Ultramarine & Pigments Ltd. is fundamentally a chemical manufacturer that has spent over six decades turning a single pigment into a diversified industrial platform. Incorporated in 1960 and operating since 1961, the company began with inorganic pigments and later expanded into surfactants, IT-enabled services, and captive wind power - each new engine built on the manufacturing discipline and cash flows of the one before it. The recurring approach is to own the entire production chain, from raw material processing to zero-liquid-discharge recycling, while training its workforce from the ground up rather than hiring ready-made talent. # Business segments Four engines at different stages - a surfactants cash cow, a pigments foundation business expanding through a subsidiary, a niche IT services unit, and a captive wind-power operation that feeds the factories - each built with the cash flows of the one before. ## 1. Surfactants and specialty chemicals: the volume engine that pays the bills **This division makes the cleaning and foaming agents that go into detergents, cosmetics and personal-care products, and it is now the company's largest revenue contributor.** - **Sulphonation is the core process** - the company runs a sulphonation plant at Naidupeta, Andhra Pradesh, which converts raw materials into surfactants (the molecules that lift dirt and create lather) and also provides processing services for other manufacturers. - **Raw-material prices set the rhythm** - key inputs like alpha olefins and oleo chemicals are linked to international prices and currencies, so when input costs spike, the company cannot always pass them on to customers quickly, which squeezes margins. - **Specialty chemicals add a higher-value layer** - a dedicated 1,800-tonne specialty chemical plant at Naidupeta, commissioned in mid-2023, makes ingredients for cosmetics and healthcare, moving the division beyond bulk surfactants into products with stickier customer relationships. - **Sold by its own team, not distributors** - the company reaches domestic and export customers through an in-house sales and marketing force, which keeps it close to demand shifts and lets it constantly explore new export markets. ## 2. Inorganic pigments: the original business, now scaling through a subsidiary **This is where the company started - making the blue, green and violet powders that colour paints, plastics and construction materials - and it is now expanding aggressively through a wholly owned subsidiary.** - **Value-added grades are the differentiator** - the R&D team works on improving the performance and yield of premium pigment grades and on developing entirely new applications for them, so the business is not just selling commodity colourants. - **A greenfield plant is already in motion** - in May 2026, the board approved a new 2,500-tonne pigments facility at Manapparai, Tamil Nadu, to be built in phases over two years at a cost of ₹250 Crores, with land already secured on a 99-year lease from SIPCOT. - **Exports are a battleground** - the company sells pigments globally but faces stiff international competition, and in FY24 export volumes fell by a fifth when overseas customers worked through accumulated stockpiles, though strong domestic demand partly offset the drop. ## 3. Lapiz Digital Services: a niche IT unit that earns its keep **A Chennai-based IT-enabled services division that does e-publishing and healthcare work for B2B clients on fixed-price contracts, generating steady income with half its workforce being women.** - **Two verticals, one model** - the division operates in e-publishing and healthcare, serving clients on a contract basis and focusing on quality to retain existing business and attract new accounts. - **A balanced workforce** - as of FY26, women made up exactly half of the ITeS division's 632 employees, a ratio that has risen steadily from 37% four years earlier. ## 4. Captive wind power: the factory's own electricity supply **Seven wind turbines in Tamil Nadu generate power that is consumed entirely at the company's chemical plants, cutting the electricity bill and insulating operations from grid-price swings.** - **5 megawatts, fully captive** - the company owns seven wind turbine generators with a combined capacity of 5 MW, and every unit they produce goes straight to the Ranipet and Ambattur factories. - **Green energy now powers over half the chemicals business** - in FY26, the windmills generated 80 lakh units, contributing 52% of total energy consumption, up from 45% the year before. - **Old machines are being swapped for efficient ones** - the company is replacing older, less productive turbines with higher-efficiency models, so the same wind yields more electricity. # Group structure and partners **The company operates through two wholly owned subsidiaries - one active and scaling fast, the other still dormant - and holds a controlling stake in a listed chemicals peer.** - **Ultramarine Specialty Chemicals Ltd.** is the material subsidiary that houses the pigments expansion at Naidupeta, with 3,550 tonnes of annual capacity and ₹74 Crores in revenue; the parent has funded it through equity, preference shares and term loans, and also earns a technical royalty from it. - **Ultramarine Fine Chemicals Ltd.** was incorporated in April 2022 but has yet to commence operations, with only the initial ₹2 Lakhs of equity capital deployed so far. - **Thirumalai Chemicals Ltd. (TCL)** is a listed associate in which the company holds 78.23% of the equity, having increased its stake through a preferential allotment in December 2025; the investment is held as a financial asset rather than consolidated. - **Community arms** - the company channels CSR spending through the Thirumalai Charity Trust (active since 1973), Akshaya Vidhya Trust and Thirumalai Mission Hospital, covering health, education and community development around its operating locations.