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Indian market · Previous close · 19 Oct, 3:30 pm IST

Ultramarine & Pigments Limited (ULTRAMAR)

Small Cap

Industrials stocks · Small cap · NSE

Ultramarine & Pigments Limited operates in Fertilizers, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.

₹389.65
-6.35 · -1.60%
Market cap ₹1,182 Cr
ThemesManufacturing
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST
Details
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:36 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 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

42Neutral

SMA20 -3.7% / mo · MACD −

Stock trend: 36
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

ULTRAMARD candles · FIT view-7.1%
Latest close ₹389.65 on 2026-10-19

Daily history is available from 2026-04-20; the requested 1Y window is partially covered.

Bar
-1.9%
RSI
37
MACD hist
-2.23
52W pos
28%
Visible chart range
Candle interval
2026-10-19O ₹397.00H ₹398.10L ₹386.95C ₹389.65Vol 17,116 sh
₹359.52₹384.72₹409.93₹435.13₹460.3352H52L₹389.652026-06VolRSIMACD2026-042026-062026-072026-092026-11
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

ULTRAMARNifty India ManufacturingNifty 500
-10%-0%+10%+19%20 Jul1 Sept19 Oct19 Oct 2026ULTRAMAR +3.0%Nifty India Manufactu… -5.8%Nifty 500 -5.6%
ULTRAMAR
+3.0%
Nifty 500
-5.6%
Nifty India Manufacturing
-5.8%
Vs Nifty 500
+8.5 pp
Chart stats
19 Oct 2026
From 52W high
-14.5%
₹455.8
52W range position
28%
₹364.1 - ₹455.8
ATR (14)
3.4%
₹13.1
Volume vs 20D
0.13x
Latest completed session
Avg traded value
₹5.2 Cr
20-session average
20D price channel
₹383.9 - ₹442
24.8% annualized volatility
Research snapshot

What the evidence says now

Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, 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 · FAIR VALUE
53

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Latest result
Excellent
100

Revenue +30.4% · PAT +60.0% YoY

Technical
Neutral
42

Price trend and sector-relative-strength timing.

Valuation
Legacy model
+24.8%

Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.

Trust
Limited evidence
74

Financial-only signal; management claim evidence is not sufficient yet.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Latest result

Quarter ended 30 Jun 2026

Excellent · 100/100

Rev +30% YoY · PAT +60% YoY · margin expansion · +21% QoQ · operating leverage

Filed 30 Jun 2026
Open results browser →
MetricThis quarterYoYQoQ
Revenue₹240 Cr+30.4%+20.6%
EBITDA₹45 Cr+40.6%+73.1%
Operating margin19.0%+200 bps+600 bps
PAT₹32 Cr+60.0%+128.6%
PAT margin13.3%+246 bps+629 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E
13.10
P/B
1.36
EV/EBITDA
7.64
Market Cap
1182.00Cr

Profitability

ROE
8.59%
ROCE
10.80%
ROA
8.41%
Dividend Y
1.48%

Growth (CAGR)

Revenue 5Y
20.00%
EPS 5Y
7.00%
Revenue 3Y
12.00%
EPS 3Y
5.00%

Balance Sheet

Debt/Equity
0.10
Interest Coverage
23.00×
Altman Z
5.73
Book Value
298.00

Cash Flow

FCF Yield
—
FCF Positive Y
5/5
OCF
128.00 Cr
EPS TTM
31.58

Shareholding

Promoter Hold
40.49%
Promoter Pledge
0.00%
Momentum 52W
33%

Financial History

Updated 20/10/2026

Revenue

₹ Cr
Latest: 775+11.5% vs prev
0775.0Mar 2020: 306Mar 2021: 308Mar 2022: 490Mar 2023: 557Mar 2024: 561Mar 2025: 695Mar 2026: 775FY20FY21FY22FY23FY24FY25FY26

Net Profit

₹ Cr
Latest: 81.0+8.0% vs prev
081.0Mar 2020: 62.0Mar 2021: 56.0Mar 2022: 58.0Mar 2023: 69.0Mar 2024: 58.0Mar 2025: 75.0Mar 2026: 81.0FY20FY21FY22FY23FY24FY25FY26

Return on Equity

%
Latest: 9.3+20.8% vs prev
020.5Mar 2020: 20.5%Mar 2021: 12.2%Mar 2022: 6.7%Mar 2023: 9.4%Mar 2024: 6.4%Mar 2025: 7.7%Mar 2026: 9.3%FY20FY21FY22FY23FY24FY25FY26

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend unclear. RSI 37.

