Ducol Organics & Colours Ltd. is a specialist manufacturer that turns pigments and chemicals into ready-to-use dispersions - essentially, it pre-mixes colours and additives so its customers don’t have to. The company began in 1990 as a research laboratory focused on mastering dispersion science before it ever built a factory, and that same lab-to-market philosophy still drives it today: it develops deep process expertise in-house, then scales it into branded product lines for industries from paints to plastics, and more recently into construction chemicals. # Business segments A single integrated business built on dispersion chemistry, now extended into construction chemicals - one core technology serving two end-markets, with the second built through acquisition on the customer relationships of the first. ## 1. Pigment dispersions and masterbatches: the colour-engineering engine **Ducol doesn’t just sell pigment powder - it sells the precision of getting colour perfectly and consistently dispersed into a customer’s product, saving them time, waste and factory complexity.** - **Solves a hidden factory problem** - industrial users of colour, like paint and ink makers, would otherwise have to grind and disperse raw pigment themselves, a process that is slow, energy-intensive and prone to inconsistency; Ducol does that work upfront and delivers a ready-to-use liquid, paste or granule, which is why management calls the benefit “operational size reduction, time reduction, cost reduction, and consistent quality” for the customer. - **Seven branded lines for seven industries** - the product range is organised by end-use so that each industry gets a formulation tuned to its own chemistry: Dutint for water-based paints, Duprint for printing inks, Duplast for polymer masterbatches, Dusperse for soaps and detergents, Dupren for rubber, Dutex for textile printing, and Dupralin for paper. - **Deepened by custom work** - beyond the standard brands, the company formulates bespoke dispersions for footwear soles and uppers, flexible and rigid foams, inks, pens, art materials, textiles, upholstery and décor, which locks in customers whose products need a specific shade or performance property that an off-the-shelf dispersion cannot deliver. - **Four R&D centres keep the edge** - the company runs labs for analytical work, synthesis, product development and product application, led by a technology team with more than thirty years in the industry; this is the engine that lets it meet the “very critical” consistency demands of pigment buyers and replicate international-quality results at scale. - **Five plants, with a sixth being fitted out** - manufacturing is spread across two units in Taloja, two in Mahad and a newly acquired unit in Vadodara, together covering over 150,000 square feet of production area; a further building at Mahad (M2) was completed in September 2025 and is being equipped for high-value wet dispersions, with commercial output expected in the second half of FY27. ## 2. Waterproofing and construction chemicals: the infrastructure extension **A newly acquired second leg that takes the same dispersion know-how into polymer-modified bitumen membranes and construction adhesives, sold to many of the same customers who already buy Ducol’s pigment dispersions.** - **Bought, not built from scratch** - the vertical was created through two acquisitions in FY25-FY26: Bitumag Industries, a waterproofing-membrane maker, and Xchem Polymers, a construction-chemicals and industrial-adhesives manufacturer, giving Ducol immediate production capacity and an existing order book rather than a greenfield start. - **Bitumag brings the membrane scale** - acquired for a 100% stake at roughly ₹39.7 crore effective April 2025, Bitumag makes self-adhesive and torch-on waterproofing membranes, protection boards, bitumen primer and various grades of polymer-modified and emulsion bitumen; its capacity was doubled with a second production line in July 2025 to over 10 million square metres per year, which Ducol calls one of the largest in India. - **Xchem adds the chemicals and adhesives** - the second acquisition, structured in phases with a 50.67% stake taken in May 2026 for ₹38 crore cash and a path to full ownership at a total value of ₹75 crore, brings waterproofing compounds, tile adhesives, repair mortars, sealants and specialty coatings from a roughly 45,000-square-foot plant in Vapi, Gujarat. - **Cross-selling is the logic** - the client base for waterproofing products overlaps heavily with Ducol’s existing pigment-dispersion customers in paints, coatings and construction, so the same relationship can carry a wider basket of products. - **Export channels are already being plugged in** - a memorandum of understanding with Malaysia’s Qualibit Chemicals, signed in March 2026, reserves up to 20% of Bitumag’s capacity for distribution across the ASEAN market through Qualibit’s trading arm Polybit, which had already been sourcing from Bitumag for five years. # Group structure and partners **The listed parent company sits above two wholly-owned subsidiaries that house the construction-chemicals business, while a network of long-standing distribution partners carries its products into more than 30 countries.** - **Parent and two subsidiaries** - Ducol Organics & Colours Ltd. has been listed on the NSE SME platform since January 2023; underneath it, Bitumag Industries became a 100% subsidiary in April 2025 and Xchem Polymers is on a phased path to full ownership after the majority stake closed in May 2026. - **DIC-AP covers Asia Pacific and the Middle East** - a distribution partnership running since 2012 that gives Ducol reach into markets where local regulatory and customer knowledge is essential. - **Altek International opens Africa and Eastern Europe** - a Dubai-based chemical distributor engaged in 2024 to extend the export footprint beyond the company’s existing strongholds. - **Qualibit locks in ASEAN for the new vertical** - the 2026 agreement with the Malaysian specialty-chemicals firm gives Bitumag a committed offtake channel in Southeast Asia, with scope to expand into products from future acquisitions in the same vertical.