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Ducol Organics & Colours Ltd

DUCOL

NSE

₹121.500.00%19 Oct 2026

Reports

Dyes and Pigments

Ducol Organics & Colours Ltd

DUCOL

NSE

₹121.50

0.00%

19 Oct 2026

SOICxStockScans Reports

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Dyes and Pigments

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹219Cr

Close Price

₹121.50

Industry

Dyes and Pigments

Price To Earnings

28.86

Price To Sales

1.61

Revenue

₹136Cr

Rev Gr TTM

Revenue Growth TTM

75.91%

PAT Gr TTM

PAT Growth TTM

56.82%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	39	39	65	72
Growth YoY Revenue Growth YoY%			67.2	84.5
Expenses ExpensesCr	34	36	59	63
Operating Profit Operating ProfitCr	4	3	5	9
OPM OPM%	11.4	7.4	8.4	12.3
Other Income Other IncomeCr	1	2	2	1
Interest Expense Interest ExpenseCr	1	1	2	2
Depreciation DepreciationCr	1	1	2	2
PBT PBTCr	5	4	5	8
Tax TaxCr	1	1	1	2
PAT PATCr	3	2	3	4
Growth YoY PAT Growth YoY%			12.3	110.0
NPM NPM%	6.5	5.4	4.4	6.2
EPS EPS₹	1.8	1.2	1.6	2.6

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	39	39	65	72
Growth YoY Revenue Growth YoY%			67.2	84.5
Expenses ExpensesCr	34	36	59	63
Operating Profit Operating ProfitCr	4	3	5	9
OPM OPM%	11.4	7.4	8.4	12.3
Other Income Other IncomeCr	1	2	2	1
Interest Expense Interest ExpenseCr	1	1	2	2
Depreciation DepreciationCr	1	1	2	2
PBT PBTCr	5	4	5	8
Tax TaxCr	1	1	1	2
PAT PATCr	3	2	3	4
Growth YoY PAT Growth YoY%			12.3	110.0
NPM NPM%	6.5	5.4	4.4	6.2
EPS EPS₹	1.8	1.2	1.6	2.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Revenue RevenueCr	77	136
Growth Revenue Growth%		75.9
Expenses ExpensesCr	70	122
Operating Profit Operating ProfitCr	7	14
OPM OPM%	9.1	10.4
Other Income Other IncomeCr	4	2
Interest Expense Interest ExpenseCr	2	4
Depreciation DepreciationCr	3	3
PBT PBTCr	6	9
Tax TaxCr	2	2
PAT PATCr	5	7
Growth PAT Growth%		56.7
NPM NPM%	6.0	5.3
EPS EPS₹	2.6	4.3

Financial Year	Mar 2025	Mar 2026
Revenue RevenueCr	77	136
Growth Revenue Growth%		75.9
Expenses ExpensesCr	70	122
Operating Profit Operating ProfitCr	7	14
OPM OPM%	9.1	10.4
Other Income Other IncomeCr	4	2
Interest Expense Interest ExpenseCr	2	4
Depreciation DepreciationCr	3	3
PBT PBTCr	6	9
Tax TaxCr	2	2
PAT PATCr	5	7
Growth PAT Growth%		56.7
NPM NPM%	6.0	5.3
EPS EPS₹	2.6	4.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16
Reserves ReservesCr	74	81
Current Liabilities Current LiabilitiesCr	42	47
Non Current Liabilities Non Current LiabilitiesCr	3	25
Total Liabilities Total LiabilitiesCr	136	170
Current Assets Current AssetsCr	84	79
Non Current Assets Non Current AssetsCr	51	91
Total Assets Total AssetsCr	136	170

Financial Year	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16
Reserves ReservesCr	74	81
Current Liabilities Current LiabilitiesCr	42	47
Non Current Liabilities Non Current LiabilitiesCr	3	25
Total Liabilities Total LiabilitiesCr	136	170
Current Assets Current AssetsCr	84	79
Non Current Assets Non Current AssetsCr	51	91
Total Assets Total AssetsCr	136	170

