Diversification Strategy
Continued focus on strengthening presence across waterproofing, allied construction chemicals, and adjacent specialty chemical segments.
Inorganic & Partnership Growth
Inorganic expansion will remain an important strategic lever, complemented by partnerships, distribution alliances, and collaborative market expansion.
Operational Focus
Focus on driving scale, improving operational efficiencies, increasing capacity utilization, expanding international footprint, and enhancing profitability.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bitumag Capacity Utilization | 30-35% post-expansion | Ramp-up to targeted 50%+ utilization levels. |
| Xchem Acquisition Integration | Nearing completion | Successful integration, product portfolio enhancement, and cross-selling opportunities. |
| Acquisition Finance Costs | Impacted PAT by ₹2.20 crore in FY26 | Debt repayment and subsequent improvement in PAT margins. |
| International Market Expansion | Partnerships with Qualibit and Altek | Deepening global reach through new alliances and increased export volumes. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 12th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Industrials: 12th pctile, median 68 · SME: 16th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoter holding fell 5.1%.
- ▸Operating cash flow is negative at ₹-9 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 7.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ducol Organics And Colours Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementJun 2026
Jun 2026 · Shareholders meeting 5 June 2026 - No substantive announcement content; only digital signature information.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Company Ir
Investor presentationMay 2026
May 2026 · Investor Presentation 20 May 2026 - Ducol reported FY26 revenue of ₹136.07 crore, PAT ₹7.25 crore, and Xchem acquisition nearing completion.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.