  • SMA20 falling (~3.9% over last month) — short-term momentum negative.
  • RSI(14) at 37 — falling, no extreme reading.
  • MACD below signal but histogram contracting — bearish momentum easing.
  • 15% off 52W high · 7% 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

61
RS percentile
Insufficient history
1M return
-8.2%
3M return
+3.0%
6M return
-5.1%
1Y return
-
RS 1D
0
RS 20D
-
Sector rank
#2
Industry rank
#45
Stage evidence
  • At least 170 daily sessions are required for the trend-stage read.
50-DMA
price below
200-DMA
unavailable
Sector
leading
Industry
weakening
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
127 observations
19 Oct 2026Value 96.42-0.58%
85909510010520 Apr19 Jun18 Aug19 Oct96
RS vs Nifty 50096

Valuation & peers

U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

53U-SCORE
Financial Turnaround

Fundamental score breakdown

U band · FAIR VALUE
Valuation21/30
Growth9/25
Quality2/20
Balance Sheet12/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
53

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

53/100 · legacy band FAIR VALUE

Positive drivers

  • Piotroski is strong at 8/9.
  • Fair-value margin of safety is positive at 24.8%.
  • Balance sheet contributes 12/15 to the score.

Main drags

  • Quality is weaker at 2/20; verify the latest quarterly trend.
  • Growth is weaker at 9/25; verify the latest quarterly trend.
  • Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model

Cyclical valuation: normalized earnings, not just trailing PE

Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.

Cyclical normalized
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
13.1
PB
1.4
EV/EBITDA
7.6
ROE
8.6%
ROCE
10.8%
FCF Yield
—
Debt/Equity
0.1
MoS
+24.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+24.8%
Previous: +24.8%

Score history

12 stored score snapshots. Latest stored move: +0 points.

20 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
53
53
53
53
53

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
₹460.16
+15.3% MoS
Growth-justified P/E
16.4
Growth-justified Value
₹517.91
+24.8% MoS
PEG
2.11

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.

Compare all ↗
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PUNJABCHEM
Small
Punjab Chemicals & Crop Protection Limited
Fertilizers & Agrochemicals
match 170
39
19.0
16.6%
-32%
WATCHLIST
MADRASFERT
Small
Madras Fertilizers Limited
Fertilizers & Agrochemicals
match 169
62
11.9
292.0%
+67%
UNDERVALUED
MANALIPETC
Small
Manali Petrochemicals Limited
Fertilizers & Agrochemicals
match 169
46
12.6
4.4%
-300%
FAIR VALUE
SPIC
Small
Southern Petrochemicals Industries Corporation Limited
Fertilizers & Agrochemicals
match 169
86
6.2
15.0%
+85%
DEEP VALUE
ZUARI
Small
Zuari Agro Chemicals Limited
Fertilizers & Agrochemicals
match 168
69
2.9
1.2%
+98%
UNDERVALUED

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Issuer presentation review pending

Ultramarine & Pigments Limited operates in Fertilizers, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.

Trust Score
74Limited 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 75th percentile of the scored universe and 73rd percentile within Industrials. No major sub-score weakness stands out.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026
management-trust-v1
6 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
75th percentile

overall median 67 · Industrials: 73rd pctile, median 68 · Small: 77th pctile, median 66

Evidence depth
Financial-only

6 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 confidence
What 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
Acceptable, but check the weakest sub-score before increasing exposure.

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
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
67
acceptable · quarterly consistency

Trust positives

  • ▸Promoter pledge is zero.
  • ▸5 years of positive FCF.
  • ▸Debt/equity is 0.10.
  • ▸4/4 latest quarters had positive YoY revenue growth.

Trust risks

  • ▸No major Trust Lite risk flags.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Continue researching Ultramarine & Pigments Limited

Compare Industrials stocksBrowse Indian stocks starting with UExplore fundamental stock screenersBrowse Indian investment themes
Related companies
Punjab Chemicals & Crop Protection Limited (PUNJABCHEM)Madras Fertilizers Limited (MADRASFERT)Manali Petrochemicals Limited (MANALIPETC)Southern Petrochemicals Industries Corporation Limited (SPIC)Zuari Agro Chemicals Limited (ZUARI)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

7 shown
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, enclosed a copy of the newspaper publications of the notice given to shareholders in accordance with …

Source: Bse

Open source ↗
Annual report

Reg. 34 (1) Annual Report. 27 Jun

Source: Bse

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Jun - News paper advertisement: Notice given to Shareholders in accordance with applicable provisions of listing regulations and the Companies Act,2013 read with Rules made thereunder, inter …

Source: Bse

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jun - Newspaper publication regarding notice to shareholders for the shares to be transferred to IEPF pursuant to the provisions of Investor Education and Protection Fund Authority …

Source: Bse

Open source ↗
Announcement

Announcement Under Regulation 30 (LODR)- Project 21 May - Board approved 250 crore greenfield inorganic pigments project for 2,500 MT capacity, phased over FY27-29.

Source: Bse

Open source ↗
Verify on:NSE India ↗
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.