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	19	-9
Investing Cash Flow Investing Cash FlowCr	13	-40
Financing Cash Flow Financing Cash FlowCr	14	19
Net Cash Flow Net Cash FlowCr	45	-30
Free Cash Flow Free Cash FlowCr	9	-28
CFO To PAT CFO To PAT%	401.1	-118.3
CFO To EBITDA CFO To EBITDA%	264.9	-60.3

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	19	-9
Investing Cash Flow Investing Cash FlowCr	13	-40
Financing Cash Flow Financing Cash FlowCr	14	19
Net Cash Flow Net Cash FlowCr	45	-30
Free Cash Flow Free Cash FlowCr	9	-28
CFO To PAT CFO To PAT%	401.1	-118.3
CFO To EBITDA CFO To EBITDA%	264.9	-60.3

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	199	147	219
Price To Earnings Price To Earnings	43.1	20.3	28.9
Price To Sales Price To Sales	2.6	1.1	1.6
Price To Book Price To Book	2.2	1.5	2.0
EV To EBITDA EV To EBITDA	25.2	11.9	17.0
Profitability Ratios Profitability Ratios
GPM GPM%	29.1	29.0	29.0
OPM OPM%	9.1	10.4	10.4
NPM NPM%	6.0	5.3	5.3
ROCE ROCE%	6.9	9.5	9.5
ROE ROE%	5.1	7.4	7.4
ROA ROA%	3.4	4.3	4.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	199	147	219
Price To Earnings Price To Earnings	43.1	20.3	28.9
Price To Sales Price To Sales	2.6	1.1	1.6
Price To Book Price To Book	2.2	1.5	2.0
EV To EBITDA EV To EBITDA	25.2	11.9	17.0
Profitability Ratios Profitability Ratios
GPM GPM%	29.1	29.0	29.0
OPM OPM%	9.1	10.4	10.4
NPM NPM%	6.0	5.3	5.3
ROCE ROCE%	6.9	9.5	9.5
ROE ROE%	5.1	7.4	7.4
ROA ROA%	3.4	4.3	4.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MAHICKRA	INDTONER	SRD	DUCOL	JAYSYNTH	HPIL	ISHANCH
Market CapitalizationMkt CapCr	265	247	242	219	189	138	129
Close PriceClose₹	271.00	47.49	37.80	121.50	14.00	121.00	47.39
IndustryIndustry	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments
Price To EarningsPE	43.15	11.96	13.08	28.86	10.22	39.41
Price To SalesPS	2.49	1.51	0.51	1.61	0.73	1.24	1.31
RevenueRevenueCr	106	163	478	136	259	111	99
Revenue Growth TTMRev Gr TTM%	20.6%	3.9%	12.4%	75.9%	9.3%	1.8%	16.4%
PAT Growth TTMPAT Gr TTM%	102.9%	-3.7%	51.8%	56.8%	27.4%	136.5%	-1,521.6%

	MAHICKRA	INDTONER	SRD	DUCOL	JAYSYNTH	HPIL	ISHANCH
Market CapitalizationMkt CapCr	265	247	242	219	189	138	129
Close PriceClose₹	271.00	47.49	37.80	121.50	14.00	121.00	47.39
IndustryIndustry	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments	Dyes and Pigments
Price To EarningsPE	43.15	11.96	13.08	28.86	10.22	39.41
Price To SalesPS	2.49	1.51	0.51	1.61	0.73	1.24	1.31
RevenueRevenueCr	106	163	478	136	259	111	99
Revenue Growth TTMRev Gr TTM%	20.6%	3.9%	12.4%	75.9%	9.3%	1.8%	16.4%
PAT Growth TTMPAT Gr TTM%	102.9%	-3.7%	51.8%	56.8%	27.4%	136.5%	-1,521.6%